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ACC 290 FINAL GUIDE | ACCOUNTING 290 FINAL EXAM STUDY MATERIAL

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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, 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?;Debit Credit;Cash $1,562;Accounts receivable 2,098;Inventory 3,124;Prepaid rent 86;Property, plant, & equipment 300;Accumulated depreciation $52;Accounts payable 82;Unearned revenue 172;Common stock 206;Retained earnings 6,610;Service revenue 218;Interest revenue 56;Salary expense 160;Travel expense 66;Totals $7,396 $7,396;17) Given the following adjusted trial balance;After closing entries have been posted, the balance in retained earnings will be;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;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;Units Per unit price Total;Balance, 1/1/2012 200 $5.00 $1,000;Purchase, 1/15/2012 100 5.3 530;Purchase, 1/28/2012 100 5.5 550;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

 

Paper#81686 | Written in 18-Jul-2015

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