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ACCOUNTING 211 - CH 1 SB QUESTIONS AND CORRECT ANSWERS

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ACCOUNTING 211 - CH 1 SB QUESTIONS AND CORRECT ANSWERS

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Institution: CGFO
Module: CGFO

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Uploaded on: November 28, 2025
Number of pages: 6
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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accounting 211 ch 1 sb questions and correct ans

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ACCOUNTING 211 - CH 1 SB
QUESTIONS AND CORRECT
ANSWERS
PayingA2administrativeA2salariesA2withA2cashA2affectsA2whichA2ofA2theA2followingA2financial
A2statements?A2

IncomeA2statement
TotalA2stockholders'A2equityA2onA2theA2balanceA2sheet
TotalA2assetsA2onA2theA2balanceA2sheet
TotalA2liabilitiesA2onA2theA2balanceA2sheetA2-A2Ans--IncomeA2statement
TotalA2stockholders'A2equityA2onA2theA2balanceA2sheet
TotalA2assetsA2onA2theA2balanceA2sheet

SellingA2inventoryA2forA2cashA2resultsA2inA2whichA2ofA2theA2following?
A2AssumeA2inventoryA2isA2soldA2forA2moreA2thanA2itA2costA2toA2produce

IncreasesA2liabilities.
TheA2transactionA2doesA2notA2affectA2netA2income.
TheA2transactionA2doesA2notA2affectA2totalA2assets.
TheA2transactionA2doesA2notA2affectA2liabilities.
IncreasesA2netA2income.
DecreasesA2liabilities.
DecreasesA2netA2income.
TheA2transactionA2doesA2notA2affectA2stockholders'A2equity.
DecreasesA2inventory.
IncreasesA2stockholders'A2equity.
IncreasesA2cash.
DecreasesA2stockholders'A2equity.A2-A2Ans--
TheA2transactionA2doesA2notA2affectA2liabilities.
IncreasesA2netA2income.
DecreasesA2inventory.
IncreasesA2stockholders'A2equity.
IncreasesA2cash.
IncreasesA2totalA2assets.

IndirectA2costsA2___

shouldA2beA2expensedA2immediately
areA2notA2usedA2toA2produceA2products
cannotA2beA2cost-effectivelyA2tracedA2toA2productsA2-A2Ans--cannotA2beA2cost-
effectivelyA2tracedA2toA2products

, IfA2upstreamA2orA2downstreamA2costsA2areA2notA2includedA2inA2determiningA2theA2costA2ofA
2products,A2productsA2willA2beA2___

overcosted
appropriatelyA2costed
undercostedA2-A2Ans--undercosted

CostsA2incurredA2inA2theA2processA2ofA2makingA2products,A2includingA2directA2materials,A2
directA2laborA2andA2manufacturingA2overheadA2areA2__A2costs.

downstream
midstream
upstreamA2-A2Ans--midstream

AA2hospitalA2isA2anA2exampleA2ofA2aA2___A2company.

service
manufacturing
merchandisingA2-A2Ans--service

PayingA2administrativeA2salariesA2withA2cashA2resultsA2inA2whichA2ofA2theA2following?A2

TheA2transactionA2doesA2notA2affectA2stockholders'A2equity.
IncreasesA2stockholders'A2equity.
TheA2transactionA2doesA2notA2affectA2netA2income.
DecreasesA2totalA2assets.
incorrect
DecreasesA2liabilities.
IncreasesA2netA2income.
DecreasesA2stockholders'A2equity.
IncreasesA2totalA2assets.
DecreasesA2netA2income.
IncreasesA2liabilities.
TheA2transactionA2doesA2notA2affectA2liabilities.
TheA2transactionA2doesA2notA2affectA2totalA2assets.A2-A2Ans--DecreasesA2totalA2assets.
DecreasesA2stockholders'A2equity.
DecreasesA2netA2income.
TheA2transactionA2doesA2notA2affectA2liabilities.

SellingA2inventoryA2forA2cashA2affectsA2whichA2ofA2theA2followingA2financialA2statements?
A2AssumeA2inventoryA2isA2soldA2forA2moreA2thanA2itA2costA2toA2produce.

TotalA2stockholders'A2equityA2onA2theA2balanceA2sheet
IncomeA2statement
TotalA2liabilitiesA2onA2theA2balanceA2sheet

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ACCOUNTING 211 - CH 1 SB QUESTIONS AND CORRECT ANSWERS

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