ACCT 301 FINAL EXAM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Source Documents
Answer:
sales invoices, bills from suppliers, and cash register tapes that relay information
to the accountant are referred to as ___________________.
Question:
2. Noncurrent liability
Answer:
a ____________ is a liability that will be satisfied in more than 1 year or operating cycle,
whichever is longer, in the future.
Question:
3. The following are items that are classified as operating
items on the income statement:
Answer:
employee salary expense, utility expense, etc.
Question:
4. Steps in the accounting process:
Answer:
Analyze the transaction
Record the transaction
Post from the journal to the general ledger
Prepare the unadjusted trial balance
Question:
5. On Oct 1, 2017, Swift Corporation received $1,200 from
customers for services to be performed evenly over the
next 12 months. Swift recorded the original transaction in
a balance sheet account.
The adjusting journal entry on Dec 31, 2017, will include
what entry?
Answer:
Debit to deferred revenue $300
QUESTIONS AND CORRECT ANSWERS
Question:
1. Source Documents
Answer:
sales invoices, bills from suppliers, and cash register tapes that relay information
to the accountant are referred to as ___________________.
Question:
2. Noncurrent liability
Answer:
a ____________ is a liability that will be satisfied in more than 1 year or operating cycle,
whichever is longer, in the future.
Question:
3. The following are items that are classified as operating
items on the income statement:
Answer:
employee salary expense, utility expense, etc.
Question:
4. Steps in the accounting process:
Answer:
Analyze the transaction
Record the transaction
Post from the journal to the general ledger
Prepare the unadjusted trial balance
Question:
5. On Oct 1, 2017, Swift Corporation received $1,200 from
customers for services to be performed evenly over the
next 12 months. Swift recorded the original transaction in
a balance sheet account.
The adjusting journal entry on Dec 31, 2017, will include
what entry?
Answer:
Debit to deferred revenue $300
