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ACCT 2401 Exam #1 Study Guide | Accounting Review, Key Concepts & Practice Questions

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ACCT 2401 Exam #1 Study Guide | Accounting Review, Key Concepts & Practice Questions

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ACCT 2401 Exam #1 Study Guide | Accounting Review, Key Concepts & Practice
Questions


Which of the following does NOT describe stockholders’ equity? - ANS ✔✔Money lent to a
business



Payment of expenses would have which of the following effects on the accounting equation? -
ANS ✔✔Decrease Stockholder's Equity



The payment of cash dividends would have what effect on the accounting equation? - ANS
✔✔Decrease Stockholder's Equity



The method of accounting that recognizes a transaction when it occurs is: - ANS ✔✔accural
accounting



Of the financial statements, which is dated as of a specific date? - ANS ✔✔Balance Sheet



In the financial accounting records, most assets should be reported at: - ANS ✔✔historical cost



A business pays off a note payable, What effect does this have on the accounting equation? -
ANS ✔✔Assets decrease, Liabilities decrease, and Stockholder's Equity remains the same



A business purchases a computer for cash. What effect does this have on the accounting
equation? - ANS ✔✔There is no change in Total Assets



Net Income = - ANS ✔✔Income - Expenses

Change in Assets - Change in Liabilities

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