Accounting 101 Final Exam Practice Questions With 100% Correct Answers Guaranteed Pass.
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Accounting 101
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Accounting 101
Accounting 101 Final Exam Practice
Questions With 100% Correct Answers
Guaranteed Pass.
Which of the following does not occur during the closing process? - AnswerJournal entries are
made to return the balance in all real accounts to zero.
The purchase of office equipment on credit has what eff...
Accounting 101 Final Exam Practice
Questions With 100% Correct Answers
Guaranteed Pass.
Which of the following does not occur during the closing process? - Answer✔Journal entries are
made to return the balance in all real accounts to zero.
The purchase of office equipment on credit has what effect on the accounting equation? -
Answer✔Assets increase and liabilities increase
Research and development costs are - Answer✔treated as an expense when incurred.
Which one of the following is a correct expression of the accounting equation? - Answer✔Assets
= Liabilities + Owners' Equity
Indicate on which statement each account would appear. - Answer✔Equipment
Common Stock
Accounts Payable
Service Revenue
Salary Expense
Which of the following items would be considered a cash equivalent if it was held at the balance
sheet date? - Answer✔U.S. Treasury bill purchased when there were 90 days until maturity.
During a period of increasing cost prices, which inventory costing method will yield the lowest
cost of goods sold? - Answer✔FIFO
Which of the following is an account in stockholders' equity? - Answer✔Retained earnings
When using the Indirect Method, how is the purchase of equipment for cash shown on the
Statement of Cash Flows? - Answer✔Investing activity?
Which one of the following is an accurate description of Allowance for Doubtful Accounts? -
Answer✔Contra Account
The total amount of simple interest calculated annually on a $6,000 note payable for 3 years at
11% is - Answer✔$1,980
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