ACG 2025- FINAL EXAM REVIEW
QUESTIONS & ANSWERS RATED 100%
CORRECT!!
1 of
113
Term
Which of the following is not an accounting assumption?
Give this one a try later!
Authentication Expense
Availability Integrity
, Don't know?
2 of 113
Term
Which of the following is not reported as a financing
activity in the statement of cash flows?
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borrowing money paying employees
paying dividends buying equipment
Don't know?
3 of 113
Term
When an uncollectible account is recovered after it has been
written off, two journal entries are recorded. Which of the
following accounts will be debited in these two journal
entries?
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, First Expenses And First Inventory And second
second Retained Sales Revenue
Earnings
First Accounts Receivable First Cash And second
and second Cash Accounts Payable
Don't know?
4 of 113
Term
Which one of the following control activities is
relevant when a company uses a computerized (rather
than manual) accounting system?
Give this one a try later!
-Establishment of
responsibility
-Segregation of to eliminate the need for an
duties independent auditor
-Independent
internal verification
Journalize the transactions,
financial performance
measures journalize the adjusting entries,
journalize the closing entries.
Don't know?
, 5 of 113
Term
If an previously unrecorded expense is paid with cash
then recording the transaction will
Give this one a try later!
increase expenses decrease expenses and increase
and decrease assets
liabilities
decrease assets and increase liabilities and
increase revenue decrease equity
Don't know?
6 of 113
Term
When is a receivable recorded by a merchandiser?
Give this one a try later!
When the merchandise is When the order for the
received from the supplier. merchandise is placed.
At the time of payment At the point of sale of the
for the merchandise. merchandise on account.
QUESTIONS & ANSWERS RATED 100%
CORRECT!!
1 of
113
Term
Which of the following is not an accounting assumption?
Give this one a try later!
Authentication Expense
Availability Integrity
, Don't know?
2 of 113
Term
Which of the following is not reported as a financing
activity in the statement of cash flows?
Give this one a try later!
borrowing money paying employees
paying dividends buying equipment
Don't know?
3 of 113
Term
When an uncollectible account is recovered after it has been
written off, two journal entries are recorded. Which of the
following accounts will be debited in these two journal
entries?
Give this one a try later!
, First Expenses And First Inventory And second
second Retained Sales Revenue
Earnings
First Accounts Receivable First Cash And second
and second Cash Accounts Payable
Don't know?
4 of 113
Term
Which one of the following control activities is
relevant when a company uses a computerized (rather
than manual) accounting system?
Give this one a try later!
-Establishment of
responsibility
-Segregation of to eliminate the need for an
duties independent auditor
-Independent
internal verification
Journalize the transactions,
financial performance
measures journalize the adjusting entries,
journalize the closing entries.
Don't know?
, 5 of 113
Term
If an previously unrecorded expense is paid with cash
then recording the transaction will
Give this one a try later!
increase expenses decrease expenses and increase
and decrease assets
liabilities
decrease assets and increase liabilities and
increase revenue decrease equity
Don't know?
6 of 113
Term
When is a receivable recorded by a merchandiser?
Give this one a try later!
When the merchandise is When the order for the
received from the supplier. merchandise is placed.
At the time of payment At the point of sale of the
for the merchandise. merchandise on account.
