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ACC 255 NAU FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS, GRADED A+
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What is the effects on the accounting equations of performig services for cash a. increases asstes and decreases stockholders' equity b. increases libilites and incresese stockholders' equity c. increases assets and increses libilites D Increases assets and increases stockholders' equatiy - ️...

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  • October 17, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • acc 255 nau

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  • ACC 255 NAU
  • ACC 255 NAU

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ACC 255 NAU FINAL EXAM
What is the effects on the accounting equations of performig services for cash

a. increases asstes and decreases stockholders' equity
b. increases libilites and incresese stockholders' equity
c. increases assets and increses libilites
D Increases assets and increases stockholders' equatiy - ✔️✔️D. Increases assets and
increases stockholders' equatiy


which form of business organization has shared control, tax advantages, and increased
skills and resources - ✔️✔️D. Advertisinga. sole proprietorship
B. Partenership
c. Corporation
d. All of the above

Which of the following is NOT one of the three primary business activities
A. Assets
B. expenses
C. Liabilites
D. Revenues - ✔️✔️B. Expenses

As of December 31,2017, Stoneland Corporation has assets of $3,500 and
stockholders' equaity of $2000.
how much are the libilities of Stoneland Corporation as of December 31,2017?
a. $2,500
b. $2,000
C.$1,500
d. $1,000 - ✔️✔️C. $1,500

The purpose of the income statement is to report a comapany's
A. Results of operations for the period.
b. Cash recepts and payments for operating, investing, and financing activities for the
period.
c. Finacial Position at a point in time
d. Summary of changes in retained earningas for the period. - ✔️✔️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 - ✔️✔️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 - ✔️✔️C. Notes to the financial statements

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 - ✔️✔️B. Partenership


What is the effects on the accounting equation from purchasing equipment on account ?

a. increases asstes and decreases stockholders' equity
B. Increases assests and increases libilities
c. increases liabilites and decreases stockholders' equaity
d. both increase - ✔️✔️B. Increases assests and increases libilities

Which of the following accounts has a normal credit balance ?
A. Common Stock
B. Accounts Recivable
C. Equipment
D. Rent Expense - ✔️✔️A. Common Stock

All of the following accounts are increased with debit, EXCEPT
A. Service Revenue
B. Cash
C. Dividends
D. Salaries and Wages Expenses - ✔️✔️A. service Revenue

Which of the following is CORRECT about posting
A. posting normally occurs before journalizing
B. Posting transfers journal entries to ledger accounts
C. posting transfers ledger transaction data to the journal
D. posting transfer ledger accounts balances to the trial balance - ✔️✔️B. Posting
transfers journals entries to ledger accounts .

All of the following errors will cause the debit and credit columns of the trial balance to
be unequal, EXCEPT:

A. The balance of an accounts was incorrectly computed

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