ACC 255 NAU FINAL EXAM QUESTIONS
AND ANSWERS
The cost of resources consumed or services used in the process of generating revenues are classified
asa. A. Opersting
b. Financing
c. Investing
D. Advertising - ANSWER-B. Partenership
which form of business organization has shared control, tax ad...
d. Summary of changes in retained earningas for the period. - ANSWER✔✔-A. Results of operations for
the period.
Which of the following transactios would NOT affect retained earnings ?
A. Purchasing land
b. Declaring and pahying dividends
c. Incurring expenses s
d. Earning revenues - ANSWER✔✔-A. Purchasing land
Which section of a corporstion's annual report describes the corporation's accounting methods?
a. Auditor's reports
b. Income statement
C. Notes to the financial statements
d. Mangement discussion and analysis - ANSWER✔✔-C. Notes to the financial statements
What is the effects on the accounting equations of performig services for cash
a. increases asstes and decreases stockholders' equity
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