Accounting 200 Final Exam Study Guide UPDATED ACTUAL Questions and CORERCT Answers

Accounting 200 Final Exam Study Guide UPDATED ACTUAL
Questions and CORERCT Answers




Income Statement Equation Revenues - Expenses = Net Income/Net Loss

, Statement of Retained Earnings Equation Beginning Retained Earnings + Net Income - Dividends = Ending Retained
Earnings


Accounting Equation - Stockholders Equity Stockholders Equity = Common Stock + End R/E


Accounting Equation - Assets Assets = Liability + Stockholders Equity


Rules of Normal Balance - Debit Debits Increase Expenses, Assets, Dividends (Credits Decrease)


Rules of Normal Balance - Credits Credits Increase Liability, Equity, Revenues


Normal balance is the side where ? In the account are Increases
recorded


If an amount/entry is too high it is...? Overstated


If an amount/entry is too low it is...? Understated


Journal Entry when a sale is made on account Dr. A/R (Accounts Receivable)
Cr. Sales (Revenue)


Journal Entry to record the collection of A/R (Accounts Dr. Cash
Receivable) Cr. A/R (Accounts Receivable)


Accounts Payable Current Liabilities
Balance Sheet
Could be both a Debit or Credit


Accumulated Depreciation - Building Property, Plant, Equipment
Balance Sheet
Credit


Accounts Receivable Current Asset
Balance Sheet
Debit


Accumulated Depreciation - Equipment Property, Plant, Equipment (PPE)
Balance Sheet
Credit


Accumulated Depreciation - Furniture Property Plant, and Equipment (PPE)
Balance Sheet
Credit


Bonds Payable Long Term Liabilities
Balance Sheet
Credit