ACG 2025 EXAM 1 PATTERSON
QUESTIONS AND ANSWERS 100%
CORRECT.
, Which financial statement would CASH accounts and balances be reported? -
ANSWERBalance Sheet and Cash Flows Statement
Which financial statement would REVENUE accounts and balances be reported? -
ANSWERIncome statement
Which financial statement would RETAINED EARNING accounts and balances be
reported? - ANSWERStatement of Stockholders equity and balance sheet
Which financial statement would DIVIDEND accounts and balances be reported? -
ANSWERCash flow statement and Statement of Stockholders' equity
Which financial statement would ACOUNTS PAYABLE accounts and balances be
reported? - ANSWERBalance Sheet
Which financial statement would UNEARNED REVENUE accounts and balances be
reported? - ANSWERBalance Sheet
Which financial statement would COST OF GOODS SOLD accounts and balances be
reported? - ANSWERIncome Statement and Balance Sheet
Which financial statement would INVENTORY accounts and balances be reported? -
ANSWERInventory is not recorded on the financial statements.
Which financial statement would COMMON STOCK accounts and balances be
reported? - ANSWERStatement of Stockholders Equity and Balance Sheet
Classify ACOUNTS PAYABLE by current asset, long-term investment, property, plant &
equipment, intangible asset, current liability, long-term liability, equity, revenue, and
expense - ANSWERCurrent Liability
HINT: Its on record that you['re going to pay it, but you haven't paid it yet, therefore its a
current liability.
Classify PATENTS by current asset, long-term investment, property, plant & equipment,
intangible asset, current liability, long-term liability, equity, revenue, and expense -
ANSWERIntangible Assets
Companies with a lot of intangible assets have low debt to asset ratios. They rely on
EQUITY rather than LOANS
HINT: Non-physical. but identifiable.
EX: Trademarks
QUESTIONS AND ANSWERS 100%
CORRECT.
, Which financial statement would CASH accounts and balances be reported? -
ANSWERBalance Sheet and Cash Flows Statement
Which financial statement would REVENUE accounts and balances be reported? -
ANSWERIncome statement
Which financial statement would RETAINED EARNING accounts and balances be
reported? - ANSWERStatement of Stockholders equity and balance sheet
Which financial statement would DIVIDEND accounts and balances be reported? -
ANSWERCash flow statement and Statement of Stockholders' equity
Which financial statement would ACOUNTS PAYABLE accounts and balances be
reported? - ANSWERBalance Sheet
Which financial statement would UNEARNED REVENUE accounts and balances be
reported? - ANSWERBalance Sheet
Which financial statement would COST OF GOODS SOLD accounts and balances be
reported? - ANSWERIncome Statement and Balance Sheet
Which financial statement would INVENTORY accounts and balances be reported? -
ANSWERInventory is not recorded on the financial statements.
Which financial statement would COMMON STOCK accounts and balances be
reported? - ANSWERStatement of Stockholders Equity and Balance Sheet
Classify ACOUNTS PAYABLE by current asset, long-term investment, property, plant &
equipment, intangible asset, current liability, long-term liability, equity, revenue, and
expense - ANSWERCurrent Liability
HINT: Its on record that you['re going to pay it, but you haven't paid it yet, therefore its a
current liability.
Classify PATENTS by current asset, long-term investment, property, plant & equipment,
intangible asset, current liability, long-term liability, equity, revenue, and expense -
ANSWERIntangible Assets
Companies with a lot of intangible assets have low debt to asset ratios. They rely on
EQUITY rather than LOANS
HINT: Non-physical. but identifiable.
EX: Trademarks
