FINAL EXAM Review Test Submission (100).docx

FINAL EXAM Review Test Submission (100).docx - Review Test...

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Review Test Submission: Cumulative Final Content User BRUCE COOPERJR Course 201620-Prin of Financial Accounting-22811 Test Cumulative Final Started 4/25/16 10:53 AM Submitted 4/25/16 12:49 PM Status Completed Attempt Score 100 out of 100 points Time Elapsed 1 hour, 56 minutes out of 3 hours Results Displayed All Answers, Submitted Answers, Correct Answers, Feedback Question 1 2 out of 2 points Retained earnings represents: Selected Answer: the accumulated profits of the corporation less dividends paid out. Answers: the assets of the corporation less the liabilities. capital contributed by the stockholders of a corporation. a liability on the corporate balance sheet. the accumulated profits of the corporation less dividends paid out. Question 2 2 out of 2 points Which of the following describes collusion ? Selected Answer: When two or more people cooperate together to defraud a company Answers: When two or more people cooperate together to defraud a company When bogus websites acquire passwords and account numbers fraudulently When one employee steals from a company When a company defrauds its suppliers by making false claims Question 3 2 out of 2 points
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Which of the following describes the operating activities as shown in the statement of cash flows? Selected Answer: Includes transactions that primarily impact current assets and current liabilities Answers: Includes transactions affecting the capitalization of the business Includes transactions that primarily impact current assets and current liabilities Shows the beginning and ending balance of cash Includes increases and decreases in long-term assets Question 4 2 out of 2 points The entry to record depreciation includes a debit to which account? Selected Answer: Depreciation expense Answers: Cash Equipment Accumulated depreciation Depreciation expense Question 5 2 out of 2 points Which of the following is the amount the borrower must pay back to the bondholders? Selected Answer: Principal amount Answers: Principal amount Stated interest value Present value Market value Question 6 2 out of 2 points Accountants often refer to GAAP. What do the letters GAAP represent in accounting? Selected Answer: Generally accepted accounting principles
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Answers: Global accommodation accounting principles Globally accepted and accurate policies Generally accredited accounting policies Generally accepted accounting principles Question 7 2 out of 2 points Which of the following entries would be used to account for uncollectible receivables using the direct write-off method? Selected Answer: Uncollectible accounts expense is debited and Accounts receivable is credited. Answers: Accounts receivable is debited and Uncollectible accounts expense is credited.
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