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...

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; ...

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 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...

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 ...

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...