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ACC 290 Final Exam

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ACC 290 Final Exam

Question 1

Jackson Company recorded the following cash transactions for the year:

Question 2

Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Question 3

Question 4

The following is selected information from L Corporation for the fiscal year ending October 31, 2014.

Question 5

La More Company had the following transactions during 2013.

Question 6

Which one of the following is not a justification for adjusting entries?

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:

Question 8

Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except

Question 9

Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period?

Question 10

Stan’s Market recorded the following events involving a recent purchase of inventory:

Question 11

Financial information is presented below:

Question 12

At December 31, 2014 Mohling Company’s inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following:

Question 13

Olympus Climbers Company has the following inventory data:

 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

Question 14

Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:

Question 15

Nilson Company gathered the following reconciling information in preparing its August bank reconciliation:

Question 16

Which of the following is not a basic principle of cash management?

Question 17

Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.

Question 18

Accounting information is relevant to business decisions because it

Question 19

Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction could have been a(n)

Question 20

Can financial statements be prepared directly from the adjusted trial balance?

Question 21

Which trial balance will consist of the greatest number of accounts?

Question 22

All of the following are required steps in the accounting cycle except:

Question 23

A sales discount does not

Question 24

American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company’s gross profit rate was 40%, net sales were

Question 25

The manager of Weiser is given a bonus based on net income before taxes. The net income after taxes is $35,700 for FIFO and $29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?

Question 26

Classic Floors has the following inventory data: Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?

Question 27

Classic Floors has the following inventory data:

Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

Question 28

Which of the following is not one of the main factors that contribute to fraudulent activity?

Question 29

What is the rationale for the internal control principle, segregation of duties?

Question 30

Under IFRS

ACC 290 Final Exam Question 1 Jackson Company recorded the following cash transactions for the year: Question 2 Which of the following describes the classification and normal balance of the Unearned Rent Revenue account? Question 3 Question 4
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