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Accounting Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Accounting? On this page you'll find 59 study documents about Accounting.
ACC 290 Principles Of Accounting I FINAL EXAM ANSWERS 2017
Exam (elaborations) • 11
pages
• 2020
ACC 290 Principles Of Accounting I FINAL EXAM ANSWERS-The best definition of assets is the



cash owned by the company.

owners’ investment in the business.

resources belonging to a company that have future benefit to the company. collections of resources belonging to the company and the claims on these resources.



Multiple Choice Question 98

Which of the following is not a liability? Entry field with correct answer Unearned Service Revenue

Interest Payable

Accounts Receivable

Accounts...
ACC 290 Principles Of Accounting I FINAL EXAM ANSWERS 2017
Last document update:
ago
ACC 290 Principles Of Accounting I FINAL EXAM ANSWERS-The best definition of assets is the



cash owned by the company.

owners’ investment in the business.

resources belonging to a company that have future benefit to the company. collections of resources belonging to the company and the claims on these resources.



Multiple Choice Question 98

Which of the following is not a liability? Entry field with correct answer Unearned Service Revenue

Interest Payable

Accounts Receivable

Accounts...
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred.
B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs.
C. The company should account for only the direct production costs.
D. The company should apply overhead using an estimated rate th...
ACC349 FINAL EXAM,100% CORRECT
Last document update:
ago
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?

A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred.
B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs.
C. The company should account for only the direct production costs.
D. The company should apply overhead using an estimated rate th...
ACC 300 Sample Final Exam – Free Download

Which of the following financial statements is divided into major categories of operation, investing, and financial activities?
If services are rendered on account, then
Using accrual accounting, expenses are recorded and reported only:
Stockholders’ equity can be described as claims of
The Vintage Laundry Company purchases $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry suppl...
ACC 300 Sample Final Exam – Free Download

Which of the following financial statements is divided into major categories of operation, investing, and financial activities?
If services are rendered on account, then
Using accrual accounting, expenses are recorded and reported only:
Stockholders’ equity can be described as claims of
The Vintage Laundry Company purchases $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry suppl...
ACC 421 Final Exam-Latest Update-1) An accrued expense can best be described as an amount







A. not paid and currently matched with earnings.



B. not paid and not currently matched with earnings.



C. paid and currently matched with earnings.



D. paid and not currently matched with earnings.











2) When an item of revenue is collected and recorded in advance, it is normally called a(n) ___________ revenue.







A. cash



B. accrued



C. prepaid



D. unear...
ACC 421 Final Exam-Latest Update
Last document update:
ago
ACC 421 Final Exam-Latest Update-1) An accrued expense can best be described as an amount







A. not paid and currently matched with earnings.



B. not paid and not currently matched with earnings.



C. paid and currently matched with earnings.



D. paid and not currently matched with earnings.











2) When an item of revenue is collected and recorded in advance, it is normally called a(n) ___________ revenue.







A. cash



B. accrued



C. prepaid



D. unear...
1. Zelma Company's last financial statements provided the following ratios:



Current ratio 3:2



Quick ratio 1:2



Accounts receivable turnover 9.0 times



Inventory turnover 8.0 times



Net income percentage 12.5%



Return on equity 22.6%



Return on assets 9.8%







To the nearest day, what is the operating cycle for Zelma?



a) 80 days



b) 86 days



c) 172 days



d) 129 days











2. The following events have been projected:



 A. C...
ACC 400 Final Exam-LATEST UPDATE
Last document update:
ago
1. Zelma Company's last financial statements provided the following ratios:



Current ratio 3:2



Quick ratio 1:2



Accounts receivable turnover 9.0 times



Inventory turnover 8.0 times



Net income percentage 12.5%



Return on equity 22.6%



Return on assets 9.8%







To the nearest day, what is the operating cycle for Zelma?



a) 80 days



b) 86 days



c) 172 days



d) 129 days











2. The following events have been projected:



 A. C...
ACC 403 FINAL EXAM – FREE DOWNLOAD
The most important general ledger account included in and affecting several cycles is the acc 403 final exam
The detail tie-in is part of the_______ assertion for account balances. classification valuation and allocation rights and obligations completeness
Management assertions are:
The occurrence assertion applies to _______.
presentation and disclosure matters classes of transactions and events during the period account balances proper classification of inc...
ACC 403 FINAL EXAM – FREE DOWNLOAD
The most important general ledger account included in and affecting several cycles is the acc 403 final exam
The detail tie-in is part of the_______ assertion for account balances. classification valuation and allocation rights and obligations completeness
Management assertions are:
The occurrence assertion applies to _______.
presentation and disclosure matters classes of transactions and events during the period account balances proper classification of inc...
ACC 422 Final Exam Graded A -1) A cash equivalent is a short-term, highly liquid investment that is readily convertible into known amounts of cash and



A. has a current market value that is greater than its original cost.



B. bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation.



C. is so near its maturity that it presents insignificant risk of changes in interest rates.



D. is acceptable as a means to pay current liabilities.









...
ACC 422 Final Exam Graded A
Last document update:
ago
ACC 422 Final Exam Graded A -1) A cash equivalent is a short-term, highly liquid investment that is readily convertible into known amounts of cash and



A. has a current market value that is greater than its original cost.



B. bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation.



C. is so near its maturity that it presents insignificant risk of changes in interest rates.



D. is acceptable as a means to pay current liabilities.









...
ACC 423 Final Exam-LATEST UPDATE-1) The statement of cash flows is used for _____.







A. showing the relationship of net income to changes in current assets



B. determining a company’s acceptable level of debt financing



C. revealing commitments that may restrict future courses of action



D. evaluating the creditworthiness of the organization











2) Nonoperating items on the income statement _____.







A. are revenues and expenses arising from adjusting entrie...
ACC 423 Final Exam-LATEST UPDATE
Last document update:
ago
ACC 423 Final Exam-LATEST UPDATE-1) The statement of cash flows is used for _____.







A. showing the relationship of net income to changes in current assets



B. determining a company’s acceptable level of debt financing



C. revealing commitments that may restrict future courses of action



D. evaluating the creditworthiness of the organization











2) Nonoperating items on the income statement _____.







A. are revenues and expenses arising from adjusting entrie...
ACC 544 Final Exam-1) Which is NOT one of the AICPA’s Code of Professional Conduct principles?



 A. The public interest



 B. Integrity



 C. Quality control



 D. Scope and nature of services







2) The ethical philosophy that considers the consequences of similar persons acting under similar circumstances is called



 A. utilitarian principle.



 B. imperative principle.



 C. categorical imperative.



 D. generalization argument.







3) The fundame...
ACC 544 Final Exam Latest Update
Last document update:
ago
ACC 544 Final Exam-1) Which is NOT one of the AICPA’s Code of Professional Conduct principles?



 A. The public interest



 B. Integrity



 C. Quality control



 D. Scope and nature of services







2) The ethical philosophy that considers the consequences of similar persons acting under similar circumstances is called



 A. utilitarian principle.



 B. imperative principle.



 C. categorical imperative.



 D. generalization argument.







3) The fundame...
ACC 349 Final Exam-Latest Update-1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?







A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred.



B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs.



C. The company should apply overhead using an estimated rate throughout the year.



...
ACC 349 Final Exam-Latest Update
Last document update:
ago
ACC 349 Final Exam-Latest Update-1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?







A. The company should add actual manufacturing overhead costs to jobs as soon as the overhead costs are incurred.



B. The company should determine an allocation rate as soon as the actual costs are known, and then apply manufacturing overhead to jobs.



C. The company should apply overhead using an estimated rate throughout the year.



...
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