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ACC-101 PRACTICE Final Exam C Question and Answers Updated 2026

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ACC-101 PRACTICE Final Exam C Question and Answers Updated 2026

Institution

Accounting 101

Course

Accounting 101

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ACC-101 PRACTICE Final Exam
C Question and Answers
Updated 2026
PublicBcorporationsBmustBfileBfinancialBstatementsBwithBtheB-
BAnswerBSecuritiesBandBExchangeBCommissionB(SEC)

AdheringBtoBgenerallyBacceptedBaccountingBprinciples,BaBcompanyBshouldBreportBtotal
BassetsBandBtotalBliabilitiesBonBtheB-BAnswerBbalanceBsheet

BobBBertolucci,BownerBofBBob'sBBazaar,BalsoBownsBaBpersonalBresidenceBthatBcostsB$
575,000.BTheBmarketBvalueBofBhisBresidenceBisB$725,000.BDuringBpreparationBofBtheB
financialBstatementsBforBBob'sBBazaar,BtheBaccountingBprincipleBthatBdisallowsBtheBpre
sentationBofBpersonalBresidenceBonBtheBcompany'sBbalanceBsheetBisBtheB-
BAnswerBconceptBofBtheBbusinessBentity

ABtransactionBcausedBanB$60,000BincreaseBinBbothBtotalBassetsBandBtotalBliabilities.BT
hisBtransactionBcouldBhaveBbeenBwhichBofBtheBfollowing?B-
BAnswerBPurchaseBofBofficeBequipmentBforB$120,000,BpayingB$60,000BcashBandBissui
ngBaBnoteBpayableBforBtheBbalance.

DuringBtheBcurrentByear,BtheBassetsBofBWheatley'sBincreasedBbyB$362,000,BandBtheBli
abilitiesBincreasedBbyB$260,000.BTheBowners'BequityBinBtheBbusinessBmustBhaveB-
BAnswerBincreasedBbyB$102,000

TheBfollowingBtransactionsBoccurredBduringBMarch,BtheBfirstBmonthBofBoperationsBfor
BHunterBProducts,BIncorporated

CapitalBstockBwasBissuedBinBexchangeBforB$360,000Bcash

PurchasedB$180,000BofBequipmentBbyBmakingBaB$60,000BcashBdownBpaymentBandBsi
gningBaBnoteBpayableBforBtheBbalance

MadeBaB$35,000BcashBpaymentBonBtheBnoteBpayableBfromBtheBpurchaseBofBequipme
nt

, SoldBaBpieceBofBequipmentBforBcashBofB$18,000.BTheBequipmentBwasBsoldBatBcost,Bs
oBthereBisBnoBgainBorBlossBonBtheBsale

WhatBisBtheBbalanceBinBtheBCashBaccountBatBtheBendBofBMarch?B-
BAnswerB$283,000;BReviewBCalculatingBbalanceBinBCashBaccount

TheBfollowingBtransactionsBoccurredBduringBMay,BtheBfirstBmonthBofBoperationsBforBQ
ualityBGalleries,BIncorporated

IssuedB50,000BsharesBofBcapitalBstockBtoBtheBownersBofBtheBcorporationBinBexchange
BforB$600,000Bcash

PurchasedBaBpieceBofBlandBforB$400,000,BmakingBaB$150,000BcashBdownBpaymentBa
ndBsigningBaBnoteBpayableBforBtheBbalance

MadeBaB$60,000BcashBpaymentBonBtheBnoteBpayableBfromBtheBpurchaseBofBland

PurchasedBequipmentBonBcreditBfromBBBW,BIncorporatedBforB$63,000

WhatBareBtheBtotalBassetsBofBQualityBGalleriesBatBtheBendBofBMay?B-
BAnswerB$853,000

SallyBSmithBhadBexpensesBofB$800BinBJuneBwhichBsheBpaidBinBJuly.BSheBreportedBthe
seBexpensesBonBherBJuneBincomeBstatement.BByBdoingBthis,BsheBisBfollowingBtheBacc
ountingBprincipleBofB-BAnswerBmatching

ABjournalBentryBtoBrecognizeBtheBcollectionBofBanBaccountsBreceivableBmustBincludeB
aB-BAnswerBcreditBtoBAccountsBReceivable

WhichBofBtheBfollowingBstatementsBconcerningBmaterialityBisBtrue?B-
BAnswerBImmaterialBitemsBshouldBbeBhandledBinBtheBmostBexpedientBmanner,BevenB
ifBresultingBfinancialBstatementsBareBnotBcompletelyBprecise.

Paddle,BIncorporatedBpurchasedBequipmentBforB$14,760BonBJanuaryB1,BYearB1.BTheBe
quipmentBhasBaBusefulBlifeBofB3Byears.BHowBmuchBdepreciationBexpenseBshouldBPad
dleBrecognizeBonBitsBincomeBstatementBforBYearB1?B-
BAnswerB$4,920B[B$14,760/36BmonthsB*B12BmonthsB(becauseBequipmentBwasBpurch
asedBinBFebruary)B]

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ACC-101 PRACTICE Final Exam C Question and Answers Updated 2026

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