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ACC 290 Week 5 Final Exam

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ACC 290 Week 5 Final Exam

http://issuu.com/lucky269/docs/uoptutorial.docx

 

ACC 290 Week 5 Final Exam

 

Question 1

The best definition of assets is the

resources belonging to a company that have future benefit to the company.

 

cash owned by the company.

 

collections of resources belonging to the company and the claims on these resources.

 

owners’ investment in the business.

 

 

Question 2

Which of the following is not a liability?

Accounts Payable

 

Accounts Receivable

 

Unearned Service Revenue

 

Interest Payable

 

 

Question 3

Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

The statement of cash flows.

 

The retained earnings statement.

 

The income statement.

 

The balance sheet.

 

 

Question 4

Ending retained earnings for a period is equal to beginning

Retained earnings + Net income + Dividends.

 

Retained earnings + Net income – Dividends.

 

Retained earnings – Net income + Dividends.

 

Retained earnings – Net income – Dividends.

 

 

Question 5

Which of the following is not an advantage of the corporate form of business organization?

No personal liability

 

Favorable tax treatment

 

Easy to raise funds

 

Easy to transfer ownership

 

 

Question 6

An advantage of the corporate form of business is that

its ownership is easily transferable via the sale of shares of stock.

 

it is simple to establish.

 

it has limited life.

 

its owner’s personal resources are at stake.

 

 

Question 7

A small neighborhood barber shop that is operated by its owner would likely be organized as a

partnership.

 

joint venture.

 

corporation.

 

proprietorship.

 

 

Question 8

If services are rendered for cash, then

liabilities will decrease.

 

stockholders’ equity will decrease.

 

assets will increase.

 

liabilities will increase.

 

 

Question 9

A revenue generally

increases assets and stockholders’ equity.

 

increases assets and decreases stockholders’ equity.

 

leaves total assets unchanged.

 

increases assets and liabilities.

 

 

Question 10

A revenue account

is increased by credits.

 

has a normal balance of a debit.

 

is increased by debits.

 

is decreased by credits.

 

 

Question 11

Which accounts normally have debit balances?

Assets, expenses, and dividends

 

Assets, expense, and retained earnings

 

Assets, expenses, and revenues

 

Assets, liabilities, and dividends

 

 

Question 12

In recording an accounting transaction in a double-entry system

the amount of the debits must equal the amount of the credits.

 

there must only be two accounts affected by any transaction.

 

the number of debit accounts must equal the number of credit accounts.

 

there must always be entries made on both sides of the accounting equation.

 

 

Question 13

The usual sequence of steps in the transaction recording process is

journalize, analyze, post to the ledger.

 

analyze, journalize, post to the ledger.

 

journalize, post to the ledger, analyze.

 

post to the ledger, journalize, analyze.

ACC 290 Week 5 Final Exam http://issuu.com/lucky269/docs/uoptutorial.docx ACC 290 Week 5 Final Exam Question 1 The best definition of assets is the resources belonging to a company that have future benefit to the company. cash owned by
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