CSUF ACCT 201A (HOFFMAN)
K
FINAL EXAM QUESTIONS AND
C
CORRECT VERIFIED
LO
ANSWERS LATEST UPDATE
YC
D
U
ST
, Generally accepted accounting principles are: - ANS a set of standards and rules that
are recognized as a general guide for financial reporting.
Which is an advantage of corporations relative to partnerships and sole proprietorships?
- ANS Reduced legal liability for investors.
Kam Company has the following units and costs.
Inventory, Jan. 1 8,000 $11
Purchase, Jun. 19 13,000 $12
Purchase, Nov. 8 5,000 $13
K
If 9,000 units are on hand at December 31, what is the cost of the ending inventory
under FIFO? - ANS $113,000
C
(total 309,000 - ((8,000*11)+(remaining 9,000*12))
To record the sale of goods for cash in a perpetual inventory system: - ANS two journal
LO
entries are necessary: one to record the receipt of cash and sales revenue, and one to
record the cost of goods sold and reduction of inventory.
Which is not one of the three primary business activities? - ANS Advertising.
YC
A trial balance: - ANS will not balance if a correct journal entry is posted twice.
Which accounts normally have debit balances? - ANS Assets, dividends, and
expenses.
D
Which account will have a zero balance after a company has journalized and posted
closing entries? - ANS Service Revenue.
U
Adjustments for prepaid expenses: - ANS decrease assets and increase expenses.
ST
Queenan Company computes depreciation on delivery equipment at $1,000 for the
month of June. The adjusting entry to record this depreciation is as follows: - ANS
Depreciation Expense dr 1,000. Accumulated Depreciation-Equipment cr 1,000
A ledger: - ANS is a record of all accounts maintained by a company and their
amounts.
Net income will result during a time period when: - ANS revenues exceed expenses.
Davidson Electronics has the following:
K
FINAL EXAM QUESTIONS AND
C
CORRECT VERIFIED
LO
ANSWERS LATEST UPDATE
YC
D
U
ST
, Generally accepted accounting principles are: - ANS a set of standards and rules that
are recognized as a general guide for financial reporting.
Which is an advantage of corporations relative to partnerships and sole proprietorships?
- ANS Reduced legal liability for investors.
Kam Company has the following units and costs.
Inventory, Jan. 1 8,000 $11
Purchase, Jun. 19 13,000 $12
Purchase, Nov. 8 5,000 $13
K
If 9,000 units are on hand at December 31, what is the cost of the ending inventory
under FIFO? - ANS $113,000
C
(total 309,000 - ((8,000*11)+(remaining 9,000*12))
To record the sale of goods for cash in a perpetual inventory system: - ANS two journal
LO
entries are necessary: one to record the receipt of cash and sales revenue, and one to
record the cost of goods sold and reduction of inventory.
Which is not one of the three primary business activities? - ANS Advertising.
YC
A trial balance: - ANS will not balance if a correct journal entry is posted twice.
Which accounts normally have debit balances? - ANS Assets, dividends, and
expenses.
D
Which account will have a zero balance after a company has journalized and posted
closing entries? - ANS Service Revenue.
U
Adjustments for prepaid expenses: - ANS decrease assets and increase expenses.
ST
Queenan Company computes depreciation on delivery equipment at $1,000 for the
month of June. The adjusting entry to record this depreciation is as follows: - ANS
Depreciation Expense dr 1,000. Accumulated Depreciation-Equipment cr 1,000
A ledger: - ANS is a record of all accounts maintained by a company and their
amounts.
Net income will result during a time period when: - ANS revenues exceed expenses.
Davidson Electronics has the following:
