ACC 291 Week 5 Final Exam 3

ACC 291 Week 5 Final Exam 3

ACC 291 Week 5 Final Exam 3

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ACC 291 Sample Final Exam

1) The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to

2) The purchase of treasury stock

3) Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh's cash payments for operating expenses?

4) Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows?

5) In performing a vertical analysis, the base for cost of goods sold is

6) Blanco, Inc. has the following income statement (in millions):

7) Dawson Company issued 500 shares of no-par common stock for $4,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share?

8) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a

9) Which of the following is a fundamental factor in having an effective, ethical corporate culture?

10) Two individuals at a retail store work the same cash register. You evaluate this situation as

11) The Sarbanes-Oxley Act imposed which new penalty for executives?

12) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?

13) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible...

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