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ACCT Question and answers rated A+ 2024

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ACCT Question and answers rated A+ 2024 Assets = - correct answer Liabilities + Stockholder's Equity Net Income = - correct answer Revenues - Expenses Balance Sheet - correct answer A = L + SE Income Statement - correct answer R - E Current Ratio = - correct answer Current As...

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  • August 30, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acct
  • acct question and answers rated a 2024

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ACCT:2100 Iowa, Final
Assets = - correct answer ✔Liabilities + Stockholder's Equity


Net Income = - correct answer ✔Revenues - Expenses


Balance Sheet - correct answer ✔A = L + SE


Income Statement - correct answer ✔R - E


Current Ratio = - correct answer ✔Current Assets / Current Liabilities


Earnings Per Share = - correct answer ✔Net Income / Average number of
shares of common stock outstanding


Total Asset Turnover Ratio = - correct answer ✔Net Sales (or Operating
Revenues) / Average Total Assets


Cash Provided by Operating Activities = - correct answer ✔Net Income +/-
Adjustments for non cash items


Non-Cash items - correct answer ✔Depreciation, Bad Debt Expense, Losses
and Gains


Return on Assets = - correct answer ✔Net Income / Average Total Assets


Net Profit Margin = - correct answer ✔Net Income / Net Sales

, Gross Profit Margin - correct answer ✔Gross Profit / Net sales


Bad Debt Expense = - correct answer ✔Credit Sales x Bad Debt Loss Rate


Accounts Receivable Gross (A/R gross) - correct answer ✔BB+Sales-Write
offs- cash collected = EB


Allowance for Doubtful Accounts (ADA) - correct answer ✔BB + Bad Debt
Expense - Write-offs = EB


Accounts Receivable Net (A/R net) - correct answer ✔BB(BB of A/r gross-
BB ADA)+sales-Bad Debt Expense -Cash Collected = EB


Retained Earnings - correct answer ✔BB + Net Income -Dividends declared
= EB


Inventory - correct answer ✔BB + purchases -Cost of goods sold (COGS) =
EB


Prepaid Expenses - correct answer ✔BB + Cash Prepayments -services
used = EB


Accounts Payable - correct answer ✔BB + Expenses -Cash Paid = EB


Dividends Payable - correct answer ✔DD + dividends declared -dividends
paid = EB

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