ACC 300 Final Exam Answers
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ACC 300 Final Exam 3
1. Which of the following is not an asset:
2. Amy Co. acquired $500 worth of supplies on credit. Which of the following journal entries would be recorded?
3. Baker Company earned $10,000 revenue for services provided. Which of the following is correct?
4. Candy Company collected $5,000 from a customer on account. What journal entry will Candy Company record?
5. Ernie Corporation capitalized a $20,000 automobile. Which of the following is mostly likely true?
6. Liabilities are generally classified on a balance sheet as
7. Office equipment is classified on the balance sheet as
8. The total dollar amount of assets to be classified as current assets is
9. The total dollar amount of assets to be classified as property, plant, and equipment is
10. The total dollar amount of assets to be classified as investments is
11. The total amount of working capital is
12. The current ratio is
13. Which of the following is a measure of liquidity?
14. Current assets divided by current liabilities is known as the
15. State the accounting equation:
16. On which of the following financial statements would you expect to find revenues and expenses?
17. On which of the following financial statements would you expect to find financing, operating, and investing activities?
18. On which of the following financial statements would you expect to find assets, liabilities, and stockholders’ equity?
19. Based on the following data, what is the amount of current assets?
20. What is the total amount of working capital?
21. What is the current ratio?
22. What is the earnings per share?
23. What is the debt to total assets?
24. In 2006 Fione Corporation had cash receipts of $14,000 and cash disbursements of $8,000. Their ending cash balance at December 31, 2006 was $22,000. What was their beginning cash balance?
25. The cost principle requires that when assets are acquired, they be recorded at
26.Oslo's net income for 2006 was:
27.Total assets at the end of 2006 are:
28. Total liabilities at the end of 2006 are:
29.Retained earnings at the end of 2006 are:
30.The following amounts were drawn from the records of Gregory Co.: Total Assets = $1,100; Common stock = $300; Retained Earnings = $200. Based on this information, total liabilities must be equal to:
31.Hines Co. purchased land for $2,000 cash. As a result of this event:
32. Which of the following is a stockholders’ equity item:
33.Net Income is –
34. The Injoy Corp. has assets of $20,000 and stockholders’ equity of $12,000. The amount of its liabilities is:
35.Jumpy Company sold merchandise for $500,000. The merchandise that it sold had a cost of $300,000. Jumpy Company has net income of:
36.Which of the following would appear in the cash flow from operations section of the statement of cash flows?
37.___________ includes cash, equipment and inventory.