Chat with us, powered by LiveChat ACC 290 week 5 MCQ finals | Gen Paper
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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?

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

14)
An adjusted trial balance
15) Given the following adjusted trial
balance, net income for the year is:

Debit

Credit

Cash

$781

Accounts receivable

1,049

Inventory

1,562

Prepaid rent

43

Property, plant & equipment

150

Accumulated depreciation

26

Accounts payable

41

Unearned revenue

61

Common stock

103

Retained earnings

3,305

Service revenue

134

Interest revenue

28

Salary expense

80

Travel expense

33

Total

$3,698

$3,698

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:

Debit

Credit

Cash

$781

Accounts receivable

1,049

Inventory

1,562

Prepaid rent

43

Property, plant & equipment

150

Accumulated depreciation

$26

Accounts payable

41

Unearned revenue

61

Common stock

103

Retained earnings

3,305

Service revenue

134

Interest revenue

28

Salary expense

80

Travel expense

33

Total

$3,698

$3,698

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

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