Accounting Foundations - LinkedIn
Learning Final Exam Questions and
Answers
Why do Walmart and other retail companies publish their balance sheets on Jan 31? -
Answer-because the holiday season, at the end of the year, is when they do most of
their business
What are retained earnings? - Answer-profits that are put back into the company
What could have been a possible solution to the Soviet oil drilling problem? - Answer-
Measure how many holes reached oil.
How does an airline report the money you pay when you have purchased a plane ticket,
but have not yet taken the flight? - Answer-as unearned revenue
Which type of accounting includes detailed data that is internal, and used every day
when running a business? - Answer-managerial
You buy a pair of jeans at a store, at a sale price of $100. The store paid $40 to its
supplier for the pair of jeans. What is the net income for the store? - Answer-60
What is the earnings per share of a company that has $1,000 in revenue, $400 of
expenses, and 20 outstanding shares of stock? - Answer-30
What is the best way for a small hardware store to compete against Home Depot, when
Home Depot can charge less for the same products? - Answer-Focus on customer
service, and create relationships.
If you bought a piece of property 20 years ago for $100,000 and it is now worth
$500,000, how would you record the property asset on a balance sheet? - Answer-as
$100,000
What is the best way for a small consulting company to increase its sales? - Answer-
Raise the commission rate for all of the sales force.
Your boss has asked you to create summary reports to distribute to potential investors
in your company. This is an example of - Answer-financial
Donating to charity, investing in your retirement plan at work, and paying the interest on
your home mortgage are types of tax - Answer-deductions
Learning Final Exam Questions and
Answers
Why do Walmart and other retail companies publish their balance sheets on Jan 31? -
Answer-because the holiday season, at the end of the year, is when they do most of
their business
What are retained earnings? - Answer-profits that are put back into the company
What could have been a possible solution to the Soviet oil drilling problem? - Answer-
Measure how many holes reached oil.
How does an airline report the money you pay when you have purchased a plane ticket,
but have not yet taken the flight? - Answer-as unearned revenue
Which type of accounting includes detailed data that is internal, and used every day
when running a business? - Answer-managerial
You buy a pair of jeans at a store, at a sale price of $100. The store paid $40 to its
supplier for the pair of jeans. What is the net income for the store? - Answer-60
What is the earnings per share of a company that has $1,000 in revenue, $400 of
expenses, and 20 outstanding shares of stock? - Answer-30
What is the best way for a small hardware store to compete against Home Depot, when
Home Depot can charge less for the same products? - Answer-Focus on customer
service, and create relationships.
If you bought a piece of property 20 years ago for $100,000 and it is now worth
$500,000, how would you record the property asset on a balance sheet? - Answer-as
$100,000
What is the best way for a small consulting company to increase its sales? - Answer-
Raise the commission rate for all of the sales force.
Your boss has asked you to create summary reports to distribute to potential investors
in your company. This is an example of - Answer-financial
Donating to charity, investing in your retirement plan at work, and paying the interest on
your home mortgage are types of tax - Answer-deductions
