290 Final Exam
Which financial statement is used to determine cash generated from operations? Acc 290 final exam
2) In terms of sequence, in what order must the four basic financial statements
In classifying transactions, which of the following is true in regard to
assets? Acc 290 final ex
An increase in an expense account must be
ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which
of the following is the correct journal entry?
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 a Acc
290 final exam
Which ledger contains control accounts?
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
Under the cash basis of accounting
Under the accrual basis of accounting Acc 290 final
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 is
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 be Acc 290 final exam
on the account balance below, what is the total of the debit and credit columns
of the adjusted trial balance? Acc 290
An adjusted trial balance
Given the following adjusted trial balance:
Net income for the year is
Given the following adjusted trial balance, what will be the totals for the debit
and credit columns of the post-closing trial balance?
Given the following adjusted trial balance: Acc 290
Net income is recorded on the work sheet under the
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 be Acc
290 final exam
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
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 be
The entry to record of sale of $900 with terms of 2/10, n/30 will include a
Company uses a periodic inventory system. Details for the inventory account for
the month of January 2012 are as follows:
An end of the month (1/31/2012), inventory showed that 140 units were on hand.
If the company uses LIFO, what is the value of the ending inventory?
24. The difference between ending inventory using LIFO and ending inventory
using FIFO is referred to as
A consistent application of an inventory costing method enhances
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
A very small company would have the most difficulty in implementing which of
the following internal control activities?
A system of internal control
The custodian of a company asset should
The Sarbanes Oxley Act (2002) applies to