ACG Exam 1 USF Questions and Answers Already Passed
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Course
ACG Exm 1 USF
Institution
ACG Exm 1 USF
ACG Exam 1 USF Questions and
Answers Already Passed
Which financial statement provides a snapshot of a company’s financial standing as of a specific
date?
A: Income Statement
B: Statement of Cash Flows
C: Balance Sheet
D: Statement of Retained Earnings
C
Which principle mandates that...
ACG Exam 1 USF Questions and
Answers Already Passed
Which financial statement provides a snapshot of a company’s financial standing as of a specific
date?
A: Income Statement
B: Statement of Cash Flows
C: Balance Sheet
D: Statement of Retained Earnings
✔✔C
Which principle mandates that expenses should be recorded in the same period as the associated
revenues?
A: Matching Principle
B: Revenue Recognition Principle
C: Cost Principle
D: Conservatism Principle
✔✔A
1
, Which type of account typically has a credit balance?
A: Assets
B: Expenses
C: Liabilities
D: Dividends
✔✔C
What is the objective of making adjusting entries in accounting?
A: To amend errors in the ledger
B: To ensure financial statements accurately reflect revenues and expenses for a period
C: To prepare bank reconciliations
D: To complete year-end financial reports
✔✔B
How should a company record cash received in advance for services not yet performed?
A: Debit Cash; Credit Service Revenue
B: Debit Service Revenue; Credit Unearned Revenue
C: Debit Unearned Revenue; Credit Service Revenue
2
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