Acc 280 final exam 7 - Study guides, Class notes & Summaries

ACC 280 Final Exam 7 1) Balance sheet accounts are considered to be . 2) The major reporting standard for management accounts is . 3) H55 Company sells two products, beer and wine. Beer has a 10 percent profit margin and wine has a 12 percent profit margin. Beer has a 27 percent contribution margin and wine has a 25 percent contribution margin. If other factors are equal, which product should H55 push to customers? 4) What is the preparation of reports for each level of responsibility in t...

ACC 280 Final Exam 1 1. Liabilities of a company would not include 2. According the matching principle, the cost of inventory becomes an expense 3. If total liabilities decreased by $15,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period? 4. Notification by the bank that a deposited customer check was returned NSF requires that the company make the following adjusting entry: 5. Walker...

ACC 280 Final Exam 2 1. Accountants refer to an economic event as a 2. The use of computers in recording business events 3. Which of the following is an external user of accounting information? 4. The origins of accounting are generally attributed to the work of 5. Generally accepted accounting principles are 6. Which one of the following is not a part of an account? 7. Credits 8. A debit to an asset account indicates 9. The normal balance of any account is the 10. ...

ACC 280 Final Exam 6 1. (TCO 1) Which of the following would not be considered an internal user of accounting data for a company? 2. (TCO 1) Resources owned by a business are referred to as . 3. (TCO 1) To show how successfully your business performed during a period of time, you would report its revenues and expenses in the 4. (TCO 1) Henson Company began the year with retained earnings of $175,000. During the year, the company recorded revenues of $250,000, expenses of $190,000, and paid ...

ACC 280 Final Exam 5 1. An account 2. The left side of an account is 3. The double-entry system requires that each transaction must be recorded 4. Which one of the following represents the expanded basic accounting equation? 5. Dawson’s Delivery Service purchased equipment for $2,500. Dawson paid $500 in cash and signed a note for the balance. Dawson debited the equipment account, credited cash and 6. Credits 7. On January 14, Franco Industries purchased supplies of $500 on account. T...

ACC 280 Final Exam 9 1. Sources of increases to owner's equity are 2. A small neighborhood barber shop that is operated by its owner would likely be organized as a 3. An account consists of 4. A numbering system for a chart of accounts 5. The ledger should be arranged in 6. A debit to an asset account indicates Chapter 4 It is not true that current assets are assets that a company expects to After closing entries are posted, the balance in the owner's capital account in the ledger w...

ACC 280 Final Exam 4 1. Because accounting often requires estimates to be made to assess the effect of a transaction, the shorter the time period, the easier it becomes to determine the proper adjustments. 4. A company's calendar year and fiscal year are always the same. 5. Accounting time periods that are one year in length are referred to as interim periods. 6. Income will always be greater under the cash basis of accounting than under the accrual basis of accounting. 7. The...