ACCT 220 EXAM I REVIEW PROBLEMS
If total liabilities increased by $5,000, then
a. assets must have decreased by $5,000.
b. stockholders equity must have increased by $5,000.
c. assets must have increased by $5,000, or stockholders equity must have dec
1. On March 1, 2014, Freeze Company hires a new employee who will start to work on March 6.
The employee will be paid on the last day of each month. Should a journal entry be
made on March 6? Why or why not?
a. Yes, the company is now obligated to pay the
Gottlieb v. Tropicana Hotel and Casino
Facts: During the summer of 1999, Rena and Sheldon Gottlieb were vacationing and they visited
the Tropicana casino. Rena Gottlieb was a member of the Tropicana casinos Diamond c
Baby Blue = Included among the real exams questions. Purple means came either twice or for 2nd attempt.
1. Economic profit is equal to:
a. Total revenue minus the explicit cost of producing goods and services.
b. Total revenue minus the implicit cost of p
1. stockholders equity can be described as claims on:
answer: owners on total assets
2. on the balance sheet, which financial statement is prepared first
answer: income statement
3. the rules adopted by the accounting professional as
What Is Jazz?
First of all jazz is a word, a word Duke Ellington didnt particularly like, by the way.
Jazz is a word that has been used for close to a century now primarily to describe a
rich and fertile musical tradition that grew up in America starting
STUDY GUIDE NEW MATERIAL SINCE MIDTERM 2
Reality of Consent voidable contracts
- innocent misrepresentation
untrue assertion of fact
fact asserted was material
- fraudulent misrepresen
Business Law -2nd Round(TC)
(1) Void contracts.
(2) Criminal Law
(3) A statute of limitations for an alleged breach of contract.
(4) In a strict liability case, the plaintiff is not required to prove.
(a) Intent (b) Recklessness (c) negligence.
Always bring homework to class until weve gone over it.
All homework is submitted on Moodle, due by the beginning of class.
Court report is due on Moodle by
Chapter 6 Review Questions
1. Give an example of a price ceiling and an example of a price floor.
2. Which causes a shortage of a gooda price ceiling or a price floor? Justify your answer with a
- A price ceiling prevents the price from being raise
A _ is a branch of an evolutionary tree and all of the descendants of a particular ancestor at the beginning of that
a. node FEEDBACK: A given ancestor and all its descendants make
up a clade, or branch, on the evolutionary tree. Some
1. Which of the following is not considered an asset?
c. Accounts receivable
2. Which of the following is not a current liability?
a. Salaries and Wages Payable
b. Accounts Payable
c. Taxes Payable
d. Bonds Payable
COST OF ENDING INVENTORY
PURCHASES MADE ON 23RD JUNE @ Unit cost 13
[376*13] = $4888
BALANCE 56 UNITS (432-376) PURCHASES MADE ON 12TH JUNE @ Unit cost 11
[56*11] = $616
1- COST OF ENDING INVENTORY (4888+616)= $5504
2- COST OF GOODS SOLD = TOTAL COS
InuMWAGXIMMHPmS x WW X
(- ~> e _ lug-um\typlus,(am/edugen/xmdem/mamlmm
x mm. , m. nc- p.- n a. lull puma:-
m. um,m.m m m. bank wan
Mm, > up. Mun."
is man". .mmmm. my. mum .m um
m. mwmmwwummuum mum." m . gumn-mm-
A FURTHER LOOK AT FINANCIAL STATEMENTS
SUMMARY OF QUESTIONS BY STUDY OBJECTIVE AND BLOOMS TAXONOMY
1. From a population of cans of coffee marked "12 ounces," a sample of 25 cans is selected and the
contents of each can are weighed. The sample revealed a mean of 11.8 ounces with a standard deviation
of 0.5 ounces. Test to see if the mean of the populati
California State University
Date: January 20, 2017
Subject to Revision: Yes X
MKT 304 (#13176) / NA101
COURSE NUMBER / ROOM
Introduction to Marketing
Ch. 6 Accounting for
March 11, 2016
Work in Process
Introduction to Financial
January 25, 2016
by one person
Easier to transfer
English 114 B
March 1, 2016
Discourse Community Analysis Essay: Trader Joes (Final Draft)
Trader Joes, a common neighborhood market, I must say is one of the most amazing
discourse communities to be a part of. It is like
My Place, House of Dcor
Description of the Business .
General Ledger .
Accounts Receivable Ledger.20
Accounts Payable Ledger.23
General Instructions and Transactions for January.25
General Instructions and T
STATEMENT OF CASH FLOWS
SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOMS TAXONOMY
Prof. Robert Cleve
8 December 2016
Throughout this course there were many leaders that were mentioned and discussed
whether it being about their superiority or their lack of natural power as a social le
1. Obligation of business that represents the claims of these against the assets of the less cash
B. An expense (WA)
D. An equity
2. Net income results when
A. Assets > liability
Define and articulate the three basic financial statements.
a. The balance (or statement of financial position) describes the financial position of
a firm at a particular point in time
b. The income statement or a company compar
ACCT 220 EXAM II REVIEW PROBLEMS
The revenue recognition principle dictates that revenue should be recognized in the
a. when cash is received.
b. when it is earned.
c. at the end of the month.
in the period that income taxes are