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ACG 2021 Study Questions and 100% Correct Answers
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  • ACG 2021

What financial statement is for a specific date? Balance Sheet ___ users are concerned with Financial Accounting External T: RWS is started when it receives cash of $5,000 from investors in exchange for common stock Dr. Cash, $5,000 Cr. Common Stock, $5,000 CF: 5,000, FIN T: RWS borrows $1,000 f...

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  • August 11, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acg 2021 study questions and 100 correct answers
  • what financial statement is for a specific date
  • users are concerned with financial accounting

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  • ACG 2021
  • ACG 2021

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ACG 2021 Study Questions and 100%
Correct Answers
What financial statement is for a specific date? ✅Balance Sheet

___ users are concerned with Financial Accounting ✅External

T: RWS is started when it receives cash of $5,000 from investors in exchange for
common stock ✅Dr. Cash, $5,000
Cr. Common Stock, $5,000
CF: 5,000, FIN

T: RWS borrows $1,000 from Ginger ✅Dr. Cash, $1,000
Cr. Notes Payable, $1,000
CF: 1,000, FIN

T: RWS recommends a beautiful Bordeaux, charges $300 ✅Dr. Cash, $300
Cr. Service Revenue, $300
CF: 300, OPER

T: RWS pays utility bill for 100 ✅Dr. Utilities Expense, $100
Cr. Cash, $100
CF: (100), OPER

Name the Cash Flows:
1.) Cash receipts from sales
2) Cash payments for inventories
3) Lending to others
4) Cash payments of dividends
5) Cash receipts from dividends
6) Cash receipts from borrowing money
7) Cash payments for inventories
8) Cash receipts from stock
9) Cash payments for salaries
10) Collecting loans
11) Cash payments for longterm assets
12) Repaying debt
13) Cash payments for interest
14) Cash payments for expenses
15) Cash receipts from selling long term assets ✅1.) Op
2) Op
3) Inv

, 4) Fin
5) Oper
6) Fin
7) Oper
8) Fin
9) Oper
10) Inv
11) Inv
12) Fin
13) Oper
14) Oper
15) Inv

T: Gives seminar on the wines of Spain, receives $2,000 cash ✅Dr. Cash, $2,000
Cr. Service Revenue, $2,000
CF: 2,000, OPER

T: Purchases inventory, 200 bottles of wine at $5 each, on account ✅Dr. Inventory,
$1,000
Cr. Accounts Payable, $1,000
CF: --

T: Provides service, charges $350. Customer says she will return next month to pay
✅Dr. Accounts Receivable, $350
Cr. Service Revenue, $350
CF: --

T: Has broken window repaired for $150. $100 cash, $50 on account ✅Dr. Repairs
Expense, $150
Cr. Cash, $100
Cr. Accounts Payable, $50
CF: (100) Oper

T: Pays vendor for inventory purchased on Feb 7 ($1,000 worth) ✅Dr. Accounts
Payable, $1,000
Cr. Cash, $1,000
CF: (1,000) Oper

T: Sells 150 bottles of Brunello di Montalcino for cash (initially purcahsed at $5 each) for
$15 each ✅Dr. Cash, $2,250
Cr. Sales Revenue, $2,250
Dr. CGS, $750
Cr. Inventory, $750
CF: 2250, Oper

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