WSU ACCTG 230 COMPREHENSIVE TEST
EXAM 1 2026 QUESTIONS WITH ANSWERS
GRADED A+
◉ Assets T accounts. Answer: + debit for increases
credit for decreases -
◉ Liabilities T accounts. Answer: - debit for decreases
credit for increases +
◉ Equity T account. Answer: - debit for decreases
credit for increases +
(contributed capital, common stock and retained earnings)
◉ Expenses, Dividends and Revenue T accounts (retained earnings).
Answer: Expenses: debit +, credit -,
Revenue: debit -, credit +,
Dividends: debit +, credit -
◉ Trial Balance. Answer: a list of accounts and their balances at a
point in time
, ◉ fiscal year. Answer: one year reporting period
◉ calendar year. Answer: jan 1 - dec. 31
◉ annual financial statements. Answer: cover a one year period
◉ interim financial statements. Answer: covering one, three, or six
months of activity
◉ national business year end. Answer: when sales activities are at
their lowest level for the year
◉ accrual basis accounting. Answer: uses the adjusting process to
recognize revenues when earned and expenses when incurred
(matched with revenues)
◉ Cash basis accounting. Answer: recognizes revenues when cash is
received and records expenses when cash is paid
◉ expense recognition principle. Answer: aims to record expenses in
the same accounting period as the revenues that are earned as a
result of those expenses
EXAM 1 2026 QUESTIONS WITH ANSWERS
GRADED A+
◉ Assets T accounts. Answer: + debit for increases
credit for decreases -
◉ Liabilities T accounts. Answer: - debit for decreases
credit for increases +
◉ Equity T account. Answer: - debit for decreases
credit for increases +
(contributed capital, common stock and retained earnings)
◉ Expenses, Dividends and Revenue T accounts (retained earnings).
Answer: Expenses: debit +, credit -,
Revenue: debit -, credit +,
Dividends: debit +, credit -
◉ Trial Balance. Answer: a list of accounts and their balances at a
point in time
, ◉ fiscal year. Answer: one year reporting period
◉ calendar year. Answer: jan 1 - dec. 31
◉ annual financial statements. Answer: cover a one year period
◉ interim financial statements. Answer: covering one, three, or six
months of activity
◉ national business year end. Answer: when sales activities are at
their lowest level for the year
◉ accrual basis accounting. Answer: uses the adjusting process to
recognize revenues when earned and expenses when incurred
(matched with revenues)
◉ Cash basis accounting. Answer: recognizes revenues when cash is
received and records expenses when cash is paid
◉ expense recognition principle. Answer: aims to record expenses in
the same accounting period as the revenues that are earned as a
result of those expenses
