Acc 101 - Study guides, Class notes & Summaries

ACC 101: INTRODUCTION TO FINANCIAL ACCOUNTING Final Exam Practice Questions QN=1 If assets are $199,000 and liabilities are $132,000, then equity equals a. $32,000. b. $67,000. c. $99,000. d. $131,000. e. $198,000. - ANS: b QN=2 A cash outflow from the company into its owner is called a(n): a. Liability. b. Withdrawal. c. Expense. d. Profit. e. Investment. - ANS: b QN=3 Liability created by purchasing goods and services on credit are: a. Accounts payable. b. Accounts receiv...

ACC 101 Full Version 323 | Complete Solutions (Verified) QN=1 If assets are $199,000 and liabilities are $132,000, then equity equals a. $32,000. b. $67,000. c. $99,000. d. $131,000. e. $198,000. QN=2 A cash outflow from the company into its owner is called a(n): a. Liability. b. Withdrawal. c. Expense. d. Profit. e. Investment. QN=3 Liability created by purchasing goods and services on credit (tín dụng) are: a. Accounts payable. b. Accounts receivable. c. Liabilities. d. Expenses. e. Equit...

Acc 101 UPDATED Actual Exam Questions and CORRECT Answers Accounting is an information and measurement system that does all of the following except Identifies business activities Records business activities Communicates business activities Eliminates the need for interpreting financial data Helps people make better decisions - CORRECT ANSWER- Eliminates the need for

Accounting is an information and measurement system that does all of the following except Identifies business activities Records business activities Communicates business activities Eliminates the need for interpreting financial data Helps people make better decisions correct answers Eliminates the need for interpreting financial data Technology: Has replaced accounting Has not improved the clerical accuracy of accounting "Reduces the time, effort and cost of ...

What is an information system that provides reports to users regarding economic activities and condition of a business> correct answers accounting All of the following are general-purpose financial statements except: a. balance sheet b. retained earnings statement c. cash budget d. income statement correct answers c. cash budget The following are examples of external users of financial information except: a. customers b. creditors c. managers d. government entities correct answe...

Internal users correct answers people inside and entity (managers, supervisors etc), internal users focus more on management accounting External users correct answers People outside the entity who are still interested in info regarding the entity (employees, shareholders, suppliers, banks etc), external users are more interested in financial accounting Shareholders correct answers Information to assess the future profitability of an entity, future cash flows for dividends and the possibili...

What is Bad Debt Expense? correct answers Bad Debt Expense is when a receivable is no longer collectible because a customer is unable to fulfill their obligation to pay an outstanding debt due to bankruptcy or other financial problems. How do you calculate bad debt expense using the percent of sales method? correct answers Net Credit Sales * Historical Percentage of Uncollected Sales = Bad Debt Expense How would you journalize Allowance for Doubtful Accounts? correct answers First, you wou...

Inventories Effect correct answers both the balance sheet and the income statement Legal Title correct answers The factor which determines wether or not goods should be included in a physical count of inventory is If goods in transit are shipped FOB destination correct answers the seller has legal title to the goods until they are delivered Which of the following should be included in the physical inventory of a company correct answers Goods held on consignment from another company F...

ACC 101 Actual Questions and Answers 2024 Rated 100%

Closing Entries correct answers Dr. Revenue Cr. Expenses (Dr. RE if net loss, Cr. RE if net income) Dr. R.E Cr. Dividends debit correct answers "what you get" credit correct answers "how you get it/ what was used up" Adjusting Entries correct answers Revenue or Expense Dr. unearned revenue cr. sales revenue or dr. asset cr. sales revenue Dr. expense cr. assets, prepaid, supplies or dr. expense cr. liability Balance Sheet correct answers are permanent account or real acc...