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Study Guide

ACC 100- Final Exam Guide - Comprehensive Notes for the exam ( 23 pages long!)
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23 Pages
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Fall 2017

Department
Accounting
Course Code
ACC 100
Professor
Cheryl Dyson
Study Guide
Final

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Ryerson
ACC 100
Final EXAM
STUDY GUIDE
In class question 1
A. Electricity used at a factory Expense (used asset)
B. A stores inventory Asset, long-term (has future benefit)
C. The profit a business made that year Equity (part of retained earnings)
D. Wages paid to employees for work completed Expense (services performed)
E. Interest that is due on a loan Liability (obligation; have to pay)
F. Window cleaning services performed for a customer Revenue (services
performed)
G. Dividends paid to the owners of a business Equity (part of retained earnings)
H. An air conditioner in an office building Asset, long-term (has future benefit)
In class question 2
Description
Amount
Element
Advertising Cost
150
Expense
Cash in Bank (Business)
2560
Asset
Cash in Bank (personal)
1289
N/A not part of business.
Separate entity concept.
Equipment Rental Costs
1400
Expense
Gas Costs (used)
384
Expense
Container of Gas
40
Asset
Customer Payments
3500
Revenue
Cell Phone Costs (business)
216
Expense
Cell Phone Costs (personal)
144
N/A - personal
Money borrowed from parents
to start business
500
Liability
Ipad air 2 purchased (personal)
654
N/A - personal
Money you put in to start the
business
750
Equity owner’s capital
Net Income = Revenues Expenses
= 3500 (150+1400+384+216)
N.I = $1350
Equity = owner’s capital + retained earnings
Profit = 1350
Dividends = 0
Retained Earnings = 1350 0 = 1350
Owner’s Capital = 750
Equity = 750 + 1350 = $2100
Assets = 2560 + 40 = 2600
Liability = 500
Assets = Liabilities + Equity
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Equity = Assets Liabilities
Equity = 2600 500 = 2100
Which data from the listing would not be included in the business's financial data and
why? If this data was included which assumption would the business be violating?
Explain why.
Do not include anything not related to the business, such as cash in bank, personal, and
the ipad personally owned. If it were included it would be violating the separate entity
assumption, which says that the final activities of the business are separate from the
owner’s personal financial activities.
If this isn’t followed then we aren’t being faithful, breaking a qualitative characteristic.
In class question 3
At the beginning of the year a business had assets of $140,000 and equity of $100,000.
By the end of the year the business had total assets of $210,000 and liabilities of $85,000.
During the year the business had new contributions by owners of $15,000, revenues of
$162,000, and expenses of $149,000.
Provide the following and answer the questions that follow.
Beginning liabilities
$ 40 000
Ending equity
$ 125 000
Profit
$ 13 000
Dividends paid
$ 3 000
Calculations:
A. Did liabilities increase or decrease during the year and by what amount? What is
one possible explanation for the change in liabilities?
Increased 45,000.
Reason borrow money (loan), or buy something you haven’t paid for yet
In class question 4
A business has assets of $148,000 and liabilities of $111,000 at the beginning of the year.
At the end of the year total assets were $162,000 and equity of $69,000.
After analyzing the information answer the questions that follow.
Calculations:
Assets = Liabilities + Equity
Opening 148,000 111,000 37,000
+/- 14,000 (18,000) 32,000
Closing 162,000 93,000 69,000
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find more resources at oneclass.com

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Description
[ACC 100] Comprehensive fall guide including any lecture notes, textbook notes and exam guides.find more resources at oneclass.com In class question 1 – A. Electricity used at a factory – Expense (used asset) B. A stores inventory – Asset, long-term (has future benefit) C. The profit a business made that year – Equity (part of retained earnings) D. Wages paid to employees for work completed – Expense (services performed) E. Interest that is due on a loan – Liability (obligation; have to pay) F. Window cleaning services performed for a customer – Revenue (services performed) G. Dividends paid to the owners of a business – Equity (part of retained earnings) H. An air conditioner in an office building – Asset, long-term (has future benefit) In class question 2 – Description Amount Element Advertising Cost 150 Expense Cash in Bank (Business) 2560 Asset Cash in Bank (personal) 1289 N/A – not part of business. Separate entity concept. Equipment Rental Costs 1400 Expense Gas Costs (used) 384 Expense Container of Gas 40 Asset Customer Payments 3500 Revenue Cell Phone Costs (business) 216 Expense Cell Phone Costs (personal) 144 N/A - personal Money borrowed from parents 500 Liability to start business Ipad air 2 purchased (personal) 654 N/A - personal Money you put in to start the 750 Equity – owner’s capital business Net Income = Revenues – Expenses = 3500 – (150+1400+384+216) N.I = $1350 Equity = owner’s capital + retained earnings Profit = 1350 Dividends = 0 Retained Earnings = 1350 – 0 = 1350 Owner’s Capital = 750 Equity = 750 + 1350 = $2100 Assets = 2560 + 40 = 2600 Liability = 500 Assets = Liabilities + Equity find more resources at oneclass.com
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