final - ACG 2021, Principles of Financial Accounting Final...

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ACG 2021, Principles of Financial Accounting Final – Practice Questions for New Material Note : Correct answers appear on the final page. 1. Julie Thornton determines that the estimated value of Panera Bread’s stock is $50 a share. Panera is currently trading in the stock market at $52.59 a share. The appropriate investment decision for Julie would be to: a. Buy Panera’s stock b. Hold Panera’s stock c. Sell Panera’s stock d. Julie does not have enough information to make a prudent investment decision in this situation. 2. The Kansas City office of Ernst & Young LLP issues an audit opinion stating that the financial statements of Interstate Brands Corporation are unreliable for the 2006 fiscal year. What type of audit opinion was issued? a. Unqualified (clean) opinion b. Qualified opinion c. Adverse opinion d. Disclaimer of opinion 3. Net income for The Yellow Submarine, Inc. was understated in 2005 by $110,000. The entry to record the correction in 2006 includes a: a. Debit to Retained Earnings
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final - ACG 2021, Principles of Financial Accounting Final...

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