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ACCY 201 FINAL EXAM 3 2026 EXAM SCRIPT TEST PAPER QUESTIONS AND SOLUTIONS GRADED A+

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ACCY 201 FINAL EXAM 3 2026 EXAM SCRIPT TEST PAPER QUESTIONS AND SOLUTIONS GRADED A+

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ACCY 201 FINAL EXAM 3 2026 EXAM SCRIPT
TEST PAPER QUESTIONS AND SOLUTIONS
GRADED A+

◉ Accounting Equation.
Answer: Assets = Liabilities + Equity


◉ Retained Earnings Formula.
Answer: Beginning Retained Earnings + Net Income − Dividends


◉ Net Income Formula.
Answer: Revenues − Expenses


◉ Equity Formula.
Answer: Contributed Capital + Retained Earnings


◉ Measurement Principle.
Answer: Assets are recorded at cost.


◉ Revenue Recognition Principle.
Answer: Revenue is recognized when earned.

, ◉ Expense Matching Principle.
Answer: Expenses are matched with revenues they help generate.


◉ Normal Balance of Assets.
Answer: Debit


◉ Normal Balance of Liabilities.
Answer: Credit


◉ Normal Balance of Equity.
Answer: Credit


◉ Prepaid Account.
Answer: Asset created when cash is paid before an expense is
incurred.


◉ Unearned Revenue.
Answer: Liability created when cash is received before revenue is
earned.


◉ Double-Entry Accounting System.

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