ACC 300 Final Exam Guide
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) Which of the following statements is true?
2) Notes to the financial statements include which of the following:
3) Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
4) If the retained earnings account increases from the beginning of the year to the end of the year, then
5) If services are rendered on account, then
6) An investment by the stockholders in a business increases
7) Using accrual accounting, expenses are recorded and reported only:
8) A small company may be able to justify using a cash basis of accounting if they have:
9) Stockholders’ equity can be described as claims of
10) Common stock is reported on the
11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June
12) On July 1 the Fisher Shoe Store paid $15,000 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was debited for the full amount.
13) Use the following data to determine the total dollar amount of assets to be classified as current assets.
14) Use the following data to calculate the current ratio. KoonceOffice Supplies Balance Sheet December 31, 2012 Cash $130,000 Accounts Payable $140,000 Prepaid Insurance 60,000 Salaries Payable 20,000 Accounts Receivable 100,000 Mortgage Payable 160,000
15) In horizontal analysis, each item is expressed as a percentage of the
16) When a change in depreciation method occurs:
17) Which of the following statements is true with respect to financial statement reporting for all cases when a company changes from one acceptable accounting method to another?
18) Which of the following would be considered a change in...