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Acc 290 final exam28.docx. the custodian of a company asset should
 

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    Acc 290 final exam28.docx. the custodian of a company asset should Acc 290 final exam28.docx. the custodian of a company asset should Document Transcript

    • Acc 290 Final Exam Click here to get the Answers A + Tutorial Guaranteed1) 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 be5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of thefollowing 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 accounthas a7) Which ledger contains control accounts?8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC onaccount. 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 performedB. expenses are matched with the revenue that is producedC. cash must be received before revenue is recognizedD. a promise to pay is sufficient to recognize revenue10) Under the accrual basis of accounting,11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 andrecorded 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 is12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for thefull amount. At the end of the accounting period, a physical count of office supplies revealed $1,100still on hand. The appropriate adjusting journal entry to be made at the end of the period would be13) An adjusted trial balance http://universityofphoenixpaper.blogspot.com/ Page 1 of 3
    • 14)Given the following adjusted trial balance: Debit CreditCash $1,562Accounts receivable 2,098Inventory 3,124Prepaid rent 86Property, plant & equipment 300Accumulated depreciation 52Accounts payable 82Unearned revenue 122Common stock 206Retained earnings 6,610Service revenue 268Interest revenue 56Salary expense 160Travel expense 66Total $7,396 $7,396Net income for the year is:15)Given the following adjusted trial balance, what will be the totals for the debit and credit columnsof the post-closing trial balance?Debit CreditCash $1,562Accounts receivable 2,098Inventory 3,124Prepaid rent 86Property, plant, & equipment 300Accumulated depreciation $52Accounts payable 82Unearned revenue 172Common stock 206Retained earnings 6,610Service revenue 218Interest revenue 56Salary expense 160Travel expense 66Totals $7,396 $7,39616) A Christmas shop signs a three-month note payable to help finance increases in inventory forthe Christmas shopping season. The note is signed on October 1 in the amount of $20,000 withannual interest of 9%. What is the adjusting entry to be made on December 31 for the interestexpense accrued to that date, if no entries have been made previously for the interest?17) Net income is recorded on the work sheet under the18) 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 be19) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If thecompany’s cost of goods sold for the year was $450,000, purchases would have been20) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, thecompany 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 be21) The entry to record of sale of $900 with terms of 2/10, n/30 will include a22) Dobler Company uses a periodic inventory system.................23) The difference between ending inventory using LIFO and ending inventory using FIFO isreferred to as24) A consistent application of an inventory costing method enhances25) The accountant at Patton Company has determined that income before income taxes amountedto $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount ofincome taxes paid would be $300 greater if the LIFO assumption were used, what would be theamount of income before taxes under the LIFO assumption?26) A very small company would have the most difficulty in implementing which of the followinginternal control activities?27) A system of internal control28) The custodian of a company asset should29) The Sarbanes Oxley Act (2002) applies to Click here to get the Answers http://universityofphoenixpaper.blogspot.com/ Page 3 of 3