Acct 201a CSUF Hoffman Exam Questions
And Answers
Trial Balance -
correct answer ✅1. Lists accounts and their balance at a given
time
2. Mathematical equality of debits and credits after posting
3. Uncovers errors in journalizing and posting
What happens when shareholders invest in a company? -
correct answer ✅1. Stockholder's Equity increases
2. Cash increases
3. Cash Debit
4. Common Stock Credit
Monetary Unit Assumption -
correct answer ✅An assumption that requires that only those
things that can be expressed in money are included in the
accounting records.
Cost Constraint -
correct answer ✅Constraint that weighs the cost that companies
will incur to provide the information against the benefit that
financial statement users will gain from having the information
available.
, Acct 201a CSUF Hoffman Exam Questions
And Answers
Economic Entity Assumption -
correct answer ✅An assumption that every economic entity can
be separately identified and accounted for.
Going Concern Assumption -
correct answer ✅The assumption that the company will continue
in operation for the foreseeable future.
Unearned Revenue Adjustment -
correct answer ✅Advance collection:
1. Debit cash
2. Credit Unearned Revenue
Adjustment for supplies used -
correct answer ✅Debit supplies expense
Credit supplies
Periodicity Assumption -
correct answer ✅An assumption that the economic life of a
business can be divided into artificial time periods.
And Answers
Trial Balance -
correct answer ✅1. Lists accounts and their balance at a given
time
2. Mathematical equality of debits and credits after posting
3. Uncovers errors in journalizing and posting
What happens when shareholders invest in a company? -
correct answer ✅1. Stockholder's Equity increases
2. Cash increases
3. Cash Debit
4. Common Stock Credit
Monetary Unit Assumption -
correct answer ✅An assumption that requires that only those
things that can be expressed in money are included in the
accounting records.
Cost Constraint -
correct answer ✅Constraint that weighs the cost that companies
will incur to provide the information against the benefit that
financial statement users will gain from having the information
available.
, Acct 201a CSUF Hoffman Exam Questions
And Answers
Economic Entity Assumption -
correct answer ✅An assumption that every economic entity can
be separately identified and accounted for.
Going Concern Assumption -
correct answer ✅The assumption that the company will continue
in operation for the foreseeable future.
Unearned Revenue Adjustment -
correct answer ✅Advance collection:
1. Debit cash
2. Credit Unearned Revenue
Adjustment for supplies used -
correct answer ✅Debit supplies expense
Credit supplies
Periodicity Assumption -
correct answer ✅An assumption that the economic life of a
business can be divided into artificial time periods.
