Exam (elaborations)
Accounting Exam Questions and Answers
- Course
- Accounting
- Institution
- Accounting
Accounting Exam Questions and Answers
[Show more]
Content preview
Accounting Exam Questions andAnswers
Which of the following is NOT an advantage of the corporate form of business? -
Answer-Is a separate legal entity and pays taxes on its earnings
A company's financial position at the end of the period may be found by looking on the: -
Answer-balance sheet
As equipment approach the end of its useful life: - Answer-accumulated depreciation
would increase
Failure to record the adjustment for a deferred expense would: - Answer-overstate net
income
Failure to record an accrued revenue for services earned would: - Answer-understate
assets
The following accounts would all have a normal debit balance except: - Answer-
unearned revenue
A deferral refers to an event: - Answer-where the recognition of an expense or revenue
is recorded after the cash is paid or received
Book value is defined as: - Answer-the cost of a plant asset less accumulated
depreciation
An accrued revenue adjustment has the following effect on its financial statements: -
Answer-increase assets and increase net income
The post closing trial balance would not include which of the following accounts? -
Answer-dividends
Which of the following is the chronological record of transactions? - Answer-Journal
The following accounts would all have a normal credit balance except: - Answer-Prepaid
Insurance
A trial balance is prepared and the sum of the debits equals the sum of the credits.
Which of the following conclusions is correct? - Answer-The accounting equation is
mathematically correct
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now