CSUF ACCT 201A (Hoffman) Final Exam
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Generally accepted accounting principles are: - Correct
Answers ✅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? - Correct Answers
✅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
If 9,000 units are on hand at December 31, what is the cost of
the ending inventory under FIFO? - Correct Answers
✅$113,000
(total 309,000 - ((8,000*11)+(remaining 9,000*12))
To record the sale of goods for cash in a perpetual inventory
system: - Correct Answers ✅two journal 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? -
Correct Answers ✅Advertising.
,CSUF ACCT 201A (Hoffman) Final Exam
Questions and Verified Answers, 100%
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A trial balance: - Correct Answers ✅will not balance if a
correct journal entry is posted twice.
Which accounts normally have debit balances? - Correct
Answers ✅Assets, dividends, and expenses.
Which account will have a zero balance after a company has
journalized and posted closing entries? - Correct Answers
✅Service Revenue.
Adjustments for prepaid expenses: - Correct Answers
✅decrease assets and increase expenses.
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: - Correct
Answers ✅Depreciation Expense dr 1,000. Accumulated
Depreciation-Equipment cr 1,000
A ledger: - Correct Answers ✅is a record of all accounts
maintained by a company and their amounts.
Net income will result during a time period when: - Correct
Answers ✅revenues exceed expenses.
, CSUF ACCT 201A (Hoffman) Final Exam
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Davidson Electronics has the following:
Inventory, Jan. 1 5,000 $8
Purchase, April 2 15,000 $10
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: -
Correct Answers ✅$75,250
40,000+ 150,000+ 240,000 = 430,000
40,000 units
430,000/40,000 = 10.75
10.75 * 7,000
The element of a corporation's annual report that describes
the corporation's accounting methods is: - Correct Answers
✅notes to the financial statements.
Gross profit will result if: - Correct Answers ✅net sales are
greater than cost of goods sold.
As a result of a thorough physical inventory, Railway
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
Questions and Verified Answers, 100%
Score Guarantee Pass (Latest 2025)
Generally accepted accounting principles are: - Correct
Answers ✅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? - Correct Answers
✅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
If 9,000 units are on hand at December 31, what is the cost of
the ending inventory under FIFO? - Correct Answers
✅$113,000
(total 309,000 - ((8,000*11)+(remaining 9,000*12))
To record the sale of goods for cash in a perpetual inventory
system: - Correct Answers ✅two journal 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? -
Correct Answers ✅Advertising.
,CSUF ACCT 201A (Hoffman) Final Exam
Questions and Verified Answers, 100%
Score Guarantee Pass (Latest 2025)
A trial balance: - Correct Answers ✅will not balance if a
correct journal entry is posted twice.
Which accounts normally have debit balances? - Correct
Answers ✅Assets, dividends, and expenses.
Which account will have a zero balance after a company has
journalized and posted closing entries? - Correct Answers
✅Service Revenue.
Adjustments for prepaid expenses: - Correct Answers
✅decrease assets and increase expenses.
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: - Correct
Answers ✅Depreciation Expense dr 1,000. Accumulated
Depreciation-Equipment cr 1,000
A ledger: - Correct Answers ✅is a record of all accounts
maintained by a company and their amounts.
Net income will result during a time period when: - Correct
Answers ✅revenues exceed expenses.
, CSUF ACCT 201A (Hoffman) Final Exam
Questions and Verified Answers, 100%
Score Guarantee Pass (Latest 2025)
Davidson Electronics has the following:
Inventory, Jan. 1 5,000 $8
Purchase, April 2 15,000 $10
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: -
Correct Answers ✅$75,250
40,000+ 150,000+ 240,000 = 430,000
40,000 units
430,000/40,000 = 10.75
10.75 * 7,000
The element of a corporation's annual report that describes
the corporation's accounting methods is: - Correct Answers
✅notes to the financial statements.
Gross profit will result if: - Correct Answers ✅net sales are
greater than cost of goods sold.
As a result of a thorough physical inventory, Railway
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
