ACC 231 UPDATED 2026 COMPREHENSIVE
EXAM QUESTIONS AND ANSWERS SURE A+
✔✔Which intangible asset is recorded only when an acquiring company purchases
another company? - ✔✔Goodwill
✔✔a manufacturer may identify its product with a unique symbol and prevent other
manufacturers from using the same symbol by obtaining a: - ✔✔trademark
✔✔a bank statement shows the: - ✔✔ending bank balances as of a specific date
✔✔deposits in transit are: - ✔✔added to the bank balance
✔✔on a bank reconciliation, outstanding checks are: - ✔✔subtracted from the bank
balance
✔✔a $575 collection on a note from a customer was reflected on Ronaldo Co's bank
statement, when doing the bank reconciliation, Ronaldo Co. should: - ✔✔add $575 to
their book balance
, ✔✔Leo's leather shoppe has a checking account that earns interest. the current bank
statement shows interest earned of $22.14. this amount should be: - ✔✔added to Leo's
book balance
✔✔what is NOT true concerning NSF checks? - ✔✔the amount of the NSF check will
need to be added to the book balance
✔✔a cost incurred by the seller when credit customers do not pay is called: - ✔✔bad
debt expense
✔✔what type of account is allowance for doubtful accounts? - ✔✔contra-asset account
✔✔the journal entry to write off a customer's account under the direct write off method
is: - ✔✔Debit Bad Debt Expense; Credit Accounts Receivable (customer's name)
✔✔The end of period adjusting entry for bad debt expense under the allowance method
is: - ✔✔Debit Bad Debt Expense; Credit Allowance for Uncollectible Accounts
✔✔How are net receivables calculated? - ✔✔accounts receivable - the allowance for
doubtful accounts
✔✔ Liabilities are defined as: - ✔✔Amounts owed to lenders or debtors
✔✔Assets are defined as: - ✔✔Economic resources of a company
✔✔Which of the following does NOT describe Stockholders' Equity? - ✔✔Money lent to
a business
✔✔Which of the following is NOT an asset? - ✔✔Net Income
✔✔Net Income is Defined as: - ✔✔Revenue - expenses
✔✔What do we call amounts of money borrowed from lenders? - ✔✔liabilites
✔✔Stockholders Equity represents: - ✔✔an initial investment of cash by its owners &
retention of profits by a firm
✔✔T or F? A business may either be for-profit or non-profit - ✔✔True
✔✔T or F? A business with one owner is called a sole proprietorship and it must be a
service business? - ✔✔False
EXAM QUESTIONS AND ANSWERS SURE A+
✔✔Which intangible asset is recorded only when an acquiring company purchases
another company? - ✔✔Goodwill
✔✔a manufacturer may identify its product with a unique symbol and prevent other
manufacturers from using the same symbol by obtaining a: - ✔✔trademark
✔✔a bank statement shows the: - ✔✔ending bank balances as of a specific date
✔✔deposits in transit are: - ✔✔added to the bank balance
✔✔on a bank reconciliation, outstanding checks are: - ✔✔subtracted from the bank
balance
✔✔a $575 collection on a note from a customer was reflected on Ronaldo Co's bank
statement, when doing the bank reconciliation, Ronaldo Co. should: - ✔✔add $575 to
their book balance
, ✔✔Leo's leather shoppe has a checking account that earns interest. the current bank
statement shows interest earned of $22.14. this amount should be: - ✔✔added to Leo's
book balance
✔✔what is NOT true concerning NSF checks? - ✔✔the amount of the NSF check will
need to be added to the book balance
✔✔a cost incurred by the seller when credit customers do not pay is called: - ✔✔bad
debt expense
✔✔what type of account is allowance for doubtful accounts? - ✔✔contra-asset account
✔✔the journal entry to write off a customer's account under the direct write off method
is: - ✔✔Debit Bad Debt Expense; Credit Accounts Receivable (customer's name)
✔✔The end of period adjusting entry for bad debt expense under the allowance method
is: - ✔✔Debit Bad Debt Expense; Credit Allowance for Uncollectible Accounts
✔✔How are net receivables calculated? - ✔✔accounts receivable - the allowance for
doubtful accounts
✔✔ Liabilities are defined as: - ✔✔Amounts owed to lenders or debtors
✔✔Assets are defined as: - ✔✔Economic resources of a company
✔✔Which of the following does NOT describe Stockholders' Equity? - ✔✔Money lent to
a business
✔✔Which of the following is NOT an asset? - ✔✔Net Income
✔✔Net Income is Defined as: - ✔✔Revenue - expenses
✔✔What do we call amounts of money borrowed from lenders? - ✔✔liabilites
✔✔Stockholders Equity represents: - ✔✔an initial investment of cash by its owners &
retention of profits by a firm
✔✔T or F? A business may either be for-profit or non-profit - ✔✔True
✔✔T or F? A business with one owner is called a sole proprietorship and it must be a
service business? - ✔✔False
