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ACC290 Final Exam Answers - Black Box
1. ACC 290 FINAL EXAM
2012-2013 Academic Year
Black Box of
Answers!
2. THIS PRESENTATION IS FREE
• This presentation is a guide to help you achieve 100% on the ACC 290 Final Exam. The
answers on this page are free. If you need additional help, please use the link on the last
page to view the full guide.
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3. WHICH FINANCIAL STATEMENT IS USED TO
DETERMINE CASH GENERATED FROM
OPERATIONS?
• A. Income statement
• B. Statement of operations
• C. Statement of cash flows
• D. Retained earnings statement
4. IN TERMS OF SEQUENCE, IN WHAT ORDER MUST
THE FOUR BASIC FINANCIAL STATEMENTS BE
PREPARED?
• A. Balance sheet, income statement, statement of cash flows, and capital statement
• B. Income statement, capital statement, statement of cash flows, and balance sheet
• C. Balance sheet, capital statement, statement of cash flows, and income statement
• D. Income statement, capital statement, balance sheet, and statement of cash flows
5. DOBLER COMPANY USES A PERIODIC INVENTORY SYSTEM.
DETAILS FOR THE INVENTORY ACCOUNT FOR THE MONTH OF
JANUARY 2012 ARE AS FOLLOWS:
AN END OF THE MONTH (1/31/2012), INVENTORY SHOWED THAT
140 UNITS WERE ON HAND. IF THE COMPANY USES LIFO, WHAT
IS THE VALUE OF THE ENDING INVENTORY?
• A. $737
• B. $700
• C. $762
• D. $1,380
6. GREESE COMPANY PURCHASED OFFICE SUPPLIES COSTING
$4,000 AND DEBITED OFFICE SUPPLIES FOR THE FULL AMOUNT.
AT THE END OF THE ACCOUNTING PERIOD, A PHYSICAL COUNT
OF OFFICE SUPPLIES REVEALED $1,100 STILL ON HAND. THE
APPROPRIATE ADJUSTING JOURNAL ENTRY TO BE MADE AT THE
END OF THE PERIOD WOULD BE
• A. debit Office Supplies Expense, $1,100; credit Office Supplies, $1,100
B. debit Office Supplies, $2,900; credit Office Supplies Expense, $2,900
C. debit Office Supplies Expense, $2,900; credit Office Supplies, $2,900
D. debit Office Supplies, $1,100; credit Office Supplies Expense, $1,100
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