Acc290 Study guides, Class notes & Summaries

ACC290 Chapter 1 Accounting 290 terms

Managerial Economics & Business Strategy Michael Baye 9th Edition- Test Bank Managerial Economics & Business Strategy Michael Baye 9th Edition- Test BankAssume that the price elasticity of demand is −2 for a certain firm’s product. If the firm raises price, the firm’s managers can expect total revenue to:A price elasticity of zero corresponds to a demand curve that is: A. horizontal. B. downward sloping with a slope always equal to 1. C.vertical. D. either vertical or horizontal.As we ...

Three main forms of business Sole proprietorship, Partnership, Corporation Advantage of Corporations over Partnerships or Sole proprietorships Reduced legal liability for investors Sarbanes-Oxley Act An act passed into law by Congress in 2002 to establish strict accounting and reporting rules in order to make senior managers more accountable and to improve and maintain investor confidence Annual report A report prepared by corporate management that presents financial information i...

exam questions and answers

15. The revenue recognition principle dictates that revenue should be recognized in the accounting records: a. when the performance obligation is satisfied. 16. Merchandising companies that sell to retailers are known as a. wholesalers. 17. Gross profit equals the difference between a. sales revenue and cost of goods sold. 18. Net income will result if gross profit exceeds a. operating expenses. 19. Under the perpetual system, cash freight costs incurred by the buyer for the tran...

ACC 290 Final Exam 1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, & capital statement B. Income statement, capital statement, statement of cash flows, & balance sheet C. Balance sheet, capital stat...

EXAM REVIEW

Wk 1 Discussion – Past Business Transactions You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills. Respond to the following in a minimum of 175 words: • Explain why you should or should not report this to your employer before the purchase.

Wk 2 Discussion – Financial Statement Accounts As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each one should be active for the accumulation of costs, revenues, and expenses. In July, the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know an account name should be specific and well defined, and you're afraid the A/P clerk might...

ACC 290 WEEK 5 BANK RECONCILIATION WITH THEFT AND INTERNAL CONTROL DEFICIENCIES/ACC 290 WEEK 5 BANK RECONCILIATION WITH THEFT AND INTERNAL CONTROL DEFICIENCIES/ACC 290 WEEK 5 BANK RECONCILIATION WITH THEFT AND INTERNAL CONTROL DEFICIENCIES