Exam (elaborations)

ACC 101 Exam questions and answers graded 100

Rating

Sold

Pages

Grade

A+

Uploaded on

02-10-2025

Written in

2025/2026

ACC 101 Exam questions and answers graded 100

Institution

Course

Whoops! We can’t load your doc right now. Try again or contact support.

Report Copyright Violation

Written for

Institution: University Of Illinois - Chicago
Course: ACC 101

All documents for this subject (34)

Document information

Uploaded on: October 2, 2025
Number of pages: 3
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

Subjects

acc 101 exam questions and answers graded 100

Content preview

ACC 101 Exam questions and
answers graded 100%
List all 4 financial statements - ANS✅✅1. Income statement

2. Statement of retained earnings

3. Balance sheet

4. Statement of cash flows

Income statement - ANS✅✅Revenues - expenses= net income or net loss

Statement of retained earnings - ANS✅✅Beginning retained earnings +/- net income/net loss -
dividends = ending retained earnings.

Balance sheet - ANS✅✅Assets = Liabilities + equity

Statement of cash flows - ANS✅✅Operating activity +/- financing activity +/- investing activity +/-

6 accounts in a trial balance - ANS✅✅Assets

Liabilities

Equity

Revenue

Expenses

Dividends

When is revenue recorded? - ANS✅✅Revenue is recorded when it is earned

How to calculate gross profit - ANS✅✅Sales- Cost of goods sold = Gross profit

What is depreciation? - ANS✅✅Cost - Salvage Value/Useful Life

Current Ratio - ANS✅✅Current assets/Current Liabilities

$11.99

Get access to the full document:

100% satisfaction guarantee

Immediately available after payment

Both online and in PDF

No strings attached

Get to know the seller

josephattaige

Also available in package deal

Get to know the seller

josephattaige Nursing

View profile

Sold

Member since

3 months

Number of followers

Documents

1956

Last sold

0.0

0 reviews

Why students choose Stuvia

Created by fellow students, verified by reviews

Quality you can trust: written by students who passed their tests and reviewed by others who've used these notes.

Didn't get what you expected? Choose another document

No worries! You can instantly pick a different document that better fits what you're looking for.

Pay as you like, start learning right away

No subscription, no commitments. Pay the way you're used to via credit card and download your PDF document instantly.

“Bought, downloaded, and aced it. It really can be that simple.”

Alisha Student

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller josephattaige. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews) 40945 documents were sold in the last 30 days Founded in 2010, the go-to place to buy study notes for 16 years now

ACC 101 Exam questions and answers graded 100

Written for

Document information

Subjects

Content preview

Also available in package deal

Get to know the seller

Recently viewed by you

Why students choose Stuvia

Created by fellow students, verified by reviews

Didn't get what you expected? Choose another document

Pay as you like, start learning right away

Frequently asked questions

What do I get when I buy this document?

Satisfaction guarantee: how does it work?

Who am I buying these notes from?

Will I be stuck with a subscription?

Can Stuvia be trusted?