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1. UOP ACC 290 Final Exam
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Question 1
Jackson Company recorded the following cash
transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.

2. Paid $6,000 in dividends.
Collected $245,000 from customers.
What was Jackson's net cash provided by
operating activities?
$89,000
$95,000
$110,000
$35,000
Question 2
Which of the following describes the classification
and normal balance of the Unearned Rent Revenue
account?
Asset, debit
Expense, debit
Liability, credit
Revenues, credit

3. Question 3
Posting
involves transferring all debits and credits on a
journal page to the trial balance.
is accomplished by examining ledger accounts and
seeing which ones need updating.
should be performed in account number order.
accumulates the effects of journalized transactions
in the individual accounts.
Question 4
The following is selected information from L
Corporation for the fiscal year ending October 31,
2014.
Cash received from customers $300,000
Revenue earned 390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that
will be used for 3 years 48,000

4. Expenses incurred including any
depreciation 216,000
Proceeds from a bank loan, part of which was used
to pay for the computers 100,000
Based on the accrual basis of accounting, what is L
Corporation's net income for the year ending
October 31, 2014?
$204,000
$220,000
$174,000
$158,000
Question 5
La More Company had the following transactions
during 2013.
• Sales of $4,500 on account
• Collected $2,000 for services to be performed
in 2014

5. • Paid $1,325 cash in salaries
• Purchased airline tickets for $250 in
December for a trip to take place in 2014
What is La More's 2013 net income using cash
basis accounting?
$4,925
$675
$425
$5,175
Question 6
Which one of the following is not a justification for
adjusting entries?
Adjusting entries are necessary to bring the
general ledger accounts in line with the budget.
Adjusting entries are necessary to enable financial
statements to be in conformity with GAAP.
Adjusting entries are necessary to ensure that the
revenue recognition principle is followed.

6. Adjusting entries are necessary to ensure that the
expense recognition principle is followed.
Question 7
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 indi-cated only $1,000 on
hand. The adjusting entry that should be made by
the company on June 30 is:
debit Laundry Expense, $5,500; credit Laundry
Supplies, $5,500.
debit Laundry, $1,000; credit Laundry Supplies
Expense, $1,000.
debit Laundry Expense, $1,000; credit Laundry
Supplies, $1,000.
debit Laundry, $5,500; credit Laundry Supplies
Expense, $5,500.
Question 8

7. Similarities between International Financial
Reporting Standards (IFRS) and U.S. GAAP in-clude
all of the following except
Cash-basis accounting is not in accordance with
either IFRS or U.S. GAAP.
Both IFRS and U.S. GAAP divide the economic life
of companies into artificial time periods.
The form and content of financial statements are
very similar under IFRS and U.S. GAAP.
Both IFRS and U.S. GAAP allow revaluation of
items such as land and buildings to fair value.
Question 9
Conway Company purchased merchandise
inventory with an invoice price of $9,000 and
credit terms of 2/10, n/30. What is the net cost of
the goods if Conway Company pays within the
discount period?
$8,280
$9,000
$8,820

8. $8,100
Question 10
Stan's Market recorded the following events
involving a recent purchase of inventory:
Received goods for $90,000, terms 2/10, n/30.
Returned $1,800 of the shipment for credit.
Paid $450 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's
inventory
increased by $88,650. increased by $86,886.
increased by $86,877. increased by $86,436.
Question 11
Financial information is presented below:

9. Operating expenses $36,000
Sales revenue 150,000 Cost of goods
sold 105,000 Gross profit would be
$45,000.
$24,000.
$114,000.
$36,000.
Question 12
At December 31, 2014 Mohling Company's
inventory records indicated a balance of $602,000.
Upon further investigation it was determined that
this amount included the following:
■ $112,000 in inventory purchases made by
Mohling shipped from the seller 12/27/14 terms
FOB destination, but not due to be received until
January 2nd

10. ■ $74,000 in goods sold by Mohling with terms
FOB destination on December 27th. The goods are
not expected to reach their destination until
January
6th
■ $6,000 of goods received on consignment from
Dollywood Company
What is Mohling's correct ending inventory
balance at December 31, 2014?
$410,000
$490,000
$484,000
$596,000
Question 13
Olympus Climbers Company has the following
inventory data:
July 1
units at $19
Beginning inventory
$380
20

11. 7
$20
Purchases 70 units at
1,400
22
$22
Purchases 10 units at
220
$2,000
A physical count of merchandise inventory on July
30 reveals that there are 32 units on hand. Using
the FIFO inventory method, the amount allocated
to cost of goods sold for July is
$1,380.
$620.
$660.
$1,340.
Question 14
Jenks Company developed the following
information about its inventories in applying the
lower of cost or market (LCM) basis in valuing
inventories:

12. Product Cost Market
A $57,000 $60,000
B 40,000 38,000
C 80,000 81,000
If Jenks applies the LCM basis, the value of the
inventory reported on the balance sheet would be
$179,000.
$175,000.
$177,000.
$181,000.
Question 15
Nilson Company gathered the following
reconciling information in preparing its August
bank reconciliation:
Cash balance per books, 8/31 $21,000

13. Deposits in transit 900
Notes receivable and interest collected by bank
5,100
Bank charge for check printing 120
Outstanding checks 12,000
NSF check 1,020
The adjusted cash balance per books on August
31 is
$24,960.
$24,060.
$14,760.
$13,800.
Question 16
Which of the following is not a basic principle of
cash management?
Increase collection of receivables.
Keep inventory levels low.
Pay all liabilities early.

14. Invest idle cash.
Question 17
Use the following data to determine the total
dollar amount of assets to be classified as
property, plant, and equipment.
Eddy Auto Supplies
Balance Sheet
December 31, 2014
Cash $84,000 Accounts
payable $110,000
Accounts receivable 80,000
Salaries and wages payable 20,000
Inventory 140,000 Mortgage
payable 180,000
Prepaid insurance 60,000
Total liabilities $310,000
Stock Investments
170,000

15. Land 190,000
Buildings $226,000
Common stock $240,000
Less: Accumulated depreciation (40,000)
186,000 Retained
earnings 500,000
Trademarks 140,000 Total
stockholders' equity $740,000
Total assets $1,050,000
Total liabilities and stockholders' equity
$1,050,000
$516,000
$556,000
$376,000
$686,000

16. Question 18
Accounting information is relevant to business
decisions because it
confirms prior expectations.
has been verified by external audit.
is prepared on an annual basis.
is neutral in its representations.
Question 19
Howard Company had a transaction that caused a
$5,000 increase in both assets and total
liabilities. This transaction could have been a(n)
investment of $5,000 cash in the business by the
stockholders.
purchase of office equipment for $12,000, paying
$7,000 cash and issuing a note payable for the
balance.
purchase of office equipment for $5,000 cash.
repayment of a $5,000 bank loan.

17. Question 20
Can financial statements be prepared directly
from the adjusted trial balance?
Yes, adjusting entries have been recorded in the
general journal and posted to the ledger accounts.
No, the adjusted trial balance merely proves the
equality of the total debit and total credit balances
in the ledger after adjustments are posted. It has
no other purpose.
They can because that is the only reason that an
adjusted trial balance is prepared.
They cannot. The general ledger must be used.
Question 21
Which trial balance will consist of the greatest
number of accounts?
All of these answer choices will contain the same
number of accounts.
Post-closing trial balance

18. Trial balance
Adjusted trial balance Question 22
All of the following are required steps in the
accounting cycle except:
preparing a post-closing trial balance.
preparing an adjusted trial balance.
preparing a work sheet.
journalizing and posting closing entries.
Question 23
A sales discount does not
increase a contra revenue account.
increase an operating expense account.
reduce the amount of cash received from a credit
sale.
provide the purchaser with a cash saving.

19. Question 24
American Importers reports net income of
$50,000 and cost of goods sold of $450,000. If the
company's gross profit rate was 40%, net sales
were
$1,125,000.
$1,175,000.
$825,000.
$750,000.
Question 25
The manager of Weiser is given a bonus based on
net income before taxes. The net income after
taxes is $35,700 for FIFO and $29,400 for LIFO. The
tax rate is 30%. The bonus rate is 20%. How much
higher is the manager's bonus if FIFO is adopted
instead of LIFO?
$6,300
$9,000

20. $1,800 $12,600 Question 26
Classic Floors has the following inventory
data:
July 1
units at $6.00
Beginning inventory 15
5 Purchases 60 units at
$6.60
14 Sale 40 units
21
$7.20
Purchases 30 units at
30 Sale 28 units
Assuming that a perpetual inventory system is
used, what is the cost of goods sold on a LIFO basis
for July?
$348.00
$702.00

21. $236.40
$465.60
Question 27
Classic Floors has the following inventory
data:
July 1 Beginning inventory 15
units at $6.00
5 Purchases 60 units at
$6.60
14 Sale 40 units
21 Purchases 30 units at
$7.20
30 Sale 28 units
Assuming that a perpetual inventory system is
used, what is the value of ending inventory on a
LIFO basis for July?

22. $236.40
$465.60
$702.00
$354.00
Question 28
Which of the following is not one of the main
factors that contribute to fraudulent activity?
Opportunity.
Rationalization.
Incompatible duties.
Financial pressure.
Question 29
What is the rationale for the internal control
principle, segregation of duties?

23. The work of one employee should, without
duplication of effort, provide a reliable basis for
evaluating the work of another employee.
History has shown that employees are generally
dishonest and thus cannot be entrusted with
performing related duties.
Control is most effective when only one person is
responsible for a give task.
Segregation of duties causes companies to hire
more employees and thus it supports the
economy.
Question 30 Under IFRS
comparative prior-period information is not
required, but financial statements must be
provided annually.
comparative prior-period information must be
presented, but financial statements need not be
provided annually.
comparative prio
ACC 290 Final Exam NEW

24. Question 1
Jackson Company recorded the following cash
transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
What was Jackson's net cash provided by
operating activities?
$89,000
$95,000
$110,000
$35,000
Question 2

25. Which of the following describes the classification
and normal balance of the Unearned Rent Revenue
account?
Asset, debit
Expense, debit
Liability, credit
Revenues, credit
Question 3 Posting
involves transferring all debits and credits on a
journal page to the trial balance.
is accomplished by examining ledger accounts and
seeing which ones need updating.
should be performed in account number order.
accumulates the effects of journalized transactions
in the individual accounts.
Question 4

26. The following is selected information from L
Corporation for the fiscal year ending October 31,
2014.
Cash received from customers $300,000
Revenue earned 390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that
will be used for 3 years 48,000
Expenses incurred including any depreciation
216,000
Proceeds from a bank loan, part of which was used
to pay for the computers 100,000
Based on the accrual basis of accounting, what is L
Corporation's net income for the year ending
October 31, 2014?
$204,000
$220,000
$174,000
$158,000

27. Question 5
La More Company had the following transactions
during 2013.
• Sales of $4,500 on account
• Collected $2,000 for services to be performed
in 2014
• Paid $1,325 cash in salaries
• Purchased airline tickets for $250 in
December for a trip to take place in 2014
What is La More's 2013 net income using cash
basis accounting?
$4,925
$675
$425
$5,175

28. Question 6
Which one of the following is not a justification for
adjusting entries?
Adjusting entries are necessary to bring the
general ledger accounts in line with the budget.
Adjusting entries are necessary to enable financial
statements to be in conformity with GAAP.
Adjusting entries are necessary to ensure that the
revenue recognition principle is followed.
Adjusting entries are necessary to ensure that the
expense recognition principle is followed.
Question 7
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 indi-cated only $1,000 on
hand. The adjusting entry that should be made by
the company on June 30 is:
debit Laundry Expense, $5,500; credit Laundry
Supplies, $5,500.

29. debit Laundry, $1,000; credit Laundry Supplies
Expense, $1,000.
debit Laundry Expense, $1,000; credit Laundry
Supplies, $1,000.
debit Laundry, $5,500; credit Laundry Supplies
Expense, $5,500.
Question 8
Similarities between International Financial
Reporting Standards (IFRS) and U.S. GAAP in-clude
all of the following except
Cash-basis accounting is not in accordance with
either IFRS or U.S. GAAP.
Both IFRS and U.S. GAAP divide the economic life
of companies into artificial time periods.
The form and content of financial statements are
very similar under IFRS and U.S. GAAP.
Both IFRS and U.S. GAAP allow revaluation of
items such as land and buildings to fair value.

30. Question 9
Conway Company purchased merchandise
inventory with an invoice price of $9,000 and
credit terms of 2/10, n/30. What is the net cost of
the goods if Conway Company pays within the
discount period?
$8,280
$9,000
$8,820
$8,100
Question 10
Stan's Market recorded the following events
involving a recent purchase of inventory:
Received goods for $90,000, terms 2/10, n/30.
Returned $1,800 of the shipment for credit.
&