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Exam (elaborations)

FINANCIAL ACCOUNTING AND REPORTING EXAM 2: QUESTIONS WITH CORRECT ANSWERS 2025

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FINANCIAL ACCOUNTING AND REPORTING EXAM 2: QUESTIONS WITH CORRECT ANSWERS 2025

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Institution
Accounting And Financial Reporting
Course
Accounting And Financial Reporting

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Uploaded on
February 21, 2025
Number of pages
10
Written in
2024/2025
Type
Exam (elaborations)
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Questions & answers

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  • financial accounting and reporting exam 2 questio

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FINANCIAL ACCOUNTING AND REPORTING
EXAM 2: QUESTIONS WITH CORRECT
ANSWERS 2025
AccrualGadjustmentsGtoGrecordGamountsGearnedGbutGnotGyetGcollectedGincludeGaG_____GcreditGtoGa(n)Gacc
ount.G-GCORRECTGANSWERG-revenue



WhichGofGtheGfollowingGlineGitemsGappearGonGaGstatementGofGstockholders'Gequity?G(CheckGallGthatGapply.
)G-GCORRECTGANSWERG-CommonGstock



NetGincome



DividendsGdeclared



RetainedGearningsGfromGtheGpriorGperiod



MatchGtheGfinancialGstatementGlineGitemGwithGtheGfinancialGstatementsGonGwhichGtheGitemGwouldGappear.



NetGincomeG-G



CashG-G



DividendsG-G



AccumulatedGdepreciationG-G



DepreciationGexpenseG-G-GCORRECTGANSWERG-
BothGtheGincomeGstatementGandGtheGstatementGofGstockholders'Gequity



BothGtheGbalanceGsheetGandGtheGstatementGofGcashGflows

, TheGstatementGofGstockholders'Gequity



TheGbalanceGsheet



TheGincomeGstatement



WhichGofGtheGfollowingGaccountsGwouldGbeGlistedGaboveGPropertyGandGequipmentG(netGofGaccumulatedGd
epreciation)GonGaGclassifiedGbalanceGsheet?G(CheckGallGthatGapply.)G-GCORRECTGANSWERG-
AccountsGReceivable



Cash



WhenGrecordingGrevenueGearnedGduringGtheGperiodGbutGnotGyetGcollected,GanGassetG______.G-
GCORRECTGANSWERG-calledGAccountsGReceivableGisGincreasedGsinceGcashGwillGbeGreceivedGinGtheGfuture




IfGtheGadjustingGentryGtoGrecordGsuppliesGusedGduringGtheGperiodGisGnotGrecorded,GthenG______.G-
GCORRECTGANSWERG-assetsGandGstockholders'GequityGwillGbeGoverstated




AdjustingGentriesGareGmadeGatGtheG_____GofGtheGaccountingGperiod,GwhileGdailyGtransactionsGareGmadeGt
hroughoutGtheGaccountingGperiod.G(EnterGoneGwordGperGblank.)G-GCORRECTGANSWERG-
BlankG1:Gend,Gclosing,GorGclose



TheGgeneralGjournal,GalsoGknownGasGtheGjournal,G______.G(CheckGallGthatGapply.)G-GCORRECTGANSWERG-
doesGnotGprovideGaccountGbalances



isGwhereGtheGeffectsGofGeachGtransactionGisGrecordedGchronologically



isGwhereGtransactionsGareGfirstGrecorded



WhyGisGanGadjustmentGnecessaryGforGinterestGaccruedGonGaGnoteGpayableGatGtheGendGofGtheGperiodGifGtheG
interestGwillGnotGbeGpaidGuntilGtheGnoteGisGdue?G(CheckGallGthatGapply.)G-GCORRECTGANSWERG-
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