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
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000
Expenses incurred including any depreciation 216,000
Question 5
La More Company had the following transactions during 2013.
• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2014
• Paid $1,325 cash in salaries
• Purchased airline tickets for $250 in December for a trip to take place in 2014
Question 6
Which one of the following is not a justification for adjusting entries?
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ACC 290 Week 1 Practice Quiz (New)
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ACC 290 Week 1 Quiz
Question 1
Current assets are expected to be converted to cash or consumed within the next year or the normal operating cycle, whichever is longer.
Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter.
Question 2
Land or a building which is currently not used in operation is considered to be a long-term investment.
A company purchased a tract of land on which it expects to...