This website uses cookies to ensure you have the best experience. Learn more

Acc 290 Final Exam Essay

1732 words - 7 pages

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 ...view middle of the document...

Smith typically purchases merchandise from ABC on 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

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 principles

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 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
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
C. $9,560
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 ...

Other Essays Like Acc 290 Final Exam

ACC 291 Final Exam UOP A+ Course Tutorial

2573 words - 11 pages NEW ACC 291 Final Exam Multiple Choice Question 86 An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a debit to Bad Debt Expense for $4,500. debit to Bad Debt Expense for $3,300. credit to Allowance for Doubtful Accounts for $4,500. debit to Allowance for

Financial Statement Paper

800 words - 4 pages Financial Statements Paper Brittany Williams University of Phoenix Principles of Accounting I ACC/290 Kelvin Chang November 26, 2013 Financial Statements Paper In the accounting world, there are four basic financial statements that are normally prepared by profit-making organizations. These are balance sheet, income statement, statement of retained earnings, and statement of cash flows. Each of these statements serves a very

Acc 291 Syllabus

1639 words - 7 pages Course Syllabus School of Business ACC/291 Version 2 Principles of Accounting II Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course introduces accounting concepts in a business environment. Students learn to create and apply accounting documents in making better business decisions. Other topics include plant assets, liabilities, accounting for corporations, investments, statements of cash

Nursing Science

3024 words - 13 pages test reviews. Students may also schedule individual test reviews with their seminar leader. 2. Test Make-up Policy: Refer to Test Security in Student Nurses Handbook for further information on test make-up. 3. Make-up of Final Exams: In the event that a student misses the final exam for the nursing course, the student will receive a grade of incomplete or “I” for the course. Refer to the Course Grades policy found in Student Nurses Handbook. 4

Macroeconomics

4972 words - 20 pages ) __A____ A) is $290 billion. B) is $295 billion. C) is $410 billion. D) cannot be determined from this information. 56) In 2010, GDP was exactly equal to final sales. This implies that 56) __A____ A) there was no change in inventories that year. B) there was a decline in inventories that year. C) there was accumulation of inventories that year. D

Ethical Hacking

5637 words - 23 pages some participants simply memorize terminology and don’t have a good grasp of the subject matter or complex concepts, much like students who have managed to pass a final exam by cramming but then forget most of the information after taking the test. Use the time you spend studying for a certification exam wisely, discovering areas in which you might need improvement instead of memorizing answers to questions. By learning the material in this book

The Separation Of Capital Ownership And Control

1577 words - 7 pages The argument of whether the separation of capital ownership and control is an efficient form of organization has constantly been a controversial issue. The criticism whether the controllers’ act is in the best interest of the owners’ wills never end as long as hired managers operate management. As the number of public companies has been increasing over the course of this century, meanwhile the American style of contact based corporation has

The Versatility And Flexibility Of OLED's

1014 words - 5 pages In April 1, 2002, organic light emitting diodes gain rise in the scientific community with their published, more practical form at Ames Laboratory. “Scientists at the U.S. Department of Energy's Ames Laboratory, in collaboration with scientists at the University of Michigan, Ann Arbor, have developed and demonstrated a novel, fluorescence-based chemical sensor that is more compact, versatile and less expensive than existing technology of its

Comparing The Moral Virtues Of Antony And Julian The Apostate

1103 words - 5 pages Roman emperor Julian the Apostate and Christian leader Antony both exhibited many qualities of character during their existence. Both of them led very distinctive lives although shared several ethical values. Book 25 of “The Later Roman Empire” and the book “Early Christian Lives” show concrete evidence of this. In the following essay, I will argue how both leaders’ lives were devoted to their religious beliefs and their mutual cardinal virtues

Living In A Cashless Society

1637 words - 7 pages Money in a traditional sense no longer exists. Money is becoming much of a concept than a physical material, and most ordinary bitter have not see the reality of the switch. People today are using credit and debit cards on a regular basis and in everyday situations such as meal purchased at fast food, highway tolls, clothing, groceries, gas stations, etc. all of these means of systems could be regarded as a cashless society or world. The question

The French And Indian War: The "Real" First World War

1955 words - 8 pages main section that we learn of most of the events of the Seven Years War. The third and final section of the book focuses on the closure and end of the French and Indian war, but yet with renewed vigor invests in possible what-if scenarios. It also goes into great detail about the cause and effect that the war has had upon all nations involved and what would soon come to pass. Analyzing the many facets of this book is easier said than done. The

Related Papers

Acc 291 Final Exam Question Answers

2586 words - 11 pages ACC 291 Final Exam Question Answers Multiple Choice Question 86 An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a • debit to Bad Debt Expense for $4,500. • debit to Bad Debt Expense for $3,300. • credit to Allowance for Doubtful Accounts for $4,500

Uop Acc 291 Final Exam Answers

2455 words - 10 pages UOP ACC 291 Final Exam Answers Multiple Choice Question 86 An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a • debit to Bad Debt Expense for $4,500. • debit to Bad Debt Expense for $3,300. • credit to Allowance for Doubtful Accounts for

Acc 291 Week 5 Final Exam 1

1296 words - 6 pages Product Description ACC 291 Sample Final Exam Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-decl ACC 291 Week 5 Final Exam 1 ining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component

Acc 561 Final Exam Latest Uop Course Assignments

1723 words - 7 pages 49. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? • Lower taxes. • Harder to transfer ownership. • Most common form of organization. • Reduced legal liability for investors. 64. The group of users of accounting information charged with achieving the goals of the business is its • Auditors. • Creditors. • Managers. • Investors. Find the final exam answers here ACC 561 Final