Acctng 2291 Final Examination Study Information

 Acctng 2291 Final Test Study Guide Essay

п»їACCOUNTING 1 FINAL EXAM

Chapter 1

1 . Which from the following greatest describes accounting?

a. is an information system that provides information to users regarding financial activities and condition of a company. b. features no use by persons outside of the company.

c. records economic data yet does not communicate the data to users in accordance to any certain rules. g. is used just for filling out tax returns and for economic statements intended for various kind of governmental reporting requirements. two, Which with the following is definitely not a part of accounting in business? a. To assess the many informational needs of users and design its accounting system to fulfill those demands. b. To provide information to other users to determine the economic performance and condition of the business. c. To provide studies to users about the economic activities and circumstances of a business. d. To personally assurance loans from the business.

3. Gear with approximately market value of $55, 500 is offered available for sale at $75, 000. The device is bought for 20 dollars, 000 in cash and a note payable of $40, 000 due in 30 days. The amount used in the buyer's accounting records to record this kind of acquisition is a. $55, 500

w. $60, 500

c. $75, 1000

deb. $20, 1000

four. A business paid $7, 1000 to a lender in payment of an balance due. The effect from the transaction for the accounting formula was to a. increase a property, increase user's equity

b. enhance an asset, boost a responsibility

c. decrease an asset, decrease a liability (Debit 'Accounts Payable' $7, 1000 (decreases a liability) Credit rating 'Cash' $7, 000 (decreases an asset)

d. boost one advantage, decrease one more asset

CHAPTER two

5. Revenue should be acknowledged when

a. the customer costs an buy

w. the customer spots an purchase

c. the assistance is performed

d. cash is received

6th. A debit signifies a decrease in

a. revenues

b. pulling

c. expenses

d. possessions

7. A debit balance by which of the pursuing accounts could indicate a possible error? a. Edgar Matn, Drawing Attracting Account provides a debit equilibrium (Debit Sketching, Credit Cash) b. Remarks Payable

c. Products Supplies provides a normal Debit Balance (Debit Asset Items, Credit cash or payable. ) d. Salaries Charge Salary Expenditure has a Charge Balance (Debit Expense, Credit Payable or Cash) eight. Office products were offered by Ari's Alarm Assistance at price to another repair center, with money received. Which in turn of the following entries pertaining to Ari's Security alarm Service records this transaction? a. Office Supplies, debit; Money, credit

b. Accounts Payable, charge; Office Supplies, credit

c. Workplace Supplies, charge; Accounts Payable, credit

d. Funds, debit; Business office Supplies, credit rating

being unfaithful. Net income will certainly result when

Net Sales - COGS = Low Profit; Gross Profit - Operating Expenses = Net Income So in the event Gross Profit exceeds Operating Expenses, you will have net income. a. revenues (credits) > bills (debits)

b. expenses (credits) < revenues (debits)

c. revenues (credits) = expenses (debits)

d. earnings (debits) > expenses (credits)

15. The confirmation that the total dollar amount from the debits equals the total amount of the credit in the journal is called a a. "balance sheet"

w. ledger

c. account

m. trial harmony

PHASE 3

eleven. The income recognition concept

a. states that revenue is not recorded until the money is received b. settings all revenue reporting for the cash foundation accounting c. determines when ever revenue can be credited into a revenue accounts d. is not incompatible with the money method of accounting 12. The matching principle

a. establishes that bills related to income be reported at the same time the revenue is definitely reported w. requires the fact that dollar amount of debits the same the dollar amount of credit on a trial balance c. addresses the relationship between the diary and the "balance sheet" d. can determine whether the usual balance...

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