Acc 231 - Study guides, Class notes & Summaries

ACC 231 FINAL EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+

ACC 231 Final Exam Questions & Answers 2024/2025 Liabilities are defined as: - ANSWERSAmounts owed to lenders or debtors Assets are defined as: - ANSWERSEconomic resources of a company Which of the following does NOT describe Stockholders' Equity? - ANSWERSMoney lent to a business Which of the following is NOT an asset? - ANSWERSNet Income Net Income is Defined as: - ANSWERSRevenue - expenses What do we call amounts of money borrowed from lenders? - ANSWERSliabilites St...

ACC231 Final Exam ACC 231 Final Exam LATEST

Which inventory costing method results in the lowest net income during a period of declining inventory costs? A. Last-in, first-out (LIFO) B. Specific unit cost C. Average cost D. First-in, first-out (FIFO) D. First-in, first- out (FIFO) Consider the FIFO, LIFO, and average cost inventory costing methods. Answer the following questions, assuming inventory costs are increasing.

Merchandise inventory CORRECT ANSWER Goods purchased for resale to customers. Periodic Inventory System CORRECT ANSWER Businesses does not keep a continuous record of inventory on hand. A physical count will be taken at the end of the period to determine the cost of the ending balance and the cost of goods sold. What is the formula to calculate the available goods for sale? CORRECT ANSWER BEGINNING BALANCE + PURCHASES What is the formula to calculate the cost of goods sold? CORRECT ANSW...

What type of organization is owned by its stockholders?Corporation What is a Business Entity?Represents an economic unit that can provide a service, sell a product, a merchandiser or manufacture and sell a product. What is The Going Concern Principle?Think of the train tracks that from your prospective it is the allusion that the tracks never end. How is business performance measured?Dividing the life of the company into small pieces of time, usually years. Measure business activity and...

bussiness Accounting is sometimes called the language of ----- be prepared differently by each company Financial accounting info should ......... Investors who purchase an ownership in the business Shockholder can best be defined as which of the following ? lender Janex Corporation has borrowed 100,000 from bank of america , payable in two years, which makes the bank a _____________ for Janex Cor Securities and Exchange Commission (SEC) Which US Government Agency has the ultimate Autho...

ACC 231 QUESTIONS WITH CORRECT ANSWERS business CORRECT ANSWER Accounting is sometimes called the language of ----- be prepared differently by each company CORRECT ANSWER Financial accounting info should ......... Investors who purchase an ownership in the business CORRECT ANSWER Stockholder can best be defined as which of the following? lender CORRECT ANSWER Janex Corporation has borrowed 100,000 from Bank of America, payable in two years, which makes the bank a _____________ for Jane...

ACC 231 EXAM #2 QUESTIONS WITH CORRECT ANSWERS Merchandise inventory CORRECT ANSWER Goods purchased for resale to customers. Periodic Inventory System CORRECT ANSWER Businesses does not keep a continuous record of inventory on hand. A physical count will be taken at the end of the period to determine the cost of the ending balance and the cost of goods sold. What is the formula to calculate the available goods for sale? CORRECT ANSWER BEGINNING BALANCE + PURCHASES What is the formula t...

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