CSUF ACCT 201A (HOFFMAN) FINAL EXAM
(2025) QUESTIONS & CORRECT ANSWERS 100%
SOLVED| GUARANTEED SUCCESS!!
Generally accepted a set of standards and rules that are recognized as a
accounting principles general guide for financial reporting.
are:
Which is an advantage of Reduced legal liability for investors.
corporations relative to
partnerships and sole
proprietorships?
Davidson Electronics has $75,250
the following: 40,000+ 150,000+ 240,000 = 430,000
Inventory, Jan. 1 5,000 $8 40,000 units
Purchase, April 2 15,000 430,000/40,000 = 10.75
$10 10.75 * 7,000
Purchase, Aug. 28 20,000
$12
If Davidson has 7,000 units
on hand at December 31,
the cost of ending
inventory under the
average-cost method is:
The element of a notes to the financial statements.
corporation's annual
report that describes the
corporation's accounting
methods is:
Gross profit will result if: net sales are greater than cost of goods sold.
,As a result of a thorough $215,000
physical inventory, Railway (180,000+ 35,000)
Company determined that
it had inventory worth
$180,000 at December 31,
2022. This count did not
take into consideration the
following facts. Rogers
Consignment Store
currently has goods worth
$35,000 on its sales floor
that belong to Railway but
are being sold on
consignment by Rogers.
The selling price of these
goods is $50,000. Railway
purchased $13,000 of
goods that were shipped
on December 27, FOB
destination, that will be
received by Railway on
January 3. Determine the
correct amount of
inventory that Railway
should report.
The lower-of-cost-or-net the conservatism convention.
realizable value rule for
inventory is an example of
the application of:
All of the following are prepare financial statements from the unadjusted trial
required steps in the balance.
accounting cycle except:
Which statement presents Balance sheet.
information as of a
specific point in time?
, The following ratios are higher liquidity and lower solvency, but profitability
available for Reilly Inc. cannot be compared based on information provided.
and O'Hare Inc.
Reily: Current Ratio 2:1 |
Debt to Assets Ratio 75% |
EPS $3.50
O'Hare: Curent Ratio 1.5:1 |
Debt to Assets Ratio 40% |
EPS $2.75
Compared to O'Hare Inc.,
Reilly Inc. has:
In a perpetual inventory FIFO cost of goods sold will be the same as in a
system: periodic inventory system.
What is the periodicity The economic life of a business can be divided into
assumption? artificial time periods.
As of December 31, 2022, $2,000
Rockford Corporation has (3,500-1,500)
assets of $3,500 and
stockholders' equity of
$1,500. What are the
liabilities for Rockford as
of December 31, 2022?
In a classified balance current assets; long-term assets; property, plant, and
sheet, assets are usually equipment; and intangible assets.
classified as:
Norton Company $16,000
purchased 1,000 widgets (200*80)
and has 200 widgets in its
ending inventory at a cost
of $91 each and a net
realizable value of $80
each. The ending
inventory under lower-of-
cost-or-net realizable
value is:
(2025) QUESTIONS & CORRECT ANSWERS 100%
SOLVED| GUARANTEED SUCCESS!!
Generally accepted a set of standards and rules that are recognized as a
accounting principles general guide for financial reporting.
are:
Which is an advantage of Reduced legal liability for investors.
corporations relative to
partnerships and sole
proprietorships?
Davidson Electronics has $75,250
the following: 40,000+ 150,000+ 240,000 = 430,000
Inventory, Jan. 1 5,000 $8 40,000 units
Purchase, April 2 15,000 430,000/40,000 = 10.75
$10 10.75 * 7,000
Purchase, Aug. 28 20,000
$12
If Davidson has 7,000 units
on hand at December 31,
the cost of ending
inventory under the
average-cost method is:
The element of a notes to the financial statements.
corporation's annual
report that describes the
corporation's accounting
methods is:
Gross profit will result if: net sales are greater than cost of goods sold.
,As a result of a thorough $215,000
physical inventory, Railway (180,000+ 35,000)
Company determined that
it had inventory worth
$180,000 at December 31,
2022. This count did not
take into consideration the
following facts. Rogers
Consignment Store
currently has goods worth
$35,000 on its sales floor
that belong to Railway but
are being sold on
consignment by Rogers.
The selling price of these
goods is $50,000. Railway
purchased $13,000 of
goods that were shipped
on December 27, FOB
destination, that will be
received by Railway on
January 3. Determine the
correct amount of
inventory that Railway
should report.
The lower-of-cost-or-net the conservatism convention.
realizable value rule for
inventory is an example of
the application of:
All of the following are prepare financial statements from the unadjusted trial
required steps in the balance.
accounting cycle except:
Which statement presents Balance sheet.
information as of a
specific point in time?
, The following ratios are higher liquidity and lower solvency, but profitability
available for Reilly Inc. cannot be compared based on information provided.
and O'Hare Inc.
Reily: Current Ratio 2:1 |
Debt to Assets Ratio 75% |
EPS $3.50
O'Hare: Curent Ratio 1.5:1 |
Debt to Assets Ratio 40% |
EPS $2.75
Compared to O'Hare Inc.,
Reilly Inc. has:
In a perpetual inventory FIFO cost of goods sold will be the same as in a
system: periodic inventory system.
What is the periodicity The economic life of a business can be divided into
assumption? artificial time periods.
As of December 31, 2022, $2,000
Rockford Corporation has (3,500-1,500)
assets of $3,500 and
stockholders' equity of
$1,500. What are the
liabilities for Rockford as
of December 31, 2022?
In a classified balance current assets; long-term assets; property, plant, and
sheet, assets are usually equipment; and intangible assets.
classified as:
Norton Company $16,000
purchased 1,000 widgets (200*80)
and has 200 widgets in its
ending inventory at a cost
of $91 each and a net
realizable value of $80
each. The ending
inventory under lower-of-
cost-or-net realizable
value is:
