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ACCOUNTING 1301 FINAL EXAM
2026 ACTUAL QUESTIONS WITH
VERIFIED ANSWERS.
1. The two methods for estimating uncollectible receivables? -
correct answer-1) The aging of account 2) The percent of
sales method
2. Who the maker of a note is? - correct answer-Debtor the
party to a credit transaction who makes a purchase and
creates a payable
3. What the maturity value of a note is? - correct answer-The
sum of the principal plus interest due at maturity
4. Which depreciation method allocates a HIGHER amount of
depreciation in earlier years than in later years - correct
answer-Double-Declining balance method
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5. The different types of debt securities? - correct answer-1)
U.S Government securities 2) Municipal bonds 3) Corporate
bonds
6. Why companies invest in trading investments? - correct
answer-To generate a profit on a quick sale
7. What type of security is classified as a held-to-maturity
investment? - correct answer-A bond
8. The required taxes in payroll - correct answer-1) Employee
Federal and State Income Tax 2) Social Security Tax 3)
Other deductions required by the Federal State or Local
Laws
9. The taxes paid by the employer only - correct answer-
Federal Unemployment Taxes
10. The tax paid by both the employee and employer - correct
answer-FICA tax
ACCOUNTING 1301 FINAL EXAM
2026 ACTUAL QUESTIONS WITH
VERIFIED ANSWERS.
1. The two methods for estimating uncollectible receivables? -
correct answer-1) The aging of account 2) The percent of
sales method
2. Who the maker of a note is? - correct answer-Debtor the
party to a credit transaction who makes a purchase and
creates a payable
3. What the maturity value of a note is? - correct answer-The
sum of the principal plus interest due at maturity
4. Which depreciation method allocates a HIGHER amount of
depreciation in earlier years than in later years - correct
answer-Double-Declining balance method
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5. The different types of debt securities? - correct answer-1)
U.S Government securities 2) Municipal bonds 3) Corporate
bonds
6. Why companies invest in trading investments? - correct
answer-To generate a profit on a quick sale
7. What type of security is classified as a held-to-maturity
investment? - correct answer-A bond
8. The required taxes in payroll - correct answer-1) Employee
Federal and State Income Tax 2) Social Security Tax 3)
Other deductions required by the Federal State or Local
Laws
9. The taxes paid by the employer only - correct answer-
Federal Unemployment Taxes
10. The tax paid by both the employee and employer - correct
answer-FICA tax
