1) Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2) In terms of sequence, in what order...
ACC 290 Final Exam New
Jackson Company recorded the following cash transactions for the year:
What was Jackson’s net cash provided by operating activities?
Which of the following describes the classification and normal balance of the Unearned...
1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will...
ACC 291 Final Exam New
1. An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for doubtful accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require...
ACC 292 FInal Exam NEW 2016 (PHOENIX)
A share of common stock can be financially engineered by (assume that the option strike price is identical to the current stock price):
The only unobservable input of the...
Which of the following is the most appropriate and modern definition of accounting?
The information system that identifies, records, and communicates the economic events of an...
ACC 340 Final Exam PHOENIX
The Sarbanes-Oxley Act of 2002, Section 302 focuses on
Which of the following is true?
The letter “P” in the acronym “ERP” stands for
Which of the following is one of the five interacting...
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?
A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred.
1. Zelma Company's last financial statements provided the following ratios:
Current ratio 3:2
Quick ratio 1:2
Accounts receivable turnover 9.0 times
Inventory turnover 8.0 times
Net income percentage 12.5%
1) An accrued expense can best be described as an amount
A. not paid and currently matched with earnings.
B. not paid and not currently matched with earnings.
C. paid and currently matched with...
1) A cash equivalent is a short-term, highly liquid investment that is readily convertible into known amounts of cash and
A. has a current market value that is greater than its original cost.
B. bears an interest rate that is at least equal to...
1) The statement of cash flows is used for _____.
A. showing the relationship of net income to changes in current assets
B. determining a company’s acceptable level of debt financing
Question 1: Buttercup Corporation issued 250 shares of $11 par value common stock for $4,125. Prepare Buttercup' journal entry.
Question 2: Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par...
1) Determining whether amounts are in conformity with generally accepted accounting principles addresses the proper measurement of assets, liabilities, revenues, and expenses, which includes all of the following EXCEPT the A. ...
1) Which is NOT one of the AICPA’s Code of Professional Conduct principles?
A. The public interest
C. Quality control
D. Scope and nature of...
ACC 545 Week 6 Final Exam (Phoenix)
1) A company changes from percentage-of-completion to completed-contract, which is the method used for tax purposes. The entry to record this change should include a
2) Which of the following is accounted...
ACC 564 FINAL EXAM PART 1 (STRAYER)
When two knowledgeable people acting independently each produce the same information, this information is said to be
A frantic Stro Frinzel called the home office from Des Moines. "You have got to help me. I am...
ACC 564 FINAL EXAM PART 2
An expansion of a firm's operations to include production in Russia and China will have the effect of
The ________ audit reviews the general and application controls of an AIS to assess its compliance with internal control...
(TCO A) Benny Building, Inc. won a bid for a new warehouse building contract.Below is information from the project accountant.
TCO B) At the beginning of 2012, Barbara, Inc. has a deferred tax asset of $8,000 and deferred tax liability of $6,500. In...