University of North Alabama

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EC 692 Final Exam 50 Questions and 100% Correct Answers 2026/27 Latest– UNA.

AC 642 Final Exam Questions and 100% Correct Answers 2026/27 Latest– UNA.

On January 1, Year 1 Graham Corporation issued 200 shares of $5 par value common stock for $40 per share. Which of the following shows how the stock issue will affect Graham's financial statements on January 1, Year 1? - Answer Assets = 8000 Common Stock = 1000 Paid-in Capital = 7000 Statement of CF = 8000 FA Issuing par value common stock is an asset source transaction. Assets (cash) increase and stockholders' equity increases. In this case, the increase to stockholders' equi...

Paying cash to purchase inventory is - Answer an asset exchange transaction. Product costs are expensed when they are incurred. This statement is - Answer False When a merchandising company pays cash to purchase inventory - Answer None of the answers is correct. Which of the following shows the effects of purchasing inventory on account? Balance SheetIncome Statement Statement ofCash Flows Assets=Liab.+EquityRev.-Exp.=Net Inc.A.+=++NANA-+=-NAB.+=NA++NA-NA=NA+ OAC.+=++NANA-NA=N...

On November 1, Year 1 Cove Company borrowed $7,000 cash to from Shelter Company. The one-year note carried a 7% rate of interest. Which of the following shows how the loan will affect Cove's financial statements on November 1, Year 1? - Answer A = 7,000 L = 7,000 Cash Flows = 7,000 FA Accrued interest expense will appear on the income statement but not on the statement of cash flows. This statement is True/False - Answer True Clayton Company borrowed $6,000 from the State Bank ...

Businesses earn profits by converting financial, physical, and labor resources into goods and services that satisfy consumer demands. This statement is - Answer True Resource owners want to provide resources to businesses with high profit potential because those businesses will pay higher taxes. This statement is - Answer False Accounting provides a service to society by gathering and reporting information about a company's profit potential. This statement is - Answer True T...

A share of stock entitles you to: - Answer A percentage of the earnings of the company The cost of providing goods and services to customers is called - Answer Expenses Benefits (i.e. money) that a company receives from its customers is called - Answer Revenue Revenue - Expenses = - Answer Earnings, Profit, Net Income A company must pay out the profits that it earns to the stockholders. (true/false) - Answer FALSE An ordinary dividend is - Answer A distribution o...

long-term operational assets - Answer assets used by a business, normally over multiple accounting periods, to generate revenue Tangible Asset - Answer assets that you can physically touch (PPE, natural resources) Intangible Asset - Answer nonphysical asset, such as a patent or trademark, that has economic value in the form of expected benefit Basket Purchase - Answer purchase of more than one asset at the same time for one purchase price Deferral - Answer paying the c...

A share of stock entitles you to - Answer A percentage of the earnings of the company The cost of providing goods and services to customers is called - Answer expenses Benefits (i.e. money) that a company receives from its customers is called - Answer revenue Revenue - Expenses = - Answer Earnings, profit, net income A company must pay out the profits that it earns to the stockholders. - Answer false An ordinary dividend is - Answer A distribution of earnings to ...