Acc290 Study guides, Class notes & Summaries

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...

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...

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ACC 290 Final Exam Study Guide:

exam questions and answers

ACC 290 FINAL EXAM. Questions & Answers (100%) Question 1 The best definition of assets is the a. resources belonging to a company that have future benefit to the company. b. collections of resources belonging to the company and the claims on these resources. c. cash owned by the company. d. owners’ investment in the business. Question 2 Which of the following is not a liability? a. Accounts Receivable b. Accounts Payable c. Interest Payable d. Unearned Service Revenue Qu...

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...

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...

ACC 290 Sample Final Exam 1) Which financial statement is used to determine cash generated from operations? Answer: Statement of cash flows 2) In terms of sequence, in what order must the four basic financial statements be prepared? Answer: Income statement, capital statement, balance sheet, and statement of cash flows 3. In classifying transactions, which of the following is true in regard to assets? Answer: Normal balances and increases are debits 4. An increase in an expense account mu...