ACC 201 Exam Study Questions with 100% Correct Verified Answers
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Course
ACC 201
Institution
ACC 201
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...
ACC 201 Exam Study Questions with 100%
Correct Verified Answers
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 equal decrease in a specific liability.
Which of the following may be found in a ledger? - Answer The balance for each
account
The source document for the transaction
An explanation for each transaction
Which of the following errors on a firm's adjusted trial balance would cause errors
in the firm's retained earnings statement but would not affect its income
statement nor cause its balance sheet or its adjusted trial balance to be out of
balance? - Answer overstatement of both the Unearned Service Revenue amount
by $200 and the Dividends amount by $200
, Which of the following external users of a company's financial documents will be
MOST concerned about the wages the employees receive?
A. human resources department
B. regulatory agency
C. labor union
D. taxing authority - Answer labor union
You have been tasked with looking at the company's financial statements and
determining what percentage of raises the employees should receive this year.
Based on this, which department do you most likely work in?
A. marketing
B. human resources
C. finance
D. sales - Answer human resources
Porter Veterinary Services recently purchased several new stock trailers for their
equine and bovine clients. The stock trailers increased their long-term assets by
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