ACC 290 FINAL EXAM SOLUTION 30 MCQS
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ACC 290 FINAL EXAM SOLUTION 30 MCQS
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?
17) Given the following adjusted trial balance:
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
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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