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ACC Exam 3 Study Guide Questions and Answers.
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ACC Exam 3StudyGuideQuestionsand 
Answers. 
True or False: Different types of current assets are equally liquid. - Correct Answer False 
Which of the following is an example of a quick asset? 
land 
current investments 
inventory 
cash 
prepaid rent 
accounts receivable - Correct Answer current investments 
cash 
accounts receivable 
True or False: Companies prefer that their working capital is a positive amount rather than 
a negative amount. - Correct An
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ACC Exam 3 Questions With Correct Answers
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ACC Exam 3 Questions With Correct Answers
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ACC EXAM 3 QUESTIONS WITH ACTUAL ANSWERS GRADED A+
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ACC EXAM 3 QUESTIONS WITH ACTUAL ANSWERS GRADED A+
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BROWN Exam Package Deal Questions and Answers 100% Solved
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BROWN Exam Package Deal Questions and Answers 100% Solved
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Kristyn Brown ACC Final Exam Study Guide Questions and Answers 100% Solved
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Kristyn Brown ACC Final Exam Study 
Guide Questions and Answers 100% 
Solved 
Economic theory predicts that people make choices in a manner that - 
makes them better off 
The rationality assumption states that - people do not intentionally make 
decisions that would leave them worse off. 
Economists assume that people are motivated by - self-interest. 
Which of the following is a positive statement? - When tax revenues are 
less than government spending there is a budget deficit. 
Which of the f...
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ACC EXAM 1 PART 2 QUESTIONS & ANSWERS 2024/2025
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ACC EXAM 1 PART 2 QUESTIONS & ANSWERS 2024/2025 
 
 
Standard Categories Assets - ANSWERS1. current assets 
2. long term investments 
3. property, plans and equipment 
4. intangible assets 
 
current assets order of liquidity - ANSWERS1. cash 
2. debt investments 
3. accounts receivable 
4. inventory 
5. supplies 
6. prepaid insurance 
 
long term assets order - ANSWERS1. long term investments 
2. PPE 
3. intangible assets 
 
Working Capital - ANSWERScurrent assets - current liabilities 
 
Curre...
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Acc final exam review questions & answers 2024/2025
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Acc final exam review questions & answers 2024/2025 
 
 
Credit fee - ANSWERSsales made on credit by a service business (not yet made the sale) 
 
Income Statement - ANSWERSA financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time. 
 
revenue - ANSWERSan inflow in assets or reduction of liabilities that then leads to an increase in owner's equities excluding capital contribution 
 
expenses - ANSWERSa decrease in...
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Acc exam 1 questions with complete solutions 2024/2025
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Acc exam 1 questions with complete solutions 2024/2025 
 
 
A balance sheet... - ANSWERSdescribes the financial situation of a company at a specific point in time 
 
An income statement... - ANSWERSis a summary of all of the revenues minus all of the expenses for an accounting period 
 
Wok N Roll, Inc. shows $300,000 of assets and $60,000 of shareholders' equity on its balance sheet. Liabilities must equal... - ANSWERS$240,000 
 
On March 1, Team Shirts had a beginning balance in retained ea...
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ACC Test 2 Questions & Answers 2024/2025
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ACC Test 2 Questions & Answers 2024/2025 
 
 
A cash equivalent is a - ANSWERShighly liquid investment that has a maturity date no longer than three months from its original purchase date 
 
Which procedure has the greatest chance of leading to errors or fraud? 
 
a. 
The company deposits checks and cash on hand into its bank account daily. 
b. 
The company permits the employees who collect cash from customers (ex. cashiers) to also record the cash receipts into the accounting system. 
c. 
The c...
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ACC Exam 1 Questions with 100% Correct Answers 2024/2025
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ACC Exam 1 Questions with 100% Correct Answers 2024/2025 
 
 
Income Statement Equation - ANSWERSRevenues-expenses+gains-losses= net income 
 
Revenues - ANSWERSincreases in assets or a decrease in a liability 
(sales) 
 
Expenses - ANSWERSdecreases in assets or an increase in a liability from ongoing operations 
assets that were used to gain that periods revenue 
 
Gains - ANSWERSnot from the primary operation of the business 
are similar to revenue but they are from peripheral transactions 
...
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