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1. UOP ACC 290 Final Exam Guide
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www.assignmentcloud.com1) Which financial statement is used to
determine cash generated from
operations?
A. Income statement
B. Statement of operations

2. 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.

3. 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 account must be
A. debited
B. credited
C. either debited or credited, depending on the
circumstances
D. capitalized
5) ABC Corporation issues 100 shares of $1
par common stock at $5 per share, which of
the following is the correct journal entry?
A.
Cash $100
Common Stock $100

4. B.
Cash $500
Common Stock
$500
C.
Cash $500
Paid-in
Capital,
Excess of Par
Common
Stock $100
D.
Cash
$100
$400
Paid-in Capital, Excess of Par $400
Common Stock $500

5. 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
A. $600 credit balance
B. $1,400 debit balance
C. $800 debit balance
D. $800 credit balance
7) Which ledger contains control accounts?
A. Accounts receivable subsidiary ledger
B. General ledger
C. Accounts payable subsidiary ledger
D. General revenue and expense ledger
8) Smith is a customer of ABC Corporation.
Smith typically purchases merchandise from
ABC on

6. account. Which ledger would ABC use to keep
track of the details of Smith's account?
A. Accounts receivable subsidiary ledger
B. Accounts receivable control ledger
C. General ledger
D. Accounts payable subsidiary ledger
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

7. 10) Under the accrual basis of accounting,
A. cash must be received before revenue is
recognized
B. net income is calculated by matching cash
outflows against cash inflows
C. events that change a company's financial
statements are recognized in the period they
occur rather than in the period in which the
cash is paid
or received
D. the ledger accounts must be adjusted to
reflect a cash basis of accounting before
financial
statements are prepared under generally
accepted
accounting principles11) 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

8. A. debit Laundry Expense, $2,000; credit
Laundry Expense $2,000
B. debit Laundry Expense, $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
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
A. debit Office Supplies Expense, $1,100; credit
Office Supplies, $1,100
B. debit Office Supplies, $2,900; credit Office
Supplies Expense, $2,900

9. C. debit Office Supplies Expense, $2,900; credit
Office Supplies, $2,900
D. debit Office Supplies, $1,100; credit Office
Supplies Expense, $1,100
13) Based on the account balance below, what is
the total of the debit and credit columns of the
adjusted trial balance?
Service revenue $3,300 Equipment $6,400
Cash 1,525 Prepaid insurance 1,225
Unearned revenue 5,320 Depreciation
expense 640
Salary 1,050 Accum. depreciation 1,280
Common stock 390 Retained earnings 550
A. $9,150
B. $10,840
$9,560
C.

10. D. $10,430
14) An adjusted trial balance
A. is prepared after the financial
statements
are completed
B. proves the equality of the total
debit balances and total credit
balances of ledger accounts after all
adjustments have been made
C. is a required financial statement
under generally accepted accounting
principles
D. cannot be used to prepare
financial
statements
15) Given the following adjusted trial balance, net
income for the year is:
Debit Credit Cash $781
Accounts receivable 1,049

11. Inventory 1,562 Prepaid
rent 43
Property, plant &
equipment 150
Accumulated
depreciation 26
Accounts payable 41
Unearned revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 134
Interest revenue 28
Salary expense 80
Travel expense 33
Total $3,698 $3,698
A. $248
B. $135

12. C.
$162
D. $49
16) 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

13. Retained earnings
Service revenue
6,610
218
Interest revenue 56
Salary expense 160
Travel expense 66
Totals $7,396 $7,396
A. $7,396
B. $7,118
C. $7,334
D. $7,170
17) Given the following adjusted trial balance:
Debit Credit
Cash $781

14. Accounts receivable 1,049
Inventory 1,562 Prepaid
rent 43
Property, plant & equipment
150 Accumulated
depreciation $26
Accounts payable 41
Unearned revenue 61
Common stock 103
Retained earnings 3,305
Service revenue 134
Interest revenue 28
Salary expense 80
Travel expense 33
Total $3,698 $3,698
After closing entries have been posted, the balance
in retained earnings will be

15. A.
$3,256
B. $3,170
C. $3,440
D. $3,354
18) Net income is recorded on the work sheetunder the
A. debit column of the adjusted trial balance
and the credit column of retained earnings
B. debit column of the income statement and
the credit column of the balance sheet
C. credit column of the adjusted trial balance
and the debit column of retained earnings
D. credit column of the income statement and
the debit column of the balance sheet
19) At the beginning of the year, Uptown Athletic
had an inventory of $400,000. During the year, the
company purchased goods costing $1,500,000. If

16. 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
A. $900,000 and 65%
B.
$1,300,000 and
35%
C. $900,000 and 35%
D.
$1,300,000 and
65%
20) 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
A. $480,000
B. $420,000
C. $390,000
D. Insufficient data to
determine

17. 21) 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
A. $400,000 and 60%
B $600,000 and 40%
C. $400,000 and
40%
D. $600,000 and
60%
22) The entry to record of sale of $900 with
terms of 2/10, n/30 will include a
A. debit to Sales Discount for $18
B. debit to Sales Revenue for $882
C. credit to Accounts Receivable for $900

18. D. credit to Sales Revenue for $900
23) Dobler Company uses a periodic inventory
system. Details for the inventory account for the
Units Per unit price Total
Balance, 1/1/2012 200 $5.00 $1,000
Purchase, 1/15/2012 100 5.3 530
Purchase, 1/28/2012 100 5.5 550
An end of the month (1/31/2012), inventory
showed that 140 units were on hand. If the
company uses LIFO, what is the value of the
ending
inventory?
A. $737
B. $700
C. $762
$1,380
D.

19. 24) The difference between ending inventory
using LIFO and ending inventory using FIFO
is
referred to as
A. FIFO reserve
B. inventory reserve
C. LIFO reserve
D. periodic reserve
25) A consistent application of an inventory
costing method enhances
A. conservatism
B. accuracy
C. comparability
D. efficiency

20. 26) 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?
A. $11,300
B. $12,000
C. $10,000
D. $10,700
27) A very small company would have the most
difficulty in implementing which of the
following internal control activities?
A. Separation of duties
Limited access to assets
B.

21. C. Periodic independent verification
D. Sound personnel procedures
28) A system of internal control
A. is infallible
B. can be rendered ineffective by employee
collusion
C. invariably will have costs exceeding
benefits
D. is premised on the concept of absolute
assurance
29) The custodian of a company asset should
A. have access to the accounting record for that
asset
B. be someone outside the company
C. not have access to the accounting record for
that asset
D. be an accountant

22. 30) The Sarbanes Oxley Act (2002) applies
to
A. U.S. companies but not international
companies
B. international companies but not U.S.
companiesC. U.S. and Canadian companies but not other
international companies
D. U.S. and international companies