ACCT 2000 FINAL EXAM EOC PRACTICE LOWE – ARDOIN EXAM
WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED A+
Chapter 1-2 - (answer)
What is the basic accounting equation? - (answer)Assets = Liabilities + Stockholders' Equity
Which is an advantage of corporations relative to partnerships and sole proprietorships? -
(answer)Reduced legal liability for investors
Which forms of business organization are considered to be separate accounting entities? - (answer)Sole
Proprietorship, Corporations, and Partnerships.
Which of the following did NOT result from the Sarbanes-Oxley Act? - (answer)Tax rates on corporations
increased.
The payment of dividends is an example of a(n) - (answer)financing activity
What kind of classification is cost of goods sold? - (answer)expense
What section of cash flow statement shows the cash spent on new equipment during the past
accounting period? - (answer)The investing section
If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of
time, then total assets must change by what amount and direction during that same period? -
(answer)$10,000 decrease
(Assets = Liabilities + Stockholders' Equity)
Which is NOT one of the three forms of business organizations? - (answer)Creditorship
Ease of transferring ownership is a characteristic of which form of business organization? -
(answer)Corporation
,ACCT 2000 FINAL EXAM EOC PRACTICE LOWE – ARDOIN EXAM
WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED A+
In which forms of business organization are the owners personally liable for all the debts of the
business? - (answer)Sole proprietorships and Partnerships
The sole proprietorship form of business organization? - (answer)Generally, receives favorable tax
treatment relative to a corporation
To which of the following questions will internal users want answers? - (answer)All of the answer choices
are correct.
- what selling price for our product will maximize the company's net income?
- which product line is most profitable?
- is cash sufficient to pay dividend to stockholders?
Which of the following is NOT an external user of accounting data? - (answer)Chief Financial Officer
Which statement about users of accounting information is INCORRECT? - (answer)Regulatory authorities
are considered internal users.
Which of the following is the most appropriate definition of accounting? - (answer)The information
system that identifies, records, and communicates the economic events of an organization to interested
users.
Paying interest expense and receiving interest revenue are examples of - (answer)Operating activates
Which of the following is NOT one of the three primary business activities? - (answer)Advertising
Which of the following is an example of a financing activity? - (answer)Issuing shares of common stock
Resources owned by a business are referred to as - (answer)assets
, ACCT 2000 FINAL EXAM EOC PRACTICE LOWE – ARDOIN EXAM
WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED A+
In terms of the principal types of business activities, paying salaries expense is an example of an -
(answer)operating activity
On Jan. 10, Novis Company purchased manufacturing equipment for $80,000 cash. What kind of activity
is this? - (answer)Investing activity
In what section of the statement of cash flows would the purchase of office equipment for $10,000 cash
appear? - (answer)Investing activities
Which of the following is NOT one of the primary types of the financing activities in the statement of
cash flows? - (answer)Buying equipment
Which of the following would NOT appear on the income statement? - (answer)Dividends paid
Which of the following would NOT appear on the retained earnings statement? - (answer)service
revenue
Net income will result during a time period when - (answer)revenues exceed expenses
The financial statements for Harold Corporation contained the following information:
Accounts receivable: $5,000
Sales Revenue: $75,000
Cash: $15,000
Salaries and wages expense: $20,000
Rent expense: $10,000
How much was Harold's net income? - (answer)$45,000
WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED A+
Chapter 1-2 - (answer)
What is the basic accounting equation? - (answer)Assets = Liabilities + Stockholders' Equity
Which is an advantage of corporations relative to partnerships and sole proprietorships? -
(answer)Reduced legal liability for investors
Which forms of business organization are considered to be separate accounting entities? - (answer)Sole
Proprietorship, Corporations, and Partnerships.
Which of the following did NOT result from the Sarbanes-Oxley Act? - (answer)Tax rates on corporations
increased.
The payment of dividends is an example of a(n) - (answer)financing activity
What kind of classification is cost of goods sold? - (answer)expense
What section of cash flow statement shows the cash spent on new equipment during the past
accounting period? - (answer)The investing section
If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of
time, then total assets must change by what amount and direction during that same period? -
(answer)$10,000 decrease
(Assets = Liabilities + Stockholders' Equity)
Which is NOT one of the three forms of business organizations? - (answer)Creditorship
Ease of transferring ownership is a characteristic of which form of business organization? -
(answer)Corporation
,ACCT 2000 FINAL EXAM EOC PRACTICE LOWE – ARDOIN EXAM
WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED A+
In which forms of business organization are the owners personally liable for all the debts of the
business? - (answer)Sole proprietorships and Partnerships
The sole proprietorship form of business organization? - (answer)Generally, receives favorable tax
treatment relative to a corporation
To which of the following questions will internal users want answers? - (answer)All of the answer choices
are correct.
- what selling price for our product will maximize the company's net income?
- which product line is most profitable?
- is cash sufficient to pay dividend to stockholders?
Which of the following is NOT an external user of accounting data? - (answer)Chief Financial Officer
Which statement about users of accounting information is INCORRECT? - (answer)Regulatory authorities
are considered internal users.
Which of the following is the most appropriate definition of accounting? - (answer)The information
system that identifies, records, and communicates the economic events of an organization to interested
users.
Paying interest expense and receiving interest revenue are examples of - (answer)Operating activates
Which of the following is NOT one of the three primary business activities? - (answer)Advertising
Which of the following is an example of a financing activity? - (answer)Issuing shares of common stock
Resources owned by a business are referred to as - (answer)assets
, ACCT 2000 FINAL EXAM EOC PRACTICE LOWE – ARDOIN EXAM
WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL
DEFINED ANSWERS LATEST ALREADY GRADED A+
In terms of the principal types of business activities, paying salaries expense is an example of an -
(answer)operating activity
On Jan. 10, Novis Company purchased manufacturing equipment for $80,000 cash. What kind of activity
is this? - (answer)Investing activity
In what section of the statement of cash flows would the purchase of office equipment for $10,000 cash
appear? - (answer)Investing activities
Which of the following is NOT one of the primary types of the financing activities in the statement of
cash flows? - (answer)Buying equipment
Which of the following would NOT appear on the income statement? - (answer)Dividends paid
Which of the following would NOT appear on the retained earnings statement? - (answer)service
revenue
Net income will result during a time period when - (answer)revenues exceed expenses
The financial statements for Harold Corporation contained the following information:
Accounts receivable: $5,000
Sales Revenue: $75,000
Cash: $15,000
Salaries and wages expense: $20,000
Rent expense: $10,000
How much was Harold's net income? - (answer)$45,000
