Acct 105 - Study guides, Class notes & Summaries

ACCT 105 Exam 1 Questions with Correct Answers

SOPHIA LEARNING ACCT 105 FINANCIAL ACCOUNTING UNIT 3 CHALLENGE 2 EXAM

What is financial accounting? correct answers Providing information about the financial resources, obligations, and activities of an economic entity that is intended for use primarily by external decision makers- investors and creditors What do accountants do today and why are they important? correct answers Prepare fin. statements Tax return preparation Auditing business records and processes Cost Savings Who are the users of accounting information? correct answers Owners Mana...

Acct 105 Questions And Answers Latest Update

accounting correct answers the information system that identifies, records, and communicates the economic events of an organization to interested users assets correct answers resources a business owns balance sheet correct answers a financial statement that reports the assets, liabilities, and stockholders' equity of a company at a specific date basic accounting equation correct answers Assets= Liabilities + Stockholders' Equity bookkeeping correct answers a part of accounting that...

ACCT 105 Week 3 Quiz (Questions and Answers) LATEST UPDATE 2024

Question 1 of 10 10.0/ 10.0 Points If the utility or value of inventory items is less than the cost of those items, departures from cost are justified. A. True B. False Answer Key: True Question 2 of 10 0.0/ 10.0 Points If the beginning inventory exceeds the ending inventory, the net income is overstated. A. True B. False Answer Key: False Question 3 of 10 10.0/ 10.0 Points For 2007, Johnson Company had the following: beginning inventory - $780,000; ending inventory - $830,000; ...

ACCT-105 Final Exam Questions And Answers Latest Update

Question 1 of 10 10.0/ 10.0 Points Manufacturing overhead was applied to production at 60 percent of the direct labor cost of $10,000. The entry under perpetual inventory procedure is A.Dr. Work in Process Inventory for $6,000 and Cr. Manufacturing Overhead for $6,000. B.Dr. Finished Goods Inventory for $6,000 and Cr. Manufacturing Overhead for $6,000. C.Dr. Work in Process Inventory for $4,000 and Cr. Manufacturing Overhead for $4,000. D.Dr. Work in Process Inventory for $4,000 and Cr....

Question 1 of 10 10.0/ 10.0 Points The stable dollar assumption is that fluctuations in the value of the dollar are significant and may not be ignored. A. True B. False Answer Key: False Question 2 of 10 10.0/ 10.0 Points The percentage-of-completion method recognizes revenue at the point of sale. A. True B. False Answer Key: False Question 3 of 10 10.0/ 10.0 Points Which of the following statements is false? A.Inclusion of special journals and subsidiary ledgers increased the e...