Accoun ting 101 FINAL EXAM
REVIEW com plete ver ifi ed
solu tions + r ationales (PASS
GUARANTEED)
Income Statement - answer Four financial statements are usually
prepared for a business. The statement of cash flows is usually prepared
last. Which statement reports net income or loss and is prepared first?
Balance Sheet - answer A financial statement user would determine a
company's total assets on a specific date by reviewing the
Generally Accepted Accounting Principles (GAAP) - answer The initials
GAAP stand for
Business Transaction - answer The purchase of equipment with cash
changes an entity's financial condition, so this purchase event is
considered a
Private - answer _________ accountants are employed by one company
or business entity and provide relevant information to the managers
(internal users) or the company or business entity. This career path of
, accounting has starting salaries (according to the textbook) of $49000
(average) for a general starting position.
Increase in assets, and increase in Owner's Equity - answer A business
receives an additional cash investment from the owner. Indicate the
effect that this transaction has on the accounting equation.
Asset and Expense - answer Which of the following types of accounts
have a normal debit balance?
Supplies- Debit- $7,500
Accounts Payable- Credit- 5,300
Cash- Credit- $2,200 - answer Medical Clinic purchased supplies for
$7,500, paid $2,200 down, with the remainder to be paid later. The
correct entry would be
The credit side - answer The right-hand side of the T account is called
revenues are greater than expenses - answer Net income will result
when
$2,000 - answer Modern Company has a five-day work week (Monday
through Friday) and pays employees $5000 each week. If the last month
REVIEW com plete ver ifi ed
solu tions + r ationales (PASS
GUARANTEED)
Income Statement - answer Four financial statements are usually
prepared for a business. The statement of cash flows is usually prepared
last. Which statement reports net income or loss and is prepared first?
Balance Sheet - answer A financial statement user would determine a
company's total assets on a specific date by reviewing the
Generally Accepted Accounting Principles (GAAP) - answer The initials
GAAP stand for
Business Transaction - answer The purchase of equipment with cash
changes an entity's financial condition, so this purchase event is
considered a
Private - answer _________ accountants are employed by one company
or business entity and provide relevant information to the managers
(internal users) or the company or business entity. This career path of
, accounting has starting salaries (according to the textbook) of $49000
(average) for a general starting position.
Increase in assets, and increase in Owner's Equity - answer A business
receives an additional cash investment from the owner. Indicate the
effect that this transaction has on the accounting equation.
Asset and Expense - answer Which of the following types of accounts
have a normal debit balance?
Supplies- Debit- $7,500
Accounts Payable- Credit- 5,300
Cash- Credit- $2,200 - answer Medical Clinic purchased supplies for
$7,500, paid $2,200 down, with the remainder to be paid later. The
correct entry would be
The credit side - answer The right-hand side of the T account is called
revenues are greater than expenses - answer Net income will result
when
$2,000 - answer Modern Company has a five-day work week (Monday
through Friday) and pays employees $5000 each week. If the last month
