ACC 561 Final Exam Study Guide

ACC 561 Final Exam Study Guide - Final Examination Study...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Final Examination Study Guide ACC/561 Version 4 1 ACC/561 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in the final week. It contains practice questions, which are related to each week’s objectives. In addition, refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Financial Reporting and Analysis Objective: Differentiate between financial statements. 1. The _____ is also called the statement of financial position. a. income statement b. balance sheet c. statement of retained earnings d. statement of cash flows Objective: Differentiate between financial statements. 2. _____ is the field of accounting that develops information for external decision makers, such as stockholders, suppliers, banks, and government regulatory agencies. a. Auditing b. Tax accounting c. Management accounting d. Financial accounting Objective: Differentiate between financial statements. 3. The primary users of management accounting information are _____. a. bankers b. governmental regulatory authorities c. internal decision makers d. suppliers Objective: Evaluate financial statements of nongovernment organizations. 4. The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the merchandise inventory account by $10,000 and by _____. a. increasing the accounts payable account by $10,000 b. decreasing the accounts payable account by $10,000 c. increasing the capital account by $10,000 d. decreasing the capital account by $10,000 Objective: Evaluate financial statements of nongovernment organizations. 5. Etiwanda Company’s accountant recorded a debit to the accounts payable account and a credit to the cash account. This transaction will _____. a. increase cash and decrease accounts payable b. decrease cash and increase accounts payable
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Final Examination Study Guide ACC/561 Version 4 2 c. increase cash and increase accounts payable d. decrease cash and decrease accounts payable Objective: Evaluate financial statements of nongovernment organizations. 6. The accrual basis of accounting recognizes transactions’ effects on financial statements in the period when _____. a. revenues are earned and expenses are incurred b. cash is received or disbursed c. the transaction occurs d. the accounting equation is decreased Objective: Recognize the major aspects of the regulatory environment. 7.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 8

ACC 561 Final Exam Study Guide - Final Examination Study...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online