Exam (elaborations)

ACC 101 Full Version 323 | Complete Solutions (Verified)

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ACC 101

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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...

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Uploaded on September 21, 2024
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Type Exam (elaborations)
Contains Questions & answers

Institution ACC 101
Course ACC 101

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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.

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