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Acc exam 1 questions with complete solutions 2024/2025
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Acc exam 1 questions with complete solutions 2024/2025 A balance sheet... - ANSWERSdescribes the financial situation of a company at a specific point in time An income statement... - ANSWERSis a summary of all of the revenues minus all of the expenses for an accounting period Wok N Roll,...

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  • October 15, 2024
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  • 2024/2025
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  • acc exam 1 questions with complete solutions 2024

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Acc exam 1 questions with complete
solutions 2024/2025

A balance sheet... - ANSWERSdescribes the financial situation of a company at a specific point in time



An income statement... - ANSWERSis a summary of all of the revenues minus all of the expenses for an
accounting period



Wok N Roll, Inc. shows $300,000 of assets and $60,000 of shareholders' equity on its balance sheet.
Liabilities must equal... - ANSWERS$240,000



On March 1, Team Shirts had a beginning balance in retained earnings of $1,200. During March, Team
Shirts paid $200 in dividends and had net income of $2,000. The March 31 balance in retained earnings
was... - ANSWERS$3,000



Mercy, Inc. purchased a truck for $50,000 cash. The effect of this transaction on the accounting equation
is: - ANSWERSTotal assets = no effect

total liabilities = no effect

contributed capital = no effect

retained earnings = no effect



Squid Roe, Inc. paid $1,000 cash for janitorial services. The effect of this transaction on the accounting
equation is: - ANSWERSTotal assets = decrease

total liabilities = no effect

contributed capital = no effect

retained earnings = decrease



Net income equals - ANSWERSrevenue minus expenses

, Busy Beaver had revenues of $2,000, cost of goods sold of $780, advertising expense of $100, and
interest expense of $25. Net income was.. - ANSWERS$1,095



Generally accepted accounting principles (GAAP)___. - ANSWERSare a set of rules that a U.S. company
must follow when preparing its financial statements



For June, Team Shirts had a beginning balance in its retained earnings account of $500. Net income for
the month was $875. Team shirts paid dividends of $200. The ending balance in retained earnings was
___. - ANSWERS$1,175



Accounts payable represents... - ANSWERSamounts owed by the company to suppliers



On May 31, Team Shirts pays a $600 dividend to its shareholders. The dividend ___. - ANSWERSreduces
retained earnings by $600



Team Shirts sold $125 worth of T-Shirts to a customer on credit (on account). This transaction includes
___. - ANSWERSan account receivable



During its first year of business, Mega, Inc. earned revenues of $400,000, of which it collected only
$310,000 in cash. Which of the following statements is CORRECT? - ANSWERSThe income statement will
show Revenues of $400,000



How much interest will accrue over 3 months on a $10,000, 9% loan? - ANSWERS$225



Slumbers, Inc. borrows $3,000 at 12% from a bank on September 1, 2012 and agrees to pay the interest
and principal in two years. Which of the following will be reported on the year ended December 31,
2012 financial statements? - ANSWERSThe balance sheet will report Interest payable of $120.



The employees of Roll n Dough, Inc. get paid every Friday for a 5-day workweek (Monday through
Friday). The total payroll is $3,000 per day of work. If the accounting period ends on Thursday of a given
week, what adjustment must be made to the company's accounting records? - ANSWERSIncrease
salaries payable $12,000 and decrease shareholders' equity by recognizing Salaries expense for the same
amount.

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