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ACC 255 EXAM #1 REVIEW NAU 2026
LATEST QUESTIONS AND ANSWERS|
ACE YOUR GRADES.
When a company sells goods to their customer and the customer
pays in cash, which journal entry should be recorded? - correct
answer -Debit cash, credit sales revenue
A company has the following information at year end, assets of
$40,000, liabilities of $28,000, dividends of $5,000 and net
income of $12,050. What is the value of their stockholder's
equity? - correct answer -$12,000
If a company pays its rent of $2,400 in cash, then the transaction
should be recorded as - correct answer -Debit rent expense,
credit cash
Net income - correct answer -revenue minus expenses
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Which of the following is the final step in the closing process? -
correct answer -Prepare a post-closing trial balance
A company had a beginning balance in their cash account of
$20,000. They receivedpayments from customers of $15,000
throughout the month. The ending balance in the cash account
was $26,000. How much did the company pay for various
expenses during
the month? - correct answer -9000
When would current assets be classified as anything other than
"used within one year"? - correct answer -When the operating
cycle is more than one year
If a company receives a bill for their utilities on December 31st but
does not pay the bill until January, the year-end adjustment will
include which of the following? - correct answer -Increase to
accounts payable
What is the journal entry to record the payment of dividends to
stockholders? - correct answer -Debit dividends, credit cash
ACC 255 EXAM #1 REVIEW NAU 2026
LATEST QUESTIONS AND ANSWERS|
ACE YOUR GRADES.
When a company sells goods to their customer and the customer
pays in cash, which journal entry should be recorded? - correct
answer -Debit cash, credit sales revenue
A company has the following information at year end, assets of
$40,000, liabilities of $28,000, dividends of $5,000 and net
income of $12,050. What is the value of their stockholder's
equity? - correct answer -$12,000
If a company pays its rent of $2,400 in cash, then the transaction
should be recorded as - correct answer -Debit rent expense,
credit cash
Net income - correct answer -revenue minus expenses
, Page | 2
Which of the following is the final step in the closing process? -
correct answer -Prepare a post-closing trial balance
A company had a beginning balance in their cash account of
$20,000. They receivedpayments from customers of $15,000
throughout the month. The ending balance in the cash account
was $26,000. How much did the company pay for various
expenses during
the month? - correct answer -9000
When would current assets be classified as anything other than
"used within one year"? - correct answer -When the operating
cycle is more than one year
If a company receives a bill for their utilities on December 31st but
does not pay the bill until January, the year-end adjustment will
include which of the following? - correct answer -Increase to
accounts payable
What is the journal entry to record the payment of dividends to
stockholders? - correct answer -Debit dividends, credit cash
