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ACG Exam 1 USF, Questions and answers, 100% Accurate. Rated A
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ACG Exam 1 USF, Questions and answers, 100% Accurate. Rated A All but which of the following are on a balance sheet? A: Expenses B: Assets C: Payables D: Retained earnings - -A All but which of the following accounts are liabilities on the balance sheet? A: Notes payable B: Un...

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  • February 4, 2023
  • 7
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • acg exam 1 usf
  • questions and answers
  • 100 accurate rated a all but which of the following are on a balance sheet a expenses b assets c payables d retained earnings a all but which of

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ACG Exam 1 USF, Questions and
answers, 100% Accurate. Rated A

All but which of the following are on a balance sheet?



A: Expenses

B: Assets

C: Payables

D: Retained earnings - ✔✔-A



All but which of the following accounts are liabilities on the balance sheet?



A: Notes payable

B: Unearned Revenues

C: Accrued liabilities

D: Dividends - ✔✔-D



Which of the following statements is FALSE?



A: A trial balance is prepared at the end of the month, after items have been posted to the general
ledger.

B: Journal entries are posted in the general journal, and then amounts are posted to the general ledger.

C: The balance sheet is prepared first, then the income statement, then the statement of retained
earnings.

D: A trial balance ensures that all debits = all credits. - ✔✔-C



Ryan receives $500 on 1/1/16 to cut the grass for a subdivision weekly for the next 5 weeks. On 1/31,
four weeks have now passed. What adjusting entry does he need to make on 1/31, if any?

, A: Debit: Cash $500 and Credit: Revenues $500

B: Debit: Revenues $500 and Credit: Unearned Revenues $500

C: Debit: A/R $400 and Credit: Revenues $400

D: Debit: Unearned Revenues $400 and Credit: Revenues $400

E: No entry is necessary until all 5 weeks have passed. - ✔✔-D



ABC Company borrowed on a 6 month, 10% note payable for $5,000 on 10/1/15. Assuming no adjusting
entries were made yet, what adjusting entry for interest will they need to make at year end on 12/31?



A: Debit: Interest expense $500 and Credit: Interest Payable $500

B:Debit: Interest expense $250 and Credit: Int. Payable $250

C: Debit: Interest receivable $250 and Credit: Int. Income $250

D: Debit: Interest expense $125 and Credit: Interest Pay. $125 - ✔✔-D



Cainas Cookies purchases Supplies on 1/1/16 for $800. Upon a count of the supplies, Cainas determines
there are $250 of supplies on hand at 1/31. What entry does she need to make?



A: Debit: Supplies $800 and Credit: Cash $800

B: Debit: Supplies Expense $250 and Credit: Supplies $250

C: Debit: Supplies Expense $550 and Credit: Supplies $550

D: Debit: Prepaid Supplies $550 and Credit: Supplies Exp $550 - ✔✔-D



The normal balance for an asset account is:



A: Debit

B: Credit

C: Sometimes a debit and sometimes a credit

D: There is not enough information to answer this question. - ✔✔-A

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