Acct 201a CSUF Hoffman Exam Questions
and Answers (Solved Papers)
Trial Balance - Correct Answers ✅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 Answers ✅1. Stockholder's Equity increases
2. Cash increases
3. Cash Debit
4. Common Stock Credit
Monetary Unit Assumption - Correct Answers ✅An
assumption that requires that only those things that can be
expressed in money are included in the accounting records.
Cost Constraint - Correct Answers ✅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.
Economic Entity Assumption - Correct Answers ✅An
assumption that every economic entity can be separately
identified and accounted for.
, Acct 201a CSUF Hoffman Exam Questions
and Answers (Solved Papers)
Going Concern Assumption - Correct Answers ✅The
assumption that the company will continue in operation for
the foreseeable future.
Unearned Revenue Adjustment - Correct Answers
✅Advance collection:
1. Debit cash
2. Credit Unearned Revenue
Adjustment for supplies used - Correct Answers ✅Debit
supplies expense
Credit supplies
Periodicity Assumption - Correct Answers ✅An assumption
that the economic life of a business can be divided into
artificial time periods.
Full Disclosure Principle - Correct Answers ✅Accounting
principle that dictates that companies disclose circumstances
and events that make a difference to financial statement
users.
Revenue Recognition Principle - Correct Answers ✅The
principle that companies recognize revenue in the accounting
period in which the performance obligation is satisfied.
and Answers (Solved Papers)
Trial Balance - Correct Answers ✅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 Answers ✅1. Stockholder's Equity increases
2. Cash increases
3. Cash Debit
4. Common Stock Credit
Monetary Unit Assumption - Correct Answers ✅An
assumption that requires that only those things that can be
expressed in money are included in the accounting records.
Cost Constraint - Correct Answers ✅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.
Economic Entity Assumption - Correct Answers ✅An
assumption that every economic entity can be separately
identified and accounted for.
, Acct 201a CSUF Hoffman Exam Questions
and Answers (Solved Papers)
Going Concern Assumption - Correct Answers ✅The
assumption that the company will continue in operation for
the foreseeable future.
Unearned Revenue Adjustment - Correct Answers
✅Advance collection:
1. Debit cash
2. Credit Unearned Revenue
Adjustment for supplies used - Correct Answers ✅Debit
supplies expense
Credit supplies
Periodicity Assumption - Correct Answers ✅An assumption
that the economic life of a business can be divided into
artificial time periods.
Full Disclosure Principle - Correct Answers ✅Accounting
principle that dictates that companies disclose circumstances
and events that make a difference to financial statement
users.
Revenue Recognition Principle - Correct Answers ✅The
principle that companies recognize revenue in the accounting
period in which the performance obligation is satisfied.
