BCOR 3010 EXAM 1 LATEST 2024 EXPERT
CERTIFIED QUESTIONS AND ANSWERS ALREADY
GRADED A+
Companies in the United States follow accounting rules issued by the
International Accounting Standards Board, as do other companies from most
countries around the world.
a. true
b. false - ANSWERS-a. True
Accounts Receivable represents:
a. amounts owed by the company to vendors for products purchased
b. amounts owed to the company by employees for payroll advances
c. amounts owed to the company by customers for
purchases on account
d. cash payments in advance received from customers - ANSWERS-c. Amounts
owed to the company by customers for purchases on account
An obligation to deliver a product to a customer following a payment in advance
is reported in the financial statement as:
a. accounts payable
, b. revenue
c. product liability
d. unearned revenue
e. prepaid expense - ANSWERS-d. Unearned Revenue
Which branch of accounting focuses on providing information to investors and
creditors to support investment and lending decisions?
a. financial
b. managerial
c. tax
d. audit
e. accounting information systems - ANSWERS-a. Financial
During 2020, Acme Corp. paid $8,000 to a supplier for a purchase Acme made on
account during the prior year. What effect will this $8,000 payment have one
Acme's total assets in 2020?
a. increase total assets
b. decrease total assets
c. no effect on total assets - ANSWERS-b. decrease total assets
During 2020, Acme Corp. borrowed $10,000 from a bank. This loan will affect
Acme's 2020 financial statements by increasing cash and
CERTIFIED QUESTIONS AND ANSWERS ALREADY
GRADED A+
Companies in the United States follow accounting rules issued by the
International Accounting Standards Board, as do other companies from most
countries around the world.
a. true
b. false - ANSWERS-a. True
Accounts Receivable represents:
a. amounts owed by the company to vendors for products purchased
b. amounts owed to the company by employees for payroll advances
c. amounts owed to the company by customers for
purchases on account
d. cash payments in advance received from customers - ANSWERS-c. Amounts
owed to the company by customers for purchases on account
An obligation to deliver a product to a customer following a payment in advance
is reported in the financial statement as:
a. accounts payable
, b. revenue
c. product liability
d. unearned revenue
e. prepaid expense - ANSWERS-d. Unearned Revenue
Which branch of accounting focuses on providing information to investors and
creditors to support investment and lending decisions?
a. financial
b. managerial
c. tax
d. audit
e. accounting information systems - ANSWERS-a. Financial
During 2020, Acme Corp. paid $8,000 to a supplier for a purchase Acme made on
account during the prior year. What effect will this $8,000 payment have one
Acme's total assets in 2020?
a. increase total assets
b. decrease total assets
c. no effect on total assets - ANSWERS-b. decrease total assets
During 2020, Acme Corp. borrowed $10,000 from a bank. This loan will affect
Acme's 2020 financial statements by increasing cash and
