ACC 311 Exam 1 Complete Questions And Answers |
Verified
1. Accounting Equation Assets = Liabilities + Stockholders'
Equity
2. For Sony TV Company, sale of Land owned by sale of an asset that may result
in
8. True or False: Rental
income received in
3. Material received by manufacturers and ad- vance is a
not paid for leads to: Liability.
4. The Income Statement accounts
should be closed at
5. True or False: A collection related to a
credit sale, that is received
subsequently, leads to an increase in
Assets.
6. A payment made in advance of
incurring an expense is:
7. What is the correct sequence of
Accounting for transactions in a
period?
1/
15
, ACC 311 Exam 1 Complete Questions And Answers |
Verified
1) Record Journal Entries
2) Post JEs to T-accounts
3) Calculate Ending balance and
total for accounts
4) Prepare Trial
Balance True
9. increases; decreases
2/
15
Verified
1. Accounting Equation Assets = Liabilities + Stockholders'
Equity
2. For Sony TV Company, sale of Land owned by sale of an asset that may result
in
8. True or False: Rental
income received in
3. Material received by manufacturers and ad- vance is a
not paid for leads to: Liability.
4. The Income Statement accounts
should be closed at
5. True or False: A collection related to a
credit sale, that is received
subsequently, leads to an increase in
Assets.
6. A payment made in advance of
incurring an expense is:
7. What is the correct sequence of
Accounting for transactions in a
period?
1/
15
, ACC 311 Exam 1 Complete Questions And Answers |
Verified
1) Record Journal Entries
2) Post JEs to T-accounts
3) Calculate Ending balance and
total for accounts
4) Prepare Trial
Balance True
9. increases; decreases
2/
15
