practice final exam II

practice final exam II - ACC 210 Practice Final Exam II 1...

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ACC 210 – Practice Final Exam II 1 1. The objective of financial reporting is: A. To fulfill the corporation’s obligation to the shareholders. B. To provide useful information for decision-making. C. To provide financial reports to state and federal regulators. D. To control corporate costs and losses due to fraud. E. To provide a reliable paper trail for corporate records. 2. The four types of businesses include which of the following: A. Merchandising, Manufacturing, Service and Financial B. Manufacturing, Telemarketing, Banking, and Service C. Merchandising, Credit, Agricultural, and Governmental D. National, International, Cooperative, and Regional E. Sales, Technology, Governmental and Non-profit 3. Which of the following is not a financial statement? A. Income Statement B. Balance Sheet C. Statement of Cash Flows D. Statement of Operating Revenues E. Statement of Changes In Shareholders’ Equity 4. Which of the following is an input of the Acquisition/Payment process? A. Accounts Receivable B. Sales Revenue C. Inventory D. Accounts Payable E. Goodwill 5. The Balance Sheet includes which three parts? A. Assets, Liabilities and Owner’s Equity B. Debits, Credits, and Equity C. Current Assets, Properties and Goodwill D. Short-term Debts, Long-term Debt and Assets E. Revenues, Expenses and Net Income or Loss 6. The accounting assumption that means a company keeps its records separate from the records of its owners is: A. Materiality B. Matching principle C. Going concern D. Unit of measure E. Separate-entity ACC 210 – Practice Final Exam II 2 7. __________ are the economic resources of a company, resulting from past transactions or events. A. Assets B. Liabilities C. Equity
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D. Revenues E. Expenses 8. Daffy Duck Enterprises (DDE) began business on January 1. On January 12, DDE makes a sales call to Acme Inc. On January 25, Acme orders 100 anvils. DDE delivers the anvils on February 1 and collects the cash on February 10. When should DDE record the sale? A. January 1 B. January 12 C. January 25 D. February 1 E. February 10 9. Tweety Bird Corp purchases a building with a fair market value of $100,000 for $95,000 by issuing a note payable. The tax value of the land is $92,500. What is the effect on the accounting equation? $2,500. 10. Sylvester Corporation’s assets at December 31, 2003 totaled $200,000 and liabilities were $75,000. Sylvester Corporations liabilities increased by $25,000 during the period ended December 31, 2004 and equity increased by $35,000. What are Sylvester Corporation’s total assets at December 31, 2004? A. $260,000
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practice final exam II - ACC 210 Practice Final Exam II 1...

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