Walden University
Straighterline Business
ACC 101 Straighterline Business Financial
Accounting Exam
Course Title and Number: ACC 101 Straighterline
Business Financial Accounting Exam
Exam Title: ACC 101 Straighterline Business Financial
Accounting Exam
Exam Date: Exam 2024- 2025
Instructor: [Insert Instructor’s Name]
Student Name: [Insert Student’s Name]
Student ID: [Insert Student ID]
Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
6. This test has a time limit, The test will save and submit
automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.
Good Luck!
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, Straighterline Business 2024-2025
ACC 101 Straighterline Business Financial Accounting
Exam 1 Review Questions and Answers | 100% Pass
Guaranteed | Graded A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
The primary objective of financial accounting is to -
Answer>> Provide accounting information that serves
external users.
External users of accounting information do not include
- Answer>> Purchasing managers.
A corporation is - Answer>> A business legally separate
from its owners.
Amortization: - Answer>> Is the systematic allocation of
the cost of an intangible asset to expense over its
estimated useful life
Revenue Expenditures - Answer>> Additional costs of
plant assets that do not materially increase the asset's
life or productive capabilities
depletion - Answer>> process of allocating the cost of a
natural resource to the period when it is consumed
A depreciation method in which a plant asset's
depreciation expense for a period is determined by
applying a constant depreciation rate each period to
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, the asset's beginning book value is called: - Answer>>
declining balance depreciation
4. Advance ticket sales totaling $6,000,000 cash would
be recognized as follows:
A. Debit Sales, credit Unearned Revenue
B. Debit Unearned Revenue, credit Sales
C. Debit Cash, credit Unearned Revenue
D. Debit Unearned Revenue, credit Cash
E. Debit Cash, credit Revenue Payable - Answer>> C.
Debit Cash, credit Unearned Revenue
66. Which of the following is a true statement?
A. GAAP and IFRS treat accounts payable, sales taxes
payable and unearned revenues in a similar manner as
estimated liabilities.
B. GAAP treats accounts payable, sales taxes payable
and unearned revenues as estimated liabilities while
IFRS treats them as contingent liabilities.
C. IFRS treats accounts payable, sales taxes payable
and unearned revenues as estimated liabilities while
GAAP treats them as contingent liabilities.
D. GAAP and IFRS treat accounts payable, sales taxes
payable and unearned revenues in a similar manner as
determinable liabilities.
E. None of the statements above are true statement -
Answer>> D. GAAP and IFRS treat accounts payable,
sales taxes payable and unearned revenues in a similar
manner as determinable liabilities.
The difference between the amount received from
issuing a note payable and the amount repaid is
referred to as:
A. Interest
B. Principle
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