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
Final Exam Review Questions with Correct Answers |
100% Pass Guaranteed | Graded A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
Monthly and quarterly time periods are called: -
Answer>> Interim Periods
The time period assumption states that - Answer>> The
economic life of a business can be divided into artificial
time periods
Adjustments would not be necessary if financial
statements were prepared to reflect net income from -
Answer>> lifetime operations
The fiscal year of a business is usually determined by -
Answer>> The business
The revenue recognition principle dictates that revenue
should be recognized in the accounting records -
Answer>> when it is earned
The expense recognition principle matches - Answer>>
Expenses with revenues
Ron's Hot Rod Shop follows the revenue recognition
principle. Ron services a car on July 31st. The customer
picks up the vehicle on August 1, and mails the
payment to Ron on August 5. Ro receives the check in
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, the mail on August 6. When should Ron show that the
revenue was earned? - Answer>> July 31st
The expense recognition principle states that expenses
should be matched with revenues. Another way of
stating the principle is to say that - Answer>> Efforts
should be matched with accomplishments
A flower shop makes a large sale for $1,000 on
November 30. The customer is sent a statement on
December 5 and a check is received on December 10.
Th flower shop follows GAAP ad applies the revenue
recognition principle. When is the $1,000 considered to
be earned? - Answer>> November 30.
Under Accrual-basis accounting - Answer>> Events that
change a company's financial statements are
recognized in the period they occur rather than in the
period in which cash is paid or received
Adjusting entries are required - Answer>> Every time
financial Statements are prepared
An adjusting entry - Answer>> Affects a balance sheet
account and a income statement account
Expenses incurred but not yet reported are called -
Answer>> Accrued expenses
A law firm received $2,000 cash for legal services to be
rendered in the future. The full amount was credited to
the liability account Unearned Legal Fees. If the
services have been rendered at the end of the
accounting period and no adjusting entry is made, this
would cause - Answer>> revenues to be understated
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