Accounting 1 Final Exam 2025–2026
Accurate Real Exam Questions and Verified
Correct Answers JUST RELEASED
Which of the following accounts would be shown on the post-closing trial balance?
a. Rent Expense
b. Accumulated Depreciation
c. Owner's Drawing
d. All of these would be shown - answer>>>b. Accumulated Depreciation
Bendada deposited $25,000 in a bank account in the name of the business. Which is true
regarding to the fundamental accounting equation?
a. Liabilities decrease $25000
b. Owner's Equity decreases by $25000
c. Liabilities Increase $25000
d. Assets increase $25000
e. Assets decrease $25000 - answer>>>d. Assets increase $25000
Azure Company would record its rent bill for the month, which amounts to $920, as a(n): -
answer>>>increase in expenses
Which of the following refers to any period of time covering a complete accounting cycle?
a. A fiscal period
b. A journal period
c. A matching cycle
d. A time cycle - answer>>>a. A fiscal period
T/F: The first step in analyzing a transaction is the determine what accounts are involved.
- answer>>>True
Ashley earns an hourly rate of $15 and worked 48 hours in one week. She had taxes
withheld totaling $175 and union dues deducted for $50. Assuming that Ashley receives
and overtime at a rate of 1.5 what would her net earnings be for the week? -
answer>>>$555
, Jamie's Lighting Company paid rent for the month, $2500. What are the effects on the
fundamental accounting equation? - answer>>>Assets decrease $2500; Liabilities no
effect; Owner's Equity decreases $2500
G. Wilson invested her personal computer, which had a fair market value of $5000 in her
business. The transaction would involve a: - answer>>>debit to equipment
When an owner withdraws cash from the business, it results in a decrease in: -
answer>>>Cash and Capital
To which of the following payroll taxes are employers required to contribute a matching
portion for each employee?
a. Social Security & Medicare
b. State Unemployment
c. Federal Unemployment
d. Workers' Compensation
e. All of these are correct - answer>>>a. Social Security & Medicare
The W-4 lists all of the following EXCEPT one:
a. Shows the filing status
b. Lists the employee's Social Security number
c. Lists the total wages to be earned
d. Lists the number of allowances claimed - answer>>>c. Lists the total wages to be
earned
The parties to a check are: - answer>>>a drawer, a payee, and a bank
Which of the following accounts is not adjusted?
a. Depreciation Expense
b. Prepaid Insurance
c. Wages Payable
d. Owner's Capital
e. Accumulated Depreciation - answer>>>Owner's Capital
Accurate Real Exam Questions and Verified
Correct Answers JUST RELEASED
Which of the following accounts would be shown on the post-closing trial balance?
a. Rent Expense
b. Accumulated Depreciation
c. Owner's Drawing
d. All of these would be shown - answer>>>b. Accumulated Depreciation
Bendada deposited $25,000 in a bank account in the name of the business. Which is true
regarding to the fundamental accounting equation?
a. Liabilities decrease $25000
b. Owner's Equity decreases by $25000
c. Liabilities Increase $25000
d. Assets increase $25000
e. Assets decrease $25000 - answer>>>d. Assets increase $25000
Azure Company would record its rent bill for the month, which amounts to $920, as a(n): -
answer>>>increase in expenses
Which of the following refers to any period of time covering a complete accounting cycle?
a. A fiscal period
b. A journal period
c. A matching cycle
d. A time cycle - answer>>>a. A fiscal period
T/F: The first step in analyzing a transaction is the determine what accounts are involved.
- answer>>>True
Ashley earns an hourly rate of $15 and worked 48 hours in one week. She had taxes
withheld totaling $175 and union dues deducted for $50. Assuming that Ashley receives
and overtime at a rate of 1.5 what would her net earnings be for the week? -
answer>>>$555
, Jamie's Lighting Company paid rent for the month, $2500. What are the effects on the
fundamental accounting equation? - answer>>>Assets decrease $2500; Liabilities no
effect; Owner's Equity decreases $2500
G. Wilson invested her personal computer, which had a fair market value of $5000 in her
business. The transaction would involve a: - answer>>>debit to equipment
When an owner withdraws cash from the business, it results in a decrease in: -
answer>>>Cash and Capital
To which of the following payroll taxes are employers required to contribute a matching
portion for each employee?
a. Social Security & Medicare
b. State Unemployment
c. Federal Unemployment
d. Workers' Compensation
e. All of these are correct - answer>>>a. Social Security & Medicare
The W-4 lists all of the following EXCEPT one:
a. Shows the filing status
b. Lists the employee's Social Security number
c. Lists the total wages to be earned
d. Lists the number of allowances claimed - answer>>>c. Lists the total wages to be
earned
The parties to a check are: - answer>>>a drawer, a payee, and a bank
Which of the following accounts is not adjusted?
a. Depreciation Expense
b. Prepaid Insurance
c. Wages Payable
d. Owner's Capital
e. Accumulated Depreciation - answer>>>Owner's Capital
