ACC 231 ASU Exam 2 Wolfe Exam Questions And Correct Answers (Verified Answers) Plus Rationales 2026 Q&A | Instant Download Pdf

ACC 231 ASU Exam 2 Wolfe Exam Questions And
Correct Answers (Verified Answers) Plus Rationales
2026 Q&A | Instant Download Pdf.




Question 1
A) DR Inventory, CR Cash
B) DR Inventory, CR Accounts Payable
C) DR Cost of Goods Sold, CR Inventory
D) Both A and B are correct depending on payment method




Question 2
A) DR Accounts Payable, CR Inventory
B) DR Cash, CR Inventory
C) DR Inventory, CR Accounts Payable
D) Both A and B are correct depending on whether payment was made




Question 3
A) One journal entry recording only revenue
B) One journal entry recording only cost of goods sold

,C) Two journal entries: one for revenue and one for COGS
D) No journal entry until end of period




Question 4
A) DR Cash, CR Revenue
B) DR Accounts Receivable, CR Revenue
C) DR Revenue, CR Cash
D) Both A and B are correct depending on payment timing




Question 5
A) DR Cost of Goods Sold, CR Inventory
B) DR Inventory, CR Cost of Goods Sold
C) DR Revenue, CR Cash
D) DR Accounts Payable, CR Inventory




Question 6
A) Beginning inventory plus purchases minus COGS
B) Beginning inventory minus purchases plus COGS
C) Purchases minus COGS
D) Beginning inventory plus COGS minus purchases

,Question 7
A) Sales plus COGS
B) Sales minus COGS
C) COGS minus Sales
D) Sales divided by COGS




Question 8
A) Gross profit divided by net sales multiplied by 100
B) Net sales divided by gross profit multiplied by 100
C) Gross profit minus net sales multiplied by 100
D) COGS divided by net sales multiplied by 100




Question 9
A) Total Revenue plus Total Expenses
B) Total Revenue minus Total Expenses
C) Gross Profit minus operating expenses only
D) Sales minus COGS

, Question 10
A) Net profit divided by Total Revenue multiplied by 100
B) Gross profit divided by Total Revenue multiplied by 100
C) Net profit minus Total Revenue multiplied by 100
D) Operating income divided by Total Revenue multiplied by 100




Question 11
A) $900
B) $700
C) $400
D) $200




Question 12
A) DR Supplies Expense $65, CR Supplies $65
B) DR Supplies Expense $45, CR Supplies $45
C) DR Supplies $45, CR Supplies Expense $45
D) DR Supplies Expense $105, CR Supplies $105

*Explanation: Supplies available = beginning $40 + purchased $65 = $105. Ending
supplies on hand = not specified in this shortened question, but typical adjusting entry
removes used supplies from asset to expense. Without ending count given, standard
approach is to expense the amount used. B would be correct if $60 remained ($105-
60=$45 used).*




Question 13
A) First-In, First-Out