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ACCOUNTING EXAM 1 GEORGIA
SOUTHERN 2026 REAL QUESTIONS WITH
EXPERTLY VERIFIED ANSWERS.
Purchased new cook top for $16,900 cash. - correct answer -
Decrease Cash, Increase equipment $16,900.
purchased inventory for $15,000 cash.
Then Sold inventory costing $9000 for $20,000 - correct answer -
Decrease cash, increase inventory, $15,000.
Increase Cash, increase Sales Revenue.
Decrease inventory, increase cost of goods sold (expense).
$9000
purchase land for $50,000 cash
Then Sell land for $55,000 - correct answer -Increase land,
Decrease Cash, $50,000
Increase Cash, $55,000
decrease land, $50,000
Increase gain of sale of land (revenue) $5,000.
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OR
If sold for $48,000 (less than original price)
Increase Cash, $48,000, Decrease land $50,000, Increase loss of
sale of land (expense), $2,000
Revenue: - correct answer -Revenue: Amount earned, not
necessarily received
Asset - correct answer -Asset: Economic resources that will be
used by a business to produce revenue
Expense: - correct answer -Expense: an economic sacrifice that a
business incurs in the process of generating revenue
Liabilities: - correct answer -Liabilities: Amount owed
Stockholder - correct answer -person or business who gives
another business money in exchange for partial owership in the
company
ACCOUNTING EXAM 1 GEORGIA
SOUTHERN 2026 REAL QUESTIONS WITH
EXPERTLY VERIFIED ANSWERS.
Purchased new cook top for $16,900 cash. - correct answer -
Decrease Cash, Increase equipment $16,900.
purchased inventory for $15,000 cash.
Then Sold inventory costing $9000 for $20,000 - correct answer -
Decrease cash, increase inventory, $15,000.
Increase Cash, increase Sales Revenue.
Decrease inventory, increase cost of goods sold (expense).
$9000
purchase land for $50,000 cash
Then Sell land for $55,000 - correct answer -Increase land,
Decrease Cash, $50,000
Increase Cash, $55,000
decrease land, $50,000
Increase gain of sale of land (revenue) $5,000.
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OR
If sold for $48,000 (less than original price)
Increase Cash, $48,000, Decrease land $50,000, Increase loss of
sale of land (expense), $2,000
Revenue: - correct answer -Revenue: Amount earned, not
necessarily received
Asset - correct answer -Asset: Economic resources that will be
used by a business to produce revenue
Expense: - correct answer -Expense: an economic sacrifice that a
business incurs in the process of generating revenue
Liabilities: - correct answer -Liabilities: Amount owed
Stockholder - correct answer -person or business who gives
another business money in exchange for partial owership in the
company
