ACC 255 NAU FINAL EXAM (LATEST UPDATE) REAL
QUESTIONS AND VERIFIED ANSWERS |100% CORRECT |
ALREADY GRADED A
The cost of resources consumed or services used in the process of
generating revenues are classified asa. A. Opersting
b. Financing
c. Investing
D. Advertising Ans✓✓✓B. Partenership
which form of business organization has shared control, tax advantages,
and increased skills and resources Ans✓✓✓D. Advertisinga. sole
proprietorship
B. Partenership
c. Corporation
d. All of the above
Which of the following is NOT one of the three primary business
activities
A. Assets
B. expenses
C. Liabilites
D. Revenues Ans✓✓✓B. Expenses
As of December 31,2017, Stoneland Corporation has assets of $3,500
and stockholders' equaity of $2000.
, how much are the libilities of Stoneland Corporation as of December
31,2017?
a. $2,500
b. $2,000
C.$1,500
d. $1,000 Ans✓✓✓C. $1,500
The purpose of the income statement is to report a comapany's
A. Results of operations for the period.
b. Cash recepts and payments for operating, investing, and financing
activities for the period.
c. Finacial Position at a point in time
d. Summary of changes in retained earningas for the period. Ans✓✓✓A.
Results of operations for the period.
Which of the following transactios would NOT affect retained earnings
?
A. Purchasing land
b. Declaring and pahying dividends
c. Incurring expenses s
d. Earning revenues Ans✓✓✓A. Purchasing land
Which section of a corporstion's annual report describes the
corporation's accounting methods?
QUESTIONS AND VERIFIED ANSWERS |100% CORRECT |
ALREADY GRADED A
The cost of resources consumed or services used in the process of
generating revenues are classified asa. A. Opersting
b. Financing
c. Investing
D. Advertising Ans✓✓✓B. Partenership
which form of business organization has shared control, tax advantages,
and increased skills and resources Ans✓✓✓D. Advertisinga. sole
proprietorship
B. Partenership
c. Corporation
d. All of the above
Which of the following is NOT one of the three primary business
activities
A. Assets
B. expenses
C. Liabilites
D. Revenues Ans✓✓✓B. Expenses
As of December 31,2017, Stoneland Corporation has assets of $3,500
and stockholders' equaity of $2000.
, how much are the libilities of Stoneland Corporation as of December
31,2017?
a. $2,500
b. $2,000
C.$1,500
d. $1,000 Ans✓✓✓C. $1,500
The purpose of the income statement is to report a comapany's
A. Results of operations for the period.
b. Cash recepts and payments for operating, investing, and financing
activities for the period.
c. Finacial Position at a point in time
d. Summary of changes in retained earningas for the period. Ans✓✓✓A.
Results of operations for the period.
Which of the following transactios would NOT affect retained earnings
?
A. Purchasing land
b. Declaring and pahying dividends
c. Incurring expenses s
d. Earning revenues Ans✓✓✓A. Purchasing land
Which section of a corporstion's annual report describes the
corporation's accounting methods?
