Essay about Acc 290 Final Exam New – 100% Correct

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ACC 290 Final Exam NEW – 100% Correct

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Question 1
Jackson Company recorded the following cash transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
What was Jackson’s net cash provided by operating activities?
$89,000
$95,000
$110,000
$35,000
Question 2
Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?
Asset, debit
Expense, debit
Liability, credit
Revenues, credit
Question 3
Posting
involves transferring all debits and credits
…show more content…
Adjusting entries are necessary to bring the general ledger accounts in line with the budget.
Adjusting entries are necessary to enable financial statements to be in conformity with GAAP.
Adjusting entries are necessary to ensure that the revenue recognition principle is followed.
Adjusting entries are necessary to ensure that the expense recognition principle is followed.
Question 7
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 indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is: debit Laundry Expense, $5,500; credit Laundry Supplies, $5,500. debit Laundry, $1,000; credit Laundry Supplies Expense, $1,000. debit Laundry Expense, $1,000; credit Laundry Supplies, $1,000. debit Laundry, $5,500; credit Laundry Supplies Expense, $5,500.
Question 8
Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except
Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP.
Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods.
The form and content of financial statements are very similar under IFRS and U.S. GAAP.
Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value.
Question 9

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