100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ACC100 Chapter 3 Exam Questions with Verified Solutions (Graded A+) $7.99   Add to cart

Exam (elaborations)

ACC100 Chapter 3 Exam Questions with Verified Solutions (Graded A+)

 0 view  0 purchase
  • Course
  • ACC100 Chapter 3
  • Institution
  • ACC100 Chapter 3

ACC100 Chapter 3 Exam Questions with Verified Solutions (Graded A+) Receiving cash in advance of performing a device creates what for a company? - Answers Liability The accrual basis of accounting: - Answers Requires revenues to be recorded when the service is performed Physical assets of a long...

[Show more]

Preview 1 out of 1  pages

  • November 12, 2024
  • 1
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC100 Chapter 3
  • ACC100 Chapter 3
avatar-seller
TutorJosh
ACC100 Chapter 3 Exam Questions with Verified Solutions (Graded A+)

Receiving cash in advance of performing a device creates what for a company? - Answers Liability

The accrual basis of accounting: - Answers Requires revenues to be recorded when the service is
performed

Physical assets of a long-term nature are referred to as: - Answers Fixed assets

Liabilities that will not be due for more than one year are called: - Answers Long-term liabilities

Under the cash basis of accounting expenses. Are recorded when: - Answers Paid

Using accrual accounting, revenue is recorded and reported - Answers when services are rendered
without regard to when cash is received

On April 1, Smart, Inc. paid $7,200 for an insurance premium on a three-year insurance policy. How does
this transaction affect Smart's accounts? - Answers Increase prepaid insurance and decreases cash by
$7,200 Each

QRT. Co. received $1,560 advance Zync Inc. as rent for the use of building owned by QRT co. How does
this transaction affect QRT's accounts if QRT recognizes a liability in receipt of the rent? - Answers Cash
is increased and unearned rent in increased

A&M Co. provided services of $1,000,000 to clients in account. How does this transaction affect A&M's
accounts? - Answers Increase accounts receivables and revenue by $1,00,000 each

Electores co. purchased land for $55,000 with $20,000bpaidbin cash and $35,000 in notes payable.
What effect does this transaction affect have in the accounts under the accrual basics of accounting? -
Answers Net increase in assets of $35,000 and a net increase in liabilities of $35,000

XYZ Co. receive $3,000 in payments from clients for serviced billed in a previous month. Which accounts
will be affected and by what amounts under the accrual basis of accounting? - Answers Cash will
increase by $3,000 and accounts receivable decrease by $3,000.

Cash and other assets that are expected to be converted to cash or sold or used up within one year or
less through the normal operations of the business are called: - Answers Currents asserted

ASE company sold goods, receiving $35,000 in cash and $15,000 on credit. How much revenue should it
record under the accrual basis of accounting? - Answers $50,000

The updating is accrual accounting records before preparing financial statements is referred to as the: -
Answers Adjustment process

The fixes asset section of a balance sheet may also be labeled as property, plant, and equipment -
Answers True

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TutorJosh. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75057 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.99
  • (0)
  Add to cart