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ACC 280 Final Exam Guide

ACC 280 Final Exam Guide
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1) The accounting process is correctly sequenced as

2) Bookkeeping differs from accounting in that bookkeeping primarily involves which part of the accounting process?

3) Generally accepted accounting principles are

4) The private sector organization involved in developing accounting principles is the

5) GAAP stands for

6) The four primary financial statements are

7) Which of the following financial statements is a point in time report?

8) In recording an accounting transaction in a double-entry system,

9) An account will have a credit balance if the

10) Which of the following statements is true?


11) On June 1, 2008, Leno Inc. buys a copier machine for its business and finances this purchase with cash

and a note. When journalizing this transaction, the company's accountant will

12) Posting of journal entries should be done in

13) Bank errors

14) A $2,000 advance payment for a 1-year insurance is recorded as

15) Carson company purchased a 2-year insurance policy for $4,800 on January 1, 2010. The $4,800

   was debited to the Prepaid Insurance account. What adjustment should be made to record expired insurance January 31, 2010?

16) Can financial statements be prepared directly from the adjusted trial balance?

17) The information for preparing a trial balance on a worksheet is obtained from

18) If the total debit column exceeds the total credit column of the income statement columns on a worksheet, then the company has

19) After all of the account balances have been extended to the income statement columns of the work sheet, the totals of the debit and credit columns are $50,000 and $40,000, respectively. What is the amount of net income or net loss for the period?

20) The income summary account

21) Which of the following is an income statement account?

22) Which of the following is a balance sheet account?

23) In order to close the dividends account, the

24) In preparing closing entries,

25) Profit margin is a measure of

26) Working capital is

27) Internal control is defined, in part, as a plan that safeguards

28) Having one person post entries to accounts receivable subsidiary ledger and a different person post to the Accounts Receivable Control account in the general ledger is an example of

29) Certified Public Accounting firms that audit public companies are reviewed by

30) The entity responsible for setting International Accounting Standards is

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