ACC 202 Exam questions with 100% complete solutions passed
1. The process to go from transactions and
events to financial statements begins with: Identifying each
transac- tion and event
from source
documents.
2. Return on Asset Return on Assets = Net
Income/Average Total As-
sets
net income = R - E
3. Ending Equity Ending Equity =
Beginning
Equity + Revenues −
Ex- penses
4. A credit Is the right side of a T-
ac-
count.
5. Debt Ratio Debt Ratio = Total
Liabili-
ties/Total Assets
6. Which of the following is classified as a current asset Accounts receivable
7. Managerial accounting is different from financial
ac- counting in that: Managerial accounting
in- cludes many
projections and
estimates whereas fi-
nancial accounting
has a minimum of
predictions.
1/
12
, ACC 202 Exam questions with 100% complete solutions passed
8. A direct cost is a cost that is: Cost-ettectively
traceable to a cost
object
9. Flash Company produces lamps. Which of the
follow- ing is not a direct cost? Factory rent
-Electrical cord
2/
12
1. The process to go from transactions and
events to financial statements begins with: Identifying each
transac- tion and event
from source
documents.
2. Return on Asset Return on Assets = Net
Income/Average Total As-
sets
net income = R - E
3. Ending Equity Ending Equity =
Beginning
Equity + Revenues −
Ex- penses
4. A credit Is the right side of a T-
ac-
count.
5. Debt Ratio Debt Ratio = Total
Liabili-
ties/Total Assets
6. Which of the following is classified as a current asset Accounts receivable
7. Managerial accounting is different from financial
ac- counting in that: Managerial accounting
in- cludes many
projections and
estimates whereas fi-
nancial accounting
has a minimum of
predictions.
1/
12
, ACC 202 Exam questions with 100% complete solutions passed
8. A direct cost is a cost that is: Cost-ettectively
traceable to a cost
object
9. Flash Company produces lamps. Which of the
follow- ing is not a direct cost? Factory rent
-Electrical cord
2/
12
