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ACG 2021 Final Exam Questions and 100% Correct Answers
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The partnership form of business organization is tax advantaged in comparison to a corporation Which of the following is not an asset? Accounts Payable Which of the following describes that sequence in which financial statements are prepared? Income statement, Retained earnings statement, and Bal...

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  • 11 augustus 2024
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  • 2024/2025
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  • acg 2021 final exam questions and 100 correct ans
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  • which of the following is not an asset accounts

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ACG 2021 Final Exam Questions and
100% Correct Answers
The partnership form of business organization ✅is tax advantaged in comparison to a
corporation

Which of the following is not an asset? ✅Accounts Payable

Which of the following describes that sequence in which financial statements are
prepared? ✅Income statement, Retained earnings statement, and Balance sheet

In the annual report, where would a financial statement reader find out if the company's
financial statements give a fair depiction of its financial position and operating results?
✅Auditor's report

A company has the following accounts and balances:
Accounts payable- $40,000
Accounts receivable- $70,000
Accumulated depreciation- $50,000
Buildings- $500,000
Cash- $100,000
Common stock- $690,000
Equipment- $120,000
Inventory- $200,000
Investment in bonds- $20,000
Land- $150,000
Notes payable- $300,000
Patents- $10,000
Prepaid insurance- $20,000
Retained earnings- $150,000
Trademarks- $40,000
What are its current assets and property, plant, and equipment? ✅$390,000 and
$720,000

Which of the following would increase a company's current ratio? ✅Negotiate with a
creditor to reclassify a note payable in 3 months into a note payable due in 2 years

The effects of performing services for cash on the basic accounting equation are to
✅Increase assets and increase stockholders' equity

, If a transaction affected two accounts and total assets decreased by $4,000, then
✅Total liabilities must have decreased by $4,000 or total stockholders equity must
have decreased by $4,000

At the start of the current year, investors contribute $10,000 to a newly formed
corporation. During the year, the corporation earned revenues of $45,000, paid
expenses of $22,000, and paid dividends to the owners of $5,000. It also borrowed
$10,000 by issuing a note. At the end of the year, the balance in retained earnings will
be ✅$18,000 credit

Which of the following is the sequence of events for the recording process?
✅Journalize, post, prepare a trial balance

In its first year, a company performed services for a customer and billed the customer
$14,000. In the second year, the customer pays the company for the services rendered
in the first year. In the first year, the company incurred and paid $6,000 of wage
expense. If the company uses the accrual-basis of accounting, then it will report
✅Revenue of $14.000 and expense of $6,000 in the first year

Payments from customers received before performing service for the customers are
recorded as ✅Liabilities

A corporation began the year with $3,500 of supplies on hand and recorded as assets.
On the last day of the accounting period, there are $1,100 of unused office supplies on
hand. What should the accountant do? ✅Debit supplies expense for $2,400 and credit
Supplies for $2,400

Accrued expenses are expenses incurred that are not yet paid or recorded. An adjusting
entry made to record an accrued expense ✅Debits an expense account and credits a
liability account

Which of the following accounts appears on the adjusted trial balance with its beginning
balance but appears on the balance sheet with its ending balance? ✅Retained
earnings

A corporation uses a perpetual inventory system. It purchased $3,000 of merchandise
on August 2 o account with terms of 1/10, n/30. It returned $250 of the merchandise of
August 4. It pays on August 12. Which of the following is part of the journal entry it
records when it pays on August 12? ✅Credit inventory for $27.50

A corporation has the following:
Sales revenue- $430,000
Sales returns and allowances- $20,000
Sales discounts, $10,000
Cost of goods sold- $310,000

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