ACG2021 Exam 1 Review

Front

Which of the following is the correct accounting equation? A. Assets = Liabilities + Revenues, B. Assets = Liabilities + Equity, C. Assets = Expenses + Liabilities, D. Assets = Cash + Accounts Receivable

Back

Assets = Liabilities + Equity

Front

Zoe owns a zoo and purchases an elephant. How is the elephant classified on the Balance Sheet?

Back

Property, Plant, and Equipment

Front

A 15-month, $5,000 note receivable at 2% interest is classified as:

Back

Long-Term Asset

Front

What kind of account is Unearned Revenue?

Back

Current Liability

Front

What do you need to bring to this exam?

Back

A 4-function calculator, your ID, and a pencil

Front

On October 1, I paid $1,200 for a year’s worth of rent. What is the journal entry on October 1?

Back

Front

Back

Front

I took out a 6-month, $12,000 note payable at 5% interest on Nov. 1. Interest is due at maturity. What is the adjusting entry on Dec. 31?

Back

Front

What kind of account is Accumulated Depreciation?

Back

Contra-Asset (Property, Plant, and Equipment)

Front

What is the journal entry to close out revenues?

Back

Debit Service Revenue; Credit Income Summary