Examen

ACC 101 Full Version 323 | Complete Solutions (Verified)

0 fois vendu

Cours
ACC 101

Établissement
ACC 101

ACC 101 Full Version 323 | Complete Solutions (Verified) QN=1 If assets are $199,000 and liabilities are $132,000, then equity equals a. $32,000. b. $67,000. c. $99,000. d. $131,000. e. $198,000. QN=2 A cash outflow from the company into its owner is called a(n): a. Liability. b. Withdrawal. c. E...

[Montrer plus]

Aperçu 4 sur 70 pages

Voir l'exemple

Publié le 21 septembre 2024
Nombre de pages 70
Écrit en 2024/2025
Type Examen
Contient Questions et réponses

Établissement ACC 101
Cours ACC 101

Bri254 Membre depuis 4 année 831 documents vendus

100

$27.99

Ajouter au panier

Ajouter au liste de veux

Garantie de satisfaction à 100%
Disponible immédiatement après paiement
En ligne et en PDF
Tu n'es attaché à rien

ACC 101 Full Version 323

QN=1 If assets are $199,000 and liabilities are $132,000, then equity equals

a. $32,000.
b. $67,000.
c. $99,000.
d. $131,000.
e. $198,000.

QN=2 A cash outflow from the company into its owner is called a(n):

a. Liability.
b. Withdrawal.
c. Expense.
d. Profit.
e. Investment.

QN=3 Liability created by purchasing goods and services on credit (tín dụng) are:

a. Accounts payable.
b. Accounts receivable.
c. Liabilities.
d. Expenses.
e. Equity.

QN=4 Photometer Company paid off $30,000 of its accounts payable in cash. What
would be the effects of this transaction on the accounting equation?

a. Assets, $30,000 increase; liabilities, no effect; equity, $30,000 increase.
b. Assets, $30,000 decrease; liabilities, $30,000 decrease; equity, no effect.
c. Assets, $30,000 decrease; liabilities, $30,000 increase; equity, no effect.
d. Assets, no effect; liabilities, $30,000 decrease; equity, $30,000 increase.
e. Assets, $30,000 decrease; liabilities, no effect; equity $30,000 decrease.

QN=5 How does Lead Company record by the billing of a client for $15,000 of service
completed?

a. +$15,000 accounts receivable, -$15,000 accounts payable.
b. +$15,000 accounts receivable, +$15,000 accounts payable.
c. +$15,000 accounts receivable, +$15,000 cash.
d. +$15,000 accounts receivable, +$15,000 revenue.
e. +$15,000 accounts receivable, -$15,000 revenue.

,QN=6 Moffat Company has assets of $600,000, liabilities of $250,000, and equity of
$350,000. What is the entry need to record when Moffat Company bill of a client for
$25,000 of contract completed?

a. +$25,000 accounts receivable, -$25,000 accounts payable.
b. +$25,000 accounts receivable, +$25,000 accounts payable.
c. +$25,000 accounts receivable, +$25,000 cash.
d. +$25,000 accounts receivable, +$25,000 revenue.
e. +$25,000 accounts receivable, -$25,000 revenue.

QN=7 The balance in the prepaid insurance account before adjustment at the end of the
year is $4,800, which represents the insurance premiums for four months. The
premiums were paid on November 1. The adjusting entry required on December 31 is:

a. Debit Insurance Expense, $2,400; credit Prepaid Insurance, $2,400.
b. Debit Prepaid Insurance, $2,400; credit Insurance Expense, $2,400.
c. Debit Insurance Expense, $1,200; credit Prepaid Insurance, $1,200.
d. Debit Prepaid Insurance, $1,200; credit Insurance Expense, $1,200
e. Debit Cash, $4,800; Credit Prepaid Insurance, $4,800.

QN=8 A company might buy a service or product on credit. "On credit" implies that the
cash payment will occur:

a. On buying day
b. on a later date
c. on previous day
d. No due date
e. No obligation to pay

QN=9 Provide descriptions for this transaction:
Increase cash $1,000 and Increase equity $,1000

a. Investment of cash in business by owner or performed services for cash
b. Investment of cash in business by owner
c. Performed services for cash
d. Collected cash from customers
e. None of these

QN=10 Provide descriptions for this transaction:
Increase cash $4,000 and Increase CONTRIBUTED CAPITAL $4000

a. Investment of cash in business by owner or performed services for cash
b. Investment of cash in business by owner
c. Performed services for cash
d. Collected cash from customers
e. None of these

,QN=11 Provide descriptions for this transaction:
Debit office supplies $8,000 and credit liability $,8000

a. Buying office supplies by cash $8,000
b. Buying office supplies on credit $8,000
c. Arrange office supplies contract on credit $8,000
d. Arrange office supplies contract by cash $8,000
e. None of these

QN=12 Provide descriptions for this transaction:
Decrease cash $3500 and Decrease equity $3500

a. Withdraw cash from the business by owner or paid cash for an expense
b. Withdraw cash from the business by owner
c. paid cash for an expense
d. Collected cash from customers
e. None of these

QN=13 Items used in business operations, such as office pens and paper are several
samples of:

a. Office expense
b. Office supplies
c. Office equipment
d. Prepayment
e. None of these

QN=14 The difference between a company's assets and its liabilities, or net assets is:

a. Net income.
b. Expense.
c. Equity.
d. Revenue.
e. Net loss.

QN=15 Resources owned or controlled by a company that are expected to yield future
benefits are:

a. Assets.
b. Revenues.
c. Liabilities.
d. Owner's Equity.
e. Expenses.

QN=16 Zion Company has assets of $600,000, liabilities of $250,000, and equity of
$350,000. It buys office equipment on credit for $75,000. What would be the effects of

, this transaction on the accounting equation?

a. Assets increase by $75,000 and expenses increase by $75,000.
b. Assets increase by $75,000 and expenses decrease by $75,000.
c. Liabilities increase by $75,000 and expenses decrease by $75,000.
d. Assets decrease by $75,000 and expenses decrease by $75,000.
e. Assets increase by $75,000 and liabilities increase by $75,000.

QN=17 Internal users of accounting information include:

a. Shareholders.
b. Managers.
c. Lenders.
d. Suppliers.
e. Customers.

QN=18 A chart of accounts generally starts with which of the following types of
accounts?

a. Asset accounts
b. Liability accounts
c. Expense accounts
d. Equity accounts
e. Revenue accounts

QN=19 Which of the following is a liability?

a. Account receivable
b. Account payable
c. Owner's capital
d. Owner's withdrawal
e. None of these

QN=20 If a company paid $38,000 of its accounts payable in cash, what was the effect
on the assets, liabilities, and equity?

a. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would
decrease $38,000.
b. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would
increase $38,000.
c. Assets would decrease $38,000, liabilities would decrease $38,000, and equity would
not change.
d. There would be no effect on the accounts because the accounts are affected by the
same amount.
e. None of these.

Les avantages d'acheter des résumés chez Stuvia:

Qualité garantie par les avis des clients

Les clients de Stuvia ont évalués plus de 700 000 résumés. C'est comme ça que vous savez que vous achetez les meilleurs documents.

L’achat facile et rapide

Vous pouvez payer rapidement avec iDeal, carte de crédit ou Stuvia-crédit pour les résumés. Il n'y a pas d'adhésion nécessaire.

Focus sur l’essentiel

Vos camarades écrivent eux-mêmes les notes d’étude, c’est pourquoi les documents sont toujours fiables et à jour. Cela garantit que vous arrivez rapidement au coeur du matériel.

Foire aux questions

Qu'est-ce que j'obtiens en achetant ce document ?

Vous obtenez un PDF, disponible immédiatement après votre achat. Le document acheté est accessible à tout moment, n'importe où et indéfiniment via votre profil.

Garantie de remboursement : comment ça marche ?

Notre garantie de satisfaction garantit que vous trouverez toujours un document d'étude qui vous convient. Vous remplissez un formulaire et notre équipe du service client s'occupe du reste.

Auprès de qui est-ce que j'achète ce résumé ?

Stuvia est une place de marché. Alors, vous n'achetez donc pas ce document chez nous, mais auprès du vendeur Bri254. Stuvia facilite les paiements au vendeur.

Est-ce que j'aurai un abonnement?

Non, vous n'achetez ce résumé que pour $27.99. Vous n'êtes lié à rien après votre achat.

Peut-on faire confiance à Stuvia ?

4.6 étoiles sur Google & Trustpilot (+1000 avis)

69052 résumés ont été vendus ces 30 derniers jours

Fondée en 2010, la référence pour acheter des résumés depuis déjà 15 ans

Commencez à vendre!

Examen

ACC 101 Full Version 323 | Complete Solutions (Verified)

Infos sur le Document

Sujets

École, étude et sujet

Vendeur

Avis reçus

Aperçu du contenu