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ACC 231 Final Exam Questions & Answers 2024/2025 $8.49
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Exam (elaborations)

ACC 231 Final Exam Questions & Answers 2024/2025

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  • ACC 231
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  • ACC 231

ACC 231 Final Exam Questions & Answers 2024/2025 Liabilities are defined as: - ANSWERSAmounts owed to lenders or debtors Assets are defined as: - ANSWERSEconomic resources of a company Which of the following does NOT describe Stockholders' Equity? - ANSWERSMoney lent to a business Whi...

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  • October 15, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC 231
  • ACC 231
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ACC 231 Final Exam Questions &
Answers 2024/2025

Liabilities are defined as: - ANSWERSAmounts owed to lenders or debtors



Assets are defined as: - ANSWERSEconomic resources of a company



Which of the following does NOT describe Stockholders' Equity? - ANSWERSMoney lent to a business



Which of the following is NOT an asset? - ANSWERSNet Income



Net Income is Defined as: - ANSWERSRevenue - expenses



What do we call amounts of money borrowed from lenders? - ANSWERSliabilites



Stockholders Equity represents: - ANSWERSan initial investment of cash by its owners & retention of
profits by a firm



T or F? A business may either be for-profit or non-profit - ANSWERSTrue



T or F? A business with one owner is called a sole proprietorship and it must be a service business? -
ANSWERSFalse



T or F? Shareholders must pay income tax on the dividends they have received from a corporation? -
ANSWERSTrue



T or F? A LLC is a legal entity like a corporation, but the income is taxed like a sole proprietorship or
partnership? - ANSWERSTrue

, Which of the following is a disadvantage of the corporate form of business? - ANSWERSDouble Taxation



Which type of organization has stockholders? - ANSWERSA corporation



Which of the following business forms is similar to a corporation in regard to owner liability? -
ANSWERSLLC



Ronald opens his business by investing $12,000. How does this affect the accounting equation? -
ANSWERSIncrease in Assets, Increase in Stockholder's Equity



Torina borrowed money for her business from a local bank, what accounts will be affected? -
ANSWERSCash and Notes Payable



An increase in revenues would have what affect on the accounting equation? - ANSWERSIncrease
Stockholder's Equity



A company has liabilities of $23,800 and Stockholder's Equity of $56,900. How much does the company
have in assets? - ANSWERS$80,700



Every entry in the general journal should include all but the following: - ANSWERSthe balance of the
accounts affected



Where is the best place for a company's accountant to find the info necessary to review activity in the
cash account - ANSWERSGeneral Ledger



GAAP tries to ensure that accounting information is: - ANSWERSRelevant, understandable, reliable



If a business records expenses when paid, the company is using the: - ANSWERSCash Basis of Accounting



The matching principle in accounting requires the matching of: - ANSWERSrevenue earned with the
expenses incurred to produce the revenue

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