ACCT 2101 FINAL EXAM
STUDYGUIDE 2026 2027 VERIFIED
ANSWERS ACTUAL UPDATED
PRACTICE QUESTIONS HIGH YIELD
STUDY GUIDE EXAM PREP MATERIAL
LATEST VERSION GRADED A+
SUCCESS REVIEW PACK COMPLETE
EDITION ACADEMIC RESOURCE
PROFESSIONAL PREPARATION
Chapter 1
1. The liability created by a business when it purchases coffee beans and coffee cups on credit from
suppliers is termed a(n) a. account payable. b. account receivable.
c. revenue.
d. expense.
2. The right to receive money in the future is called a(n)
a. account payable.
b.
account
receivable.
c. liability.
d. revenue.
3. Borrowing money is an example of a(n)
a. delivering activity.
b.
financing
activity.
c. investing activity.
d. operating activity.
,
,ACCT 2101 F DYGUIDE ALL
SOLUTIONS CHAPTERS 1
ACCURATE QUESTIONS AND ANSWERS
4. Which activities involve putting the resources of the business into action to generate a profit? a.
Delivering
b. Financing
c. Investi ng d.
Operat
i ng
5. When expenses exceed revenues, which of the following is true? a. a net loss results b. a net income
results
c. assets equal liabilities
d. assets are increased
6. The retained earnings statement shows all of the following except:
a. The amounts of changes in retained earnings during the period.
b. The causes of changes in retained earnings during the period.
c. The time period following the one shown for the income statement.
d. Beginning retained earnings on the first line of the statement.
7. Jackson Company recorded the following cash
transactions for the year: Paid $135,000 for
salaries.
Paid $60,000 to purchase office
equipment. Paid $15,000 for
utilities.
Paid $6,000 in dividends.
Collected $225,000 from customers.
What was Jackson’s net cash provided by
operating activities? a. $75,000 (225000-
135000-15000) b.
$15,000
c. $90,000
d. $69,000
8. Which of the following financial statements is divided into major categories of operating, investing,
and financing activities?
a. The income statement.
b. The balance sheet.
c. The retained earnings statement. d. The statement of cash flows.
9. Ending retained earnings for a period is equal to:
a. Beginning retained earnings + Net income + Dividends
,
, ,
ACCT 2101 FINAL EXAM STUDYGUIDE ALL
SOLUTIONS CHAPTERS 1-12 ALL
ACCURATE QUESTIONS AND ANSWERS
CERTIFIED 100% GRADED A+
b. Beginning retained earnings – Net income – Dividends c.
Beginning retained earnings + Net income – Dividends
d. Beginning retained earnings – Net income + Dividends
10. Toshow how successfully your business performed during a period of time, you would report its
revenues and expense in the
a. balance sheet.
b. income statement.
,
, ,
c. statement of cash flows.
d. retained earnings statement.
11. Net
income results when
a. Assets > Liabilities.
b. Revenues = Expenses. c.
Revenues >
Expenses.
d. Revenues < Expenses.
12. HensonCompany began the year with retained earnings of $350,000. During the year, the
company recorded revenues of
$500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson’s
retained earnings at the end of the year? a. $510,000
b. $430,000 (350000+500000-380000-40000)
c. $810,000
d. $470,000
13. Finney
Company began the year by issuing $20,000 of common stock for cash. The
company recorded revenues of $185,000, expenses of $160,000, and paid dividends of
$10,000. What was Finney’s net income for the year? a. $15,000
b. $35,000
c. $25,000 (185000-160000)
d. $45,000
14. Gilkey
Corporation began the year with retained earnings of $155 ,000. During the year,
the company issued $210,000 of common stock, recorded expenses of $600,000, and paid
dividends of $40,000. If Gilkey’s ending retained earnings was $165,000, what was the
company’s revenue for the year? a. $610,000
b. $650,000 (155000+X-600000-40000=165000, X=650000)
c. $820,000
d. $860,000
15. The
accounting equation may be expressed as:
a. Assets = Stockholders’ Equity –
Liabilities. b. Assets = Liabilities +
Stockholders’ Equity.
c. Assets + Liabilities = Stockholders’ Equity.
d. Assets + Stockholders’ Equity = Liabilities.
,
STUDYGUIDE 2026 2027 VERIFIED
ANSWERS ACTUAL UPDATED
PRACTICE QUESTIONS HIGH YIELD
STUDY GUIDE EXAM PREP MATERIAL
LATEST VERSION GRADED A+
SUCCESS REVIEW PACK COMPLETE
EDITION ACADEMIC RESOURCE
PROFESSIONAL PREPARATION
Chapter 1
1. The liability created by a business when it purchases coffee beans and coffee cups on credit from
suppliers is termed a(n) a. account payable. b. account receivable.
c. revenue.
d. expense.
2. The right to receive money in the future is called a(n)
a. account payable.
b.
account
receivable.
c. liability.
d. revenue.
3. Borrowing money is an example of a(n)
a. delivering activity.
b.
financing
activity.
c. investing activity.
d. operating activity.
,
,ACCT 2101 F DYGUIDE ALL
SOLUTIONS CHAPTERS 1
ACCURATE QUESTIONS AND ANSWERS
4. Which activities involve putting the resources of the business into action to generate a profit? a.
Delivering
b. Financing
c. Investi ng d.
Operat
i ng
5. When expenses exceed revenues, which of the following is true? a. a net loss results b. a net income
results
c. assets equal liabilities
d. assets are increased
6. The retained earnings statement shows all of the following except:
a. The amounts of changes in retained earnings during the period.
b. The causes of changes in retained earnings during the period.
c. The time period following the one shown for the income statement.
d. Beginning retained earnings on the first line of the statement.
7. Jackson Company recorded the following cash
transactions for the year: Paid $135,000 for
salaries.
Paid $60,000 to purchase office
equipment. Paid $15,000 for
utilities.
Paid $6,000 in dividends.
Collected $225,000 from customers.
What was Jackson’s net cash provided by
operating activities? a. $75,000 (225000-
135000-15000) b.
$15,000
c. $90,000
d. $69,000
8. Which of the following financial statements is divided into major categories of operating, investing,
and financing activities?
a. The income statement.
b. The balance sheet.
c. The retained earnings statement. d. The statement of cash flows.
9. Ending retained earnings for a period is equal to:
a. Beginning retained earnings + Net income + Dividends
,
, ,
ACCT 2101 FINAL EXAM STUDYGUIDE ALL
SOLUTIONS CHAPTERS 1-12 ALL
ACCURATE QUESTIONS AND ANSWERS
CERTIFIED 100% GRADED A+
b. Beginning retained earnings – Net income – Dividends c.
Beginning retained earnings + Net income – Dividends
d. Beginning retained earnings – Net income + Dividends
10. Toshow how successfully your business performed during a period of time, you would report its
revenues and expense in the
a. balance sheet.
b. income statement.
,
, ,
c. statement of cash flows.
d. retained earnings statement.
11. Net
income results when
a. Assets > Liabilities.
b. Revenues = Expenses. c.
Revenues >
Expenses.
d. Revenues < Expenses.
12. HensonCompany began the year with retained earnings of $350,000. During the year, the
company recorded revenues of
$500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson’s
retained earnings at the end of the year? a. $510,000
b. $430,000 (350000+500000-380000-40000)
c. $810,000
d. $470,000
13. Finney
Company began the year by issuing $20,000 of common stock for cash. The
company recorded revenues of $185,000, expenses of $160,000, and paid dividends of
$10,000. What was Finney’s net income for the year? a. $15,000
b. $35,000
c. $25,000 (185000-160000)
d. $45,000
14. Gilkey
Corporation began the year with retained earnings of $155 ,000. During the year,
the company issued $210,000 of common stock, recorded expenses of $600,000, and paid
dividends of $40,000. If Gilkey’s ending retained earnings was $165,000, what was the
company’s revenue for the year? a. $610,000
b. $650,000 (155000+X-600000-40000=165000, X=650000)
c. $820,000
d. $860,000
15. The
accounting equation may be expressed as:
a. Assets = Stockholders’ Equity –
Liabilities. b. Assets = Liabilities +
Stockholders’ Equity.
c. Assets + Liabilities = Stockholders’ Equity.
d. Assets + Stockholders’ Equity = Liabilities.
,
