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1. UOP ACC 541 Final Exam NEW
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Question 95 Application of the full disclosure
principle
Question 54 The omission of the adjusting entry to
record depreciation expense will result in an
Question 84 What should be the balance of
retained earnings at December 31, 2017?
Question 98 In Reese's December 31, 2017 balance
sheet,The current assets total is
Question 44 Which of the following statements is
true?

2. Question 63 Antique Company has notes
receivable that have a fair value of $920,000 and a
carrying amount of $710,000. Antique decides on
December 31, 2017, to use the fair value option for
these recently-acquired receivables. The adjusting
entry to record this change will include a:
Question 46 What is the effect of a $50,000
overstatement of last year's inventory on current
years ending retained earning balance?
Question 104 Based on the above
information, the inventory account at December
31, 2017, should
be reduced by
Question 87 On January 2, 2018, Gold Star
Leasing Company leases equipment to Brick Co.
with 5 equal annual payments of $160,000 each,
payable beginning January 2, 2018. Brick Co.
agrees to guarantee the $100,000 residual value of
the asset at the end of the lease term. Brick's
incremental borrowing rate is 10%, however it
knows that Gold Star's implicit interest rate is 8%.
What journal entry would Brick Co. make at
January 1, 2019 to record the second lease
payment?
Question 95 What amount of cash was paid on
accounts payable to suppliers during 2019?

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