Acc 290 final exam - Study guides, Class notes & Summaries

1. The best definition of assets is the a. Resources belonging to a company that have future benefit to the company. 2. Which of the following is not a liability? a. Accounts Receivable 3. Which of the following financial statements is divided into major categories of operating, investing, and financing activities? a. The statement of cash flows 4. Ending retained earnings for a period is equal to beginning a. Retained earnings + Net income – Dividends. 5. Which of the followin...

ACC 290 Final Exam Study Guide:Multiple Choice Question 92 The best definition of assets is the owners’ investment in the business. cash owned by the company. resources belonging to a company that have future benefit to the company. collections of resources belonging to the company and the claims on these resources. Multiple Choice Question 98 Which of the following is not a liability? Accounts Payable Accounts Receivable Interest P...

ACC 290 FINAL EXAM 100% CORRECT ANS ACC 290 FINAL EXAM 100% CORRECT ANS ACC 290 FINAL EXAM 100% CORRECT ANS

15. The revenue recognition principle dictates that revenue should be recognized in the accounting records: a. when the performance obligation is satisfied. 16. Merchandising companies that sell to retailers are known as a. wholesalers. 17. Gross profit equals the difference between a. sales revenue and cost of goods sold. 18. Net income will result if gross profit exceeds a. operating expenses. 19. Under the perpetual system, cash freight costs incurred by the buyer for the tran...

ACC 290 FINAL EXAM GRADED A 2021

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ACC 290 FINAL EXAM WITH CORRECT ANSWERS ACC 290 FINAL EXAM WITH CORRECT ANSWERS ACC 290 FINAL EXAM WITH CORRECT ANSWERS

ACC 290 Final Exam 1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, & capital statement B. Income statement, capital statement, statement of cash flows, & balance sheet C. Balance sheet, capital stat...

ACC 290 Final Exam 1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, & capital statement B. Income statement, capital statement, statement of cash flows, & balance sheet C. Balance sheet, capital stat...

ACC 290 Final Exam Question and Answers A+ Graded