Acg 2021 final exam - Study guides, Class notes & Summaries

The partnership form of business organization is tax advantaged in comparison to a corporation Which of the following is not an asset? Accounts Payable Which of the following describes that sequence in which financial statements are prepared? Income statement, Retained earnings statement, and Balance sheet In the annual report, where would a financial statement reader find out if the company's financial statements give a fair depiction of its financial position and operating results? Auditor...

Under which of the following do computer programs that limit unauthorized access to certain files fall? physical controls Which of the following is an effective internal control over cash disbursements? -The use of pre-numbered checks -The storage of blank checks in a secure place -The separation of authorization of checks and the actual writing of the checks When preparing a bank reconciliation, how are deposits in transit handled? added to the bank balance Handy Inc. permits only designated...

ACG 2021- Final Exam Review Questions with Complete Solutions Which category includes computer programs designed to prevent unauthorized access to certain files? physical safeguards What internal control measures are effective for managing cash outflows? -Utilizing checks with sequential numbers -Keeping blank checks in a secure location -Dividing the responsibility for authorizing and writing checks When reconciling a bank statement, how should deposits that have not yet been r...

ACG 2021- Final Exam Review; Questions & Answers 100% Pass Under which of the following do computer programs that limit unauthorized access to certain files fall? CORRECT ANSWER-physical controls Which of the following is an effective internal control over cash disbursements? CORRECT ANSWER--The use of pre-numbered checks -The storage of blank checks in a secure place -The separation of authorization of checks and the actual writing of the checks

ACG 2021- Final Exam Review

Accounts Payable - ANSWER-Amounts owed to suppliers for credit purchases Unearned Revenue - ANSWER-A liability created when a business collects cash from customers in advance of providing services or delivering goods. Extraordinary Repairs - ANSWER-expenditures extending the asset's useful life beyond its original estimate The entry for accrued revenue is - ANSWER-Dr. Accounts Receivable, Cr. Revenue The entry for an accrued expense is - ANSWER-Dr. Expense, Cr. Liability The entr...

Jones Supply Services paid $350 cash, the amount owed from the previous month, to a materials supplier. Which of the following accounts decrease? A. Office Supplies B. Retained Earnings C. Accounts Payable D. Accounts Receivable - ANSWER-C. Accounts Payable Montgomery Equipment Rental Company received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is the effect of this transaction on the accounting equation? A. Cash increases and Servic...

Which of the following users would rely on managerial accounting information for decision-making purposes? - ANSWER-company managers ________ is the equity earned by profitable operations that is not distributed to stockholders - ANSWER-Retained earnings Regarding a business organized as a partnership, which of the following is an incorrect statement? - ANSWER-A partnership's life is not dependent on a specific individual's ownership The net income of Hollywood Talent Services is $ 22...

GEB Exam 1 questions and answers 2023According to the College of Business website, the "Business Common Program Prerequisites" includes what classes ACG 2021, ACG 2071, ECO 2013, ECO 2023, & ECO 3401 According to the College of Business website, the "Career Professionalism Series" includes what classes GEB 3006, GEB 3005, GEB 4223, & GEB 4004 According to the College of Business website, the "Primary Core" includes what classes ECO 3411, MAR 3023, MAN 3025, ACG 3173, & FIN...