Acct 105 Study guides, Class notes & Summaries
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Act105 week 7.1 Questions with 100% Correct Answers | Verified | Latest Update 2024
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Question 1 of 10 10.0/ 10.0 Points 
Effective internal control systems successfully eliminate all misstatements in financial 
statements. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
SEC rules do not allow management to assert that a company has effective internal controls 
if: 
A.one or more material weaknesses exist. 
B.two or more material weaknesses exist. 
C.two or more immaterial weaknesses exist. 
D.one material weakness and one immaterial 
weakness exist. ...
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Act105 week 3 Exam 2023 Questions and Answers (100% Correct)
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
Recognizing revenue at the time of completion of production is called the installment basis 
of accounting. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Many accounting measurements are estimates and involve approximation and judgment. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 10.0/ 10.0 Points 
Salaries Expense before adjustment at September 30, the end of the fiscal year, has a 
balance of $140,000. The amount o...
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Act105 week 4.1 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 0.0/ 10.0 Points 
An overstated ending inventory leads to understated net income. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
During a period of rising prices, which inventory costing method might be expected to give 
the lowest valuation for inventory on the balance sheet? 
A.LIFO 
B.FIFO 
C.Weighted-average 
cost 
D.Specific 
identification 
Answer Key: 
A 
Question 3 of 10
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Act105 week 3 |100% COMPLETE QUESTIONS AND ANSWERS
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
Recognizing revenue at the time of completion of production is called the installment basis 
of accounting. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Many accounting measurements are estimates and involve approximation and judgment. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 10.0/ 10.0 Points 
Salaries Expense before adjustment at September 30, the end of the fiscal year, has a 
balance of $140,000. The amount o...
-
Act105 week 5.3 Exam 2023 Questions and Answers (100% Correct)
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
Depreciation provides cash for replacing plant assets; and this is the reason depreciation is 
shown as an inflow of cash on the statement of cash flows. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Cash received from the issuance of long-term debt is a financing activity. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 10.0/ 10.0 Points 
When net income is used as a starting point in measuring cash flows from operating...
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Act105 week 4.4 |100% COMPLETE QUESTIONS AND ANSWERS,
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
Inventory costs include only the seller’s invoice price less any purchase discounts. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
The following principle requires a company to show in its financial statements by means of a 
footnote or other manner, the inventory costing method used: 
A.conservation 
principle. 
B.full-disclosure 
principle. 
C.consistency 
principle. 
D.business entity 
principle. 
E.stable monet
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Act105 week 5.2 |100% COMPLETE QUESTIONS AND ANSWERS
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Question 1 of 10 10.0/ 10.0 Points 
Any reputable company has a cash flow liquidity ratio of greater than 1.0. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
The amount of depreciation expense in a period is added back to net income under the 
indirect method. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 0.0/ 10.0 Points 
What is the current ratio for the following data? Cash - $34,000; marketable securities - 
$16,000; accounts and notes receivable, net...
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Act105 week 3|100% COMPLETE QUESTIONS AND ANSWERS, GRADED A+-2023
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
The stable dollar assumption is that fluctuations in the value of the dollar are significant and 
may not be ignored. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
The percentage-of-completion method recognizes revenue at the point of sale. 
A. True 
B. 
False 
Answer Key: 
False 
Question 3 of 10 10.0/ 10.0 Points 
Which of the following statements is false? 
A.Inclusion of special journals and subsidiary ledgers increased the e...
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Act105 week 6.1 Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 0.0/ 10.0 Points 
The data on a materials requisition are entered as debits to the Materials Inventory account. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 0.0/ 10.0 Points 
Which of the following statements does not apply to managerial accounting? 
A.Relates to the part of the company that the manager oversees. 
B.Helps managers make good decisions in financing, resource allocation, 
marketing, and production. 
C.Information is intended for internal use. 
D.Inform...
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Act105 week 7.1 Exam 2023 Questions and Answers (100% Correct)
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
Effective internal control systems successfully eliminate all misstatements in financial 
statements. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
SEC rules do not allow management to assert that a company has effective internal controls 
if: 
A.one or more material weaknesses exist. 
B.two or more material weaknesses exist. 
C.two or more immaterial weaknesses exist. 
D.one material weakness and one immaterial 
weakness exist. ...
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