Acc201 - Study guides, Class notes & Summaries

Question and Answers to Module 1- Problem set- Financial Accounting- ACC201. Cengage Learning. Cengage Book Assignment. topics covered are: Accounting Equation, Balance Sheet, Income Statement, Statement of stockholders' equity, net income, journal entries, transactions, dividends, debit and credit, and chart of accounts.

ACC201 Final Exam Multiple Choice And Tf From Wiley plus Questions And Answers 2024

ACC201 Questions and Answers | New One | Grade A

Windsor, Inc. had checks outstanding totaling $ 27900 on its June bank reconciliation. In July, Windsor, Inc. issued checks totaling $ 200700. The July bank statement shows that $ 135700 in checks cleared the bank in July. A check from one of Windsor, Inc.'s customers in the amount of $ 1500 was also returned marked "NSF." The amount of outstanding checks on Windsor, Inc.'s July bank reconciliation should be Ans: $ 27900 + $ 200700 - $ 135700 = $ 92900 (June out. Checks + book disb...

A company purchased land for $85200 cash. Real estate brokers' commission was $4400 and $9900 was spent for demolishing an old building on the land before construction of a new building could start. Proceeds from salvage of the demolished building was $1100. Under the historical cost principle, the cost of land would be recorded at Ans: $98400. A characteristic of a plant asset is that it is Ans: used in the operations of a business. Cullumber will record the acquisition cost of the l...

Which of the following is used as evidence to determine a transaction's effects on specific accounts? Ans: source documents What effect may result if specific account titles are not used in journalizing? Ans: The financial statements may be not be accurate. Updating the accounts in the ledger with the effects of transactions is Ans: the primary purpose of the recording process. During the month of August, Jackson Products recognizes $15,000 in revenues. Jackson's accounting staff rec...

Novak Corp. began the year with retained earnings of $669000. During the year the company recorded revenues of $577000, expenses of $375000, and paid dividends of $139500. What was Novak retained earnings at the end of the year? Ans: $731500 Retained earnings+revenue-expenses-dividends Wildhorse Co. began the year with retained earnings of $933000. During the year, the company issued $134000 of common stock, recorded expenses of $3616000, and paid dividends of $244000. If Wildhorse en...

Module 4, Problem Set, Financial Accounting, Acc201, Cengage book Assignment. Answers and Solutions. Topics covered: Internal Controls, Analysis of Receivables Method, Financial Statement Fraud, Internal Control Elements, Petty Cash Fund, Cash Receipts, Allowance for Doubtful Accounts, Note Receivables, Percent of Sales Method, Adjustments for Uncollectible Accounts, and End-of-period Spreadsheets

E. All of these.80. An internal control system consists of the policies and procedures managers use to: A. Protect assets. B. Ensure reliable accounting. C. Promote efficient operations. D. Urge adherence to company policies. E. All of these.

B) a liability.A debt that a corporation owes to an outside party is called: A) an asset. B) a liability. C) stockholders' equity. D) revenue. A) account receivable.A promise received from a company's customers to pay for goods and services that they received from the company is called a(n): A) account receivable. B) account payable. C) revenue. D) expense