ACCOUNTING 201: FINAL EXAM LATEST UPDATE) REAL
QUESTIONS AND VERIFIED ANSWERS |100% CORRECT |
ALREADY GRADED A
Which of the following would be included in the operating activity
section of the Statement of Cash Flows? (Select all that apply.)
Ans✓✓✓Cash collected from customers
Cash paid to suppliers
Cash paid to employees
Match each item below with the appropriate description using each one
only once. Ans✓✓✓Income Statement
Reports a summary of all revenues minus all expenses during a period
Statement of Shareholders' Equity
Reports the changes that took place in the amount of the owners'
investment during a period
Statement of Cash Flows
Reports a summary of cash collected and cash paid during a period
Balance Sheet
Reports the assets, liabilities and shareholders' equity of a company at a
specific point in time
Notes (or footnotes)
,Reports additional information needed to better understand the financial
statements
If a company's total assets equals $80,000 and its shareholders' equity
equals $40,000, then its liabilities must equal $______. Ans✓✓✓$40000
80000-40000= 40000
Match the definition with each of the elements of the accounting
equation. Ans✓✓✓Assets
Economic resources that will provide future benefit
Liabilities
Creditors' claims to economic resources
Shareholders' Equity
Owners' claims to economic resources
A transaction may be recorded with an increase in a liability and a(n)
______. Ans✓✓✓decrease in shareholders' equity
What is the effect on total assets when a company buys a building in
exchange for a 20-year note payable? Ans✓✓✓Total assets will
increase.
, The contra-asset account, ______, is used to record depreciation on
equipment. Ans✓✓✓Accumulated Depreciation
Hot Diggity Dog, Inc., paid $10 of May's interest on the note payable,
plus it paid off the $2,000 note payable. Show the effect of this
transaction on total Assets, Liabilities, Stock and/or Retained Earnings
and the account titles. If no effect, select "$0 No Effect".
Ans✓✓✓Assets
$(2,010) Cash
Liabilities
$(2,000) Note Payable
Stock
$0 No Effect
Retained Earnings
4(10) Interest Expense
Calculate the missing Operating Income amount in the following multi-
step income statement:
Sales Revenue$1,500
Cost of Goods Sold ?
Gross Profit 500
QUESTIONS AND VERIFIED ANSWERS |100% CORRECT |
ALREADY GRADED A
Which of the following would be included in the operating activity
section of the Statement of Cash Flows? (Select all that apply.)
Ans✓✓✓Cash collected from customers
Cash paid to suppliers
Cash paid to employees
Match each item below with the appropriate description using each one
only once. Ans✓✓✓Income Statement
Reports a summary of all revenues minus all expenses during a period
Statement of Shareholders' Equity
Reports the changes that took place in the amount of the owners'
investment during a period
Statement of Cash Flows
Reports a summary of cash collected and cash paid during a period
Balance Sheet
Reports the assets, liabilities and shareholders' equity of a company at a
specific point in time
Notes (or footnotes)
,Reports additional information needed to better understand the financial
statements
If a company's total assets equals $80,000 and its shareholders' equity
equals $40,000, then its liabilities must equal $______. Ans✓✓✓$40000
80000-40000= 40000
Match the definition with each of the elements of the accounting
equation. Ans✓✓✓Assets
Economic resources that will provide future benefit
Liabilities
Creditors' claims to economic resources
Shareholders' Equity
Owners' claims to economic resources
A transaction may be recorded with an increase in a liability and a(n)
______. Ans✓✓✓decrease in shareholders' equity
What is the effect on total assets when a company buys a building in
exchange for a 20-year note payable? Ans✓✓✓Total assets will
increase.
, The contra-asset account, ______, is used to record depreciation on
equipment. Ans✓✓✓Accumulated Depreciation
Hot Diggity Dog, Inc., paid $10 of May's interest on the note payable,
plus it paid off the $2,000 note payable. Show the effect of this
transaction on total Assets, Liabilities, Stock and/or Retained Earnings
and the account titles. If no effect, select "$0 No Effect".
Ans✓✓✓Assets
$(2,010) Cash
Liabilities
$(2,000) Note Payable
Stock
$0 No Effect
Retained Earnings
4(10) Interest Expense
Calculate the missing Operating Income amount in the following multi-
step income statement:
Sales Revenue$1,500
Cost of Goods Sold ?
Gross Profit 500
