ACC 290 Final Exam Guide (New)
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ACC 290 Finals
Question 1
Jackson Company recorded the following cash transactions for the year:
Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.
Question 2
Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?
Question 3
Posting
Question 4
The following is selected information from L Corporation for the fiscal year ending October 31, 2014.
Cash received from customers $300,000
Revenue earned 390,000
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ACC 290 Week 1 Discussion Question 1
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ACC 290 Week One - DQ #1
What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?
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ACC 290 Week 1 Discussion Question 2
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What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?
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ACC 290 Week 1 Individual Assignment Financial Statements Paper
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Individual - Financial Statements Paper - Prepare a 700 -1,050 word paper in which you...