ACC 290 FINAL EXAM GRADED A 2021

ACC 290 FINAL EXAM GRADED A


Question 1



The best definition of assets is the




a. resources belonging to a company that have future benefit to the company.



b. collections of resources belonging to the company and the claims on these
resources.


c cash owned by the company.
. d owners’ investment in the
business.

.


Answer
:




Question 2



Which of the following is not a liability?




. a Accounts Receivable

b. Accounts Payable


c Interest Payable

,.
d. Unearned Service Revenue



Answer
:




Question 3



Which of the following financial statements is divided into major categories of operating,
investing, and financing activities?




a The income statement.
.


b. The balance sheet.


c The statement of cash flows.
.
d. The retained earnings statement.



Answer
:




Question 4

, Ending retained earnings for a period is equal to beginning




a Retained earnings – Net income + Dividends.
.


b. Retained earnings – Net income – Dividends.


c Retained earnings + Net income – Dividends.
. d Retained earnings + Net income +
Dividends.

.


Answer
: