(GCU) ACC 240 Fundamentals of Accounting - Latest Final Exam Review Q & S 2024
2 views 0 purchase
Course
Business admin
Institution
Business Admin
(GCU) ACC 240 Fundamentals of Accounting - Latest Final Exam Review Q & S 2024(GCU) ACC 240 Fundamentals of Accounting - Latest Final Exam Review Q & S 2024(GCU) ACC 240 Fundamentals of Accounting - Latest Final Exam Review Q & S 2024
,1. Multiple Choice: What is the primary purpose of financial
accounting?
a) Decision making
b) Tax optimization
c) Internal auditing
d) Cost measurement
Correct Answer: a) Decision making
Rationale: Financial accounting provides information that helps
stakeholders make informed decisions about allocating resources.
2. Fill-in-the-Blank: The ______ principle requires that revenue is
recognized when it is earned, regardless of when the cash is
received.
Correct Answer: Revenue Recognition
Rationale: This principle ensures that income is matched with the
expenses that brought it, providing a more accurate picture of
financial health.
, Rationale: The historical cost principle dictates that assets are
recorded based on their original cost at the time of purchase, not
the current market value.
4. Multiple Response: Which of the following are considered
intangible assets? (Select all that apply)
a) Patents
b) Trademarks
c) Buildings
d) Goodwill
Correct Answers: a) Patents, b) Trademarks, d) Goodwill
Rationale: Intangible assets are non-physical assets that have
value, such as patents, trademarks, and goodwill. Buildings are
tangible assets.
, 6. Fill-in-the-Blank: The statement that summarizes a company's
financial performance over a period is the ______ statement.
Correct Answer: Income
Rationale: The income statement provides a summary of the
company's revenues, expenses, and profits over a specific period.
7. True/False: A balance sheet shows a company's financial
position at a single point in time.
Correct Answer: True
Rationale: The balance sheet provides a snapshot of a company's
assets, liabilities, and equity at a specific point in time.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller testbank11. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
