ACC 300-Final - ACC 300 Final Exam Name _ Please select the...

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ACC 300 Final Exam Name ___________________________________________ Please select the BEST answer to the questions far below and annotate it next to the appropriate number below. PLEASE answer in CAPITAL LETTERS. You will earn one point for using Capital letters. 1. _____ 2. _____ 3. _____ 4. _____ 5. _____ 6. _____ 7. _____ 8. _____ 9. _____ 10. _____ 11. _____ 12. 13. _____ 14. _____ 15. _____ 16. _____ 17. _____ 18. _____ 19. _____
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20. _____ 21. _____ 22. _____ 23. _____ 24. _____ 25. _____ 26. _____ 27. _____ 28. _____ 29. _____ 30. _____ 31. _____ 32. _____ 33. _____
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********************************************* ACC 300 Final Exam _____ 1. The accounting process involves all of the following except a. identifying economic transactions that are relevant to the business. b. communicating financial information to users by preparing financial reports. c. recording non-quantifiable economic events. d. analyzing and interpreting financial reports. _____ 2. The origins of accounting are generally attributed to the work of a. Christopher Columbus. b. Abner Doubleday. c. Luca Pacioli. d. Leonardo da Vinci. _____ 3. Generally accepted accounting principles are a. income tax regulations of the Internal Revenue Service. b. standards that indicate how to report economic events. c. theories that are based on physical laws of the universe. d. principles that have been proven correct by academic researchers. _____ 4. Joan and Sara met at law school and decide to start a small law practice after graduation. They agree to split revenues and expenses evenly. The most common form of business organization for a business such as this would be a a. joint venture. b. partnership. c. corporation. d. proprietorship. _____ 5. The basic accounting equation may be expressed as a. Assets –Owner’s Equity = Liabilities. b. Assets – Liabilities = Owner's Equity. c. Assets = Liabilities + Owner's Equity. d. all of these. _____ 6. If the owner's (shareholder’s) equity account increases from the beginning of the year to the end of the year, then a. net income is less than (dividends) owner drawings. b. a net loss is less than (dividends) owner drawings. c. additional (stock purchases) owner investments are less than net losses. d. net income is greater than (dividends) owner drawings.
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_____ 7. The normal balance of any account is the a. left side. b. right side. c. side which increases that account. d. side which decreases that account. _____ 8. Which one of the following represents the expanded basic accounting equation? a. Assets = Liabilities + Owner's Capital + Owner's Drawings – Revenue – Expenses. b. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues.
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This note was uploaded on 03/23/2010 for the course ACC 300 taught by Professor King during the Spring '08 term at University of Phoenix.

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ACC 300-Final - ACC 300 Final Exam Name _ Please select the...

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