ACG Exam 1 Practice Problems Questions with accurate answers, 100% Accurate, rated A
7 views 0 purchase
Course
ACG
Institution
ACG
ACG Exam 1 Practice Problems Questions with accurate answers, 100% Accurate, rated A
1/1/12 - Total assets = $150,000. 12/31/12 - Total assets = $200,000;
1/1/12 - Total Stockholders' Equity = $100,000. 12/31/12 - Total Stockholders' Equity =
$125,000. Amount of change and direction for lia...
acg exam 1 practice problems questions with accurate answers
100 accurate
rated a 1112 total assets 150
000 123112 total assets 200
000 1112 total stockholders equity 1
Written for
ACG
All documents for this subject (104)
Seller
Follow
QuickPass
Reviews received
Content preview
ACG Exam 1 Practice Problems
Questions with accurate answers, 100%
Accurate, rated A
1/1/12 - Total assets = $150,000. 12/31/12 - Total assets = $200,000;
1/1/12 - Total Stockholders' Equity = $100,000. 12/31/12 - Total Stockholders' Equity =
$125,000. Amount of change and direction for liabilities at 12/31/12? - ✔✔-Increase of $25,000
When a company performs a service on account for a customer, which of the following would
occur? - ✔✔-Stockholders' equity would increase (based on the increase to revenue)
(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve)
Paying rent in advance for one full year would include a... - ✔✔-Debit to prepaid rent and a credit to
cash
(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve)
If the credit amount of an entry to record the sale of common stock for cash was not posted: - ✔✔-
Stockholders' Equity would be understated ( if the credit was not recorded.)
(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve )
What will be the result if no adjusting entry is made at the end of the accounting period to
record the actual use of supplies? - ✔✔-Assets would be overstated since the 'Supplies' account would
not have been reduced for
the supplies used during the period.
(Use a (fictitious) nominal dollar amount to set the problem up using T accounts to solve )
On 12/1/12, ABC Company receives $1,200 in advance for an annual contract to provide pest
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QuickPass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $6.49. You're not tied to anything after your purchase.
