Exam (elaborations)
ACC 200 Exam 2024 | ACC 200 Exam Update 2024 Questions and Correct Answers Rated A+
- Course
- Institution
ACC 200 Exam 2024 | ACC 200 Exam Update 2024 Questions and Correct Answers Rated A+
[Show more]
Content preview
ACC 200 Exam 2024 | ACC 200 ExamUpdate 2024 Questions and Correct
Answers Rated A+
The correct definition of an "account" includes which of the following?
-ANSWER-A record of increases and decreases in a specific asset,
liability, equity, revenue, or expense item
The general ledger can be used to determine which of the following
(select all answers which apply): -ANSWER-which accounts are being
used by a company and their balances at any given time.
common and unique accounts used by a business.
increases and decreases in all accounts in a business.
True or false: Assets are claims (by creditors) against the company. -
ANSWER-False
Cash can take many forms. From the lists of items below, choose the
one which includes only items that would be defined as cash. -
ANSWER-Coins, checks, money orders
Which of the following statements is (are) true about accounts
receivables? (Check all that apply.) -ANSWER-Accounts receivable
reflects the amount still owed by customers.
Accounts receivable increased when credit sales are made.
An account is a record of increases and in a specific asset, liability,
equity, revenue or expense. -ANSWER-An account is a record of
increases and Input Field 1 of 1 decreases unavailable correct in a
specific asset, liability, equity, revenue or expense.
,Given the descriptions below, which is (are) true regarding notes
receivable? (Check all that apply.) -ANSWER-Another name for a note
receivable is a promissory note.
Notes receivable is classified as an asset.
It is the promise of another entity to pay a specific sum of money on a
specified future date.
Which of the following describes a general ledger? -ANSWER-The
general ledger is a record containing all accounts used by a company.
Which of the following statements is the best definition of an asset? -
ANSWER-Assets are resources owned or controlled by a company
and that have expected future benefits.
Which of the following items would be considered "cash" and reflected
in a company's Cash account? (Check all that apply.) -ANSWER-
Accounts receivable are (increased/decreased) by credit sales and
are (increased/decreased) by customer payments. -ANSWER-
increased
decreased
Notes receivable is considered a(n) (asset/liability). -ANSWER-asset
The general ledger can be used to determine which of the following
(select all answers which apply): -ANSWER-
Which of the following statements is correct about prepaid accounts -
ANSWER-Prepaid accounts are also called prepaid expenses and are
considered assets.
Which of the following statements is (are) true about accounts
receivables? (Check all that apply.) -ANSWER-Accounts receivable
increased when credit sales are made.
Accounts receivable reflects the amount still owed by customers.
,Given the descriptions below, which is (are) true regarding notes
receivable? (Check all that apply.) -ANSWER-It is the promise of
another entity to pay a specific sum of money on a specified future
date.
Another name for a note receivable is a promissory note.
Notes receivable is classified as an asset.
Which of the following lists of items contain only examples of prepaid
(expense) accounts? -ANSWER-Prepaid rent, prepaid insurance
When financial statements are prepared, unexpired prepaid accounts
are recorded as (expenses/assets/liabilities) and the expired portion of
the prepaid account is reported as a(n) (expense/asset/liability). -
ANSWER-assets
expense
Which of the following statements is the best definition of an asset? -
ANSWER-
Supplies are Input Field 1 of 2 assets unavailable correct
(assets/expenses/liabilities) until they are used. When they are used
up, their costs are reported as Input Field 2 of 2 expenses unavailable
correct (assets/expenses/liabilities). -ANSWER-assets
expenses
An annual insurance policy is paid in advance by a company. How will
the company treat this initial payment and the subsequent expiration
of a portion of the policy over time? (Check all that apply.) -ANSWER-
As a portion of the policy expires, the expired portion will be removed
and transferred to an expense account.
Over time, the expired portion of the policy must be removed from the
asset account as it has been used up and is no longer considered an
asset.
, The initial payment will be recorded as an increase to a Prepaid
Insurance account.
Which of the following statements is (are) accurate regarding
equipment purchased within a business? (Check all that apply.) -
ANSWER-Equipment is reported on the left side of the accounting
equation.
Equipment is an asset.
Equipment cost is initially recorded as an asset and as it is used and
gets worn down, the cost is gradually expensed.
Equipment purchases are reported on the balance sheet.
Which of the following are examples of prepaid (expense) accounts?
(Check all that apply.) -ANSWER-
Which of the following are accurate statements regarding how to
report or treat prepaid accounts? (Check all that apply.) -ANSWER-
The unexpired portion of prepaid accounts are treated as assets.
Over time, the expired portion of prepaid accounts is removed from
the account and reported as an expense.
The unexpired portion of prepaid accounts are treated as assets.
The expired portion of prepaid accounts is reported on the income
statement as an expense.
Which of the following statements are accurate regarding supplies?
(Check all that apply.) -ANSWER-Unused supplies are treated as
assets.
Unused supplies can be recorded as Store Supplies, Office Supplies
or Supplies.
Supplies are assets until they are used.
When supplies are purchased, they are added to the Supplies
account.
Select the statement below that best defines prepaid accounts. -
ANSWER-Prepaid accounts are assets that represent prepayments of
future expenses.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Tutorhailey. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73918 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now