ACC 221 Financial Accounting Exam No. 1.docx - Sacred Heart University AC 221-A Financial Accounting Reporting EXAMINATION No 1 Student Name_Andrew

ACC 221 Financial Accounting Exam No. 1.docx - Sacred Heart...

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Sacred Heart University AC- 221-A Financial Accounting & Reporting EXAMINATION No. 1 Student Name: __Andrew Moore _________________________________________ Professor: P. Bartiromo Date: June 9, 2020 Part I: Multiple Choice Questions: [1 point each] 1.Bruno's Pizza Restaurant makes full payment of $8,300 on an account payable to Stella's Cheese Company Stella's would record this transaction with a: a.Debit to Accounts Payable for $8,300.b.Credit to Cash for $8,300.c.Credit to Accounts Receivable for $8,300.d.Credit to Accounts Payable for $8,300. 2.Which of the following does not describe accounting? 3.The best definition of an information system is:
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4.Under accrual accounting, salaries earned by employees but not yet paid should be expensed in the period: 5.Prepaid expenses appear: a.As an expense on the income statement.b.As an asset on the balance sheet.c.As a liability on the balance sheet.d.As a reduction to retained earnings. 6.A strong internal controls structure: 7.An example of a contra-asset account is: 8.Suppose a number of your friends have organized a company to develop and sell a new software product. They have asked you to loan them $8,000 to help get the company started,and they have promised to repay your $8,000 plus 10% interest in one year. Of the following,which amount may be described as the return on your investment?
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