Acc 290 Final Exam Solution 30 Mcqs

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ACC 290 FINAL EXAM SOLUTION 30 MCQS

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ACC 291 FINAL EXAM SOLUTION 30 MCQS1) 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 be5) 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 a7) 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 is12) 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 be13) 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 balance15) 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 the19) 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 be20) 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 been21) 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 be22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a23) Dobler Company uses a periodic inventory system. Details for the inventory account for the24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as25) A consistent application of an inventory costing method enhances26) 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 control29) The custodian of a company asset should30) The Sarbanes Oxley Act (2002) applies to

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ACC 291 FINAL EXAM SOLUTION 30 MCQS1) 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 be5) 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 a7) 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 is12) 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 be13) 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 balance15) 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 the19) 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 be20) 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 been21) 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 be22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a23) Dobler Company uses a periodic inventory system. Details for the inventory account for the24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as25) A consistent application of an inventory costing method enhances26) 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 control29) The custodian of a company asset should30) The Sarbanes Oxley Act (2002) applies to

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ACC 291 FINAL EXAM SOLUTION 30 MCQS1) 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 be5) 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 a7) 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 is12) 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 be13) 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 balance15) 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 the19) 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 be20) 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 been21) 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 be22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a23) Dobler Company uses a periodic inventory system. Details for the inventory account for the24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as25) A consistent application of an inventory costing method enhances26) 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 control29) The custodian of a company asset should30) The Sarbanes Oxley Act (2002) applies to