Acc 201 - Study guides, Class notes & Summaries

Ethics are the standards of conduct by which one's actions are judged as Ans: All of the above. Right or Wrong, Honest or Dishonest, Fair or Unfair Financial statements are the major means of communicating accounting information to interested parties Ans: True Expressing an opinion as to the fairness of the information presented in financial statements is a service performed by CPAs Ans: True The cost and fair value of an asset are the same at the time of acquisition and in all subs...

ACC 201 Umaine Exam 1questions and answers 2025 already graded A+.

During February 2014, its first month of operations, the owner of Ariel Pink Enterprises invested cash of $50,000. Ariel had cash revenues of $10,000 and paid expenses of $14,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at February 28? - Answer 50000 = $46,000 Posting - Answer accumulates the effects of journalized transactions in the individual accounts. After journal entries are posted, the reference column - Answer of the general ledger wil...

Gross Profit = Ans: Sales Revenues - Cost of Goods Sold Net Income (Loss) = Ans: Sales Revenue - Cost of Goods Sold - Operating Expenses Sales Revenue = Ans: Units Sold x Sales Price Cost of Goods Sold= Ans: Beginning Inventory + Inventory Purchases - End Inventory Operating expenses = Ans: gross profit - net income perpetual inventory system Ans: the inventory account is continuously updated as purchases and sales are made. basic periodic formula Ans: Beginning inventory Add: Cost...

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method? - Answer $296,000 A corporation uses the indirect method for preparing the Statement of Cash Flows. A fixed asset has been sold for $25,000 representing a gain of $4,500. The value in the operating activities section regarding this event would be - Answer ($4,500)

Ethics are the standards of conduct by which one's actions are judged as fair or unfair, honest or dishonest, right or wrong, all of these Financial statements are the major means of communicating accounting information to interested parties - especially external users (those outside the company). TRUE Expressing an opinion as to the fairness of the information presented, as well as adhering to GAAP in financial statements, is a service performed by CPAs. TRUE Historical (original) cos...

An entrepreneur contributes his own money to start a new business Ans: Financing The business buys a machine Ans: Investing The business purchases inventory Ans: Operating The business sells inventory to customers Ans: Operating The business repays a loan Ans: Financing Assets: Ans: Cash Equipment Accounts receivable Liabilities: Ans: Notes payable Shareholders' equity: Ans: Common stock Retained earnings DoughnutDoughnut Company shows $ 130 comma 000$130,000 worth of assets ...

Acc 201 CSULB midterm 1 b Question and answers rated A+ 2024 Acc 201 CSULB midterm 1 Determines whether the company complied with tax laws - correct answer Internal Revenue Service Determines whether the company can pay its obligations - correct answer Creditors Determines whether an advertising proposal will be cost-effective - correct answer Marketing managers Determines whether the company's net income will result in a stock price increase - correct answer Investors in common s...

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

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.