ACC 201 Final Exam: Financial Statements,
Transactions, and Accounting Principles
Questions and Correct Answers
What is the total number of questions on the ACC 201 final exam?
80 multiple choice questions
What is the total point value of the ACC 201 final exam?
200 points
What are the three categories of the Statement of Cash Flows?
Operating, Investing, and Financing activities
What is the accounting equation?
Assets = Liabilities + Stockholders' Equity
If liabilities increased by $5 and Stockholders' Equity decreased by $2, what is the
impact on assets?
Assets increased by $3
What is recorded when a customer purchases a gift card?
Deferred revenue is recorded on January 15th.
What is recorded when a gift card is used?
Sales revenue is recorded on February 2nd.
What is the journal entry when a corporation purchases an asset by signing a note
payable?
, Dr. Asset; Cr. Note Payable
What accounts have a normal debit balance?
Dividends, Expense, Assets
What accounts have a normal credit balance?
Liabilities, Owners' Equity, Revenue
In what order should financial statements be prepared?
Income Statement, Statement of Stockholders' Equity, Balance Sheet
What is the impact on Big Five's accounting equation when a customer pays for a ping
pong table on account?
Cash goes up; A/R goes down; No net impact on the accounting equation.
What effect does the recording of revenue have on the accounting equation?
Stockholders' equity is increased.
What effect does the recording of an expense have on the accounting equation?
Stockholders' equity is decreased.
What are Operating Activities?
Day-to-day cash flows from running the business.
What are Investing Activities?
Cash flows from buying or selling long-term assets.
What are Financing Activities?
Cash flows from raising or repaying capital.
Transactions, and Accounting Principles
Questions and Correct Answers
What is the total number of questions on the ACC 201 final exam?
80 multiple choice questions
What is the total point value of the ACC 201 final exam?
200 points
What are the three categories of the Statement of Cash Flows?
Operating, Investing, and Financing activities
What is the accounting equation?
Assets = Liabilities + Stockholders' Equity
If liabilities increased by $5 and Stockholders' Equity decreased by $2, what is the
impact on assets?
Assets increased by $3
What is recorded when a customer purchases a gift card?
Deferred revenue is recorded on January 15th.
What is recorded when a gift card is used?
Sales revenue is recorded on February 2nd.
What is the journal entry when a corporation purchases an asset by signing a note
payable?
, Dr. Asset; Cr. Note Payable
What accounts have a normal debit balance?
Dividends, Expense, Assets
What accounts have a normal credit balance?
Liabilities, Owners' Equity, Revenue
In what order should financial statements be prepared?
Income Statement, Statement of Stockholders' Equity, Balance Sheet
What is the impact on Big Five's accounting equation when a customer pays for a ping
pong table on account?
Cash goes up; A/R goes down; No net impact on the accounting equation.
What effect does the recording of revenue have on the accounting equation?
Stockholders' equity is increased.
What effect does the recording of an expense have on the accounting equation?
Stockholders' equity is decreased.
What are Operating Activities?
Day-to-day cash flows from running the business.
What are Investing Activities?
Cash flows from buying or selling long-term assets.
What are Financing Activities?
Cash flows from raising or repaying capital.
