Question: Section: A Multiple Questions Choice (31 3 Marks) 1. Which of the following is not a step in the accounting process? a. identification. b.

Section: A Multiple Questions Choice (31 3 Marks) 1. Which of the following is not a step in the accounting process? a. identification. b. verification. c. recording. d. communication. 2. Net income will result during a time period when: a. assets exceed liabilities. b. assets exceed revenues. c. expenses exceed revenues. d. revenues exceed expenses 3. A revenue account: a. is increased by debits. b. is decreased by credits. c. has a normal balance of a debit. d. is increased by credits.

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