SlideShare a Scribd company logo
1 of 3
Download to read offline
Acc 290 Final Exam
               Click here to get the Answers

                  A + Tutorial Guaranteed
1) Which financial statement is used to determine cash generated from operations?

2) In terms of sequence, in what order must the four basic financial statements be prepared?

3) In classifying transactions, which of the following is true in regard to assets?

4) An increase in an expense account must be

5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the
following is the correct journal entry?

6) In the first month of operations, the total of the debit entries to the cash account amounted to
$1,400 and the total of the credit entries to the cash account amounted to $600. The cash account
has a

7) Which ledger contains control accounts?

8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on
account. Which ledger would ABC use to keep track of the details of Smith’s account?

9) Under the cash basis of accounting,
A. revenue is recognized when services are performed
B. expenses are matched with the revenue that is produced
C. cash must be received before revenue is recognized
D. a promise to pay is sufficient to recognize revenue

10) Under the accrual basis of accounting,

11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and
recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only
$2,000 on hand. The adjusting entry that should be made by the company on June 30 is

12) 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

13) An adjusted trial balance



                         http://universityofphoenixpaper.blogspot.com/
                                                                                           Page 1 of 3
14)
Given the following adjusted trial balance:

       Debit        Credit
Cash        $1,562
Accounts receivable          2,098
Inventory         3,124
Prepaid rent           86
Property, plant & equipment            300
Accumulated depreciation                   52
Accounts payable                    82
Unearned revenue                    122
Common stock                     206
Retained earnings                  6,610
Service revenue                   268
Interest revenue                   56
Salary expense           160
Travel expense             66
Total        $7,396         $7,396
Net income for the year is:

15)
Given the following adjusted trial balance, what will be the totals for the debit and credit columns
of the post-closing trial balance?
Debit Credit
Cash $1,562
Accounts receivable 2,098
Inventory 3,124
Prepaid rent 86
Property, plant, & equipment 300
Accumulated depreciation $52
Accounts payable 82
Unearned revenue 172
Common stock 206
Retained earnings 6,610
Service revenue 218
Interest revenue 56
Salary expense 160
Travel expense 66
Totals $7,396 $7,396


16) A Christmas shop signs a three-month note payable to help finance increases in inventory for
the Christmas shopping season. The note is signed on October 1 in the amount of $20,000 with
annual interest of 9%. What is the adjusting entry to be made on December 31 for the interest
expense accrued to that date, if no entries have been made previously for the interest?

17) Net income is recorded on the work sheet under the

18) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year,

                        http://universityofphoenixpaper.blogspot.com/
                                                                                           Page 2 of 3
the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of
$600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be

19) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the
company’s cost of goods sold for the year was $450,000, purchases would have been


20) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the
company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of
$300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be

21) The entry to record of sale of $900 with terms of 2/10, n/30 will include a

22) Dobler Company uses a periodic inventory system.................

23) The difference between ending inventory using LIFO and ending inventory using FIFO is
referred to as

24) A consistent application of an inventory costing method enhances

25) The accountant at Patton Company has determined that income before income taxes amounted
to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of
income taxes paid would be $300 greater if the LIFO assumption were used, what would be the
amount of income before taxes under the LIFO assumption?

26) A very small company would have the most difficulty in implementing which of the following
internal control activities?

27) A system of internal control

28) The custodian of a company asset should

29) The Sarbanes Oxley Act (2002) applies to




                Click here to get the Answers




                          http://universityofphoenixpaper.blogspot.com/
                                                                                          Page 3 of 3

More Related Content

More from Mishi Linkon

Acc 291 final exam21 marsh company has other operating expenses of $240000 th...
Acc 291 final exam21 marsh company has other operating expenses of $240000 th...Acc 291 final exam21 marsh company has other operating expenses of $240000 th...
Acc 291 final exam21 marsh company has other operating expenses of $240000 th...Mishi Linkon
 
Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...Mishi Linkon
 
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...Mishi Linkon
 
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...Mishi Linkon
 
Acc 291 final exam16 capital stock to which the charter has assigned a value ...
Acc 291 final exam16 capital stock to which the charter has assigned a value ...Acc 291 final exam16 capital stock to which the charter has assigned a value ...
Acc 291 final exam16 capital stock to which the charter has assigned a value ...Mishi Linkon
 
Acc 291 final exam15 if a corporation has only one class of stock it is refer...
Acc 291 final exam15 if a corporation has only one class of stock it is refer...Acc 291 final exam15 if a corporation has only one class of stock it is refer...
Acc 291 final exam15 if a corporation has only one class of stock it is refer...Mishi Linkon
 
Acc 291 final exam14 when the effective interest method of bond discount amor...
Acc 291 final exam14 when the effective interest method of bond discount amor...Acc 291 final exam14 when the effective interest method of bond discount amor...
Acc 291 final exam14 when the effective interest method of bond discount amor...Mishi Linkon
 
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...Mishi Linkon
 
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...Mishi Linkon
 
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...Mishi Linkon
 
Acc 291 final exam9 when an interest bearing note matures the balance in the ...
Acc 291 final exam9 when an interest bearing note matures the balance in the ...Acc 291 final exam9 when an interest bearing note matures the balance in the ...
Acc 291 final exam9 when an interest bearing note matures the balance in the ...Mishi Linkon
 
Acc 291 final exam8 costs incurred to increase the operating efficiency or us...
Acc 291 final exam8 costs incurred to increase the operating efficiency or us...Acc 291 final exam8 costs incurred to increase the operating efficiency or us...
Acc 291 final exam8 costs incurred to increase the operating efficiency or us...Mishi Linkon
 
Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...
Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...
Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...Mishi Linkon
 
Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...
Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...
Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...Mishi Linkon
 
Acc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to theAcc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to theMishi Linkon
 
Acc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assetsAcc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assetsMishi Linkon
 
Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...Mishi Linkon
 
30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...Mishi Linkon
 
29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executives29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executivesMishi Linkon
 
28 two individuals at a retail store work the same cash register you evaluate...
28 two individuals at a retail store work the same cash register you evaluate...28 two individuals at a retail store work the same cash register you evaluate...
28 two individuals at a retail store work the same cash register you evaluate...Mishi Linkon
 

More from Mishi Linkon (20)

Acc 291 final exam21 marsh company has other operating expenses of $240000 th...
Acc 291 final exam21 marsh company has other operating expenses of $240000 th...Acc 291 final exam21 marsh company has other operating expenses of $240000 th...
Acc 291 final exam21 marsh company has other operating expenses of $240000 th...
 
Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...
 
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...
 
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
 
Acc 291 final exam16 capital stock to which the charter has assigned a value ...
Acc 291 final exam16 capital stock to which the charter has assigned a value ...Acc 291 final exam16 capital stock to which the charter has assigned a value ...
Acc 291 final exam16 capital stock to which the charter has assigned a value ...
 
Acc 291 final exam15 if a corporation has only one class of stock it is refer...
Acc 291 final exam15 if a corporation has only one class of stock it is refer...Acc 291 final exam15 if a corporation has only one class of stock it is refer...
Acc 291 final exam15 if a corporation has only one class of stock it is refer...
 
Acc 291 final exam14 when the effective interest method of bond discount amor...
Acc 291 final exam14 when the effective interest method of bond discount amor...Acc 291 final exam14 when the effective interest method of bond discount amor...
Acc 291 final exam14 when the effective interest method of bond discount amor...
 
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
 
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
 
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
 
Acc 291 final exam9 when an interest bearing note matures the balance in the ...
Acc 291 final exam9 when an interest bearing note matures the balance in the ...Acc 291 final exam9 when an interest bearing note matures the balance in the ...
Acc 291 final exam9 when an interest bearing note matures the balance in the ...
 
Acc 291 final exam8 costs incurred to increase the operating efficiency or us...
Acc 291 final exam8 costs incurred to increase the operating efficiency or us...Acc 291 final exam8 costs incurred to increase the operating efficiency or us...
Acc 291 final exam8 costs incurred to increase the operating efficiency or us...
 
Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...
Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...
Acc 291 final exam7 ordinary repairs are expenditures to maintain the operati...
 
Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...
Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...
Acc 291 final exam6 gains on an exchange of plant assets that has commercial ...
 
Acc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to theAcc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to the
 
Acc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assetsAcc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assets
 
Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...
 
30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...
 
29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executives29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executives
 
28 two individuals at a retail store work the same cash register you evaluate...
28 two individuals at a retail store work the same cash register you evaluate...28 two individuals at a retail store work the same cash register you evaluate...
28 two individuals at a retail store work the same cash register you evaluate...
 

Recently uploaded

Technical SEO for Improved Accessibility WTS FEST
Technical SEO for Improved Accessibility  WTS FESTTechnical SEO for Improved Accessibility  WTS FEST
Technical SEO for Improved Accessibility WTS FESTBillieHyde
 
Introduction to RAG (Retrieval Augmented Generation) and its application
Introduction to RAG (Retrieval Augmented Generation) and its applicationIntroduction to RAG (Retrieval Augmented Generation) and its application
Introduction to RAG (Retrieval Augmented Generation) and its applicationKnoldus Inc.
 
UiPath Studio Web workshop Series - Day 3
UiPath Studio Web workshop Series - Day 3UiPath Studio Web workshop Series - Day 3
UiPath Studio Web workshop Series - Day 3DianaGray10
 
.NET 8 ChatBot with Azure OpenAI Services.pptx
.NET 8 ChatBot with Azure OpenAI Services.pptx.NET 8 ChatBot with Azure OpenAI Services.pptx
.NET 8 ChatBot with Azure OpenAI Services.pptxHansamali Gamage
 
Automation Ops Series: Session 2 - Governance for UiPath projects
Automation Ops Series: Session 2 - Governance for UiPath projectsAutomation Ops Series: Session 2 - Governance for UiPath projects
Automation Ops Series: Session 2 - Governance for UiPath projectsDianaGray10
 
How to release an Open Source Dataweave Library
How to release an Open Source Dataweave LibraryHow to release an Open Source Dataweave Library
How to release an Open Source Dataweave Libraryshyamraj55
 
TrustArc Webinar - How to Live in a Post Third-Party Cookie World
TrustArc Webinar - How to Live in a Post Third-Party Cookie WorldTrustArc Webinar - How to Live in a Post Third-Party Cookie World
TrustArc Webinar - How to Live in a Post Third-Party Cookie WorldTrustArc
 
UiPath Studio Web workshop series - Day 2
UiPath Studio Web workshop series - Day 2UiPath Studio Web workshop series - Day 2
UiPath Studio Web workshop series - Day 2DianaGray10
 
UiPath Studio Web workshop series - Day 4
UiPath Studio Web workshop series - Day 4UiPath Studio Web workshop series - Day 4
UiPath Studio Web workshop series - Day 4DianaGray10
 
Introduction - IPLOOK NETWORKS CO., LTD.
Introduction - IPLOOK NETWORKS CO., LTD.Introduction - IPLOOK NETWORKS CO., LTD.
Introduction - IPLOOK NETWORKS CO., LTD.IPLOOK Networks
 
Graphene Quantum Dots-Based Composites for Biomedical Applications
Graphene Quantum Dots-Based Composites for  Biomedical ApplicationsGraphene Quantum Dots-Based Composites for  Biomedical Applications
Graphene Quantum Dots-Based Composites for Biomedical Applicationsnooralam814309
 
Outage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedIn
Outage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedInOutage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedIn
Outage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedInThousandEyes
 
Patch notes explaining DISARM Version 1.4 update
Patch notes explaining DISARM Version 1.4 updatePatch notes explaining DISARM Version 1.4 update
Patch notes explaining DISARM Version 1.4 updateadam112203
 
Oracle Database 23c Security New Features.pptx
Oracle Database 23c Security New Features.pptxOracle Database 23c Security New Features.pptx
Oracle Database 23c Security New Features.pptxSatishbabu Gunukula
 
Webinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - Tech
Webinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - TechWebinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - Tech
Webinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - TechProduct School
 
Top 10 Squarespace Development Companies
Top 10 Squarespace Development CompaniesTop 10 Squarespace Development Companies
Top 10 Squarespace Development CompaniesTopCSSGallery
 
Novo Nordisk's journey in developing an open-source application on Neo4j
Novo Nordisk's journey in developing an open-source application on Neo4jNovo Nordisk's journey in developing an open-source application on Neo4j
Novo Nordisk's journey in developing an open-source application on Neo4jNeo4j
 
Explore the UiPath Community and ways you can benefit on your journey to auto...
Explore the UiPath Community and ways you can benefit on your journey to auto...Explore the UiPath Community and ways you can benefit on your journey to auto...
Explore the UiPath Community and ways you can benefit on your journey to auto...DianaGray10
 
20140402 - Smart house demo kit
20140402 - Smart house demo kit20140402 - Smart house demo kit
20140402 - Smart house demo kitJamie (Taka) Wang
 
GraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptx
GraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptxGraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptx
GraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptxNeo4j
 

Recently uploaded (20)

Technical SEO for Improved Accessibility WTS FEST
Technical SEO for Improved Accessibility  WTS FESTTechnical SEO for Improved Accessibility  WTS FEST
Technical SEO for Improved Accessibility WTS FEST
 
Introduction to RAG (Retrieval Augmented Generation) and its application
Introduction to RAG (Retrieval Augmented Generation) and its applicationIntroduction to RAG (Retrieval Augmented Generation) and its application
Introduction to RAG (Retrieval Augmented Generation) and its application
 
UiPath Studio Web workshop Series - Day 3
UiPath Studio Web workshop Series - Day 3UiPath Studio Web workshop Series - Day 3
UiPath Studio Web workshop Series - Day 3
 
.NET 8 ChatBot with Azure OpenAI Services.pptx
.NET 8 ChatBot with Azure OpenAI Services.pptx.NET 8 ChatBot with Azure OpenAI Services.pptx
.NET 8 ChatBot with Azure OpenAI Services.pptx
 
Automation Ops Series: Session 2 - Governance for UiPath projects
Automation Ops Series: Session 2 - Governance for UiPath projectsAutomation Ops Series: Session 2 - Governance for UiPath projects
Automation Ops Series: Session 2 - Governance for UiPath projects
 
How to release an Open Source Dataweave Library
How to release an Open Source Dataweave LibraryHow to release an Open Source Dataweave Library
How to release an Open Source Dataweave Library
 
TrustArc Webinar - How to Live in a Post Third-Party Cookie World
TrustArc Webinar - How to Live in a Post Third-Party Cookie WorldTrustArc Webinar - How to Live in a Post Third-Party Cookie World
TrustArc Webinar - How to Live in a Post Third-Party Cookie World
 
UiPath Studio Web workshop series - Day 2
UiPath Studio Web workshop series - Day 2UiPath Studio Web workshop series - Day 2
UiPath Studio Web workshop series - Day 2
 
UiPath Studio Web workshop series - Day 4
UiPath Studio Web workshop series - Day 4UiPath Studio Web workshop series - Day 4
UiPath Studio Web workshop series - Day 4
 
Introduction - IPLOOK NETWORKS CO., LTD.
Introduction - IPLOOK NETWORKS CO., LTD.Introduction - IPLOOK NETWORKS CO., LTD.
Introduction - IPLOOK NETWORKS CO., LTD.
 
Graphene Quantum Dots-Based Composites for Biomedical Applications
Graphene Quantum Dots-Based Composites for  Biomedical ApplicationsGraphene Quantum Dots-Based Composites for  Biomedical Applications
Graphene Quantum Dots-Based Composites for Biomedical Applications
 
Outage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedIn
Outage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedInOutage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedIn
Outage Analysis: March 5th/6th 2024 Meta, Comcast, and LinkedIn
 
Patch notes explaining DISARM Version 1.4 update
Patch notes explaining DISARM Version 1.4 updatePatch notes explaining DISARM Version 1.4 update
Patch notes explaining DISARM Version 1.4 update
 
Oracle Database 23c Security New Features.pptx
Oracle Database 23c Security New Features.pptxOracle Database 23c Security New Features.pptx
Oracle Database 23c Security New Features.pptx
 
Webinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - Tech
Webinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - TechWebinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - Tech
Webinar: The Art of Prioritizing Your Product Roadmap by AWS Sr PM - Tech
 
Top 10 Squarespace Development Companies
Top 10 Squarespace Development CompaniesTop 10 Squarespace Development Companies
Top 10 Squarespace Development Companies
 
Novo Nordisk's journey in developing an open-source application on Neo4j
Novo Nordisk's journey in developing an open-source application on Neo4jNovo Nordisk's journey in developing an open-source application on Neo4j
Novo Nordisk's journey in developing an open-source application on Neo4j
 
Explore the UiPath Community and ways you can benefit on your journey to auto...
Explore the UiPath Community and ways you can benefit on your journey to auto...Explore the UiPath Community and ways you can benefit on your journey to auto...
Explore the UiPath Community and ways you can benefit on your journey to auto...
 
20140402 - Smart house demo kit
20140402 - Smart house demo kit20140402 - Smart house demo kit
20140402 - Smart house demo kit
 
GraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptx
GraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptxGraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptx
GraphSummit Copenhagen 2024 - Neo4j Vision and Roadmap.pptx
 

Acc 290 final exam 4 an increase in an expense account must be

  • 1. Acc 290 Final Exam Click here to get the Answers A + Tutorial Guaranteed 1) Which financial statement is used to determine cash generated from operations? 2) In terms of sequence, in what order must the four basic financial statements be prepared? 3) In classifying transactions, which of the following is true in regard to assets? 4) An increase in an expense account must be 5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry? 6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a 7) Which ledger contains control accounts? 8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account? 9) Under the cash basis of accounting, A. revenue is recognized when services are performed B. expenses are matched with the revenue that is produced C. cash must be received before revenue is recognized D. a promise to pay is sufficient to recognize revenue 10) Under the accrual basis of accounting, 11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is 12) 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 13) An adjusted trial balance http://universityofphoenixpaper.blogspot.com/ Page 1 of 3
  • 2. 14) Given the following adjusted trial balance: Debit Credit Cash $1,562 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Property, plant & equipment 300 Accumulated depreciation 52 Accounts payable 82 Unearned revenue 122 Common stock 206 Retained earnings 6,610 Service revenue 268 Interest revenue 56 Salary expense 160 Travel expense 66 Total $7,396 $7,396 Net income for the year is: 15) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance? Debit Credit Cash $1,562 Accounts receivable 2,098 Inventory 3,124 Prepaid rent 86 Property, plant, & equipment 300 Accumulated depreciation $52 Accounts payable 82 Unearned revenue 172 Common stock 206 Retained earnings 6,610 Service revenue 218 Interest revenue 56 Salary expense 160 Travel expense 66 Totals $7,396 $7,396 16) A Christmas shop signs a three-month note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on October 1 in the amount of $20,000 with annual interest of 9%. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest? 17) Net income is recorded on the work sheet under the 18) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, http://universityofphoenixpaper.blogspot.com/ Page 2 of 3
  • 3. the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be 19) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been 20) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be 21) The entry to record of sale of $900 with terms of 2/10, n/30 will include a 22) Dobler Company uses a periodic inventory system................. 23) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as 24) A consistent application of an inventory costing method enhances 25) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption? 26) A very small company would have the most difficulty in implementing which of the following internal control activities? 27) A system of internal control 28) The custodian of a company asset should 29) The Sarbanes Oxley Act (2002) applies to Click here to get the Answers http://universityofphoenixpaper.blogspot.com/ Page 3 of 3