ACCY 201 Final Exam - Barton ACTUAL EXAM QUESTIONS WITH
accy 201 final exam barton
COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFIED) LATEST
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VERSION 2025!!
1. debit account recorded on the left side; an entry that increases asset and expense accounts, and
decreases liability, revenue, and most equity accounts
2. credit recorded on the right side; an entry that decreases asset and expense accounts
and increases liability, revenue, and most equity accounts
3. Measurement amounts are recorded at cost and usually in amounts of money
Principle (cost
principle)
4. Revenue recogni- revenue is recognized when it is earned (maganizes) and must take into account
tion principle for returns, etc.
5. expense recog- expense must be recorded when revenue is recorded
nition principle
(matching princi-
ple)
6. full disclosure company must report details in financial statements
principle
7. going-concern assume that the business will continue operating
assumption
8. monetary unit express transactions and events in terms of money
assumption
9. time period as- life of a company can be divided into periods
sumption
10. business entity business is accounted for separately than from its owner
assumption
11. internal users officers, managers, internal auditors, sales staff, budget officers, controllers
, accy 201 final exam barton
Study online at https://quizlet.com/_3ftvsr
12. external users lenders, shareholders, governments, consumer groups, external auditors, cus-
tomers
13. bank statement -add deposits in transit
balance -deduct outstanding checks
-add or deduct bank errors
14. book balance -add collections made by bank
-add interest earned on checking account
-deduct NSF checks
-deduct bank service charge
-add or deduct book errors
15. close revenue ac- move to income summary account - right side
count
16. close expense ac- move to income summary account - left side
counts
17. close income move to retained earnings
summary ac-
count
18. Income summa- temporary account used only in the closing process to which balances of revenue
ry account and expense accounts (including any gains or losses) are transferred; its balance
is transferred to the capital account (or retained earnings for a corporation)
19. merchandiser earns net income by buying and selling merchandise
20. wholesaler intermediary that buys products from a seller and then sells them to retailers
21. merchandise in- goods available and ready to be sold -- includes cost to buy goods, ship them to
ventory the store, and make them ready for sale
accy 201 final exam barton
COMPLETE SOLUTION GUIDE (A+ GRADED 100% VERIFIED) LATEST
Study online at https://quizlet.com/_3ftvsr
VERSION 2025!!
1. debit account recorded on the left side; an entry that increases asset and expense accounts, and
decreases liability, revenue, and most equity accounts
2. credit recorded on the right side; an entry that decreases asset and expense accounts
and increases liability, revenue, and most equity accounts
3. Measurement amounts are recorded at cost and usually in amounts of money
Principle (cost
principle)
4. Revenue recogni- revenue is recognized when it is earned (maganizes) and must take into account
tion principle for returns, etc.
5. expense recog- expense must be recorded when revenue is recorded
nition principle
(matching princi-
ple)
6. full disclosure company must report details in financial statements
principle
7. going-concern assume that the business will continue operating
assumption
8. monetary unit express transactions and events in terms of money
assumption
9. time period as- life of a company can be divided into periods
sumption
10. business entity business is accounted for separately than from its owner
assumption
11. internal users officers, managers, internal auditors, sales staff, budget officers, controllers
, accy 201 final exam barton
Study online at https://quizlet.com/_3ftvsr
12. external users lenders, shareholders, governments, consumer groups, external auditors, cus-
tomers
13. bank statement -add deposits in transit
balance -deduct outstanding checks
-add or deduct bank errors
14. book balance -add collections made by bank
-add interest earned on checking account
-deduct NSF checks
-deduct bank service charge
-add or deduct book errors
15. close revenue ac- move to income summary account - right side
count
16. close expense ac- move to income summary account - left side
counts
17. close income move to retained earnings
summary ac-
count
18. Income summa- temporary account used only in the closing process to which balances of revenue
ry account and expense accounts (including any gains or losses) are transferred; its balance
is transferred to the capital account (or retained earnings for a corporation)
19. merchandiser earns net income by buying and selling merchandise
20. wholesaler intermediary that buys products from a seller and then sells them to retailers
21. merchandise in- goods available and ready to be sold -- includes cost to buy goods, ship them to
ventory the store, and make them ready for sale
