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[Show more]Financial Accounting Final Exam (Ivy Tech) 
Questions with Verified Solutions 
Revenues - answerGross increase in equity from a company's business activities that earn 
income; also called sales. 
Expenses - answerOutflows or using up of assets as part of operations of a business to 
generate sales...
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Add to cartFinancial Accounting Final Exam (Ivy Tech) 
Questions with Verified Solutions 
Revenues - answerGross increase in equity from a company's business activities that earn 
income; also called sales. 
Expenses - answerOutflows or using up of assets as part of operations of a business to 
generate sales...
Advanced Financial Accounting and 
Reporting Theories 
Derivatives Gain or Loss - answerChanges in value presented in OCI with reclassification 
adjustment if realized 
Exchange Differences Treatment - answerTranslated in OCI with/without reclassification 
adjustment or in profit/loss 
Nonprofit Ope...
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Add to cartAdvanced Financial Accounting and 
Reporting Theories 
Derivatives Gain or Loss - answerChanges in value presented in OCI with reclassification 
adjustment if realized 
Exchange Differences Treatment - answerTranslated in OCI with/without reclassification 
adjustment or in profit/loss 
Nonprofit Ope...
Accounting, Financial Accounting Exam 1 
Questions With Correct Answers 
Debit - answerAssets, Expenses, Dividends 
Credit - answerLiabilities, Owners Equity, Revenues, Acc. Dep 
debit is an - answerincrease 
credit is a - answerdecrease 
sole proprietorship - answer1 person, easy to start, all prof...
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Add to cartAccounting, Financial Accounting Exam 1 
Questions With Correct Answers 
Debit - answerAssets, Expenses, Dividends 
Credit - answerLiabilities, Owners Equity, Revenues, Acc. Dep 
debit is an - answerincrease 
credit is a - answerdecrease 
sole proprietorship - answer1 person, easy to start, all prof...
©SIRJOEL EXAM SOLUTIONS 
12/3/2024 11:27AM 
Financial Accounting Exam #1 Questions 
With Correct Answers 
Reporting revenues only when cash is received and expenses only when cash is paid is called the 
________ basis of accounting - answerCASH 
Adjusting entries are needed... - answerbefore financ...
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Add to cart©SIRJOEL EXAM SOLUTIONS 
12/3/2024 11:27AM 
Financial Accounting Exam #1 Questions 
With Correct Answers 
Reporting revenues only when cash is received and expenses only when cash is paid is called the 
________ basis of accounting - answerCASH 
Adjusting entries are needed... - answerbefore financ...
©SIRJOEL EXAM SOLUTIONS 
12/3/2024 11:27AM 
Financial Accounting Exam #1 Questions 
With Correct Answers 
Which of the following statements is false? 
a. The focus of financial accounting is on the creation of financial information that will be used 
chiefly by managers of a business in making deci...
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Add to cart©SIRJOEL EXAM SOLUTIONS 
12/3/2024 11:27AM 
Financial Accounting Exam #1 Questions 
With Correct Answers 
Which of the following statements is false? 
a. The focus of financial accounting is on the creation of financial information that will be used 
chiefly by managers of a business in making deci...
Financial Accounting Exam 1 Questions 
With Correct Answers 
Balance Sheet - answerA financial statement that reports assets, liabilities, and owner's equity 
at a specific point in time. 
Income Statement - answerA financial statement showing the revenue and expenses for a fiscal 
period. Revenu...
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Add to cartFinancial Accounting Exam 1 Questions 
With Correct Answers 
Balance Sheet - answerA financial statement that reports assets, liabilities, and owner's equity 
at a specific point in time. 
Income Statement - answerA financial statement showing the revenue and expenses for a fiscal 
period. Revenu...
Financial Accounting Exam 1 Questions 
With Correct Answers 
Cost - answerThe cost principle requires that when assets are acquired, they be recorded at 
___________ 
the same on the date of acquisition - answerThe cost of an asset and its fair value are 
physical laws of nature - answerThe body of ...
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Add to cartFinancial Accounting Exam 1 Questions 
With Correct Answers 
Cost - answerThe cost principle requires that when assets are acquired, they be recorded at 
___________ 
the same on the date of acquisition - answerThe cost of an asset and its fair value are 
physical laws of nature - answerThe body of ...
Intro To Financial Accounting Exam 1 Study 
Guide. 
Accounting consists of three basic activities - answerIdentifies, records, communicates 
Who uses Accounting Data - answerExternal Users: Creditors and Investors 
Recent Financial Scandals - answerEnron, WorldCom, HealthSouth, AIG 
Sarbanes-Oxley A...
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Add to cartIntro To Financial Accounting Exam 1 Study 
Guide. 
Accounting consists of three basic activities - answerIdentifies, records, communicates 
Who uses Accounting Data - answerExternal Users: Creditors and Investors 
Recent Financial Scandals - answerEnron, WorldCom, HealthSouth, AIG 
Sarbanes-Oxley A...
Financial Accounting Exam #1 Questions 
With Correct Answers 
Service revenue is accrued ($700) - answerDebit service revenue 
Credit accounts receivable 
Office supplied used $300 - answerDebit supplies expense 
Credit office supplies 
Depreciation on equipment $1,300 - answerDebit Depreciation equ...
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Add to cartFinancial Accounting Exam #1 Questions 
With Correct Answers 
Service revenue is accrued ($700) - answerDebit service revenue 
Credit accounts receivable 
Office supplied used $300 - answerDebit supplies expense 
Credit office supplies 
Depreciation on equipment $1,300 - answerDebit Depreciation equ...
Financial Accounting Exam 2 Questions 
With Correct Answers 
Inventory - answerMerchandise that the company intends to sell to its customers 
Merchandising Companies - answerCompanies that sell, but not manufacture, merchandise to 
customers; wholesale and retail companies such as Wal-Mart, Nieman M...
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Add to cartFinancial Accounting Exam 2 Questions 
With Correct Answers 
Inventory - answerMerchandise that the company intends to sell to its customers 
Merchandising Companies - answerCompanies that sell, but not manufacture, merchandise to 
customers; wholesale and retail companies such as Wal-Mart, Nieman M...
Financial Accounting Exam #3 Questions 
With Correct Answers 
A long-term asset is recorded at the: - answerCost of the asset plus all costs necessary to the 
asset ready for use. 
The Open Grill incurred the following costs in acquiring a new piece of land: What is the total 
recorded cost of the l...
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Add to cartFinancial Accounting Exam #3 Questions 
With Correct Answers 
A long-term asset is recorded at the: - answerCost of the asset plus all costs necessary to the 
asset ready for use. 
The Open Grill incurred the following costs in acquiring a new piece of land: What is the total 
recorded cost of the l...
©SIRJOEL EXAM SOLUTIONS 
12/3/2024 11:27AM 
Financial Accounting Exam #2 Questions 
With Correct Answers 
When a company provides services on account, which of the following accounts is debited? - 
answerAccounts Receivable 
Which of the following transactions would result in an account receivable?...
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Add to cart©SIRJOEL EXAM SOLUTIONS 
12/3/2024 11:27AM 
Financial Accounting Exam #2 Questions 
With Correct Answers 
When a company provides services on account, which of the following accounts is debited? - 
answerAccounts Receivable 
Which of the following transactions would result in an account receivable?...
Financial Accounting Exit Exam USD- 
Questions 100% Solved 
Generally accepted accounting principles (GAAP) - answer-Rules that govern accounting, 
based on a conceptual framework 
-Goal: to provide useful information to those making investment and lending decisions 
Types of businesses organization...
Preview 2 out of 8 pages
Add to cartFinancial Accounting Exit Exam USD- 
Questions 100% Solved 
Generally accepted accounting principles (GAAP) - answer-Rules that govern accounting, 
based on a conceptual framework 
-Goal: to provide useful information to those making investment and lending decisions 
Types of businesses organization...
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