Acc 231 Questions with complete
solution 2025/2026
a disadvantage of general partnership is: - correct answer ✔each partner may conduct business in the
name of the entity and make agreements that legally bind all partners
the principle stating that assets acquired by the business should be recorded at their actual cost on the
date of purchase is - correct answer ✔historical cost
a net loss occurs when - correct answer ✔total expenses and losses exceed total revenues and gains
an investor, wishing to assess the reasons for a change in retained earnings over a period of a year,
would probably examine the - correct answer ✔statement of retained earnings
net income is computed as - correct answer ✔Revenues - Expenses
company A received cash and issued stock to a new stockholder. in recording this transaction - correct
answer ✔cash would be debited
a company completed the following transactions during the month of October
1. purchased office supplies on account $5400
2.provided services for cash $21000
3.provided services on account $36000
4.collected cash from a customer on account $29000
5.paid the monthly rent of $4600
-what was the companies total revenue for the month?
-what was the companies net income?
solution 2025/2026
a disadvantage of general partnership is: - correct answer ✔each partner may conduct business in the
name of the entity and make agreements that legally bind all partners
the principle stating that assets acquired by the business should be recorded at their actual cost on the
date of purchase is - correct answer ✔historical cost
a net loss occurs when - correct answer ✔total expenses and losses exceed total revenues and gains
an investor, wishing to assess the reasons for a change in retained earnings over a period of a year,
would probably examine the - correct answer ✔statement of retained earnings
net income is computed as - correct answer ✔Revenues - Expenses
company A received cash and issued stock to a new stockholder. in recording this transaction - correct
answer ✔cash would be debited
a company completed the following transactions during the month of October
1. purchased office supplies on account $5400
2.provided services for cash $21000
3.provided services on account $36000
4.collected cash from a customer on account $29000
5.paid the monthly rent of $4600
-what was the companies total revenue for the month?
-what was the companies net income?
