sp05final - ACC 210 Final Exam Spring 2005 1 A balance...

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ACC 210 Final Exam – Spring 2005 1 1. A balance sheet: A. Shows the relationships among assets, liabilities, and owner’s 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? 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 Allentown’s balance sheet? 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.
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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: 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):
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