ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
Outlining the importance of insurance to the Board, this guide can support Airmic members in raising the role of insurance, and demonstrating their value as an insurance professional.
Published for the Institute of Directors, Airmic, ACE, PwC and Willis
1) AccountingA. processes data into reports and communicates t.docxoswald1horne84988
1) Accounting:
A. processes data into reports and communicates the data to decision makers.
B. is often called the language of business.
C. measures business activities.
D. is all of the above.
2) Assets include cash, land, and accounts payable.
True
False
3) A prepaid expense is an asset.
True
False
4) The primary objective of financial reporting is to provide information
A. on the cash flows of the company.
B. to the federal government.
C. useful for making investment and credit decisions.
D. about the profitability of the enterprise.
5) Each transaction has either an equal effect on both the left - and right- sides of the accounting equation, or an offsetting effect (both positive and negative) on the same side of the equation.
True
False
6) During February, assets increased by $ 87,000 and liabilities increased by $ 31,000. Stockholders' equity must have
A. increased by $ 56,000.
B. decreased by $ 56,000.
C. increased by $ 118,000.
D. decreased by $ 118,000
7) Thompson Instruments had retained earnings of $ 340,000 at December 31, 2015.
Net income for 2016 totaled $ 185,000, and dividends for 2016 were $ 85,000.
How much retained earnings should Thompson report at December 31, 2016?
A. $ 425,000
B. $ 340,000
C. $ 525,000
D. $ 440,000
8) Purchasing a laptop computer on account will
A. increase total assets.
B. have no effect on stockholders' equity.
C. increase total liabilities.
D. All of the listed choices are correct.
9) Performing a service on account will
A. increase total assets.
B. increase stockholders' equity.
C. increase total liabilities.
D. accomplish both a and b.
10) Receiving cash from a customer on account will
A. decrease liabilities.
B. have no effect on total assets.
C. increase stockholders' equity.
D. increase total assets.
11) Which of the following is not an asset account?
A. Salary Expense
B. Common Stock
C. Service Revenue
D. None of the listed accounts is an asset.
12) The journal entry to record the purchase of supplies on account
A. debits Supplies Expense and credits Supplies.
B. credits Supplies and debits Cash.
C. credits Supplies and debits Accounts Payable.
D. debits Supplies and credits Accounts Payable.
13) On January 1 of the current year, Bambi Company paid $ 1,500 in rent to cover six months
(January long dash June). Bambi recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,500
Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include
A. a debit to Prepaid Rent for $ 1,250.
B. a credit to Prepaid Rent for $ 250.
C. a debit to Prepaid Rent for $ 250.
D. a credit to Prepaid Rent for $ 1,250.
14) On January 1 of the current year, Bamber Company paid $ 1,500 in rent to cover six months (January - June). Bamber recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,5.
The following information is for Henenlotter Inc. for the year end.docxcherry686017
The following information is for Henenlotter Inc. for the year ended December 31, 2012.
Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012.
CASH RECEIVED FROM:
Customers
?
Interest on investments
600
Sale of land (not in use)
1,000
Sale of Henenlotter Inc. common stock
750
Sale of Janis Corp. stock
500
Issuance of debt securities (bonds)
2,000
CASH PAID FOR:
Interest on debt
300
Income tax
80
Debt principal reduction
1,500
Purchase of equipment
4,100
Purchase of inventory
1,000
Dividends paid on Henenlotter common stock
200
Operating expenses
400
OTHER DATA
Revenue
600
Accounts Receivable (Jan. 1, 2012)
1,200
Accounts Receivable (Dec. 31, 2012)
900
Accounts written off during the year
200
Prepare a Statement of Cash Flows for the year.
Use the direct method for the operating activities section.
1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:
A. Reliability.
B. Comparability.
C. Completeness.
D. Verifiability.
E. All of the above
2. Which of the following best demonstrates the full disclosure principle?
A. The multi-step income statement.
B. The auditors' report.
C. The company's tax return.
D. Notes to financial statements.
E. None of the above.
3. Disclosure notes to a company's financial statements:
A. Are relatively unimportant facts that don't belong in the basic financial statements.
B. Document the source of financial statement facts, like literary footnotes.
C. Are an integral part of a company's financial statements.
D. Are irrelevant facts that are immaterial in amount.
E. None of the above.
4. An important argument in support of historical cost information is:
A. Relevance.
B. Predictive quality for future cash flows.
C. Materiality.
D. Verifiability.
E. All of the above
5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is:
A. Timeliness.
B. Materiality.
C. Relevance.
D. Cost effectiveness.
E. All of the above.
6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is:
A. Comparability.
B. Faithful representation.
C. Cost effectiveness.
D. Materiality.
E. Two of the above are correct.
7. Recognizing expected losses immediately, but deferring expected gains, is an example of:
A. Materiality.
B. Conservatism.
C. Cost effectiveness.
D. Timeliness.
E. All o ...
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
Outlining the importance of insurance to the Board, this guide can support Airmic members in raising the role of insurance, and demonstrating their value as an insurance professional.
Published for the Institute of Directors, Airmic, ACE, PwC and Willis
1) AccountingA. processes data into reports and communicates t.docxoswald1horne84988
1) Accounting:
A. processes data into reports and communicates the data to decision makers.
B. is often called the language of business.
C. measures business activities.
D. is all of the above.
2) Assets include cash, land, and accounts payable.
True
False
3) A prepaid expense is an asset.
True
False
4) The primary objective of financial reporting is to provide information
A. on the cash flows of the company.
B. to the federal government.
C. useful for making investment and credit decisions.
D. about the profitability of the enterprise.
5) Each transaction has either an equal effect on both the left - and right- sides of the accounting equation, or an offsetting effect (both positive and negative) on the same side of the equation.
True
False
6) During February, assets increased by $ 87,000 and liabilities increased by $ 31,000. Stockholders' equity must have
A. increased by $ 56,000.
B. decreased by $ 56,000.
C. increased by $ 118,000.
D. decreased by $ 118,000
7) Thompson Instruments had retained earnings of $ 340,000 at December 31, 2015.
Net income for 2016 totaled $ 185,000, and dividends for 2016 were $ 85,000.
How much retained earnings should Thompson report at December 31, 2016?
A. $ 425,000
B. $ 340,000
C. $ 525,000
D. $ 440,000
8) Purchasing a laptop computer on account will
A. increase total assets.
B. have no effect on stockholders' equity.
C. increase total liabilities.
D. All of the listed choices are correct.
9) Performing a service on account will
A. increase total assets.
B. increase stockholders' equity.
C. increase total liabilities.
D. accomplish both a and b.
10) Receiving cash from a customer on account will
A. decrease liabilities.
B. have no effect on total assets.
C. increase stockholders' equity.
D. increase total assets.
11) Which of the following is not an asset account?
A. Salary Expense
B. Common Stock
C. Service Revenue
D. None of the listed accounts is an asset.
12) The journal entry to record the purchase of supplies on account
A. debits Supplies Expense and credits Supplies.
B. credits Supplies and debits Cash.
C. credits Supplies and debits Accounts Payable.
D. debits Supplies and credits Accounts Payable.
13) On January 1 of the current year, Bambi Company paid $ 1,500 in rent to cover six months
(January long dash June). Bambi recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,500
Bambi adjusts the accounts at the end of each month. Based on these facts, the adjusting entry at the end of January should include
A. a debit to Prepaid Rent for $ 1,250.
B. a credit to Prepaid Rent for $ 250.
C. a debit to Prepaid Rent for $ 250.
D. a credit to Prepaid Rent for $ 1,250.
14) On January 1 of the current year, Bamber Company paid $ 1,500 in rent to cover six months (January - June). Bamber recorded this transaction as follows:
Journal Entry
Date
Accounts
Debit
Credit
Jan
1
Prepaid Rent
1,500
Cash
1,5.
The following information is for Henenlotter Inc. for the year end.docxcherry686017
The following information is for Henenlotter Inc. for the year ended December 31, 2012.
Henenlotter had a cash and cash equivalents balance of $7100 on January 1, 2012.
CASH RECEIVED FROM:
Customers
?
Interest on investments
600
Sale of land (not in use)
1,000
Sale of Henenlotter Inc. common stock
750
Sale of Janis Corp. stock
500
Issuance of debt securities (bonds)
2,000
CASH PAID FOR:
Interest on debt
300
Income tax
80
Debt principal reduction
1,500
Purchase of equipment
4,100
Purchase of inventory
1,000
Dividends paid on Henenlotter common stock
200
Operating expenses
400
OTHER DATA
Revenue
600
Accounts Receivable (Jan. 1, 2012)
1,200
Accounts Receivable (Dec. 31, 2012)
900
Accounts written off during the year
200
Prepare a Statement of Cash Flows for the year.
Use the direct method for the operating activities section.
1. Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept demonstrated is:
A. Reliability.
B. Comparability.
C. Completeness.
D. Verifiability.
E. All of the above
2. Which of the following best demonstrates the full disclosure principle?
A. The multi-step income statement.
B. The auditors' report.
C. The company's tax return.
D. Notes to financial statements.
E. None of the above.
3. Disclosure notes to a company's financial statements:
A. Are relatively unimportant facts that don't belong in the basic financial statements.
B. Document the source of financial statement facts, like literary footnotes.
C. Are an integral part of a company's financial statements.
D. Are irrelevant facts that are immaterial in amount.
E. None of the above.
4. An important argument in support of historical cost information is:
A. Relevance.
B. Predictive quality for future cash flows.
C. Materiality.
D. Verifiability.
E. All of the above
5. Primecoat Corporation could disseminate its annual financial statements two days earlier if it shifted substantial human resources from other operations to the annual report project. Management decided the value of the earlier report was not worth the added commitment of resources. The concept best demonstrated is:
A. Timeliness.
B. Materiality.
C. Relevance.
D. Cost effectiveness.
E. All of the above.
6. Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. The company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is:
A. Comparability.
B. Faithful representation.
C. Cost effectiveness.
D. Materiality.
E. Two of the above are correct.
7. Recognizing expected losses immediately, but deferring expected gains, is an example of:
A. Materiality.
B. Conservatism.
C. Cost effectiveness.
D. Timeliness.
E. All o ...
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
ACC 290 Final Exam
1. 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
2. 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
3. In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits
B. Normal balances and decreases are credits
C. Normal balances can either be debits or credits for assets
D. Normal balances are debits and increases can be debits or credits
4. An increase in an expense
Similar to ACC 300 Final Exam answers 2015 version (17)
OPS 571 Final Exam
1) __________ is when the activities in the stage must stop because there is no place to deposit the item just completed
A. Buffering
B. Blocking
C. Starving
D. Pacing
2) According to your text, the most common process metric is
A. productivity
B. efficiency
C. utilization
D. throughput time
3) Declining product prices
A. increase the manufacturing costs
B. lower the break-point
C. result in lower manufacturing costs
D. increase the break-even point
4) The type of processing structure that is used for producing discrete products at a controlled rate is
A. job shop
B. batch
C. assembly line
D. project
5) The best process flow structure to use for making automobiles is
A. job shop
B. batch shop
C. group technology cell
D. assembly line
6) The break-even analysis is a standard approach to determine alternative processes A break-even analysis chart usually present alternati
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
MGT 498 Final Exam answers
1) In a survey of 50 corporations, which of the following was rated as a benefit of strategic management?
A. Clearer sense of vision for the firm
B. Higher levels of employee motivation
C. Higher levels of job satisfaction
D. Improved productivity
E. Lower employee turnover
2) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is
A. externally-oriented planning
B. basic financial planning
C. internally-oriented planning
D. forecast-based planning
E. strategic management
3) Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation. Which one of the following is NOT one of the basic elements of the strategic management process?
A. Strategy formulation
B. Strategy implementation
C. Statistical process control
D. Evaluation and control
E. Environmental scanning
4) The relationship among the bo
OPS 571 Final Exam
1) __________ is when the activities in the stage must stop because there is no place to deposit the item just completed
A. Buffering
B. Blocking
C. Starving
D. Pacing
2) According to your text, the most common process metric is
A. productivity
B. efficiency
C. utilization
D. throughput time
3) Declining product prices
A. increase the manufacturing costs
B. lower the break-point
C. result in lower manufacturing costs
D. increase the break-even point
4) The type of processing structure that is used for producing discrete products at a controlled rate is
A. job shop
B. batch
C. assembly line
D. project
5) The best process flow structure to use for making automobiles is
A. job shop
B. batch shop
C. group technology cell
D. assembly line
6) The break-even analysis is a standard approach to determine alternative processes A break-even analysis chart usually present alternati
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
MGT 498 Final Exam answers
1) In a survey of 50 corporations, which of the following was rated as a benefit of strategic management?
A. Clearer sense of vision for the firm
B. Higher levels of employee motivation
C. Higher levels of job satisfaction
D. Improved productivity
E. Lower employee turnover
2) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is
A. externally-oriented planning
B. basic financial planning
C. internally-oriented planning
D. forecast-based planning
E. strategic management
3) Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation. Which one of the following is NOT one of the basic elements of the strategic management process?
A. Strategy formulation
B. Strategy implementation
C. Statistical process control
D. Evaluation and control
E. Environmental scanning
4) The relationship among the bo
OPS 571 Final Exam
1) __________ is when the activities in the stage must stop because there is no place to deposit the item just completed
A. Buffering
B. Blocking
C. Starving
D. Pacing
2) According to your text, the most common process metric is
A. productivity
B. efficiency
C. utilization
D. throughput time
3) Declining product prices
A. increase the manufacturing costs
B. lower the break-point
C. result in lower manufacturing costs
D. increase the break-even point
4) The type of processing structure that is used for producing discrete products at a controlled rate is
A. job shop
B. batch
C. assembly line
D. project
5) The best process flow structure to use for making automobiles is
A. job shop
B. batch shop
C. group technology cell
D. assembly line
6) The break-even analysis is a standard approach to determine alternative processes A break-even analysis chart usually present alternati
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B. An unqualified independent auditor’s report must be included in the annual report.
because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividend
MGT 498 Final Exam answers
1) In a survey of 50 corporations, which of the following was rated as a benefit of strategic management?
A. Clearer sense of vision for the firm
B. Higher levels of employee motivation
C. Higher levels of job satisfaction
D. Improved productivity
E. Lower employee turnover
2) Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is
A. externally-oriented planning
B. basic financial planning
C. internally-oriented planning
D. forecast-based planning
E. strategic management
3) Strategic management is that set of managerial decisions and actions that determine the long-run performance of a corporation. Which one of the following is NOT one of the basic elements of the strategic management process?
A. Strategy formulation
B. Strategy implementation
C. Statistical process control
D. Evaluation and control
E. Environmental scanning
4) The relationship among the bo
OPS 571 Final Exam
1) __________ is when the activities in the stage must stop because there is no place to deposit the item just completed
A. Buffering
B. Blocking
C. Starving
D. Pacing
2) According to your text, the most common process metric is
A. productivity
B. efficiency
C. utilization
D. throughput time
3) Declining product prices
A. increase the manufacturing costs
B. lower the break-point
C. result in lower manufacturing costs
D. increase the break-even point
4) The type of processing structure that is used for producing discrete products at a controlled rate is
A. job shop
B. batch
C. assembly line
D. project
5) The best process flow structure to use for making automobiles is
A. job shop
B. batch shop
C. group technology cell
D. assembly line
6) The break-even analysis is a standard approach to determine alternative processes A break-even analysis chart usually present alternati
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
1. ACC 300 Final Exam answers
Link : http://uopexam.com/product/acc-300-final-exam/
ACC 300 Final Exam Answers
1) Which of the following statements is true?
only when operating conditions change significantly.
B.
An unqualified independent auditor’s report must be included in the annual r
eport.
2. because that information is only for internal users.
shareholders even when financial results are positive.
2) Notes to the financial statements include which of the following:
A. An independent auditors report.
B. Explanations of uncertainties.
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable
3) Which of the following financial statements is divided into major categories of
operating, investing, and financing activities?
A. The income statement.
B. The balance sheet.
C. The retained earnings statement.
D. The statement of cash flows.
4) If the retained earnings account increases from the beginning of the year to the
end of the year, then
A. net income is less than dividends.
B. a net loss is less than dividends.
C. additional investments are less than net losses.
D. net income is greater than dividends.
5) If services are rendered on account, then
3. A. assets will decrease.
B. liabilities will increase.
C. stockholders’ equity will increase.
D. liabilities will decrease.
6) An investment by the stockholders in a business increases
A. assets and stockholders’ equity.
B. assets and liabilities.
C. liabilities and stockholders’ equity.
D. assets only.
7) Using accrual accounting, expenses are recorded and reported only:
A. when they are incurred whether or not cash is paid.
B. when they are incurred and paid at the same time.
C. if they are paid before they are incurred.
D. if they are paid after they are incurred.
8) A small company may be able to justify using a cash basis of accounting if they
have:
A. sales under $1,000,000.
B. no accountants on staff.
C. few receivables and payables.
4. D. all sales and purchases on account.
9) Stockholders’ equity can be described as claims of
A. creditors on total assets.
B. owners on total assets.
C. customers on total assets.
D. debtors on total assets.
10) Common stock is reported on the
A. statement of cash flows.
B. retained earnings statement.
C. income statement.
D. balance sheet.
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:
A. debit Laundry Supplies Expense, $2,000; credit Laundry Supplies, $2,000.
B. debit Laundry Supplies, $4,500; credit Laundry Supplies Expense, $4,500.
C. debit Laundry Supplies, $2,000; credit Laundry Supplies Expense, $2,000.
D. debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500.
5. 12) On July 1 the Fisher Shoe Store paid $15,000 to Acme Realty for 6 months ren
t
beginning July 1. Prepaid Rent was debited for the full amount. If financial
statements are prepared on July 31, the adjusting entry to be made by the Fisher
Shoe Store is:
A. debit Rent Expense, $15,000; credit Prepaid Rent, $2,500.
B. debit Prepaid Rent, $2,500; credit Rent Expense, $2,500.
C. debit Rent Expense, $2,500; credit Prepaid Rent, $2,500.
D. debit Rent Expense, $15,000; credit Prepaid Rent, $12,500.
13) Use the following data to determine the total dollar amount of assets to be
classified as current assets.
Koonce Office Supplies
Balance Sheet
December 31, 2012
Cash $130,000 Accounts Payable $140,000
Prepaid Insurance 60,000 Salaries Payable 20,000
Accounts Receivable 100,000 Mortgage Payable 160,000
Inventory 140,000 Total Liabilities $320,000
Land held for Investment 150,000
Land 180,000
6. Buildings $200,000 Common Stock $240,000
Less Accumulated Retained Earnings 500,000
Depreciation(40,000) 160,000 Total Stockholders’ Equity $740,000
Trademarks 140,000 Total Liabilities and
Total Assets $1,060,000 Stockholders’ Equity $1,060,000
A. $580,000.
B. $430,000.
C. $360,000.
D. $290,000.
14) Use the following data to calculate the current ratio.
Koonce Office Supplies
Balance Sheet
December 31, 2012
Cash $130,000 Accounts Payable $140,000
Prepaid Insurance 60,000 Salaries Payable 20,000
Accounts Receivable 100,000 Mortgage Payable 160,000
Inventory 140,000 Total Liabilities $320,000
Land held for Investment 150,000
Land 180,000
7. Buildings $200,000 Common Stock $240,000
Less Accumulated Retained Earnings 500,000
Depreciation(40,000) 160,000 Total Stockholders’ Equity $740,000
Trademarks 140,000 Total Liabilities and
Total Assets $1,060,000 Stockholders’ Equity $1,060,000
A. 1.81 : 1.
B. 1.44 : 1.
C. 3.07 : 1.
D. 2.69 : 1.
15) In horizontal analysis, each item is expressed as a percentage of the
A. net income amount.
B. stockholders’ equity amount.
C. total assets amount.
D. base-year amount.
16) When a change in depreciation method occurs:
method.
B. the change should be reported in current and future years.
the beginning of the next year.
extraordinary item on the income statement.
17) Which of the following statements is true with respect to financial statement
8. reporting for all cases when a company changes from one acceptable accounting
method to another?
A. Comparability across periods is impaired.
B. Only a footnote is required to report the change.
retroactively.
old method.
18) Which of the following would be considered a change in accounting principle?
A. Changing the estimated percentage used in calculating bad debt expense.
B. Changing the inventory costing method used from FIFO to LIFO.
C. Changing the estimated useful life of a plant asset from 5 to 10 years
D. Changing auditing firms to find a more liberal opinion.
19) From an internal control standpoint, the asset most susceptible to improper
diversion and use is
A. prepaid insurance.
B. cash.
C. buildings.
D. land.
20) A very small company would have the most difficulty in implementing which of
the following internal control activities?
9. A. Separation of duties.
B. Limited access to assets.
C. Periodic independent verification.
D. Sound personnel procedures.
21) The reconciliation of the cash register tape with the cash in the register is an
example of
A. other controls.
B. independent internal verification.
C. establishment of responsibility.
D. segregation of duties.
22) Deposits in transit
A.
have been recorded on the company’s books but not yet by the bank
.
B. have been recorded by the bank but not yet by the company.
C. have not been recorded by the bank or the company.
D. are customers’ checks that have not yet been received by the company
23) Which of the following items on a bank reconciliation would require an adjusting
entry on the company’s books?
A. An error by the bank.
10. B. Outstanding checks.
C. A bank service charge.
D. A deposit in transit
24) Notification by the bank that a deposited customer check was returned NSF
requires that the company make the following adjusting entry:
A. Accounts Receivable/Cash
B. Cash/Accounts Receivable
C. Miscellaneous Expense/Accounts Receivable
D. No adjusting entry is necessary.
25) Why do pension and mutual funds invest in debt and equity securities?
A. They have excess cash.
B. They want to generate earnings from investment income.
C. They invest for strategic reasons.
D. They invest for speculative reasons
26) Which of the following is a debt security?
A. IBM stock.
B. Treasury stock.
C. Treasury bills.
D. Real Estate.
27) Reed Company acquires 80 Holmes 10%, 5 year, $1,000 bonds on January 1,
11. 2012 for $82,000. This includes a brokerage commission of $2,000. The journal ent
ry
to record this investment includes a debit to
A. Debt Investments for $80,000.
B. Debt Investments for $82,000.
C. Cash for $82,000.
D. Stock Investments for $80,000.
28) Reed Company acquires 80 Holmes 10%, 5 year, $1,000 bonds on January 1,
2012 for $82,000. This includes a brokerage commission of $2,000. Assume Holm
es
pays interest semiannually and the July 1 entry was done correctly. The journal
entry at December 31, 2012 would include a credit to
A. Interest Receivable for $4,000.
B. Interest Revenue for $8,000.
C. Accrued Expense for $8,000.
D. Interest Revenue for $4,000.
29) A company that owns more than 50% of the common stock of another compan
y
is known as the
A. charge company.
12. B. subsidiary company.
C. parent company.
D. management company
30) If a parent company has two wholly owned subsidiaries, how many legal and
economic entities are there from the viewpoint of the shareholders of the parent
company?
A. Legal 3 Economic 3
B. Legal 1 Economic 2
C. Legal 3 Economic 1
D. Legal 2 Economic 1
http://uopexam.com/product/acc-300-final-exam/