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Which the sequence of accounting procedures used to record

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Reference no: EM132856518

Problem 1: The sequence of accounting procedures used to record, classify, and summarize accounting information is called the:

A. Accounting cycle.

B. Accounting period.

C. Accrual accounting.

D. Double-entry bookkeeping.

Problem 2: In the general ledger, a separate "account" is maintained for each:

A. Type of asset and liability and for each element of owners' equity.

B. Business transaction.

C. Business day.

D. Journal entry.

Problem 3: In accounting, the terms debit and credit indicate, respectively:

A. Increase and decrease.

B. Left and right.

C. Decrease and increase.

D. Right and left.

Reference no: EM132856518

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