UTA Accounting Entrance EXAM 2025 COMPLETE
EXAM QUESTIONS AND VERIFIED ANSWERS
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Terms in this set (33)
Jones Dairy purchased a debit an asset account and credit an asset account.
new milking machine for
$40,000 cash. To record
the transaction on Jones'
books, you would:
Rent Expense typically a debit balance.
would have:
If the beginning balance in purchases and sales of machinery cannot be
the Machinery account is determined from the information given.
$35,000, and if the ending
balance in the Machinery
account is $57,000, then:
A double-entry system of in at least two different accounts.
accounting requires that
each transaction or event
be recorded:
The trial balance should Before financial statements are prepared.
be prepared:
, At the end of an Make closing entries and prepare post closing trial
accounting period when balance
accounts are ready to be
closed, which of the
following activities must
be performed?
The Prepaid Insurance D: Insurance Expense 2,000
account has an account C : Prepaid Insurance 2,000
balance of $3,000. At the
end of an accounting
period, the controller has
decided that $2,000 of the
balance has expired.
Which of the following
adjusting entries should
be made?
Gross profit is calculated subtracting cost of goods sold from net sales.
by:
The operating expense cost of goods sold.
section of an income
statement for a wholesaler
would not include:
Cramer Corp. reported $15,000
the following for 2004:
total assets, $90,000; total
liabilities, $35,000;
contributed capital (i.e.,
total paid in capital),
$40,000. Therefore,
retained earnings was:
Which of the following All of the above are current assets.
would not be considered
a current asset?
EXAM QUESTIONS AND VERIFIED ANSWERS
|RECENTLY TESTING REAL EXAM QUESTIONS|
100% SOLVED!!
Save
Terms in this set (33)
Jones Dairy purchased a debit an asset account and credit an asset account.
new milking machine for
$40,000 cash. To record
the transaction on Jones'
books, you would:
Rent Expense typically a debit balance.
would have:
If the beginning balance in purchases and sales of machinery cannot be
the Machinery account is determined from the information given.
$35,000, and if the ending
balance in the Machinery
account is $57,000, then:
A double-entry system of in at least two different accounts.
accounting requires that
each transaction or event
be recorded:
The trial balance should Before financial statements are prepared.
be prepared:
, At the end of an Make closing entries and prepare post closing trial
accounting period when balance
accounts are ready to be
closed, which of the
following activities must
be performed?
The Prepaid Insurance D: Insurance Expense 2,000
account has an account C : Prepaid Insurance 2,000
balance of $3,000. At the
end of an accounting
period, the controller has
decided that $2,000 of the
balance has expired.
Which of the following
adjusting entries should
be made?
Gross profit is calculated subtracting cost of goods sold from net sales.
by:
The operating expense cost of goods sold.
section of an income
statement for a wholesaler
would not include:
Cramer Corp. reported $15,000
the following for 2004:
total assets, $90,000; total
liabilities, $35,000;
contributed capital (i.e.,
total paid in capital),
$40,000. Therefore,
retained earnings was:
Which of the following All of the above are current assets.
would not be considered
a current asset?
