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Accounting 201 Final Exam Questions with Correct Updated Answers Update.

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balance sheet - Answer assets liabilities equity income statement - Answer revenue expense gains/losses gross profit net income/loss statement of retained earning - Answer beginning capital contributed capital ending capital statement of cash flow - Answer listing of cash inflows/outflows operating investing financing steps in accounting cycle - Answer identity journalize communicate cost principle - Answer record at cost revenue recognition - Answer revenue recognized when earned matching principle - Answer expenses and related revenue recorded in the same period adjusting entries - Answer depreciation

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Accounting 201 Final Exam Questions
with Correct Updated Answers 2025-
2026 Update.
balance sheet - Answer assets

liabilities

equity



income statement - Answer revenue

expense

gains/losses

gross profit

net income/loss



statement of retained earning - Answer beginning capital

contributed capital

ending capital



statement of cash flow - Answer listing of cash inflows/outflows

operating

investing

financing



steps in accounting cycle - Answer identity

journalize

communicate



cost principle - Answer record at cost



revenue recognition - Answer revenue recognized when earned

, accruals interest/revenue

prepaid



LIFO - Answer last in first out



FIFO - Answer first in first out



cost of goods sold - Answer beginning inventory plus net purchases minus ending inventory



gross profit - Answer sales minus cost of goods sold



perpetual - Answer ongoing



bank reconciliation - Answer adjusted bank balance

adjusted book balance



straight line depreciation - Answer cost - salvage value / estimated life



accounts receivable - Answer bad debt expense

allowance method

write off method



trading - Answer reported at Market Value after adjustment of unrealized gain or loss



help to maturity - Answer reported at cost



available for sale - Answer reported at Market Value after adjustment of unrealized gain or
loss



investments - Answer trading

held to maturity

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