Acc 201 exam - Study guides, Class notes & Summaries

two forms of income statements - Answer single-step in- come statement and multiple- step income statement. Single-step income statement: - Answer Net Income = Total Revenues - Total Expenses IN INCOME STATEMENT: REVENUE AND EXPENSES then NET INCOME Multiple-Step Income Statement: - Answer it Highlights the components of net income Three important line items

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

What could happen when an individual asset is increased? A. None of the choices is correct. B. There could be an equal decrease in another asset. C. There could be an equal decrease in a specific liability. D. There could be an equal decrease in stockholders' equity. - Answer There could be an equal decrease in a specific liability.

Revenue Recognition Principle - Answer Recognize revenue GENERALLY when you deliver a product or service. For example, if someone pays you $1000 in advance for 100 hours tutoring them, you can't report this officially as revenue on the income statement until you start the tutoring. Initially, the company will call this a liability until it delivers the product or service even if cash has been received. The title of this liability is either Unearned Revenue or Deferred Revenue. Each time yo...

Acc 201 Exam 1 Questions and Answers Already Graded A External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB B. FASB C. AAA D. AICPA E....

ACC 201 EXAM 1-ROESCHLEY, UKY QUESTIONS AND ANSWERS

Which of the following elements of the balanced scorecard shows the expected cause- and-effect relationships among strategic objectives? - Answer Strategy Maps Alexander and Kristin are executive managers at Safety First Fall Safety Equipment Co. They decide to discontinue gathering data and calculating performance metrics within their organization because the company's balanced scorecard performance metrics have produced several quarters in a row of good news. They assume the positive res...

Acc 201 Exam 1 2024 Updated Questions and Correct Solutions External users of accounting information include: A. Shareholders B. customers C. creditors D. government regulators E. All the above - Answer -E 2. The operating functions of a business include: A. Research and development B. Purchasing C. Marketing D. Distribution E.All of the above - Answer -E 3. The private board that currently has the authority to establish U.S. generally accepted accounting principles isthe: A. APB...

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