CSUF ACCT 201A ACTUAL EXAM PAPER 2026 QUESTIONS WITH SOLUTIONS GRADED A+

CSUF ACCT 201A ACTUAL EXAM PAPER
2026 QUESTIONS WITH SOLUTIONS
GRADED A+

●● Accounts receivable.
Answer: Amounts owned by customers on account


●● Maker.
Answer: the party in a promissory note who is making the promise to
pay


●● Accounts Receivable Turnover.
Answer: A measure of the liquidity of accounts receivable, computed by
dividing net credit sales by average net accounts receivable.


●● Promissory note.
Answer: a written promise to pay a specified amount of money on
demand or at a definite time


●● allowance method.
Answer: A method of accounting for bad debts that involves estimating
uncollectible accounts at the end of each period.

, ●● Factor.
Answer: a finance company or bank that buys receivables from
businesses for a fee and then collects the payments directly from the
customers


●● aging of accounts receivable.
Answer: An analysis of customer balances by the length of time they
have been unpaid


●● Units-of-activity method.
Answer: A depreciation method in which useful life is expressed in
terms of the total units of production or use expected from the asset.


●● Depreciation.
Answer: the process of allocating to expense the cost of a plant asset
over its useful life in a rational and systematic manner


●● ordinary repairs.
Answer: expenditures to maintain the operating efficiency and expected
productive life of the asset


●● Goodwill.
Answer: the value of all favorable attributes that relate to a business
enterprise