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Accounting 101 Final Exam Practice Questions With 100% Correct Answers Guaranteed Pass.

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  • Accounting 101

Accounting 101 Final Exam Practice Questions With 100% Correct Answers Guaranteed Pass. Which of the following does not occur during the closing process? - AnswerJournal entries are made to return the balance in all real accounts to zero. The purchase of office equipment on credit has what eff...

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  • January 20, 2025
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Accounting 101
  • Accounting 101
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Accounting 101 Final Exam Practice
Questions With 100% Correct Answers
Guaranteed Pass.



Which of the following does not occur during the closing process? - Answer✔Journal entries are
made to return the balance in all real accounts to zero.
The purchase of office equipment on credit has what effect on the accounting equation? -
Answer✔Assets increase and liabilities increase

Research and development costs are - Answer✔treated as an expense when incurred.
Which one of the following is a correct expression of the accounting equation? - Answer✔Assets
= Liabilities + Owners' Equity
Indicate on which statement each account would appear. - Answer✔Equipment
Common Stock
Accounts Payable
Service Revenue
Salary Expense
Which of the following items would be considered a cash equivalent if it was held at the balance
sheet date? - Answer✔U.S. Treasury bill purchased when there were 90 days until maturity.
During a period of increasing cost prices, which inventory costing method will yield the lowest
cost of goods sold? - Answer✔FIFO
Which of the following is an account in stockholders' equity? - Answer✔Retained earnings
When using the Indirect Method, how is the purchase of equipment for cash shown on the
Statement of Cash Flows? - Answer✔Investing activity?
Which one of the following is an accurate description of Allowance for Doubtful Accounts? -
Answer✔Contra Account
The total amount of simple interest calculated annually on a $6,000 note payable for 3 years at
11% is - Answer✔$1,980

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