Accounting 2301 exam answers. Test Professor: accounting 2301 and 2301 questions and answers 2019-02-16

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Exam 2016

accounting 2301 exam answers

To notify a depositor of a deduction to a depositor's account. Recognizes revenues when received in cash. Net cash received by a company during 3. The of profits retained in a amount C. Common stock and retained B. The assumption that amounts are reported using a common scale such as the dollar in the U the: A. The assumption that amounts are reported using a common scale such as the dollar in the U the: A.

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Accounting 2301 First Exam « Quiztoolbox

accounting 2301 exam answers

System of maintaining communication with government. Principle of Accounting 2301 Final Exam - Spring 2016 Multiple Choice Indentify the choice that best completes the statement or answers the question The balance in the prepaid rent account before adjustment at the end of the year is dollar 24,000, which four months' rent paid on December 1. Net cash received by a company during 3. Prepaid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time. It is sometimes said to be self-correcting. Accrued expenses and accrued revenues involve assets and liabilities that were not previously been recorded.

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Accounting 2301 First Exam « Quiztoolbox

accounting 2301 exam answers

Common stock and retained B. Procedures designed to enhance the image to external and suppliers. Green Company's variable expenses are 75% of sales. Is immaterial for managerial decision making. Reasons Corporations Purchase their Own Stock — 1 It has issued all its stock and needs some for distributions to employees under stock purchase plans 2 Business wants to increase net assets by buying its stock low and selling it high 3 Avoid takeover by an outside party 4 Increase reported earnings per share. The two primary components of stockholders' equity found on the statement of stockholders Eq Balance Sheet are: earnings. Held as blank checks Written, recorded on the company books, sent to the customer, supplier, or creditor but not yet paid by the bank.

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Exam 2016

accounting 2301 exam answers

Cash Notes payable Bank records payment of not from borrower. To notify a depositor of a bounced check To notify a depositor of periodic payments arranged in advance, by a depositor To notify a depositor of a deposit to their account. Result in a debit to a liability and a credit to an asset account. Eliminates the need for adjusting entries at the end of each period. Recognizes expenses when paid in cash. Current assets, investments, plant assets, and equity.

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Solved: ACCT 2301 Exam 1 On Campus 1.1, Chapters Choose Th...

accounting 2301 exam answers

. Process of measuring income taxes owed to the 2. The asset section of a classified balance sheet usually includes: Current assets, investments, plant assets, and intangible assets. Which of the following adjusting entries would be made to record the Bad Debt Expense for year? System of maintaining communication with government. A debit to Cash and a credit to Petty Cash Over and Short.

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Accounting 2301 Test 3 Chapters 9

accounting 2301 exam answers

Financial accounting and reporting standards in the United States are created prima A. Notes payable Interest expense Cash Bank issues note to borrower. Net income can best be described as: A. Cause an adjustment to prior expense to be overstated and assets to be understated. Cause an accrued liability account to exist. Which of the following entries could not be a closing entry for this company? Using the straight- line method, how much depreciation expense will be recorded for the truck for the year ended December 31, 2014? Current assets, liabilities, plant assets, and intangible assets. The entry necessary to establish a petty cash fund should include: A debit to Cash and a credit to Petty Cash.

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Solved: ACCT 2301 Exam 1 On Campus 1.1, Chapters Choose Th...

accounting 2301 exam answers

Net income can best be described as: A. Written and not yet recorded in the company books. The principle that A requires revenue to be recognized at the time it is earned, B allows the inflow of assets associated with revenue to be in a form other than cash, and C measures the amount of revenue as the cash plus the cash equivalent value of any noncash assets received from customers in exchange for goods or services is called the: A 10-column spreadsheet used to draft a company's unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements and which is an optional tool in the accounting process is a n : Adjusted trial balance. What is the total amount of the corporation's assets after this transaction has been recorded? Adjusting entries affect the cash account. Show transcribed image text Principle of Accounting 2301 Final Exam - Spring 2016 Multiple Choice Indentify the choice that best completes the statement or answers the question The balance in the prepaid rent account before adjustment at the end of the year is dollar 24,000, which four months' rent paid on December 1. Which of the following items would not appear in an income statement? What is the balance in the income summary account before it is closed for the period? What was revenue for the year? An error in the period-end inventory causes an offsetting error in the next period and therefore: Managers can ignore the error. Adjusting entries can be used to record both accrued expenses and accrued revenues.

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Accounting 2301 Test 1

accounting 2301 exam answers

Financial accounting and reporting standards in the United States are created prima A. A debit to Cash and a credit to Cash Over and Short A debit to Petty Cash and a credit to Cash A debit to Petty Cash and a credit to Accounts Receivable. Procedures designed to enhance the image to external and suppliers. Way to return excess cash to shareholders. The two primary components of stockholders' equity found on the statement of stockholders Eq Balance Sheet are: earnings.

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