Acc 5110 - Study guides, Class notes & Summaries
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ACC 5110 with verified answers and graded A+ 2023 questions and answers
- Exam (elaborations) • 39 pages • 2023
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Liabilities are 
a. any accounts having credit balances after closing entries are made. 
b. deferred credits that are recognized and measured in conformity with generally 
accepted accounting principles. 
c. obligations to transfer ownership shares to other entities in the future. 
d. obligations arising from past transactions and payable in assets or services in the future. - ANSd 
 
Which of the following is a current liability? 
a. A long-term debt maturing currently, which is to be paid wit...
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ACC 5110 (graded A+ and accurate answers)
- Exam (elaborations) • 12 pages • 2023
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Which of the following is a limitation of the balance sheet? 
a. Many items that are of financial value are omitted. 
b. Judgments and estimates are used. 
c. Current fair value is not reported. 
d. All of these - ANSd 
 
The balance sheet is useful for analyzing all of the following except 
a. liquidity. 
b. solvency. 
c. profitability. 
d. financial flexibility. - ANSc 
 
The net assets of a business are equal to 
a. current assets minus current liabilities. 
b. total assets plus total liabi...
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ACC 5110 ( graded A+ and verified and accurate solutions)
- Exam (elaborations) • 13 pages • 2023
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legal capital is best defined as 
a. the amount of capital the state of incorporation allows the company to accumulate 
a corporate form of business organization, legal capital is best defined as 
over its existence. 
b. the par value of all capital stock issued. 
c. the amount of capital the federal government allows a corporation to generate. 
d. the total capital raised by a corporation within the limits set by the Securities and 
Exchange Commission. - ANSb. the par value of all capital st...
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ACC 5110 (questions and answers with grade A+ and verified solutions)
- Exam (elaborations) • 4 pages • 2023
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Nina Corp. had the following net income (loss) the first three years of operation: $7,200, ($1,000), and $2,400. If the Retained Earnings balance at the end of year three is $500, what was the total amount of dividends paid over these three years? - ANS$8,100 (7200-1000+2400-500) 
 
Use the following appropriate amounts to calculate net income: Revenues, $11,300; Liabilities, $4,800; Expenses, $4,100; Assets, $17,400; Dividends, $1,700. - ANSNet Income = Revenues ($11,300) − Expenses ($4,100...
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accounting 5110 exam bundle ( A+ graded and with accurate solutions)
- Package deal • 11 items • 2023
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accounting 5110 exam bundle ( A+ graded and with verified solutions)
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ACC 5110 (Graded A+ and with verified solutions 2023)
- Exam (elaborations) • 10 pages • 2023
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Which of the following is not considered cash for financial reporting purposes? 
a. Petty cash funds and change funds 
b. Money orders, certified checks, and personal checks 
c. Coin, currency, and available funds 
d. Postdated checks and I. O. U.'s - ANSd 
 
Which of the following is considered cash? 
a. Certificates of deposit (CDs) 
b. Money market checking accounts 
c. Money market savings certificates 
d. Postdated checks - ANSb 
 
Travel advances should be reported as 
a. supplies. 
b. ...
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