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ACC Final Exam Questions & Answers 2024/2025
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ACC Final Exam Questions & Answers 2024/2025 What is the accounting equation? - ANSWERSAssets = Liabilities + Owner's Equity Revenues will increase ___ and will increase ___ - ANSWERS-assets -owners (stock holders) equity Expenses paid with cash will decrease ___ and will decrease ___. ...

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  • October 14, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acc final exam questions answers

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ACC Final Exam Questions & Answers
2024/2025

What is the accounting equation? - ANSWERSAssets = Liabilities + Owner's Equity



Revenues will increase ___ and will increase ___ - ANSWERS-assets

-owners (stock holders) equity



Expenses paid with cash will decrease ___ and will decrease ___. - ANSWERS-assets

-owner's (stockholders') equity.



Expenses incurred by use of credit will increase ___ and will decrease ___. - ANSWERS-liabilities

-owner's (stockholders')

equity



A bank loan will increase ___ and will increase ___. - ANSWERS-assets

-liabilities



Purchase of equipment for cash will ___ one asset and will ___ another asset - ANSWERS-increase

-decrease



The ___ ___ reflects the accounting equation. - ANSWERSbalance sheet



cash, accounts receivable, inventory, prepaid insurance, investments, land, buildings, equipment, and
goodwill... these are all examples of what account?? - ANSWERSassets

, notes or loans payable, accounts payable, salaries and wages payable, interest payable, and income taxes
payable (if the company is a regular corporation)....these are all examples of what account? -
ANSWERSliabilities



___ ___ is the amount left over after liabilities are deducted from assets - ANSWERS-Owner's equity or
stockholders' equity



this contains all of the balance sheet and income statement accounts - ANSWERSgeneral ledger



the financial statement that reports a company's revenues and expenses (& temporary accounts) and
the resulting net income. - ANSWERSincome statement



the financial statement that covers a time interval or period of time. - ANSWERSincome statement



sales - cost of goods sold = - ANSWERSgross profit



beginning finished goods inventory + net purchases (or cost of goods

manufactured) - ending finished goods inventory = - ANSWERScost of goods sold



Accounts that are closed at the end of the accounting year so that they begin

the new year with a zero balance (e.g. income statement accounts) - ANSWERSTemporary accounts



Accounts whose balances carry forward to the next accounting year (e.g.

balance sheet accounts) - ANSWERSPermanent accounts



an income statement account used to report the shortages or overages that

appear when the petty cash fund is replenished. A debit balance in this account will likely be reported

on the income statement as a miscellaneous expense - ANSWERSCASH SHORT AND OVER



revenue - expenses = - ANSWERSnet income

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