Walden University
Straighterline Business
ACC 101 Straighterline Business Financial
Accounting Exam
Course Title and Number: ACC 101 Straighterline
Business Financial Accounting Exam
Exam Title: ACC 101 Straighterline Business Financial
Accounting Exam
Exam Date: Exam 2024- 2025
Instructor: [Insert Instructor’s Name]
Student Name: [Insert Student’s Name]
Student ID: [Insert Student ID]
Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
6. This test has a time limit, The test will save and submit
automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.
Good Luck!
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, Straighterline Business 2024-2025
ACC 101 Straighterline Business Financial Accounting
Comprehensive Exam Prep Study Guide Questions and
Answers | 100% Pass Guaranteed | Graded A+ |
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
Tangible assets include: - Answer>> All of these.
A company had inventory of 5 units at a cost of $20
each on November 1. On November 2, it purchased 10
units at $22 each. On November 6 it purchased 6 units
at $25 each. On November 8, it sold 18 units for $54
each. Using the LIFO perpetual inventory method, what
was the cost of the 18 units sold? - Answer>> $410.
A company purchased new computers at a cost of
$14,000 on September 30, 2010. The computers are
estimated to have a useful life of 4 years and a salvage
value of $2,000. The company uses the straight-line
method of depreciation. How much depreciation
expense will be recorded for the computers for the year
ended December 31, 2010? - Answer>> $750
The summary amounts below appear in the Income
Statement and Balance Sheet columns of a company's
December 31 work sheet. Prepare the necessary
closing entries into INCOME SUMMARYAsset :
$10,000Revenue: $ 15,000Unearned revenue: $1,000 -
Answer>> Debit Revenue: $15,000 Credit Income
summary: $15,000
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,The operating functions of a business exclude: -
Answer>> Borrowing.
Zed Bennett opened an art gallery and as a dealer
completed these transactions:1. Started the gallery,
Artery, by investing $40,000 cash and equipment
valued at $18,000.2. Purchased $70 of office supplies
on credit.3. Paid $1,200 cash for the receptionist's
salary.4. Sold a painting for an artist and collected a
$4,500 cash commission on the sale.5. Completed an
art appraisal and billed the client $200.What was the
balance of the cash account after these transactions
were posted? - Answer>> $43,300.
John, the owner of Matt company, withdrew $8,000
from the business during the current year. The entry to
close the withdrawals account at the end of the year,
is: - Answer>> Debit capital $8,000 and credit withdrawal
$ 8,000
Provide descriptions for this transaction: - Answer>>
Received cash for an account receivable.
The business completed these transactions:1. Investing
$20,000 cash and a building valued at $100,000.2.
Purchased $10,000 of a truck on credit.3. Paid $20,000
cash for raw material.4. Selling products and
collected$40,000 cash.What was the balance of the
cash account after these transactions were posted? -
Answer>> $40,000
Acme-Jones Company uses a weighted-average
perpetual inventory system.August 2, 8 units were
purchased at $12 per unit.August 18, 15 units were
purchased at $14 per unit.August 29, 20 units were
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, sold.August 31, 10 units were purchased at $16 per
unit.What is the per-unit value of ending inventory on
August 31? - Answer>> $15.38.
The proper journal entry to record Ransom Company's
billing of clients for $500 of services rendered is: -
Answer>> Dr. Accounts Receivable 500 Cr. Service
Revenue 500
The accounting assumption that requires every
business to be accounted for separately from other
business entities, including its owner or owners is
known as the: - Answer>> Business entity assumption.
An adjusting entry could be made for each of the
following except: - Answer>> Owner withdrawals.
A company has inventory of 10 units at a cost of $10
each on June 1. On June 3, it purchased 20 units at $12
each. 12 units are sold on June 5. Using the FIFO
perpetual inventory method, what is the cost of the 12
units that were sold? - Answer>> $124.
An adjusting entry could be made for each of the
following except: - Answer>> Owner capital
J. Awn, the proprietor of Awn Services, withdrew $8,700
from the business during the current year. The entry to
close the withdrawals account at the end of the year,
is: - Answer>> Debit capital $8,700 and credit withdrawal
$ 8,700
Which accounts don't need to do closing entries? -
Answer>> Current asset
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