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ACC 201 EXAMS BUNDLE with Quizzes and 100% Correct Answers
ACC 201 EXAMS BUNDLE with Quizzes and 100% Correct Answers
[Show more]ACC 201 EXAMS BUNDLE with Quizzes and 100% Correct Answers
[Show more]company shows a balance in Salaries and Wages Payable of $50,000 at the end of the 
month. The next payroll amounting to $75,000 is to be paid in the following month. 
What will be the journal entry to record the payment of salaries? - Answer Debit Salaries 
and Wages Payable 50,000, Debit Salaries ...
Preview 3 out of 22 pages
Add to cartcompany shows a balance in Salaries and Wages Payable of $50,000 at the end of the 
month. The next payroll amounting to $75,000 is to be paid in the following month. 
What will be the journal entry to record the payment of salaries? - Answer Debit Salaries 
and Wages Payable 50,000, Debit Salaries ...
Revenue Recognition Principle - Answer Recognize revenue GENERALLY when you 
deliver a product or service. For example, if someone pays you $1000 in advance for 100 
hours tutoring them, you can't report this officially as revenue on the income statement 
until you start the tutoring. Initially, th...
Preview 2 out of 7 pages
Add to cartRevenue Recognition Principle - Answer Recognize revenue GENERALLY when you 
deliver a product or service. For example, if someone pays you $1000 in advance for 100 
hours tutoring them, you can't report this officially as revenue on the income statement 
until you start the tutoring. Initially, th...
Refer to the above data. At the beginning of August, 2006, owners' equity in Waldorf. 
was $180,000. Given the transactions of August, 2006, what will owners' equity be at 
the end of the month? 
a. $186,000. 
b. $193,500. 
c. $208,500. 
d. $180,000. - Answer d. $180,000
Preview 2 out of 8 pages
Add to cartRefer to the above data. At the beginning of August, 2006, owners' equity in Waldorf. 
was $180,000. Given the transactions of August, 2006, what will owners' equity be at 
the end of the month? 
a. $186,000. 
b. $193,500. 
c. $208,500. 
d. $180,000. - Answer d. $180,000
What could happen when an individual asset is increased? 
A. None of the choices is correct. 
B. There could be an equal decrease in another asset. 
C. There could be an equal decrease in a specific liability. 
D. There could be an equal decrease in stockholders' equity. - Answer There could 
be an...
Preview 2 out of 8 pages
Add to cartWhat could happen when an individual asset is increased? 
A. None of the choices is correct. 
B. There could be an equal decrease in another asset. 
C. There could be an equal decrease in a specific liability. 
D. There could be an equal decrease in stockholders' equity. - Answer There could 
be an...
A company has a $14,457 credit balance in the cash account. Given this information, 
which of the following is a TRUE statement? - Answer It is NOT normal for the cash 
account to have a credit balance 
The first step in analyzing a transaction is to determine: - Answer the accounts that are 
involv...
Preview 3 out of 21 pages
Add to cartA company has a $14,457 credit balance in the cash account. Given this information, 
which of the following is a TRUE statement? - Answer It is NOT normal for the cash 
account to have a credit balance 
The first step in analyzing a transaction is to determine: - Answer the accounts that are 
involv...
Which of the following correctly identifies normal balances of accounts? - Answer 
Assets.......................Debit 
Liabilities..................Credit 
Common Stock....Credit 
Revenues.................Credit 
Expenses.................Debit 
The ebest interpretation of the word "credit" is the....
Preview 3 out of 21 pages
Add to cartWhich of the following correctly identifies normal balances of accounts? - Answer 
Assets.......................Debit 
Liabilities..................Credit 
Common Stock....Credit 
Revenues.................Credit 
Expenses.................Debit 
The ebest interpretation of the word "credit" is the....
Which of the following elements of the balanced scorecard shows the expected cause- 
and-effect relationships among strategic objectives? - Answer Strategy Maps 
Alexander and Kristin are executive managers at Safety First Fall Safety Equipment Co. 
They decide to discontinue gathering data and calc...
Preview 2 out of 5 pages
Add to cartWhich of the following elements of the balanced scorecard shows the expected cause- 
and-effect relationships among strategic objectives? - Answer Strategy Maps 
Alexander and Kristin are executive managers at Safety First Fall Safety Equipment Co. 
They decide to discontinue gathering data and calc...
If total assets equal $345,000 and total stockholders' equity equal $120,000, then total 
liabilities must equal - Answer $225,000 
Stockholders' equity is increased by ____(1)____ and decreased by ____(2)____ - 
Answer (1) revenues ... (2) expenses. 
The collection of a $1,000 Accounts Receivable...
Preview 4 out of 44 pages
Add to cartIf total assets equal $345,000 and total stockholders' equity equal $120,000, then total 
liabilities must equal - Answer $225,000 
Stockholders' equity is increased by ____(1)____ and decreased by ____(2)____ - 
Answer (1) revenues ... (2) expenses. 
The collection of a $1,000 Accounts Receivable...
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