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3 Written questions

2 Multiple choice questions

  1. No adjusting entry debits or credits cash at bank because the cash transaction are recored at other times.
  2. 1. Measure business profit(revenue and expenses) in the income statement accurately.
    2. Update the balance sheet accounts(assets and liabilities).

2 True/False questions

  1. Accrued expense.Debited - Expense.
    Credit - Liability


  2. Depreciation.Debited - Liability
    Credit - Revenue.