Social Science Economics Finance
BASIC Accounting EXAM [VERIFIED
QUESTION AND ANSWERS]
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WGU C254 Topic 4 Business Major Field Test FSI Final Exam Corpor
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Which if the accounts would appear on a balance Sheet?
1. Rent expense
2. Equipment
3. Accounts Payable
4. Common Stock
2,3,4,6,7,10 5. Insurance Expense
6. Cash
7. Accounts Receivable
8. Dividends
9. Service Revenue
10. Notes Payable
Which of the following is in accordance with GAAP?
A. Accrual-basis accounting
A. Accrual-basis accounting B. Cash-basis accounting
C. Both
D. Neither
Net sales revenue less COS is called:
a. gross profit
A. Gross Profit b. net profit
c. net income
d. marginal income
ABS Company purchased land in 2004 for $250,000. In 2016, in purchased a nearly
identical parcel of land for $500,000. In its 2016 balance sheet, ABC Company valued
these two parcels of land at a combined value of $1,000,000. By reporting the land in
this manner, ABC Company has violated:
A. Historical Cost Principle
A. Historical Cost Principle
B. Convergence
C. Economic entity assumption
D. Fair Value Principle
BASIC Accounting EXAM [VERIFIED
QUESTION AND ANSWERS]
Save
Students also studied
Flashcard sets Study guides Practice tests
WGU C254 Topic 4 Business Major Field Test FSI Final Exam Corpor
Teacher 20 terms Teacher 1,132 terms Teacher 127 terms Teacher
wonderfulAlphabetics Preview christinemukiri45 Preview bigwigshiks Preview wai
Which if the accounts would appear on a balance Sheet?
1. Rent expense
2. Equipment
3. Accounts Payable
4. Common Stock
2,3,4,6,7,10 5. Insurance Expense
6. Cash
7. Accounts Receivable
8. Dividends
9. Service Revenue
10. Notes Payable
Which of the following is in accordance with GAAP?
A. Accrual-basis accounting
A. Accrual-basis accounting B. Cash-basis accounting
C. Both
D. Neither
Net sales revenue less COS is called:
a. gross profit
A. Gross Profit b. net profit
c. net income
d. marginal income
ABS Company purchased land in 2004 for $250,000. In 2016, in purchased a nearly
identical parcel of land for $500,000. In its 2016 balance sheet, ABC Company valued
these two parcels of land at a combined value of $1,000,000. By reporting the land in
this manner, ABC Company has violated:
A. Historical Cost Principle
A. Historical Cost Principle
B. Convergence
C. Economic entity assumption
D. Fair Value Principle
