ACTG MIDTERM 1 QUESTIONS WITH 100% CORRECT ANSWERS{ GUARANTEED A+}

ACTG MIDTERM 1 QUESTIONS WITH

100% CORRECT ANSWERS{

GUARANTEED A+}




An accrual of utilities expense would produce what effect on the balance sheet? -

✔✔Increase liabilities and decrease equity


Which of the following items are in the balance sheet? - ✔✔1. inventory


2. Accounts Receivable


3. Equipment


Marks Inc has $2,600 in equity and $1,650 of assets, what is the firm's liabilities? -

✔✔-950 (Assets = Liabilities + Equity


1650-2600= -950)


Cash collected on accounts receivable would produce what effect on the balance

sheet? - ✔✔Increase assets and decrease assets

, As inventory and PPE assets on the balance sheet are consumed, they are

reflected...? - ✔✔as an expense on the income statement


which financial statement would 'Cost of goods sold' most likely appear on? -

✔✔Income statement


Which financial statement would 'revenue' most likely appear on? - ✔✔Income

statement


which financial statement would 'Liabilities' most likely appear on? - ✔✔Balance

sheet


which financial statement would 'cash from investing activities' most likely appear

on? - ✔✔Statement of Cash flow


What would be the balance sheet classification for 'Machine'? - ✔✔Long-term

Assets


What would be the balance sheet classification for 'Inventory'? - ✔✔Current

Assets


What would be the balance sheet classification for 'Land'? - ✔✔Long-term assets


What would be the balance sheet classification for 'common stock'? - ✔✔Equity