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ACC 201 Exam-Questions 100% Correctly Answered
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Which of the following correctly identifies normal balances of accounts? - Answer Assets.......................Debit Liabilities..................Credit Common Stock....Credit Revenues.................Credit Expenses.................Debit The ebest interpretation of the word "credit" is the.....

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  • August 8, 2024
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  • 2024/2025
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ACC 201 Exam-Questions 100% Correctly
Answered
Which of the following correctly identifies normal balances of accounts? - Answer
Assets.......................Debit
Liabilities..................Credit
Common Stock....Credit
Revenues.................Credit
Expenses.................Debit


The ebest interpretation of the word "credit" is the... - Answer Right side of an account


If a company issues common stock for $40,000 and uses $30,000 of the cash to purchase
a truck,... - Answer assets will be increased by $10,000


The usual sequence of steps in the transaction recording process is... - Answer analyze,
journalize, post to the ledger


The procedure of transferring journal entries to the ledger accounts is called... - Answer
posting


Which of the following accounts would likely be listed before the others in a chart of
accounts - Answer Accumulated Depreciation-Buildings


The basic format of a journal would not include a(n) - Answer T-account


Which of the following describes an accrued expense? - Answer Incurred but not yet
paid or recorded

,The worksheet starts with two columns for the... - Answer Trial balance


A company usually determines the amount of supplies used during a period by... -
Answer taking the difference between the balance of the Supplies account and the cost
of supplies on hand


Adjusting entries are made to ensure that - Answer all of the above


At December 31, 2022, before any year-end adjustments, Dallis Company's Prepaid
Insurance account had a balance of $5,800. It was determined that $2,600 of the
Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year
would be... - Answer $2,600


Snelling Tables paid employee wages on and through Friday, January 26, and the next
payroll will be paid in February. There are three more working days in January (29-31).
Employees work 5 days a week and the company pays $900 a day in wages. What will be
the adjusting entry to accrue wages expense at the end of January? - Answer Salaries
and Wages expense.............3,600
.............Salaries and Wages Payable...............3,600


The Harris Company purchased equipment for $15,000 on December 1. It is estimated
that annual depreciation on the computer will be $3,000. If finnancial statements are to
be prepared on December 31, the company should make the following adjusting entry -
Answer debit Depreciation Expense, $250; credit Accumulated Depreciation, $250


Which of the following is NOT generally an accounting time period? - Answer A week


How many required steps are there in the accounting cycle? - Answer 9

, A sales invoice is used as documentation for a journal entry that requires a debit to -
Answer Accounts Receivable and a credit to Sales Revenue


The number of years of income statement information to be presented is... - Answer 3
years under GAAP and 2 years under IFRS


Operating Expenses would include - Answer freight-out


The income statement is - Answer required under IFRS with some differences compared
to GAAP


Which one of the following is a true statement about inventory systems? - Answer
Perpetual inventory systems require more detaied inventory records


Which of the following is NOT considered in computing net cost of purchases? - Answer
Freight paid on goods shipped to customers


Under the perpetual inventory system, in addition to making the entry to record a sale,
a company would - Answer debit Cost of Goods sold and credit Inventory


Which of the following is NOT a true statement about a multiple-step income
statement? - Answer There may be a section for operating assets


When using a periodic inventory system, which statement concerning the computation
of cost of goods sold is correct? - Answer The amount of ending inventry is determined
on the last day of the accounting period

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