ACC 101 Final Study Guide (Practice Problems) || A Verified A+ Pass. AC101 Midterm (LSE) || All Answers Are Correct 100%. Acc 101 || with 100% Accurate Solutions. ACC 101 || with 100% Error-free Answers. ACC 101 || with A+ Guaranteed Solutions. Accounting 101: Exam 1 || with 100% Errorless Solution...
[Show more]
Forces of Change in Managerial Accounting correct answers - in the 1970s OPEC increased prices a lot - producers sold a bunch of shit but their margins were small because of OPEC price increase - producers made much more use of technology like computers, robots, etc. - Asian influences (like Japa...
Preview 2 out of 7 pages
Add to cartForces of Change in Managerial Accounting correct answers - in the 1970s OPEC increased prices a lot - producers sold a bunch of shit but their margins were small because of OPEC price increase - producers made much more use of technology like computers, robots, etc. - Asian influences (like Japa...
Merchandise inventory correct answers Goods a company intends to sell. LIFO (last in, first out) correct answers Assumes last items purchased are the first sold. FIFO (First In, First Out): correct answers Assumes first items purchased are the first sold. (Chronological) Specific Identifica...
Preview 2 out of 5 pages
Add to cartMerchandise inventory correct answers Goods a company intends to sell. LIFO (last in, first out) correct answers Assumes last items purchased are the first sold. FIFO (First In, First Out): correct answers Assumes first items purchased are the first sold. (Chronological) Specific Identifica...
Accounting is the language of ________ correct answers business a system of maintaining records of a company's operations and communicating that information to decision makers correct answers accounting these people decide whether to invest in stock correct answers investors these people d...
Preview 2 out of 5 pages
Add to cartAccounting is the language of ________ correct answers business a system of maintaining records of a company's operations and communicating that information to decision makers correct answers accounting these people decide whether to invest in stock correct answers investors these people d...
What iis accounting? correct answers An information and measurement system that identifies, records, and communicates information about business information. Also known as the language of business 3 parts of accounting correct answers Identifying: select transactions and events Recording: input,...
Preview 2 out of 6 pages
Add to cartWhat iis accounting? correct answers An information and measurement system that identifies, records, and communicates information about business information. Also known as the language of business 3 parts of accounting correct answers Identifying: select transactions and events Recording: input,...
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 l...
Preview 2 out of 7 pages
Add to cartInventories 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 l...
1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date? correct answers $54,000 2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105. Assuming s...
Preview 1 out of 3 pages
Add to cart1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date? correct answers $54,000 2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105. Assuming s...
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 ...
Preview 3 out of 30 pages
Add to cartWhat 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 ...
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 sa...
Preview 2 out of 9 pages
Add to cartWhat 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 sa...
What side does assets increase on? correct answers Debit What side does liabilities increase on? correct answers Credit What side does owners equity increase on? correct answers Credit What side does paid in capital increase on? correct answers Credit What side does Retained earnings inc...
Preview 1 out of 4 pages
Add to cartWhat side does assets increase on? correct answers Debit What side does liabilities increase on? correct answers Credit What side does owners equity increase on? correct answers Credit What side does paid in capital increase on? correct answers Credit What side does Retained earnings inc...
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. unearne...
Preview 2 out of 6 pages
Add to cartClosing 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. unearne...
4 primary financial statements correct answers Income statement --> Fees Earned - Expenses = net income RES = Uses net income, minus dividends, gives RE Balance Sheet --> A = L + SE, uses RE, gives cash SOCF --> Uses cash, gives net cash flow 3 forms of businesses and business organiz...
Preview 1 out of 4 pages
Add to cart4 primary financial statements correct answers Income statement --> Fees Earned - Expenses = net income RES = Uses net income, minus dividends, gives RE Balance Sheet --> A = L + SE, uses RE, gives cash SOCF --> Uses cash, gives net cash flow 3 forms of businesses and business organiz...
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), e...
Preview 2 out of 13 pages
Add to cartInternal 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), e...
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 ans...
Preview 3 out of 20 pages
Add to cartAccounting 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 ans...
A correct answers QN=1 Merchandise inventory includes: a. All goods owned by a company and held for sale. b. All goods in transit. c. All goods on consignment. d. Only damaged goods. e. All goods in the stores of company. E correct answers QN=2 Costs included in the Merchandise Inventor...
Preview 4 out of 59 pages
Add to cartA correct answers QN=1 Merchandise inventory includes: a. All goods owned by a company and held for sale. b. All goods in transit. c. All goods on consignment. d. Only damaged goods. e. All goods in the stores of company. E correct answers QN=2 Costs included in the Merchandise Inventor...
An adjusting entries for unearned revenue affects correct answers Revenue and Liabilities How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period? correct answers Total Assets are overstated How will it affect Income Statement ...
Preview 4 out of 33 pages
Add to cartAn adjusting entries for unearned revenue affects correct answers Revenue and Liabilities How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period? correct answers Total Assets are overstated How will it affect Income Statement ...
Financial accounting correct answers Provides information for external decision makers Managerial accounting correct answers Accounting that focuses on providing information for internal decision makers Certified public accountant correct answers Licensed professional accounts who serve the ge...
Preview 1 out of 4 pages
Add to cartFinancial accounting correct answers Provides information for external decision makers Managerial accounting correct answers Accounting that focuses on providing information for internal decision makers Certified public accountant correct answers Licensed professional accounts who serve the ge...
What is accounting? correct answers the action or process of keeping financial accounts revenues correct answers inflows of assets resulting from the sale of goods and services expenses correct answers outflow of assets resulting from the sale of goods and services internal user correct ans...
Preview 2 out of 9 pages
Add to cartWhat is accounting? correct answers the action or process of keeping financial accounts revenues correct answers inflows of assets resulting from the sale of goods and services expenses correct answers outflow of assets resulting from the sale of goods and services internal user correct ans...
Know the 3 forms of business entities correct answers Sole proprietorship- A single owner Partnership- has two or more parties as co-owners each is an owner Corporation- Owned by stockholders, or shareholders, who own stock representing share of ownership in the corporation. Definition of Reven...
Preview 2 out of 8 pages
Add to cartKnow the 3 forms of business entities correct answers Sole proprietorship- A single owner Partnership- has two or more parties as co-owners each is an owner Corporation- Owned by stockholders, or shareholders, who own stock representing share of ownership in the corporation. Definition of Reven...
What are assets recorded at? correct answers The historical/original cost because it is objective and verifiable. Left side correct answers Debit Right side correct answers Credit The 3 forms of business entities correct answers Proprietorship, Partnership, Corperation What is the defini...
Preview 2 out of 6 pages
Add to cartWhat are assets recorded at? correct answers The historical/original cost because it is objective and verifiable. Left side correct answers Debit Right side correct answers Credit The 3 forms of business entities correct answers Proprietorship, Partnership, Corperation What is the defini...
The Accounting Equation correct answers Assets= Liabilities + Stockholders Equity Assets correct answers Economic resources that are expected to benefit the company's future operations. Assets include correct answers Monetary items (cash and money owed to the company by customers), nonmonetar...
Preview 1 out of 4 pages
Add to cartThe Accounting Equation correct answers Assets= Liabilities + Stockholders Equity Assets correct answers Economic resources that are expected to benefit the company's future operations. Assets include correct answers Monetary items (cash and money owed to the company by customers), nonmonetar...
3 Types of business correct answers Sole Proprietorship, Partnership, Corporation Sole Proprietorship correct answers One of the three types of business. It is a business owned by one person. Pros: You are in control, simple to establish, tax advantages Cons: Proprietor is liable, financing ma...
Preview 2 out of 7 pages
Add to cart3 Types of business correct answers Sole Proprietorship, Partnership, Corporation Sole Proprietorship correct answers One of the three types of business. It is a business owned by one person. Pros: You are in control, simple to establish, tax advantages Cons: Proprietor is liable, financing ma...
3 main types of accounting correct answers financial, tax, cost/managerial purpose of financial accounting correct answers prepare &/or audit financial statements financail statements for public companies are issued with the correct answers securities and exchange commission SEC correct ans...
Preview 2 out of 9 pages
Add to cart3 main types of accounting correct answers financial, tax, cost/managerial purpose of financial accounting correct answers prepare &/or audit financial statements financail statements for public companies are issued with the correct answers securities and exchange commission SEC correct ans...
Asset Accounts correct answers Cash - Accounts Receivable - Note Receivable - Prepaid Accounts (or Expenses) More Assets Cash correct answers A company's cash balance Accounts Receivable correct answers Promises of Payment from customers. Accounts receivables are increased by credit sales; of...
Preview 2 out of 9 pages
Add to cartAsset Accounts correct answers Cash - Accounts Receivable - Note Receivable - Prepaid Accounts (or Expenses) More Assets Cash correct answers A company's cash balance Accounts Receivable correct answers Promises of Payment from customers. Accounts receivables are increased by credit sales; of...
What is accounting? Know the definition. 1 correct answers the action or process of keeping financial accounts "language of business" information system Know the definitions of revenues and expenses 1 correct answers Revenue: inflows of assets resulting from the sale of goods and services; ...
Preview 2 out of 14 pages
Add to cartWhat is accounting? Know the definition. 1 correct answers the action or process of keeping financial accounts "language of business" information system Know the definitions of revenues and expenses 1 correct answers Revenue: inflows of assets resulting from the sale of goods and services; ...
Identify the users of financial information correct answers banks, owners, suppliers, customers Entity has its own separate correct answers identity An entity whose entire purpose is to produce a profit for its owners is an correct answers economic entity Funds taken from owner for personal...
Preview 2 out of 9 pages
Add to cartIdentify the users of financial information correct answers banks, owners, suppliers, customers Entity has its own separate correct answers identity An entity whose entire purpose is to produce a profit for its owners is an correct answers economic entity Funds taken from owner for personal...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
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!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
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.
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
No, you only buy this summary for R1.653,81. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
66579 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now