ACC290 – Principles of Accounting I – Final Exam Study Guide 2012 Remember to check out ACCNerd.com for the latest updates! 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‚ and capital statement
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1. An advantage of the corporate form of business is that: A. It has limited life. B. Its owner’s personal resources are at stake. C. Its ownership is easily transferable via the sale of shares of stock. D. It is simple to establish. E. It has double taxation. 2. External users want answers to all of the following questions except: A. Is the company earning satisfactory income? B. Will the company be able to pay its debts as they come due
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ACC/290 Final Examination Study Guide This study guide will prepare you for the Final Examination you will complete in Week Five. It contains practice questions‚ which are related to each week’s objectives. In addition‚ refer to each week’s readings and your student guide as study references for the Final Examination. Week One: Basic Accounting Principles and Concepts Objective: Identify the four basic financial statements. 1. Which of the four basic financial statements has three main
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entities to examine when attempting to understand inventory management systems. The type of inventory a company has determines the method they use. Retail companies use the retail inventory method as a base system. Last-in-First-Out (LIFO) and First-in-First-Out (FIFO) are the two systems that appear to be used more frequently. Other systems used are the Just in Time or JIT method and the Average Cost method. The following paragraphs will describe different companies and the type or types of inventory
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requires a company to use the same accounting methods period after period‚ so that financial statements are comparable across periods. 17. In a period of rising prices‚ FIFO usually gives a lower taxable income‚ which leads to an advantage when it comes to paying income tax. 18. An advantage of LIFO is that it assigns the most recent costs to cost of goods sold and does a better job of matching current costs with revenues on the income statement. 19. An understatement
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Checklist for this Subject Test 1. Answer Books: No 2. Standard MC Answer Sheets: No 3. Calculator: Yes 4. Paper Dictionary: No 5. Open Book: No --------------------------------------- QUESTIONS START FROM HERE ------------------------------------- Question 1 (a) What Grace suggested doesn’t seem to be ethical. First of all the transfer of her personal property to the Company will simply overstate the Company’s asset. Secondly‚ when the expenses were hidden off
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PepsiCo vs. Coca-Cola – A Financial Comparison June 13‚ 2007 AC550 May 2007 Executive Summary The purpose of this comparative analysis is to provide a summary of financial and accounting information to a potential investor who is looking to invest in either Coca-Cola or PepsiCo. This research will cover some facts from the financial statements of both companies for the year of 2004. There are many factors to review when comparing these two companies. They are two of the top manufacturers
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Ford Motor Company Acc 422 Let’s take a look on the finical statement of Ford Motor Company. Ford Motor was one of the only automobile companies that is making a profit and did not have to take any money from the government to stay afloat from demise. Looking at the financial statements we will evaluate Ford Motor Company in detail in reference to the disclosures seen in relation to the cash and cash equivalents‚ receivables‚ and inventory. This paper will discuss the numerous disclosures that
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Review sheet Test 2 Chapters 4 & 5 (33 Multiple choice) Chapter 4 ▪ Definitions or calculations presentation on financial statements- Net Sales‚ COGS‚ gross profit‚ selling and administrative expenses o Sale - sale discount = Net sales o Net sale – COGS = Gross profit o Sale discount + net sale= sale o Sale – net sale = sale dis o Net sale – gross profit= COGS New asset -> inventory Expense -> COGS Revenue -> sales Contra revenue (debit)
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This document comprises ACC 206 Week 5 Final Paper Cost Accounting Principles of Accounting II Cost Accounting Accounting is the accumulation and aggregation of info for decision makers including administrators‚ traders‚ authorities‚ loan providers‚ as well as the general public. Accounting systems impact behavior and administration and have effects across divisions‚ companies‚ and even nations. This report will provide the reader a knowledge regarding cost accounting. This report will talk
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