8/11/26, 11:59 AM ACCT 3110 Boot Camp Practice Exam Flashcards | Quizlet
Revenues are:
A. increases in retained earnings resulting from selling products or performing
services
B. decreases in liabilities resulting from paying off a loan
C. increases in paid-in capital resulting from the owners investing in the business
D. all of the above
A. increases in retained earnings resulting from selling products or performing
services
The nature of an asset is best described as:
A. something owned by a business that has a ready market value
B. something with physical form that's valued at cost in the accounting records
C. an economic resource representing cash or the right to receive cash in the future
D. an economic resource that's expected to benefit future operations
D. an economic resource that's expected to benefit future operations
During February, assets increased by $88,000 and liabilities increased by $27,000.
Stockholders' equity must have
A. increased by $115.000
B. decreased by $61,000
C. increased by $61.000
D. decreased by $115.000
C. increased by $61.000
The stockholders' equity of Merkovsky Company at the beginning and end of 2021
totaled $127,000 and $137,000, respectively. Assets at the beginning of 2021 were
$151,000. If the liabilities of Merkovsky Company increased by $67,000 in 2021, how
much were total assets at the end of 2021?
Use the accounting equation.
A. $218,000
B. $228,000
C. $74,000
D. $221,000
B. $228,000
https://quizlet.com/715013006/acct-3110-boot-camp-practice-exam-flash-cards/ 2/20
,8/11/26, 11:59 AM ACCT 3110 Boot Camp Practice Exam Flashcards | Quizlet
Carev Corporation received a four-month 5% $6,000 note receivable on March 1. The
adjusting entry on March 31 will include:
A. A debit to Interest Receivable for $300
B. A debit to Interest Receivable for $100
C. A debit to Cash for $300
D. A credit to Interest Revenue for $25
D. A credit to Interest Revenue for $25
If the adjusting entry to accrue interest on a note receivable is omitted, then:
A. Assets, net income, and stockholders' equity are understated
B. Liabilities are understated, net income is overstated, and stockholders' equity is
overstated
C. Assets are overstated, net income is understated, and stockholders' equity is
understated
D. Assets, net income, and stockholders' equity are overstated
A. Assets, net income, and stockholders' equity are understated
Neal Company had the following information in 2022
Accounts receivable 12/31/22 -- $ 7,000
Allowance for uncollectible accounts credit balance 12/31/22 (before adjustment) --
$800
Credit service revenue during 2022 -- $45,000
Cash service revenue during 2022 -- $13,000
Collections from customers on account during 2022 -- $45,000
Uncollectible accounts are determined by the percent-of-sales method to be 2% of
credit sales. How much is the uncollectible-account expense for 2022?
A. $800
B. $140
C. $1,160
D. $900
D. $900
https://quizlet.com/715013006/acct-3110-boot-camp-practice-exam-flash-cards/ 3/20
, 8/11/26, 11:59 AM ACCT 3110 Boot Camp Practice Exam Flashcards | Quizlet
Neal Company had the following information in 2022
Accounts receivable 12/31/22 -- $ 7,000
Allowance for uncollectible accounts credit balance 12/31/22 (before adjustment) --
$800
Credit service revenue during 2022 -- $45,000
Cash service revenue during 2022 -- $13,000
Collections from customers on account during 2022 -- $45,000
What is the adjusting balance in the Allowance account at year-end for 2022?
A. $800
B. $900
C. $1,700
D. $1,600
C. $1,700
A journal entry would need to be made for which of the following adjustments on a
bank
reconciliation?
A. Bank service charges
B. Outstanding checks
C. Bank error to be corrected by the bank
D. Deposits in transit
A. Bank service charges
In a bank reconciliation, an outstanding check is:
A. Added to the book balance
B. Deducted from the book balance
C. Deducted from the bank balance
D. Added to the bank balance
C. Deducted from the bank
https://quizlet.com/715013006/acct-3110-boot-camp-practice-exam-flash-cards/ 4/20
Revenues are:
A. increases in retained earnings resulting from selling products or performing
services
B. decreases in liabilities resulting from paying off a loan
C. increases in paid-in capital resulting from the owners investing in the business
D. all of the above
A. increases in retained earnings resulting from selling products or performing
services
The nature of an asset is best described as:
A. something owned by a business that has a ready market value
B. something with physical form that's valued at cost in the accounting records
C. an economic resource representing cash or the right to receive cash in the future
D. an economic resource that's expected to benefit future operations
D. an economic resource that's expected to benefit future operations
During February, assets increased by $88,000 and liabilities increased by $27,000.
Stockholders' equity must have
A. increased by $115.000
B. decreased by $61,000
C. increased by $61.000
D. decreased by $115.000
C. increased by $61.000
The stockholders' equity of Merkovsky Company at the beginning and end of 2021
totaled $127,000 and $137,000, respectively. Assets at the beginning of 2021 were
$151,000. If the liabilities of Merkovsky Company increased by $67,000 in 2021, how
much were total assets at the end of 2021?
Use the accounting equation.
A. $218,000
B. $228,000
C. $74,000
D. $221,000
B. $228,000
https://quizlet.com/715013006/acct-3110-boot-camp-practice-exam-flash-cards/ 2/20
,8/11/26, 11:59 AM ACCT 3110 Boot Camp Practice Exam Flashcards | Quizlet
Carev Corporation received a four-month 5% $6,000 note receivable on March 1. The
adjusting entry on March 31 will include:
A. A debit to Interest Receivable for $300
B. A debit to Interest Receivable for $100
C. A debit to Cash for $300
D. A credit to Interest Revenue for $25
D. A credit to Interest Revenue for $25
If the adjusting entry to accrue interest on a note receivable is omitted, then:
A. Assets, net income, and stockholders' equity are understated
B. Liabilities are understated, net income is overstated, and stockholders' equity is
overstated
C. Assets are overstated, net income is understated, and stockholders' equity is
understated
D. Assets, net income, and stockholders' equity are overstated
A. Assets, net income, and stockholders' equity are understated
Neal Company had the following information in 2022
Accounts receivable 12/31/22 -- $ 7,000
Allowance for uncollectible accounts credit balance 12/31/22 (before adjustment) --
$800
Credit service revenue during 2022 -- $45,000
Cash service revenue during 2022 -- $13,000
Collections from customers on account during 2022 -- $45,000
Uncollectible accounts are determined by the percent-of-sales method to be 2% of
credit sales. How much is the uncollectible-account expense for 2022?
A. $800
B. $140
C. $1,160
D. $900
D. $900
https://quizlet.com/715013006/acct-3110-boot-camp-practice-exam-flash-cards/ 3/20
, 8/11/26, 11:59 AM ACCT 3110 Boot Camp Practice Exam Flashcards | Quizlet
Neal Company had the following information in 2022
Accounts receivable 12/31/22 -- $ 7,000
Allowance for uncollectible accounts credit balance 12/31/22 (before adjustment) --
$800
Credit service revenue during 2022 -- $45,000
Cash service revenue during 2022 -- $13,000
Collections from customers on account during 2022 -- $45,000
What is the adjusting balance in the Allowance account at year-end for 2022?
A. $800
B. $900
C. $1,700
D. $1,600
C. $1,700
A journal entry would need to be made for which of the following adjustments on a
bank
reconciliation?
A. Bank service charges
B. Outstanding checks
C. Bank error to be corrected by the bank
D. Deposits in transit
A. Bank service charges
In a bank reconciliation, an outstanding check is:
A. Added to the book balance
B. Deducted from the book balance
C. Deducted from the bank balance
D. Added to the bank balance
C. Deducted from the bank
https://quizlet.com/715013006/acct-3110-boot-camp-practice-exam-flash-cards/ 4/20
