Acc 201 - Study guides, Class notes & Summaries
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ACC 201 Exam Prep | Questions with 100% Correct Solutions
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ong term investments - Answer are expected to be held for more than one year or the 
operating cycle. 
Examples: notes receivable and investments in stocks and bonds expected to be held for 
more than the longer of one year or the operating cycle. 
plant assets - Answer are tangible long-lived assets used to produce or sell products and 
services. 
Examples: equipment, machinery, buildings, and land that are used to sell products and 
services. 
Also called property, plant, and equipment (PP&E) ...
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ACC 201 Questions and Answers | New One | Grade A+
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Gross Profit = 
Ans: Sales Revenues - Cost of Goods Sold 
Net Income (Loss) = 
Ans: Sales Revenue - Cost of Goods Sold - Operating Expenses 
Sales Revenue = 
Ans: Units Sold x Sales Price 
Cost of Goods Sold= 
Ans: Beginning Inventory + Inventory Purchases - End Inventory 
Operating expenses = 
Ans: gross profit - net income 
perpetual inventory system 
Ans: the inventory account is continuously updated as purchases and sales are made. 
basic periodic formula 
Ans: Beginning inventory 
Add: Cost...
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ACC 201 Exam Prep | Questions with 100% Correct Solutions
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Who is Alpha Kappa Alpha Sorority's chief officer? What is her role? (3 roles) - Answer 
Supreme Basileus 
1.She presides all meetings of the Boule and Directorate. 
2. She appoints the chairmen and members of all committees of the sorority, and fill any 
vacancies except as otherwise provided for in the Bylaws. 
3. She supervises over employed personnel and over the Boule. 
When would you be eligible to run for this office? (3 reasons) - Answer After serving at 
least one term as a Basileus of...
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Acc 201 Exam 1 Questions and Answers Already Graded A
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Acc 201 Exam 1 Questions and Answers Already Graded A 
External users of accounting information include: 
A. Shareholders 
B. customers 
C. creditors 
D. government regulators E. All the above E 
2. The operating functions of a business include: 
A. Research and development 
B. Purchasing 
C. Marketing 
D. Distribution E.All of the above E 
3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: 
A. APB 
B. FASB 
C. AAA 
D. AICPA E....
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ACC 201 Exam Practice Questions with 100% Correct Verified Answers
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two forms of income statements - Answer single-step in- come statement and multiple- 
step income statement. 
Single-step income statement: - Answer Net Income = Total Revenues - Total Expenses 
IN INCOME STATEMENT: REVENUE AND EXPENSES then NET INCOME 
Multiple-Step Income Statement: - Answer it Highlights the components of net income 
Three important line items
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ACC 201 Test- All Questions 100% Correctly Answered
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2% of $20,000 - Answer A company receiving payments of a $20,000 accounts 
receivable within 10 days with terms of 2/10, n/30, would record a sales discount of: 
Depreciation expense for the year is $72,000 - Answer Equipment purchased at the 
beginning of the year for $200,000 with a residual value of $20,000 is being depreciated 
over a 5 year period of using the double-declining balance method. Which of the 
following statements is correct concerning the financial statement at the end of the ...
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ACC 201 Test- Study Terms and Questions 100% Correctly Answered
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Short-term Investment - Answer Are securities held by a company that are readily 
marketable and intended to be converted into cash within the next year or operatin 
cycle, whichever is longer 
Readily Marketable - Answer An investment is readily marketable when it can be sold 
easily whenever the need for cash arises 
Management's Intent to Convert - Answer Management intends to sell the investment 
within the next year or operating cycle, whichever is longer
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ACC 201 Exam Study Questions with 100% Correct Verified Answers
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What could happen when an individual asset is increased? 
A. None of the choices is correct. 
B. There could be an equal decrease in another asset. 
C. There could be an equal decrease in a specific liability. 
D. There could be an equal decrease in stockholders' equity. - Answer There could 
be an equal decrease in a specific liability.
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ACC 201 Exam Study Questions with 100% Correct Verified Answers
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Refer to the above data. At the beginning of August, 2006, owners' equity in Waldorf. 
was $180,000. Given the transactions of August, 2006, what will owners' equity be at 
the end of the month? 
a. $186,000. 
b. $193,500. 
c. $208,500. 
d. $180,000. - Answer d. $180,000
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ACC 201 Key Predicted Exam Questions And Correct Answers
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Gross Profit =Sales Revenues - Cost of Goods Sold 
Net Income (Loss) =Sales Revenue - Cost of Goods Sold - Operating Expenses 
Sales Revenue =Units Sold x Sales Price 
Cost of Goods Sold=Beginning Inventory + Inventory Purchases - End Inventory 
Operating expenses =gross profit - net income 
perpetual inventory systemthe inventory account is continuously updated as 
purchases and sales are made.
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