ACCT 3110 QUALIFYING EXAM QUESTIONS AND ANSWERS 2026
LATEST UPDATE
a debit entry to an account - CORRECT ANSWER✅✅increases assets
which account types normally have a credit balance? - CORRECT ANSWER✅✅revenues and liabilities
an attorney performs services of $1,100 for a client and receives $400 cash with the remainder on
account. The journal entry for this transaction would - CORRECT ANSWER✅✅debit cash, debits
accounts receivable, credit service revenue
accounts payable had a normal beginning balance of $1000. During the period, there were debit
postings of $500 and credit postings of $600. What was the ending balance? - CORRECT
ANSWER✅✅$1,100
the list of all accounts with their balances is the - CORRECT ANSWER✅✅trial balance
the basic summary device of accounting is the - CORRECT ANSWER✅✅account
the beginning cash balance was $3000. at the end of the period, the balance was $4000. If total cash
paid out during the period was $27000, the amount of cash receipts was - CORRECT
ANSWER✅✅$28,000
in a double entry accounting system - CORRECT ANSWER✅✅a debit entry is recorded on the left side of
a t-account
which accounts appear on which financial statement? - CORRECT ANSWER✅✅balance sheet-cash,
receivables, payables. income statement-revenues, expenses
a doctor purchases medical supplies of $640 and pays $290 cash with the remainder on account. The
journal entry for this transaction would be - CORRECT ANSWER✅✅debit supplies, credit accounts
payable and cash
, correct sequence for recording transactions and preparing financial statements - CORRECT
ANSWER✅✅journal, ledger, trial balance, financial statements
the error of posting $50 as $500 can be detected by - CORRECT ANSWER✅✅dividing the out-of-balance
amount by 9
the valuation of assets on the balance sheet is generally based on - CORRECT ANSWER✅✅historical
cost
the accounting equation can be expressed as - CORRECT ANSWER✅✅assets=liabilities+owners' equity
the nature of an asset is best described as - CORRECT ANSWER✅✅an economic resource that's
expected to benefit future operations
which financial statement covers a period of time - CORRECT ANSWER✅✅income statement and
statement of cash flows
how would net income be most likely to affect the accounting equation? - CORRECT
ANSWER✅✅increase assets and increase stockholders' equity
during the year, aynsley, inc., has $280,000 in revenues, $145,000 in expenses, and $6,000 in dividend
declarations and payments. Stockholders' Equity changed by - CORRECT ANSWER✅✅$129,000
during the year, aynsley, inc., has $280,000 in revenues, $145,000 in expenses, and $6,000 in dividend
declarations and payments. Net income is - CORRECT ANSWER✅✅$135,000
mighty corporation holds cash of $8,000 and owes $31,000 on accounts payable. Mighty has accounts
receivable of $47k, inventory of $28k, and land that cost $40k. How much are total assets and liabilities?
- CORRECT ANSWER✅✅assets=123,000 liabilities=31000
LATEST UPDATE
a debit entry to an account - CORRECT ANSWER✅✅increases assets
which account types normally have a credit balance? - CORRECT ANSWER✅✅revenues and liabilities
an attorney performs services of $1,100 for a client and receives $400 cash with the remainder on
account. The journal entry for this transaction would - CORRECT ANSWER✅✅debit cash, debits
accounts receivable, credit service revenue
accounts payable had a normal beginning balance of $1000. During the period, there were debit
postings of $500 and credit postings of $600. What was the ending balance? - CORRECT
ANSWER✅✅$1,100
the list of all accounts with their balances is the - CORRECT ANSWER✅✅trial balance
the basic summary device of accounting is the - CORRECT ANSWER✅✅account
the beginning cash balance was $3000. at the end of the period, the balance was $4000. If total cash
paid out during the period was $27000, the amount of cash receipts was - CORRECT
ANSWER✅✅$28,000
in a double entry accounting system - CORRECT ANSWER✅✅a debit entry is recorded on the left side of
a t-account
which accounts appear on which financial statement? - CORRECT ANSWER✅✅balance sheet-cash,
receivables, payables. income statement-revenues, expenses
a doctor purchases medical supplies of $640 and pays $290 cash with the remainder on account. The
journal entry for this transaction would be - CORRECT ANSWER✅✅debit supplies, credit accounts
payable and cash
, correct sequence for recording transactions and preparing financial statements - CORRECT
ANSWER✅✅journal, ledger, trial balance, financial statements
the error of posting $50 as $500 can be detected by - CORRECT ANSWER✅✅dividing the out-of-balance
amount by 9
the valuation of assets on the balance sheet is generally based on - CORRECT ANSWER✅✅historical
cost
the accounting equation can be expressed as - CORRECT ANSWER✅✅assets=liabilities+owners' equity
the nature of an asset is best described as - CORRECT ANSWER✅✅an economic resource that's
expected to benefit future operations
which financial statement covers a period of time - CORRECT ANSWER✅✅income statement and
statement of cash flows
how would net income be most likely to affect the accounting equation? - CORRECT
ANSWER✅✅increase assets and increase stockholders' equity
during the year, aynsley, inc., has $280,000 in revenues, $145,000 in expenses, and $6,000 in dividend
declarations and payments. Stockholders' Equity changed by - CORRECT ANSWER✅✅$129,000
during the year, aynsley, inc., has $280,000 in revenues, $145,000 in expenses, and $6,000 in dividend
declarations and payments. Net income is - CORRECT ANSWER✅✅$135,000
mighty corporation holds cash of $8,000 and owes $31,000 on accounts payable. Mighty has accounts
receivable of $47k, inventory of $28k, and land that cost $40k. How much are total assets and liabilities?
- CORRECT ANSWER✅✅assets=123,000 liabilities=31000
