PDF Archive

Easily share your PDF documents with your contacts, on the Web and Social Networks.

Send a file File manager PDF Toolbox Search Help Contact



ACC 290 Final Exam Guide Latest .pdf



Original filename: ACC 290 Final Exam Guide Latest.pdf
Author: chaithu

This PDF 1.5 document has been generated by Microsoft® Office Word 2007, and has been sent on pdf-archive.com on 27/02/2018 at 04:45, from IP address 103.6.x.x. The current document download page has been viewed 166 times.
File size: 323 KB (11 pages).
Privacy: public file




Download original PDF file









Document preview


UOP ACC 290 Final Exam Guide Latest

Check this A+ tutorial guideline at
http://www.uopassignments.com/acc-290-uop/acc-290final-exam-guide-recent

For more classes visit
http://www.uopassignments.com
Question 1
The best definition of assets is the
collections of resources belonging to the company and the
claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to
the company.

Question 2
Which of the following is not a liability?

Accounts Payable
Accounts Receivable
Interest Payable
Unearned Service Revenue
Question 3

Which of the following financial statements is divided into
major categories of operating, investing, and financing
activities?

The statement of cash flows.
The income statement.
The balance sheet.
The retained earnings statement.
Question 4
Ending retained earnings for a period is equal to beginning

Retained earnings + Net income – Dividends.
Retained earnings – Net income + Dividends
Retained earnings – Net income – Dividends.
Retained earnings + Net income + Dividends.

Question 5
Which of the following is not an advantage of the corporate
form of business organization?

No personal liability
Easy to raise funds
Easy to transfer ownership
Favorable tax treatment

Question 6

An advantage of the corporate form of business is that

it is simple to establish.
it has limited life.
its owner’s personal resources are at stake.
its ownership is easily transferable via the sale of shares of
stock

Question 7
A small neighborhood barber shop that is operated by its
owner would likely be organized as a

proprietorship.
partnership.
joint venture.
corporation.

Question 8
If services are rendered for cash, then
stockholders’ equity will decrease.
liabilities will increase.
liabilities will decrease.
assets will increase.
Question 9
A revenue generally

increases assets and stockholders’ equity.
increases assets and liabilities.
increases assets and decreases stockholders’ equity.
leaves total assets unchanged.
Question 10
A revenue account
has a normal balance of a debit.
is decreased by credits.
is increased by credits.
is increased by debits.
Question 11
Which accounts normally have debit balances?

Assets, expenses, and dividends
Assets, expenses, and revenues
Assets, expense, and retained earnings
Assets, liabilities, and dividends
Question 12
In recording an accounting transaction in a double-entry
system

the number of debit accounts must equal the number of credit
accounts.
there must only be two accounts affected by any transaction.
there must always be entries made on both sides of the

accounting equation.
the amount of the debits must equal the amount of the credits.

Question 13

The usual sequence of steps in the transaction recording
process is

journalize, analyze, post to the ledger.
post to the ledger, journalize, analyze.
analyze, journalize, post to the ledger.
journalize, post to the ledger, analyze.
Question 14

Under the expense recognition principle expenses are
recognized when

they contribute to the production of revenue.
they are billed by the supplier.
they are paid.
the invoice is received.
Question 15
The revenue recognition principle dictates that revenue should
be recognized in the accounting records:

in the period that income taxes are paid.
when cash is received.
when the performance obligation is satisfied.
at the end of the month.

Question 16
Merchandising companies that sell to retailers are known as

brokers.
corporations.
wholesalers.
service firms.
Question 17

Gross profit equals the difference between

sales revenue and cost of goods sold.
sales revenue and operating expenses.
net income and operating expenses.
sales revenue and cost of goods sold plus operating expenses
Question 18
Net income will result if gross profit exceeds

purchases.
cost of goods sold.

operating expenses.
cost of goods sold plus operating expenses.
Question 19
Under the perpetual system, cash freight costs incurred by the
buyer for the transporting of goods is recorded in which
account?

Freight-In
Inventory
Freight Expense
Freight-Out
Question 20
Financial information is presented below:
Operating expenses
$ 25000
Sales revenue
175000
Cost of goods sold
125000
The profit margin ratio would be

Question 21

Financial information is presented below:
Operating expenses $ 31000
Sales returns and allowances 6000
Sales discounts
5000
Sales revenue 180000
Cost of goods sold 87000

The gross profit rate would be

Question 22
Financial information is presented below:
Operating expenses $ 54000
Sales returns and allowances 5000
Sales discounts
5000
Sales revenue 206000
Cost of goods sold 109000
Gross Profit would be

$102000.
$92000.
$97000.
$87000
Question 23
The LIFO inventory method assumes that the cost of the latest
units purchased are

not allocated to cost of goods sold or ending inventory.
the first to be allocated to cost of goods sold.
the last to be allocated to cost of goods sold.
the first to be allocated to ending inventory.
Question 24
Which of the following statements is correct with respect to

inventories?

FIFO seldom coincides with the actual physical flow of
inventory.
The FIFO method assumes that the costs of the earliest goods
acquired are the last to be sold.
It is generally good business management to sell the most
recently acquired goods first.
Under FIFO, the ending inventory is based on the latest units
purchased.

Question 25
All of the following are examples of internal control procedures
except

reconciling the bank statement.
customer satisfaction surveys.
insistence that employees take vacations.
using prenumbered documents.

Question 26
Each of the following is a feature of internal control except

recording of all transactions.
bonding of employees.


Related documents


PDF Document acc 290 final exam guide latest
PDF Document uop acc 290 week 1 assignment preparing
PDF Document some of the benefits of1513
PDF Document chapter 1 homework end ch problems
PDF Document devry acct 301 week 2 quiz
PDF Document devry acct 301 week 2 quiz


Related keywords