old practice finals

old practice finals - ACC 210 Practice Final Exam III 1 1....

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Unformatted text preview: ACC 210 Practice Final Exam III 1 1. A balance sheet: A. Shows the relationships among assets, liabilities, and owners equity. B. Shows the relationships between revenue and expenses. C. Is for a period of time. D. Shows the current value of a business. 2. 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. 3. Which of the following best describes accounting? A. A system for providing quantitative, financial information about entities for decision-making purposes. B. A science used by management for determining future costs. C. A form of mathematical economics. D. A system of predicting future outcomes. 4. Allentown Corporation has the following amounts on its balance sheet: Assets $ 3,500,000 Liabilities 500,000 Contributed Capital 1,000,000 What is the amount of retained earnings that should appear on Allentowns balance sheet? A. $2,000,000 B. $3,000,000 C. $4,000,000 D. $1,000,000 E. $1,500,000 5. During 20A, Burton Company delivered products to customers for which customers paid or promised to pay $3,820,000. The company collected $3,670,000 in cash from customers during the year. Indicate which of these amounts will appear on the income statement and which on the statement of cash flows. A. $3,670,000 appears on both the income statement and statement of cash flows. B. $3,670,000 appears on the statement of cash flows, and $3,820,000 appears on the income statement. C. $3,820,000 appears on both the income statement and the statement of cash flows. D. $3,820,000 appears on the statement of cash flows, and $3,670,000 appears on the income statement. ACC 210 Practice Final Exam III 2 6. Distributions to owners would be classified as a(an): A. Current asset. B. Current liability. C. Dividend. D. Expense. E. Revenue. 7. The primary organization that establishes financial accounting reporting standards for U.S. based companies is the: A. American Institute of Certified Public Accountants. B. Financial Accounting Standards Board. C. Securities and Exchange Commission. D. Internal Revenue Service. E. United States Congress. 8. The purchase of two years worth of fire insurance on a factory building in exchange for cash would initially be reflected on the financial statements as a(an): A. Accounts receivable. B. Accounts payable. C. Building. D. Operating expense. E. Prepaid asset. 9. The financial statements of Caramia Corporation reported the following information as of December 31, 2004: December 31, 2004 Assets.....................................................................................$100,000 Liabilities .................................................................................$48,000 Contributed Capital..................................................................$32,000 Retained Earning..$20,000Retained Earning....
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old practice finals - ACC 210 Practice Final Exam III 1 1....

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