f04210final

f04210final - ACC 210 Final Exam Fall 2004 1. The financial...

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ACC 210 Final Exam Fall 2004 Page 1 of 16 1. The financial statement which represents a picture at a point in time of what a business owns and owes is a(n): A. Income Statement B. Retained Earnings Statement C. Balance Sheet D. Statement of Cash Flows E. Equity Statement 2. Resources owned by a business and used in carrying out it operating activities are: A. Liabilities B. Stockholders’ equity C. Revenues D. Assets E. Expenses 3. All of the following are characteristics of a sole proprietorship except : A. A business owned by one person B. Owner has control of the business C. A separate legal entity D. Small owner-operated business 4. External users of accounting information include: A. Investors, creditors, taxing authorities, and supervisors B. Investors, creditors, taxing authorities, and regulatory agencies C. Investors, creditors, regulatory agencies, and supervisors D. Creditors, labor unions, finance directors, and investors E. Creditors, taxing authorities, managers, and investors 5. As of December 31, 2004, Stone Corporation has assets of $3,500 and stockholder’s equity of $2,000. What are the liabilities for Stone Corporation as of December 31, 2004? A. $1,500 B. $1,000 C. $2,500 D. $2,000 E. $5,500
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ACC 210 Final Exam Fall 2004 Page 2 of 16 6. Currently, the primary standard-setting body for accounting principles in the private sector is the: A. SEC B. AICPA C. FASB D. IRS 7. Which of the following is not a type of internal control procedure? A. Segregation of duties B. Proper authorizations C. Independent checks D. Audit committee 8. Which of the following statements is not correct? A. Owners’ equity represents a claim against assets. B. Owners’ equity equals assets plus liabilities. C. Owners’ equity represents the net assets of an entity. D. Owners’ equity is a residual amount. 9. Two basic accounting principles determine when revenues and expenses are to be recorded under accrual basis accounting. They are: A. recognition and measurement. B. revenue and matching. C. cost and matching. D. operating and financing. 10. On January 1, 2004, Thomas Company paid $1,000 for a two-year insurance policy on the building. The accounting period ends December 31. At the end of 2004, the financial statements should report: On the Balance Sheet On the Income Statement A. Prepaid insurance, $1,000 Insurance expense, $0 B. Prepaid insurance, $0 Insurance expense, $1,000 C. Prepaid insurance, $500 Insurance expense, $500 D. Prepaid insurance, $250 Insurance expense, $250 E. Insurance expense, $500 Prepaid insurance, $500
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ACC 210 Final Exam Fall 2004 Page 3 of 16 11. Adjusting entries are made to affect: A. An income statement account balance only B. An income statement and a balance sheet account balance C. A balance sheet account only D. Neither the income statement nor the balance sheet 12. An end of period adjusting entry is generally not made to the following account balance: A. Prepaid rent B. Unearned revenue from subscriptions C. Office supplies
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f04210final - ACC 210 Final Exam Fall 2004 1. The financial...

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