Act105 - Study guides, Class notes & Summaries
Looking for the best study guides, study notes and summaries about Act105? On this page you'll find 58 study documents about Act105.
Page 3 out of 58 results
Sort by
-
Act105 week 7.2 Exam 2023 Questions and Answers (100% Correct)
- Exam (elaborations) • 4 pages • 2024
-
- $9.49
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of 
public reporting companies. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
Which of the following is not one of the four specific responsibilities that PCAOB Auditing 
Standard No. 2 levies on company management? 
A.Accept responsibility for the effectiveness of the company’s internal control over 
financial reporting. 
B.Evaluate the effectiv...
-
Act105 week 7.2 Questions with 100% Correct Answers | Verified | Latest Update 2024
- Exam (elaborations) • 4 pages • 2024
- Available in package deal
-
- $8.49
- + learn more
uestion 1 of 10 10.0/ 10.0 Points 
Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of 
public reporting companies. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
Which of the following is not one of the four specific responsibilities that PCAOB Auditing 
Standard No. 2 levies on company management? 
A.Accept responsibility for the effectiveness of the company’s internal control over 
financial reporting. 
B.Evaluate the effective...
-
Act105 week 7.1 Questions with 100% Correct Answers | Verified | Latest Update 2024
- Exam (elaborations) • 4 pages • 2024
- Available in package deal
-
- $9.49
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
Effective internal control systems successfully eliminate all misstatements in financial 
statements. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
SEC rules do not allow management to assert that a company has effective internal controls 
if: 
A.one or more material weaknesses exist. 
B.two or more material weaknesses exist. 
C.two or more immaterial weaknesses exist. 
D.one material weakness and one immaterial 
weakness exist. ...
-
ACCT 105 Act105 week 4.4
- Exam (elaborations) • 4 pages • 2024
-
- $8.49
- + learn more
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 Act105 week 6.1100% COMPLETE QUESTIONS AND ANSWERS,
- Exam (elaborations) • 5 pages • 2024
-
- $8.99
- + learn more
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....
Make study stress less painful
-
ACCT 105 Act105 week 3 100% COMPLETE QUESTIONS AND ANSWERS.
- Exam (elaborations) • 4 pages • 2024
-
- $8.49
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
The consistency principle implies that a relationship exists between expenses and revenues. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 0.0/ 10.0 Points 
The Trial Balance columns of the work sheet show store fixtures of $4,000. Estimated 
depreciation for the period is $400. The Store Fixtures amount in the Balance Sheet columns 
of the work sheet will be a: 
A.$3,600 
debit. 
B.$3,600 
credit. 
C.$4,400 
debit. 
D.$4,000 
debit. 
E.$4,000 
cred...
-
ACCT 105 Act105 week 5 Review Exam 2023 Questions and Answers (100% Correct)
- Exam (elaborations) • 5 pages • 2024
-
- $8.99
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
The most important reason for preparing a statement of cash flows is to compute the 
change in cash. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
What is the stockholders’ equity to debt ratio for the following data? Total current liabilities 
(noninterest bearing) - $300,000; bonds payable, 5% (issued in 2007, due in 20 years) - 
$600,000; preferred 6% stock, $200 par - $240,000; common stock, $20 par - $480,000; 
premium on ...
-
ACCT 105Act105 week 4.1100% COMPLETE QUESTIONS AND ANSWERS.
- Exam (elaborations) • 4 pages • 2024
-
- $8.49
- + learn more
Question 1 of 10 0.0/ 10.0 Points 
An overstated ending inventory leads to understated net income. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
During a period of rising prices, which inventory costing method might be expected to give 
the lowest valuation for inventory on the balance sheet? 
A.LIFO 
B.FIFO 
C.Weighted-average 
cost 
D.Specific 
identification 
Answer Key: 
A 
Question 3 of 10 0.0/ 10.0 Points 
When the perpetual inventory method is used, it is ne...
-
ACCT 105 Act105 week 3 100% COMPLETE QUESTIONS AND ANSWERS.
- Exam (elaborations) • 4 pages • 2024
-
- $8.49
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
Recognizing revenue at the time of completion of production is called the installment basis 
of accounting. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Many accounting measurements are estimates and involve approximation and judgment. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 10.0/ 10.0 Points 
Salaries Expense before adjustment at September 30, the end of the fiscal year, has a 
balance of $140,000. The amount o...
-
ACCT 105 Act105 week 6.2100% COMPLETE QUESTIONS AND ANSWERS.
- Exam (elaborations) • 4 pages • 2024
-
- $8.99
- + learn more
Question 1 of 10 10.0/ 10.0 Points 
Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of 
public reporting companies. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
Which of the following is not one of the four specific responsibilities that PCAOB Auditing 
Standard No. 2 levies on company management? 
A.Accept responsibility for the effectiveness of the company’s internal control over 
financial reporting. 
B.Evaluate the effectiv...
Study stress? For sellers on Stuvia, these are actually golden times. KA-CHING! Earn from your study resources too and start uploading now. Discover all about earning on Stuvia