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Discussion Topic and Questions:
Prior research has shown that students expend energy on exam preparation in many ways. It has been shown that some methods have higher payoffs than others re-reading the chapter has a very low payoff, while practicing or testing yourself has a high payoff. One of the ways to test yourself is to create questions that you think might be on the exam.
Initial Posting required by the due date: Based on the topics listed below from our Exam #1 study guide, prepare two test questions (dont google test banks – make these up yourselves) including, business transaction, accounts, and numbers.
Example Question: I am showing a sample question below from the Study Guide for your reference on how you can build a test question (no not use sample questions or test bank questions)::
On 11/1, Ace Ventura Exterminating Service receives $24,000 in advance to provide exterminating services to a client over the next 6 months. What adjusting entry is recorded on 11/30 to recognize the revenue earned based on the services provided in November? (Select ALL that apply)
Debit Service Revenue
Credit Service Revenue
Debit Deferred Revenue
Credit Deferred Revenue
Credit Accrued Liabilities
Debit Accrued Liabilities