1
ACS 2000 FINAL EXAM QUESTIONS AND CORRECT
ANSWERS 2024/2025 GRADED A+.
Universal Classification of Accounting - (ANSWER)assets --> liabilities -->
stockholders and equity --> dividends --> revenue --> expenses
assets - (ANSWER)something owned and controlled by the company. You cannot
have more than what you have
Journal Entries of Assets - (ANSWER)increase by debit
decrease by credit
normal balance: debit
Assets include - (ANSWER)cash, accounts receivable, supplies, plant equipment,
furniture, fixtures, prepaid
Liabilities - (ANSWER)something the company owes to someone else. it is
external and definitive. Paid out with cash
Journal Entries of Liability - (ANSWER)increase by credit
decrease by debit
normal balance is credit
Liabilities consist of - (ANSWER)account payable, unearned revenue
, 2
Stockholders and Equity - (ANSWER)what the corporation owes to the
shareholders. Corporation is separate and distinct from the shareholders. It is a
internal liability to stockholders.
Journal Entries of Stockholders and Equity - (ANSWER)increase by credit
decrease by debit
normal balance is credit
Stockholders and Equity consists of: - (ANSWER)common stock and retained
earnings
Divdends - (ANSWER)what the corporation owes the shareholders and is
returned to them. Opposite of retained earnings
Journal Entries of Dividencs - (ANSWER)increase by debit
decrease by credit
normal balance is debit
revenues - (ANSWER)reflect the goods or services that are sold by the company
for what they're in business to do. Record when service has been fully provided
journal entry for revenue - (ANSWER)increase by credit
, 3
decrease by debit
normal balance is credit
expenses - (ANSWER)a used up cost. An asset that is used up.
expenses consist of - (ANSWER)salaries, bills, rent
journal entries for expenses - (ANSWER)increase by debit
decrease by credit
normal balance is debit
Journalize - (ANSWER)the recording of the monetary realized transaction where
debit must always proceed credit. Debit must always equal credit
General Journal - (ANSWER)a journal is a book of orginal entry
Posting to ledger - (ANSWER)transfer of account and account balances from
journal to ledger, with the use of t-accounts or balance column account
ledger - (ANSWER)book of final entry. Must be put into the order of universal
classification of accounting and the transactions should always come to each
accounts balance.
ACS 2000 FINAL EXAM QUESTIONS AND CORRECT
ANSWERS 2024/2025 GRADED A+.
Universal Classification of Accounting - (ANSWER)assets --> liabilities -->
stockholders and equity --> dividends --> revenue --> expenses
assets - (ANSWER)something owned and controlled by the company. You cannot
have more than what you have
Journal Entries of Assets - (ANSWER)increase by debit
decrease by credit
normal balance: debit
Assets include - (ANSWER)cash, accounts receivable, supplies, plant equipment,
furniture, fixtures, prepaid
Liabilities - (ANSWER)something the company owes to someone else. it is
external and definitive. Paid out with cash
Journal Entries of Liability - (ANSWER)increase by credit
decrease by debit
normal balance is credit
Liabilities consist of - (ANSWER)account payable, unearned revenue
, 2
Stockholders and Equity - (ANSWER)what the corporation owes to the
shareholders. Corporation is separate and distinct from the shareholders. It is a
internal liability to stockholders.
Journal Entries of Stockholders and Equity - (ANSWER)increase by credit
decrease by debit
normal balance is credit
Stockholders and Equity consists of: - (ANSWER)common stock and retained
earnings
Divdends - (ANSWER)what the corporation owes the shareholders and is
returned to them. Opposite of retained earnings
Journal Entries of Dividencs - (ANSWER)increase by debit
decrease by credit
normal balance is debit
revenues - (ANSWER)reflect the goods or services that are sold by the company
for what they're in business to do. Record when service has been fully provided
journal entry for revenue - (ANSWER)increase by credit
, 3
decrease by debit
normal balance is credit
expenses - (ANSWER)a used up cost. An asset that is used up.
expenses consist of - (ANSWER)salaries, bills, rent
journal entries for expenses - (ANSWER)increase by debit
decrease by credit
normal balance is debit
Journalize - (ANSWER)the recording of the monetary realized transaction where
debit must always proceed credit. Debit must always equal credit
General Journal - (ANSWER)a journal is a book of orginal entry
Posting to ledger - (ANSWER)transfer of account and account balances from
journal to ledger, with the use of t-accounts or balance column account
ledger - (ANSWER)book of final entry. Must be put into the order of universal
classification of accounting and the transactions should always come to each
accounts balance.
