Principles of Accounting Final exam 2026 Questions with Correct/ Verified Answers (Graded A+) Latest Updated!!

Principles of Accounting Final
exam 2026 Questions with Correct/
Verified Answers (Graded A+)
Latest Updated!!
TheGMatchingGprincipleGinGaccountingGrequiresGtheGmatchingGof:

A:GRevenueGearnedGwithGtheGexpensesGincurredGtoGproduceGrevenue

B:GRevenueGearnedGwithGtheGliabilitiesGusedGtoGproduceGtheGrevenue

C:GRevenueGearnedGwithGtheGassetsGusedGtoGproduceGtheGrevenueG

D:GRevenueGearnedGwithGtheGassetsGusedGlessGtheGliabilitiesGincurred.G-GCORRECTGANSWER-a



WhichGofGtheGfollowingGbestGdefinesGaGfiscalGyear?

A:GTheGfinalG12GmonthGperiodGinGtheGlifeGofGaGbusiness

B:GAnyGconsecutiveG12GmonthGperiodGthatGaGbusinessGadoptsGasGitsGaccountingGyear

C:GTheGfirstG12GmonthGperiodGinGtheGlifeGofGaGbusiness

D:GTheG12GmonthGperiodGfromGJanuaryGthroughGDecemberG-GCORRECTGANSWER-B



TotalGrevenuesGofG6,500,GtotalGexpensesGofG3,500GandGdividendsGofG500GwereGrecordedGforGtheGmonth.G
WhatGasGtheGnetGincomeGforGthisGtimeGperiod?G

A:G3,500

B:G3,000

C:G2,500

D:G6,000G-GCORRECTGANSWER-B



WhichGofGtheGfollowingGaccountsGdoesGnoGtoGontoGtheGincomeGstatement?

A:GSalesGRevenue

B:GRentGexpenseG

C:GInsuranceGexpenseG

,D:GunearnedGrevenueG-GCORRECTGANSWER-D



TheGunadjustedGtrialGbalanceGforGaGprepaidGrentGshowsGaG12,000Gbalance.GAtGtheGendGofGthisGperiod,G7,0
00GrentGhasGbeenGused.GTheGadjustedGtrialGbalanceGforGprepaidGrentGshowsGwhatGbalance?

A:G7,000GDebit

B:G5,000GDebit

C:G5,000GcreditG

D:G7,000GCreditG-GCORRECTGANSWER-B



AGcompanyGboughtGaGtwoGyearGinsuranceGpolicyGonGAug.G1stGforG150GperGmonth.GNoGadjustmentsGhaveGb
eenGmadeGsinceGthen.GWhatGisGtheGadjustingGentryGofGDec.G31GofGthisGyear?

A:GDebitGprepaidGinsuranceG150,GCreditGinsuranceGexpenseG150

B:GDebitGinsuranceGexpenseG750,GcreditGprepaidGinsuranceG750

C:GDebitGinsuranceGexpenseG150,GcreditGprepaidGinsuranceG150

D:GdebitGprepaidGinsuranceG750,GcreditGinsuranceGexpenseG750G-GCORRECTGANSWER-B



OnGtheGunadjustedGtrialGbalance,GwhichGaccountsGshouldGhaveGhaveGtheirGbalanceGlistedGinGtheGdebitGcol
umn?

A:GLiabilities,Grevenue,GcommonGstock

B:GAssets,Gdividends,GandGexpenses

C:GAssets,Grevenues,GandGdividendsG

D:GLiabilities,Grevenues,GandGdividendsG-GCORRECTGANSWER-B



WhichGofGtheGfollowingGisGaGtrueGstatementGregardingGtheGunearnedGrevenueGaccount?G

A:GUnearnedGrevenueGisGaccruedGasGtheGbusinessGprovidesGgoodsGorGservicesG

B:GunearnedGrevenueGisGexpensedGasGtheGbusinessGprovidesGgoodsGorGservicesG

C:GUnearnedGrevenueGdecreasesGasGtheGbusinessGprovidesGgoodsGorGservices

D:GunearnedGrevenueGincreasesGasGtheGbusinessGprovidesGgoodsGorGservicesG-GCORRECTGANSWER-C

, TheGaccountGcashGhadGaGbeginningGbalanceGofGzeroGandGtheGfollowingGchanges:GincreaseGofG250,Gdecreas
eGofG75,GincreaseGofG113,GandGaGdecreaseGofG35.GTheGendingGbalanceGisGa:G

A:GCreditGbalanceGofG253

B:GDebitGbalanceGofG253

C:GdebitGbalanceGofG363

D:GcreditGbalanceGofG110G-GCORRECTGANSWER-B



TheGgeneralGledgerGisGarrangedGinGwhatGorder?G

A:GChronological

B:GnormalGcreditGbalanceGaccountsGfirstG

C:GalphabeticalGorderGofGtheGaccountGnames

D:GaccountGorderG-GCORRECTGANSWER-D



JillGinvestedG25,000GinGherGbusiness.GtheGjournalGentryG(forGtheGbusiness)GwouldGincludeGa:

A:GcreditGcashGforG25,000GandGaGdebitGtoGcommonGstockGforG25,000

B:GDebitGcashGforG25,000GandGaGcreditGtoGdividendsGforG25,000

C:GdebitGtoGcashGforG25,000GandGaGcreditGtoGcommonGstockGforG25,000

D:GcreditGtoGcashGforG25,000GandGaGdebitGtoGdividendsGforG25,000G-GCORRECTGANSWER-C



WhatGisGtheGbasicGaccountGequation?

A:GRevenueGminusGexpensesGequalGnetGincome

B:GDebitsGequalGcredits

C:GAssetsGequalGliabilitiesGplusGownersGequityG

D:GBeginningGretainedGearningsGplusGnetGincomeGminusGdividendsGequalsGendingGretainedGearningsG-
GCORRECTGANSWER-C




Respectively,Gcash,GrentGexpense,GandGaccountsGpayableGare:

A:GAllGpermanentGaccounts

B:Gpermanent,Gtemporary,GandGtemporaryGaccounts