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Past Exam for ACCT 201 - FIN ACCT CONCEPTS with Schleifer at Clemson (Clemson)

Exam Information

Material Type:Exam
Professor:Schleifer
Class:ACCT 201 - FIN ACCT CONCEPTS
Subject:ACCOUNTING
University:Clemson University
Term:Fall 2007
Keywords:
  • Service Revenue
  • Following Transactions
  • Insurance Expense
  • Immediately
  • Financial Capital
  • Investing Activities
  • Office Equipment
  • Distinction
  • Investing Activity
  • General Journal
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Sample Document Text

1. Tanner Company sold stock for cash and received cash for services performed during the current month. Which of the following summarizes the income statement impact of these transactions for the current month? a. Both the sale of stock and the performance of services increased revenues for the company. b. The sale of stock caused a decrease in revenues and the performance of services caused an increase in revenues. c. Only the performance of services caused an increase in revenues. d. Neither of the above transactions have an impact on the income statement. 2. Harley Company, a corporation, began operations on December 1, 1995. During January of 1996, the following transactions occurred: • Received cash of $6,000 for the services performed during January. • Billed customers an additional $8,000 for services performed during January. • Received payment from customers in the amount of $5,000 for services performed during January. • Received payment from customers in the amount of $5,000 for services p...

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