100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
ACC 201 Exam Study Questions with 100% Correct Verified Answers $12.49   Add to cart

Exam (elaborations)

ACC 201 Exam Study Questions with 100% Correct Verified Answers

 2 views  0 purchase
  • Course
  • ACC 201
  • Institution
  • ACC 201

Refer to the above data. At the beginning of August, 2006, owners' equity in Waldorf. was $180,000. Given the transactions of August, 2006, what will owners' equity be at the end of the month? a. $186,000. b. $193,500. c. $208,500. d. $180,000. - Answer d. $180,000

Preview 2 out of 8  pages

  • August 8, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC 201
  • ACC 201
avatar-seller
Examsplug
ACC 201 Exam Study Questions with 100%
Correct Verified Answers


Refer to the above data. At the beginning of August, 2006, owners' equity in Waldorf.
was $180,000. Given the transactions of August, 2006, what will owners' equity be at
the end of the month?
a. $186,000.
b. $193,500.
c. $208,500.
d. $180,000. - Answer d. $180,000


If a company pays $17,000 for an expense with cash:
a. Total assets will decrease.
b. Retained earnings will decrease.
c. Owners' equity will decrease.
d. All three of the above statements are true. - Answer d. All three of the above
statements are true


11If a company purchases equipment for $70,000 cash:
aa Total assets will increase by $70,000.
bb. Total assets will decrease by $70,000.
cc. Total assets will remain the same.
dd. The company's total owners' equity will decrease. - Answer c. Total assets will
remain the same.

, Which of the following transactions does not affect the total assets of Alapocas Corp.?
a. Dividends are paid by Alapocas.
b. A bill is received for telephone service used by Alapocas during the past month.
c. Customers are billed for sales made on credit by Alapocas.
d. A new computer is purchased on credit by Alapocas. - Answer b. A bill is received for
telephone service used by Alapocas during the past month.


Which of the following transactions affects the liabilities for Mears, Inc.?
a. Supplies are purchased for cash by Mears.
b. Mears places an order for merchandise with a supplier; the merchandise will be
shipped to Mears in 60 days.
c. The owners of Mears invest $100,000 in the company.
d. Payment is made for a bank loan which Mears had obtained 6 months ago. - Answer
d. Payment is made for a bank loan which Mears had obtained 6 months ago.


The owner of Maine Lobster Restaurant purchased a new car for his daughter who is
away at college at a cost of $39,000 and reported this amount as Delivery Vehicle in the
restaurant's balance sheet. The reporting of this item in this manner violated the:
a. Cost principle.
b. Business entity concept
c. Objectivity principle.
d. Going-concern assumption. - Answer b. Business entity concept


In a ledger, debit entries cause:
a. Increases in owners' equity, decreases in liabilities, and increases in assets.
b. Decreases in liabilities, increases in assets, and decreases in owners' equity.
c. Decreases in assets, decreases in liabilities, and increases in owners' equity.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67163 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$12.49
  • (0)
  Add to cart