f03210final - ACC 210 Final Exam Fall 2003 1. Piano Mans...

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ACC 210 Final Exam – Fall 2003 1 1. Piano Man’s balance sheet has assets of $450,000, contributed capital of $200,000 and retained earnings of $125,000. What are their total liabilities? A. $250,000 B. $325,000 C. $125,000 D. $650,000 E. $75,000 2. Which of the following is not part of the Acquisition/Payment process? A. Preparing a sales invoice B. Preparing a check to pay a vendor for goods purchased C. Obtaining approval for a purchase requisition for a computer D. Placing an order with the vendor on-line. 3. Who is the government agency that monitors the stock market and financial reporting for the businesses that trade in the public markets? A. Financial Accounting Standards Board B. Governmental Accounting Standards Board C. Securities and Exchange Commission D. Federal Trade Commission 4. Patio Party had sales for the year of $100,000, salary expenses of $20,000, cost of goods sold of $45,000, inventory of $5,000, and property, plant and equipment of $15,000. What was their net income for the year? A. $15,000 B. $20,000 C. $55,000 D. $35,000 E. $50,000 5. Mack’s Magazine store had $20,000 of computer equipment and an outstanding loan on the equipment for $10,000. In addition, the store had $5,000 cash, $500 of prepaid insurance, and $1,000 of current accounts payable. The store had sales for the month of $3,500 and expenses of $1,500. What are the store’s total assets? A. $35,000 B. $25,000 C. $28,500 D. $25,500 E. $37,500
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ACC 210 Final Exam – Fall 2003 2 6. In applying the revenue principle to a given transaction, the most important moment or period in time is when the A. Related cash inflows occur. B. Related expenses are incurred. C. Sales transaction is completed (i.e., ownership passes) or services are rendered. D. The service contract is signed regarding service to be performed. E. Customer is billed. 7. The effect on total assets of the purchase of supplies for cash is A. An increase in total assets. B. A decrease in total assets. C. Total assets remain unchanged. D. An increase in total assets and total liabilities. 8. Assets for a particular business might include A. Cash, accounts payable, and notes payable. B. Cash, retained earnings, and accounts receivable. C. Cash, accounts receivable, and inventory. D. Inventories, property and equipment, and contributed capital. 9. The two categories of stockholders’ equity usually found on the balance sheet of a corporation are A. Contributed capital and long-term liabilities. B. Contributed capital and property, plant, and equipment. C. Retained earnings and notes payable. D. Contributed capital and retained earnings. 10. Having different individuals perform authorization, record keeping, and custodial activities is known as A. Proper authorization. B.
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This note was uploaded on 04/21/2009 for the course ACC 210 taught by Professor Staff during the Spring '07 term at N.C. State.

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f03210final - ACC 210 Final Exam Fall 2003 1. Piano Mans...

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