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ACCT 5312 EXAM 1 LATEST 2026-2027 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
A chart of accounts: - ANSWER-serves as an index to a
company's ledger.
Assets = Liabilities + Paid-in capital + Retained earnings
____________ + _____________ - ______________________. -
ANSWER-- beginning
- Revenues
- Expenses
In bookkeeping and accounting, _____________ means
____________ and credit means right. - ANSWER-debit
left
In a balance sheet, net income from the income statement is
added to the beginning balance of ___________. - ANSWER-
retained earnings in the statement of changes in retained
earnings
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When a bank ____________ (debits/credits) your account for the
interest earned during the month, what it is really communicating
is that it is _________________ (increasing/decreasing) the
__________________(asset/liability) recorded in its accounting
records to represent your account from its perspective. -
ANSWER-credits
increasing
liability
Transactions are initially recorded in a
_________(journal/ledger/chart of accounts). - ANSWER-journal
Merchants who send you a notice that they have "charged" your
account are really communicating that they have
______________ (debited/credited) your account in their
accounting records to ____________ (increase/decrease) your
account balance, which is shown as a(n) ______________
(asset/liability) from their perspective, since you owe them money.
- ANSWER-- debited
- increase
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- asset or assets
A chart of accounts serves as an index to a company's
____________. - ANSWER-ledger
If debits equal credits, then: - ANSWER-the company's balance
sheet equation will be in balance.
Accounts are summarized in financial ________,whereas
________ are summarized in accounts. - ANSWER-- statements
- transactions
The report format of the balance sheet ______. - ANSWER-
presents assets above liabilities and stockholders' equity items
Which statements are true of liability accounts? (Select all that
apply) - ANSWER-- They increase with credit entries.
- They normally have a credit balance.
- They decrease with debit entries.
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When a bank credits your account for the interest earned during
the month, what it is really communicating is that it is: - ANSWER-
increasing your account balance, which is shown as a liability
from its perspective.
Normal account balances for: - ANSWER-expense and loss
accounts are on the debit side, and the balances for revenue and
gain accounts are on the credit side.
If debits equal credits, what will be shown on the balance sheet? -
ANSWER-Assets will equal the sum of liabilities and stockholders'
equity.
When using the horizontal model for a transaction that affects
both the balance sheet and the income statement, the balance
sheet will balance when the ______. - ANSWER-income
statement effect on stockholders' equity is considered
ACCT 5312 EXAM 1 LATEST 2026-2027 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
A chart of accounts: - ANSWER-serves as an index to a
company's ledger.
Assets = Liabilities + Paid-in capital + Retained earnings
____________ + _____________ - ______________________. -
ANSWER-- beginning
- Revenues
- Expenses
In bookkeeping and accounting, _____________ means
____________ and credit means right. - ANSWER-debit
left
In a balance sheet, net income from the income statement is
added to the beginning balance of ___________. - ANSWER-
retained earnings in the statement of changes in retained
earnings
,2|Page
When a bank ____________ (debits/credits) your account for the
interest earned during the month, what it is really communicating
is that it is _________________ (increasing/decreasing) the
__________________(asset/liability) recorded in its accounting
records to represent your account from its perspective. -
ANSWER-credits
increasing
liability
Transactions are initially recorded in a
_________(journal/ledger/chart of accounts). - ANSWER-journal
Merchants who send you a notice that they have "charged" your
account are really communicating that they have
______________ (debited/credited) your account in their
accounting records to ____________ (increase/decrease) your
account balance, which is shown as a(n) ______________
(asset/liability) from their perspective, since you owe them money.
- ANSWER-- debited
- increase
,3|Page
- asset or assets
A chart of accounts serves as an index to a company's
____________. - ANSWER-ledger
If debits equal credits, then: - ANSWER-the company's balance
sheet equation will be in balance.
Accounts are summarized in financial ________,whereas
________ are summarized in accounts. - ANSWER-- statements
- transactions
The report format of the balance sheet ______. - ANSWER-
presents assets above liabilities and stockholders' equity items
Which statements are true of liability accounts? (Select all that
apply) - ANSWER-- They increase with credit entries.
- They normally have a credit balance.
- They decrease with debit entries.
, 4|Page
When a bank credits your account for the interest earned during
the month, what it is really communicating is that it is: - ANSWER-
increasing your account balance, which is shown as a liability
from its perspective.
Normal account balances for: - ANSWER-expense and loss
accounts are on the debit side, and the balances for revenue and
gain accounts are on the credit side.
If debits equal credits, what will be shown on the balance sheet? -
ANSWER-Assets will equal the sum of liabilities and stockholders'
equity.
When using the horizontal model for a transaction that affects
both the balance sheet and the income statement, the balance
sheet will balance when the ______. - ANSWER-income
statement effect on stockholders' equity is considered
