Acc 201 exam - Study guides, Class notes & Summaries

ACC 201 EXAM 1-ROESCHLEY, UKY QUESTIONS AND ANSWERS Which of the following best defines accounting? A. Accounting i the process of recording and reporting stock prices for investors. B. Accounting is used for the internal record keeping of a business only. C. Accounting is the process of reconciling financial data with investor perceptions. D. Accounting is the process of recording and reporting financial information - Answer- D. Accounting is the process of recording and reporting financ...

Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance? Service revenue $5300 Equipment $7400 Cash 2525 Prepaid insurance 1225 Unearned service revenue 5320 Depreciation expense 640 Salaries and wages expense 1050 Accum. depreciation 1280 Common stock 390 Retained earnings 550 Ans: $12,840 Oriole Company collected $13200 in May of 2016 for 4 months of service which would take place from October of 2016 through January of 2...

ACC 201 EXAM 1-ROESCHLEY, UKY QUESTIONS AND ANSWERS Which of the following best defines accounting? A. Accounting i the process of recording and reporting stock prices for investors. B. Accounting is used for the internal record keeping of a business only. C. Accounting is the process of reconciling financial data with investor perceptions. D. Accounting is the process of recording and reporting financial information - Answer- D. Accounting is the process of recording and reporting financ...

If total assets equal $345,000 and total stockholders' equity equal $120,000, then total liabilities must equal - Answer $225,000 Stockholders' equity is increased by ____(1)____ and decreased by ____(2)____ - Answer (1) revenues ... (2) expenses. The collection of a $1,000 Accounts Receivable - Answer increases an asset $1,000 ... and decreases an asset $1,000.

company shows a balance in Salaries and Wages Payable of $50,000 at the end of the month. The next payroll amounting to $75,000 is to be paid in the following month. What will be the journal entry to record the payment of salaries? - Answer Debit Salaries and Wages Payable 50,000, Debit Salaries and Wages Expense 25,000; Credit Cash 75,000 Given the following adjusted trial balance: Cash $831 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Equipment 150 Accumulated depreciat...

Which of the following correctly identifies normal balances of accounts? - Answer Assets.......................Debit Liabilities..................Credit Common Stock....Credit Revenues.................Credit Expenses.................Debit The ebest interpretation of the word "credit" is the... - Answer Right side of an account

A company has a $14,457 credit balance in the cash account. Given this information, which of the following is a TRUE statement? - Answer It is NOT normal for the cash account to have a credit balance The first step in analyzing a transaction is to determine: - Answer the accounts that are involved. The act of recording a transaction is called "journalizing." - Answer True

Events - Answer an exchange of assets or services for assets, services, or promises to pay between a firm and an external party (adjustments for the sue of assets in operations) Journal - Answer a chronological listing of journal entries Journal entries - Answer used to express the effects of a transaction on accounts in a debit=credit format

ong term investments - Answer are expected to be held for more than one year or the operating cycle. Examples: notes receivable and investments in stocks and bonds expected to be held for more than the longer of one year or the operating cycle. plant assets - Answer are tangible long-lived assets used to produce or sell products and services. Examples: equipment, machinery, buildings, and land that are used to sell products and services. Also called property, plant, and equipment (PP&E) ...

Who is Alpha Kappa Alpha Sorority's chief officer? What is her role? (3 roles) - Answer Supreme Basileus 1.She presides all meetings of the Boule and Directorate. 2. She appoints the chairmen and members of all committees of the sorority, and fill any vacancies except as otherwise provided for in the Bylaws. 3. She supervises over employed personnel and over the Boule. When would you be eligible to run for this office? (3 reasons) - Answer After serving at least one term as a Basileus of...