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ACG 2024 MID TERM PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS!!
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ACG 2024 MID TERM PRACTICE EXAM QUESTIONS WITH 100% CORRECT ANSWERS!!
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ACG 2024 MID TERMPRACTICE EXAM
QUESTIONS WITH
100% CORRECT
ANSWERS!!
ACG
Evatee 9/2/24 ACG
,ACG 2024 MID TERM PRACTICE EXAM
QUESTIONS WITH 100% CORRECT
ANSWERS!!
Which of the following is NOT a fundamental quality of accounting information
A. Faithful representation
B. Materiality
C. Relevance
D. Comparability Answer - D. Comparability
Which of the following equations properly represents a derivation of the
fundamental accounting equation.
A. Assets + liabilities =owners equity
B. Assets = owners equity
C. Cash = assets
D. Assets - liabilities = owners equity Answer - D. Assets - liabilities = owners
equity
Which of these items would be accounted for as an expense
A. Repayment of a bank loan
B. Dividend to stockholders
C. The purchase of land
D. Payment of the current periods rent Answer - D. Payment of the current
periods rent
, Which of the following transactions would have no impact on stockholders
equity
A. Purchase of land from the proceeds of a bank loan
B. Dividend to stockholders
C. Net loss
D. Investment of cash by stockholders Answer - A. Purchase of land from the
proceeds of a bank loan
Which of the following financial statements is prepared as if a specific date?
A. Balance sheet
B. Income statement
C. Retained earning statements
D. Statement of cash flows Answer - A. Balance sheet
Answer - C. 1200
Gerald had beginning total stockholders equity of $160,000. During the year
total assets increased by $240,000 and total liabilities increased by $120,00
Gerald's net income was $180,000. No additional investments were made;
however dividend did occur during the year. How much were the dividends?
A. $20,000
B. $60,000
C. $140,00
D. $220,000 Answer - B. $60,000
The proper journal entry to record Ransom Company's billing of clients for
$500 of services rendered due in 15days is:
A. Cash. 500
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