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LATEST HBS ONLINE CORE EXAM QUESTIONS WITH 100% CORRECT ANSWERS
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LATEST HBS ONLINE CORE EXAM QUESTIONS WITH 100% CORRECT ANSWERS LATEST HBS ONLINE CORE EXAM QUESTIONS WITH 100% CORRECT ANSWERS
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LATEST HBS ONLINE CORE EXAM 2024-2025QUESTIONS WITH 100% CORRECT ANSWERS
What Accounting Principle Does the Following Represent:
Real Estate prices in Orderville have increased dramatically over the last five years.
Although the land under Chad's office building is currently believed to be worth
$500,000, it is recorded at $250,000 because that is the price he paid for it. -
CORRECT ANSWER Historical Cost Principle
What is the Accounting Equation? - CORRECT ANSWER Assets = Liabilities + Equity
What Accounting Principle Does the Following Represent:
AQG Industries purchases $20,000 of product on credit from RSI Manufacturing. AQG
records the purchase as an increase in inventory and an increase in accounts payable.
AQG feels that they will be able to realize the value from the inventory and settle the
obligation to RSI in the weeks to come. - CORRECT ANSWER "Going Concern"
Concept
A "note payable for a bank loan" is an example of a... - CORRECT ANSWER Liability
The principle of Conservatism, says that a company should choose measurement
methods that anticipate and record _____________ but don't anticipate and record
_____________. - CORRECT ANSWER future losses; future gains
What Accounting Principle Does the Following Represent:
,LATEST HBS ONLINE CORE EXAM 2024-2025
QUESTIONS WITH 100% CORRECT ANSWERS
A microfinance institution has been relying on government collateral subsidies to finance
start-ups in rural areas. However, the government has cut the program recently. The
company reports this situation in its financial statements as this might affect the
decisions of stakeholders. - CORRECT ANSWER Materiality
Cost of Goods Sold, Rent Expense, and Wages Expense are examples of what type of
account? - CORRECT ANSWER Expense Account
Sales Revenue & Deferred Revenue decrease with: Debit or Credit? - CORRECT
ANSWER Debit
Cost of Goods Sold, Accounts Receivable, Cash: Increase or Decrease with a Credit -
CORRECT ANSWER Decrease
These accounts increase with a debit or credit:
Cash, Depreciation Expense, Prepaid Rent - CORRECT ANSWER Debit
The accounts increase with a debit or credit:
Sales Revenue, Deferred Revenue - CORRECT ANSWER Credit
True or False: Transactions are only recorded when there is an exchange of cash -
CORRECT ANSWER False: This is true for Cash Basis Accounting, but not for Accrual
Accounting.
, LATEST HBS ONLINE CORE EXAM 2024-2025
QUESTIONS WITH 100% CORRECT ANSWERS
The income statement reflects a company's: - CORRECT ANSWER Financial
performance over a given period of time
What represents the net income/(loss) for the year? - CORRECT ANSWER The
difference between the revenues/gains and expenses/losses.
Income Statement:
Examples of Permanent Accounts - CORRECT ANSWER -CASH AND CASH
EQUIVALENTS
-RENT PAYABLE
-INVENTORY
Income Statement:
Examples of Temporary Accounts - CORRECT ANSWER -COST OF GOODS SOLD
-SALES REVENUE
-RENT EXPENSE
Nominal Accounts - CORRECT ANSWER Accounts that are reset to zero at the end of
each accounting period. Nominal accounts include all revenue and expense accounts,
and may also be referred to as temporary accounts or Income Statement accounts. The
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