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ACCY 200 EXAM 1, ACCY 200 MIDTERM; Questions & Answers 100% Verified

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ACCY 200 EXAM 1, ACCY 200 MIDTERM;
Questions & Answers 100% Verified
C. a past period of time Correct answer-The time frame associated with an income
statement is:

a. a point in time in the past.

b. a future period of time.

c. a past period of time.

d. a function of the information included in it.

is frequently selected based on the firm's operating cycle. Correct answer-A fiscal year:

a. is frequently selected based on the firm's operating cycle.

b. must always end on the same date each year.

c. must end on the last day of a month.

d. is always the same as the calendar year.

a. is designed to match revenues and expenses. Correct answer-Accrual accounting:

a. is designed to match revenues and expenses.

b. means that expenses are recorded when they are paid.

c. cannot result in the entity having net income unless cash is received from customers.

, ACCY 200 EXAM 1, ACCY 200 MIDTERM;
Questions & Answers 100% Verified
d. results in the balance sheet showing the fair value of the entity's assets.

D. All of the above Correct answer-The balance sheet equation can be represented by:

A. Assets = Liabilities + Stockholders' Equity

B. Assets - Liabilities = Stockholders' Equity

C. Net Assets = Stockholders' Equity

D. All of the above.

C. The entity's account Correct answer-Transactions are summarized in:

A. The notes for the financial statements.

B. The independent auditor's opinion letter.

C. The entity's accounts.

D. None of the above.

A. Statement of Financial Position. Correct answer-The balance sheet might also be
called:

A. Statement of Financial Position.

, ACCY 200 EXAM 1, ACCY 200 MIDTERM;
Questions & Answers 100% Verified
B. Statement of Assets.

C. Statement of Changes in Financial Position.

D. None of the above.

a. an adjustment will probably be required as supplies are used. Correct answer-When a
firm purchases supplies for its business:

a. an adjustment will probably be required as supplies are used.

b. either the supplies account or the supplies expense account should be credited.

c. the supplies expense account should always be debited.

d. the supplies account should always be debited.

D. is based on when the asset is expected to be converted to cash, or used to benefit the entity.
Correct answer-The distinction between a current asset and other assets:

A. is based on how long the asset has been owned.

B. is based on amounts that will be paid to other entities within a year.

C. is based on the ability to determine the current fair value of the asset.

D. is based on when the asset is expected to be converted to cash, or used to benefit the entity.

, ACCY 200 EXAM 1, ACCY 200 MIDTERM;
Questions & Answers 100% Verified
D. shows amounts that are not adjusted for changes in the purchasing power of the dollar.
Correct answer-The balance sheet of an entity:

A. shows the fair value of the assets at the date of the balance sheet.

B. reports plant and equipment at its opportunity cost.

C. reflects the impact of inflation on the replacement cost of the assets.

D. shows amounts that are not adjusted for changes in the purchasing power of the dollar.

D. accurately reflecting the results of operations for a fiscal period. Correct answer-
Matching revenues and expenses refers to:

A. having revenues equal expenses.

B. recording revenues when cash is received.

C. recording revenues when a product is sold or a service is rendered.

D. accurately reflecting the results of operations for a fiscal period.

B. shows how cash changed during the period Correct answer-The Statement of Cash
Flows:

A. shows the change in the fair value of the entity's common stock during the period.

B. shows how cash changed during the period.

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