Sub: Accounts Topic: Business and Accounts Fundamentals
Question:
Multiple choice questions
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1. A corporation and its' owners are distinct entities:
a. From a legal standpoint
b. From an accounting standpoint
c. From an accounting and legal standpoint
d. None of the above
Answer: A. From a legal standpoint
2. After analyzing a transaction, it is recorded in:
a. The general ledger
b. The general journal
c. T-accounts
d. Trial balance
Answer: B. The general journa