ACC 303 Week 4 Quiz - Strayer NEW

ACC 303 Week 4 Quiz - Strayer NEW

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Quiz 3 Chapter 3

Chapter 3
THE ACCOUNTING INFORMATION SYSTEM

IFRS questions are available at the end of this chapter.

TRUE/FALSE

1. A ledger is where the company initially records transactions and selected other events.

2. Nominal (temporary) accounts are revenue, expense, and dividend accounts and are periodically closed.

3. Real (permanent) accounts are revenue, expense, and dividend accounts and are periodically closed.