Acc 201 Sample Test 1form 1 page 2

Acc 201 Sample Test 1form 1 page 2 - 1. Melanie's Party...

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1. Melanie’s Party Corporation should generally list its assets on the balance sheet in the order of their: a. current fair market value b. historical cost c. date of acquisition d. liquidity e. importance of the operation of the business 2 Adam’s Travel Corporation had total assets of $200,000 and stockholder’s equity of $104,000 at the beginning of the year. During the year, assets increased by $26,000 and liabilities decreased by $41,000. Adam’s Stockholder’s equity at year’s end totaled: a. $185,000 b. $171,000 c. $169,000 d. $ 89,000 e. $ 67,000 3. Kari’s Pageant Corporate stockholder’s equity is decreased when : a. revenues exceed expenses b. assets exceed liabilities c. assets exceed revenues d. expenses exceed liabilities e. expenses exceed revenues. 4. Unearned rent revenue would be found under which of the following categories on Jon B., Inc.’s balance sheet? a. current assets b. noncurrent assets c. current liabilities d. stockholder’s equity e. unearned revenue would not be found on the balance sheet
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5. Sunny’s, Inc., began operations in 2007, and the following
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Acc 201 Sample Test 1form 1 page 2 - 1. Melanie's Party...

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