ACC 290 Final Exam

| August 14, 2017

1.
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 be
5.
ABC Corporation issues
100 shares of $1 par common stock at $5 per share, which of the following 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 account has a
7.
Which ledger contains
control accounts?
8.
Smith is a customer of
ABC Corporation. Smith typically purchases merchandise from ABC on account.
Which ledger would ABC use to keep track of the details of Smith’s account?
9.
Under the cash basis
of accounting
10. Under the accrual basis of accounting
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
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
13. Based on the account balance below, what is the total
of the debit and credit columns of the adjusted trial balance?
14. An adjusted trial balance
15. Given the following adjusted trial balance:
·
Debit Credit Cash 781
Accounts receivable 1,049 Inventory 1,562 Prepaid Rent 43 Property, Plant&
Equipment 150 Accumulated depreciation 23 Accounts Payable 41 Unearned Revenue
21 Common Stock 60 Retained earnings 3,305 Service revenue 177 Interest revenue
43 Salary expense 113 Total $3,698 $3,698
·
Net income for the
year is
16. Given the following adjusted trial balance, what will
be the totals for the debit and credit columns of the post-closing trial
balance?
17. Given the following adjusted trial balance:
·
Net income is recorded
on the work sheet under the
18. 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 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
19. 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
20. 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 acc 290 final exam 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
21. The entry to record of sale of $900 with terms of
2/10, n/30 will include a
22. Dobler Company uses a periodic inventory system.
Details for the inventory account for the month of January 2012 are as follows:
23. 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?
24. The difference between ending inventory using LIFO and
ending inventory using FIFO is referred to as
25. A consistent application of an inventory costing
method enhances
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?
27. A very small company would have the most difficulty in
implementing which of the following internal control activities?
28. A system of internal control
29. The custodian of a company asset should
30. The Sarbanes Oxley Act (2002) applies to

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