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ACC 290 Final Exam

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1) Which financial statement is used to determine cash generated from operations? Acc 290 fin;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? Acc 290 final ex;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 Acc 290 final exam;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 Acc 290 final exam;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 Acc 290 final exam;13. Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance? Acc 290 final exam;14. An adjusted trial balance;15. Given the following adjusted trial balance;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: Acc 290 final exam;18. Net income is recorded on the work sheet under the;19. 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 Acc 290 final exam;20. 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;21. 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 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;22. The entry to record of sale of $900 with terms of 2/10, n/30 will include a;23.Dobler Company uses a periodic inventory system. Details for the inventory account for the month of January 2012 are as follows;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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