Priniciples of Accounting Final Exam

Priniciples of Accounting Final Exam - P riniciples of...

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Priniciples of Accounting Final Exam. Need someone to verify that all 26 of my answers are correct. Thanks! 1. The ACE Company has five plants nationwide that cost $100 million. The current market value of the plants is $500 million. The plants will be recorded and reported as assets at a. $100 million. b. $600 million. c. $400 million. d. $500 million. _____ 2. A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the a. stand alone concept.
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b. monetary unit assumption. c. corporate form of ownership. d. economic entity assumption. _____ 3. A net loss will result during a time period when a. liabilities exceed assets. b. dividends exceed revenues. c. expenses exceed revenues . d. revenues exceed expenses. _____ 4. As of December 31, 2008, Anders Company has assets of $35,000 and stockholders' equity of $20,000. What are the liabilities for Anders Company as of December 31, 2008?
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a. $15,000 b. $10,000 c. $25,000 d. $20,000 _____ 5. A credit is not the normal balance for which account listed below? a. Common stock account b. Revenue account c. Liability account d. Dividend account _____
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$500. What can be done to complete the recording of the transaction? a. Nothing further must be done. b. Debit an stockholders' equity account for $500. c. Debit another asset account for $500. d. Credit a different asset account for $500. _____ 7. Which of the following is not true of the terms debit and credit? a. They can be abbreviated as Dr. and Cr. b. They can be interpreted to mean increase and decrease. c. They can be used to describe the balance of an account. d. They can be interpreted to mean left and right. _____
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This note was uploaded on 06/18/2011 for the course ACCT 100 taught by Professor Smith during the Spring '09 term at University of Phoenix.

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Priniciples of Accounting Final Exam - P riniciples of...

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