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Final Exam - Final Exam ACC 280 Principle of Accounting...

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Final Exam ACC 280 – Principle of Accounting Part I II III Total Points 5 5 5 15 Score PART I — MULTIPLE CHOICE (12 points) (respond to any 28 out of the 56 questions) Instructions Designate the best answer for each of the following questions. __ b _ 1. One of the two constraints in accounting is a. comparability. b. materiality. c. reliability. d. relevance. __ b _ 2. The necessity of making adjusting entries relates mostly to the __ d __ 3. The preparation of closing entries __ c __ 4. The primary accounting standard-setting body in the United States is the ____ 5. Which of the following combinations presents correct examples of liquidity, profitability, and solvency ratios, respectively? Liquidity Profitability Solvency a. Inventory turnover Inventory turnover Times interest earned b. Current ratio Inventory turnover Debt to total assets c. Receivable turnover Return on assets Times interest earned d. Average days collection Payout ratio Return on assets
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ACC 280 – Principles of Accounting ____ 6. Which of the following pairs of terms in the area of financial statement analysis are synonymous? __ a __ 7. Which of the following should be classified as an extraordinary item? __ c ___8. The accounting process involves all of the following except __ c __
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