ACC 2010 Final Exam Review

• $120,000.

• $245,000.

• $365,000.

• $485,000.

• $610,000.

Increases in equity from a company's sales of products or services to customers are:

• Revenues.

• Liabilities.

• Accounts payable.

• Expenses.

• Assets.

Decreases in equity from costs of providing products or services to customers are called:

• Liabilities.

• Equity.

• Accounts receivable.

• Expenses.

• Wages receivable.

Which of the following is not classified as a liability?

• Accounts Receivable

• Notes Payable

• Wages Payable

• Accounts Payable

• Taxes Payable

Revenues are:

• The same as net income.

• The excess of expenses over assets.

• Resources owned or controlled by a company.

• Increases in equity from a company's sales of products and services.

• The costs of assets or services used.

Which of the following is a not an asset account?

• Accounts Receivable.

• Supplies.

• Equipment.

• Accounts Payable.

• Land

Revenues are increases in equity (via net income) from sales of products and services to customers.

• True

• False

• $1,700,000.

• $760,000.

• $615,000.

• $235,000.

• $1,085,000.

Equity is:

• Net income divided by average total assets.

• Equal to assets plus liabilities.

• The owner’s claim on assets.

• Increased by expenses.

• Decreased by revenue.

Which of the following is a liability account?

• Accounts Payable

• Accounts Receivable

• Cash

• Supplies

• Prepaid Insurance