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ACC 290 Final Exam -2018

1. The best definition of assets is the acc 290 final exam
2. Which of the following is not a liability?
3. Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
4. Ending retained earnings for a period is equal to beginning
5. Which of the following is not an advantage of the corporate form of business organization?
6. An advantage of the corporate form of business is that
7. A small neighborhood barber shop that is operated by its owner would likely be organized as a
8. If services are rendered for cash, then
9. A revenue generally
10. A revenue account
11. Which accounts normally have debit balances?
12. In recording an accounting transaction in a double-entry system
13. The usual sequence of steps in the transaction recording process is
14. Under the expense recognition principle expenses are recognized when
15. The revenue recognition principle dictates that revenue should be recognized in the accounting records:
16. Merchandising companies that sell to retailers are known as
17. Gross profit equals the difference between
18. Net income will result if gross profit exceeds acc 290 final exam
19. Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?
20. Financial information is presented below: Operating Expenses – $31000, Sales Revenue – $208000, Cost of good sold – $143000:  The profit margin ratio would be
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:
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
23. The LIFO inventory method assumes that the cost of the latest units purchased are
24. Which of the following statements is correct with respect to inventories?
25. All of the following are examples of internal control procedures except
26. Each of the following is a feature of internal control except
27. For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?
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
29. The following information was available for Concord Corporation at 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
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. Bramble days in inventory (rounded) in 2017 was