ACC 100 FINAL EXAM QUESTIONS AND
ANSWERS GRADED A+ 2025/2026
Expense - ANS very often, failure to record a liability means failure to record a(n):
due date - ANS liabilities are classified as current or long-term based on their:
liability - ANS a financial obligation that must be paid in the future through a transfer of
assets or services
notes payable - ANS written documentation of the obligation to pay the claim or debt
(borrower's perspective)
dr cash cr notes payable - ANS journal entry for signing a note
dr interest expense cr interest payable - ANS journal entry for accrued interest on note
dr notes payable dr interest payable cr cash - ANS journal entry for payment of cash for
mature note
current maturity of long term debt - ANS the portion of long-term debt that is due within the
year or the operating period- moved from LT liability to this current liability account
dr cash cr revenue cr sales taxes payable - ANS journal entry for a sale with sales taxes
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, cash received / 1 + sales tax percentage - ANS formula for sales revenue from cash received
including sales tax
credit to sales taxes payable for $24 - ANS a company receives $264, of which $24 is for sales
tax. the journal entry to record the sale would include a:
of the customers - ANS sales taxes collected by a retailer from a customer are expenses:
payroll tax payable - ANS companies are required to withhold a variety of amounts for their
employees from their paychecks which they must then pay to other parties
dr s and w payable cr cash - ANS journal entry to record payment of salaries and wages to
employees
salaries and wages expense - ANS dr account in employee portion of taxes
payroll tax expense - ANS dr account in employer portion of taxes
bonds - ANS a form of interest-bearing notes payable issued by corporations, universities,
and governmental agencies
bondholder - ANS whoever buys the bond
issuer - ANS the individual or business organization selling a bond
financing - ANS what business activity are we engaging in when issuing bonds?
better chance of payoff & higher legal claim (in event of bankruptcy) - ANS why would people
buy bond instead of stock?
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
ANSWERS GRADED A+ 2025/2026
Expense - ANS very often, failure to record a liability means failure to record a(n):
due date - ANS liabilities are classified as current or long-term based on their:
liability - ANS a financial obligation that must be paid in the future through a transfer of
assets or services
notes payable - ANS written documentation of the obligation to pay the claim or debt
(borrower's perspective)
dr cash cr notes payable - ANS journal entry for signing a note
dr interest expense cr interest payable - ANS journal entry for accrued interest on note
dr notes payable dr interest payable cr cash - ANS journal entry for payment of cash for
mature note
current maturity of long term debt - ANS the portion of long-term debt that is due within the
year or the operating period- moved from LT liability to this current liability account
dr cash cr revenue cr sales taxes payable - ANS journal entry for a sale with sales taxes
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, cash received / 1 + sales tax percentage - ANS formula for sales revenue from cash received
including sales tax
credit to sales taxes payable for $24 - ANS a company receives $264, of which $24 is for sales
tax. the journal entry to record the sale would include a:
of the customers - ANS sales taxes collected by a retailer from a customer are expenses:
payroll tax payable - ANS companies are required to withhold a variety of amounts for their
employees from their paychecks which they must then pay to other parties
dr s and w payable cr cash - ANS journal entry to record payment of salaries and wages to
employees
salaries and wages expense - ANS dr account in employee portion of taxes
payroll tax expense - ANS dr account in employer portion of taxes
bonds - ANS a form of interest-bearing notes payable issued by corporations, universities,
and governmental agencies
bondholder - ANS whoever buys the bond
issuer - ANS the individual or business organization selling a bond
financing - ANS what business activity are we engaging in when issuing bonds?
better chance of payoff & higher legal claim (in event of bankruptcy) - ANS why would people
buy bond instead of stock?
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
