ACCT 2301 FORMULAS TEST QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2025-
2026
net income - Answers sales revenue - cost of goods sold
net income - Answers gross profit - operating expenses
goods available for sale - Answers beginning inventory + purchases = goods available for sale =
ending inventory + cogs
gross profit - Answers net sales - cogs
gross profit % - Answers GP/net sales
inventory turnover - Answers cogs/average inventory
accounts receivable turnover - Answers net sales/ average accounts receivable
cash realizable value - Answers accounts receivable - allowance for doubtful accounts
ending accounts receivable - Answers beginning balance + net sales - cash collection - write off
depreciation cost - Answers cost of asset - salvage value
annual deprecation expense (straight line) - Answers deprecation/useful life
cost/unit (units of activity) - Answers depreciable cost/units of activity
annual deprecation expense (double declining) - Answers BV beginning bal x declining bal rate
BV - Answers beginning balance - accumulated deprecation
depletion cost/unit - Answers deprecation cost/total estimated units available
asset turnover - Answers net sales/average total sales
interest - Answers face value x annual interest rate x time (terms of year)
cash collected - Answers sales price x (100% + net sales)
carrying value of bond - Answers FV (-)discount or (+)premium
carrying value - cash paid - Answers (-)loss or (+)gain
premium - Answers carrying value>cash
contractural rate>market rate
discount - Answers carrying value<cash
2026
net income - Answers sales revenue - cost of goods sold
net income - Answers gross profit - operating expenses
goods available for sale - Answers beginning inventory + purchases = goods available for sale =
ending inventory + cogs
gross profit - Answers net sales - cogs
gross profit % - Answers GP/net sales
inventory turnover - Answers cogs/average inventory
accounts receivable turnover - Answers net sales/ average accounts receivable
cash realizable value - Answers accounts receivable - allowance for doubtful accounts
ending accounts receivable - Answers beginning balance + net sales - cash collection - write off
depreciation cost - Answers cost of asset - salvage value
annual deprecation expense (straight line) - Answers deprecation/useful life
cost/unit (units of activity) - Answers depreciable cost/units of activity
annual deprecation expense (double declining) - Answers BV beginning bal x declining bal rate
BV - Answers beginning balance - accumulated deprecation
depletion cost/unit - Answers deprecation cost/total estimated units available
asset turnover - Answers net sales/average total sales
interest - Answers face value x annual interest rate x time (terms of year)
cash collected - Answers sales price x (100% + net sales)
carrying value of bond - Answers FV (-)discount or (+)premium
carrying value - cash paid - Answers (-)loss or (+)gain
premium - Answers carrying value>cash
contractural rate>market rate
discount - Answers carrying value<cash
