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ACCOUNTING 201: FINAL EXAM 2026
LATEST QUESTIONS AND ANSWERS|
ACE YOUR GRADES.
Indicate the financial statement where you would expect to find
each line item: - correct answer -Accounts Receivable
Balance Sheet
Cash Collected from Customers
Statement of Cash Flows
Sales Revenue
Income Statement
Deferred Revenue
Balance Sheet
Which accounts appear on the balance sheet? - correct answer -
Receivables, Deferred Revenue, Stock
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When a company is owed for sales made to customers on credit,
the asset called ______. - correct answer -Accounts Receivable
will be reported on the balance sheet
The entry to record cash received in advance for services not yet
performed causes a(n) _______. - correct answer -increase in
Cash and increase in Deferred Revenue
In the first week of the new year, Just In Thyme, Inc., paid its
employees $500 for the wages they had earned and recorded in
the prior accounting period. Show the effect on the accounting
equation. To receive full credit be sure to enter the amount and
account title or "No Effect" for each column. - correct answer -
Assets
(500) Cash
Liabilities
(500) Wages Payable
Shareholders' Equity
0 No Effect
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Match each description with the appropriate financial statement. -
correct answer -Reports the amount of inventory sold during the
period.
Income Statement
Reports the amounts owed for inventory at the end of the period.
Balance Sheet
Reports the amount of inventory on hand at the end of the period.
Balance Sheet
Reports the amount paid for inventory during the period.
Statement of Cash Flows
February 1: Wursthaus, Inc., paid $600 cash for three months of
insurance coverage that begins February 1. Show the effect of
this transaction on the accounting equation. - correct answer -
Assets
600 Prepaid Insurance; (600) Cash
Liabilities
0 No Effect
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Shareholders' Equity
0 No Effect
Thistle Do Nicely had $100 of supplies on May 1. During May, it
purchased $400 of supplies on account. It paid $150 of the $400 it
owed for its supplies. At May 31, Thistle Do Nicely only had $85
of supplies left. Supplies Expense on the income statement
equals ______. - correct answer -415
Match the correct description with each of the following line items
found on the income statement. - correct answer -Sales
Revenue
price times the quantity sold
Cost of Sales
subtracted Sales Revenue to arrive at gross profit
Gross Profit
Sales Revenue minus Cost of Sales
Operating Expenses
subtracted from Gross Profit to arrive at Operating Income
ACCOUNTING 201: FINAL EXAM 2026
LATEST QUESTIONS AND ANSWERS|
ACE YOUR GRADES.
Indicate the financial statement where you would expect to find
each line item: - correct answer -Accounts Receivable
Balance Sheet
Cash Collected from Customers
Statement of Cash Flows
Sales Revenue
Income Statement
Deferred Revenue
Balance Sheet
Which accounts appear on the balance sheet? - correct answer -
Receivables, Deferred Revenue, Stock
, Page | 2
When a company is owed for sales made to customers on credit,
the asset called ______. - correct answer -Accounts Receivable
will be reported on the balance sheet
The entry to record cash received in advance for services not yet
performed causes a(n) _______. - correct answer -increase in
Cash and increase in Deferred Revenue
In the first week of the new year, Just In Thyme, Inc., paid its
employees $500 for the wages they had earned and recorded in
the prior accounting period. Show the effect on the accounting
equation. To receive full credit be sure to enter the amount and
account title or "No Effect" for each column. - correct answer -
Assets
(500) Cash
Liabilities
(500) Wages Payable
Shareholders' Equity
0 No Effect
, Page | 3
Match each description with the appropriate financial statement. -
correct answer -Reports the amount of inventory sold during the
period.
Income Statement
Reports the amounts owed for inventory at the end of the period.
Balance Sheet
Reports the amount of inventory on hand at the end of the period.
Balance Sheet
Reports the amount paid for inventory during the period.
Statement of Cash Flows
February 1: Wursthaus, Inc., paid $600 cash for three months of
insurance coverage that begins February 1. Show the effect of
this transaction on the accounting equation. - correct answer -
Assets
600 Prepaid Insurance; (600) Cash
Liabilities
0 No Effect
, Page | 4
Shareholders' Equity
0 No Effect
Thistle Do Nicely had $100 of supplies on May 1. During May, it
purchased $400 of supplies on account. It paid $150 of the $400 it
owed for its supplies. At May 31, Thistle Do Nicely only had $85
of supplies left. Supplies Expense on the income statement
equals ______. - correct answer -415
Match the correct description with each of the following line items
found on the income statement. - correct answer -Sales
Revenue
price times the quantity sold
Cost of Sales
subtracted Sales Revenue to arrive at gross profit
Gross Profit
Sales Revenue minus Cost of Sales
Operating Expenses
subtracted from Gross Profit to arrive at Operating Income
