ACCT 290 Final Exam
Question no 1
The best definition of assets is the acct 290 final exam
Question no 2
Which of the following is not a liability?
Question no 3
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
Question no 4
Ending retained earnings for a period is equal to the beginning
Question no 5
Which of the following is not an advantage of the corporate form of business organization?
Question no 6
An advantage of the corporate form of business is that
Question no 7
A small neighborhood barbershop that is operated by its owner would likely be organized as a
Question no 8
If services are rendered for cash, then
Question no 9
A revenue generally
Question no 10
A revenue account
Question no 11
Which accounts normally have debit balances?
Question no 12
In recording an accounting transaction in a double-entry system
Question no 13
The usual sequence of steps in the transaction recording process is
Question no 14
Under the expense recognition principle expenses are recognized when
Question no 15
The revenue recognition principle dictates that revenue should be recognized in the accounting records:
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Question no 16
Merchandising companies that sell to retailers are known as
Question no 17
Gross profit equals the difference between
Question no 18
Net income will result if gross profit exceeds acc 290 final exam
Question no 19
Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?
Question no 20
Financial information is presented below: Operating Expenses – $31000, Sales Revenue – $208000, Cost of good sold – $143000: The profit margin ratio would be
Question no 21
Financial information is presented below: Operating expense $24000, Sales returns and allowances $6000, Sales Discounts $4000, Sales revenue $154000, COGS $92000: The gross profit rate would be:
Question no 22
Financial information is presented below: Operating expense $63000, Sales returns and allowances $4000, Sales Discounts $7000, Sales revenue $190000, COGS $88000: The gross profit would be acc 290 final exam
Question no 23
The LIFO inventory method assumes that the cost of the latest units purchased are
Question no 24
Which of the following statements is correct with respect to inventories?
Question no 25
All of the following are examples of internal control procedures except
Question no 26
Each of the following is a feature of internal control except
Question no 27
For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?
Question no 28
A check written by the company for $117 is incorrectly recorded by a company as $171. On the bank reconciliation, the $54 error should be acc 290 final exam
Question no 29
The following information was available for Concord Corporation on December 31, 2017: beginning inventory $95000; ending inventory $128000; cost of goods sold $620000, and sales $936000. Concord inventory turnover ratio (rounded) in 2017 was
Question no 30
The following information was available for Bramble Corp. at December 31, 2017: beginning inventory $91000; ending inventory $130000; cost of goods sold $632000; and sales $856000.