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Accounting Exam 1 Questions and Answers 100% Pass | Graded A+

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Accounting Exam 1 Questions and Answers 100% Pass | Graded A+ How is an interest rate in Accounting used - Annually What does credit mean? - Revenue Do assets go up with debits or credits? - Debits Cost of goods sold - Beginning inventory+ Total cost of merchandise purchases-ending inventory ...

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  • September 26, 2024
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Accounting Exam 1 Questions and

Answers 100% Pass | Graded A+


How is an interest rate in Accounting used - ✔✔Annually

What does credit mean? - ✔✔Revenue

Do assets go up with debits or credits? - ✔✔Debits

Cost of goods sold - ✔✔Beginning inventory+ Total cost of merchandise

purchases-ending inventory

Gross Profit - ✔✔net sales - cost of goods sold

Net income - ✔✔gross profit-expense

Chart of accounts - ✔✔No balance or #'s

How long is an operating cycle usually? - ✔✔A year or less

Accumulated Depreciation - ✔✔Debit

Are expenses debits or credits - ✔✔Debits

Is paying cash, debit or crediting cash - ✔✔crediting

Asset - ✔✔Cash

Asset - ✔✔Accounts receivable

,Asset - ✔✔Supplies

Asset - ✔✔Equipment

Liability - ✔✔accounts payable

liability - ✔✔unearned revenue

liability - ✔✔notes payable

equity - ✔✔common stock

equity - ✔✔dividends

equity - ✔✔revenue

equity - ✔✔expenses

equity - ✔✔retained earnings

Prepaid rent - ✔✔asset

What does credit increase? - ✔✔liabilities, equities, and revenues

Debit means left or right on t-chart? - ✔✔left of t-chart

what does debit increase? - ✔✔assets, expenses, and dividends

Which of the following is least likely to be considered a user of a business

accounting information, and instead plays a role in the independent

verification of the accuracy of a business's accounting information? -

✔✔Independent auditors

, Which of the following is considered to be a constraint in accounting? -

✔✔cost

are debts and obligations - ✔✔Liabilities

A company has assets of $2,300,000, common stock of $550,000, and

retained earnings of $1,250,000. It has liabilities of - ✔✔500,000



550,000+1,250,000=1,800,000



2,300,000-1,800,000=500,000

A company receives cash in advance from customers. This transaction will

immediately affect the - ✔✔balance sheet and cash flow statement only

Which of the following events is not recorded in a company's accounting

records? - ✔✔A decision to offer a company's services in a new geographic

area

A corporation paid dividends of $500. As a result of this event, the

corporation's - ✔✔assets and equity decreased by $500.

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