Acc 201 exam - Study guides, Class notes & Summaries

an adjusted trial balance - Answer is a list of all accounts and their balances after adjusting entries intangible assets - Answer patents, copyrights, franchises, and trademarks corporation - Answer the form of business organization that is legally separate from its owners

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Supp...

External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB B. FASB C. AAA D. AICPA E. SEC B 4. The principle ...

ACC 201 Umaine Exam 1questions and answers 2025 already graded A+.

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Suppli...

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Supplies pu...

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

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