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ACC 201 FINAL EXAM QUESTIONS AND ANSWERS ALL CORRECT

©THEBRIGHT 2025 ALL RIGHTS RESERVED 1:30PM. 1 ACC 201 Final WCU Exam Questions And Answers 2025 Update. Realizable value - Answerestimated selling price - any cost to complete/sell goods working capital - Answercurrent assets - current liabilities book value per share - Answertotal stockholders equity / # of common shares outstanding sales tax collected by a retailer is recorded as a liability - Answertrue current portion of long term debt should be recorded as a current liability - Ans...

3 factors that contribute to fraud - correct answers opportunity financial pressure rationalization T/F The Sarbanes-Oxley Act applies to privately traded US corporation. - correct answers false; publicly traded organization 4 purposes for internal control - correct answers 1. safeguard assets 2. enhance accuracy and reliability of accounting records 3. increase efficiency of operations 4. ensure compliance with laws and regulations Internal control is used in business to enhance ...

ACC 201 UPDATED ACTUAL Exam Questions and CORRECT Answers Liabilities of a company are owed to - CORRECT ANSWER - creditors Which of the following is not a reason one set of international accounting standards are needed? - CORRECT ANSWER - All of these answer choices are reasons one set of international accounting standards are needed

ACC 201 UPDATED ACTUAL Exam Questions and CORRECT Answers Liabilities of a company are owed to - CORRECT ANSWER - creditors Which of the following is not a reason one set of international accounting standards are needed? - CORRECT ANSWER - All of these answer choices are reasons one set of international accounting standards are needed. If expenses are paid in cash, then - CORRECT ANSWER - assets will decrease

If total assets equal $345,000 and total stockholders' equity equal $120,000, then total liabilities must equal - Answer $225,000 Stockholders' equity is increased by ____(1)____ and decreased by ____(2)____ - Answer (1) revenues ... (2) expenses. The collection of a $1,000 Accounts Receivable - Answer increases an asset $1,000 ... and decreases an asset $1,000.

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

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 ...