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ACC 300-final EXAM.docx

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Business

Type

Exam Practice

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a.
1. Which of the following is not an asset:
a. Accounts Payable
b. Furnishing and Equipment
c. Supplies
d. Cash
b.
2. Amy Co. acquired $500 worth of supplies on credit. Which of the following
journal entries would be recorded?
a. Debit supplies, credit cash
b. Debit cash, credit supplies
c. Debit supplies, credit accounts payable
d. Debit accounts payable, credit supplies payable
c.
3. Baker Company earned $10,000 revenue for services provided. Which of the
following is correct?
a. Baker would credit Revenue.
b. Baker would debit Revenue.
c. Baker must first collect the revenue before recognizing it.
d. Baker would credit an asset.
d.
e.
4. Candy Company collected $5,000 from a customer on account. What journal
entry will Candy Company record?
a. Debit cash, credit accounts receivable
b. Debit cash, credit revenue
c. Debit accounts receivable, credit revenue
d. Debit accounts receivable, credit cash
e. None of the above
f.
g.
5. Ernie Corporation capitalized a $20,000 automobile. Which of the following is
mostly likely true?
a. Ernie recorded a liability for $20,000.
b. Ernie recorded an asset for $20,000.
c. Ernie recorded an expense for $20,000.
d. Ernie recorded revenue for $20,000.
h.
i.
j. 6. Liabilities are generally classified on a balance sheet as
k. a. small liabilities and large liabilities.
l. b. present liabilities and future liabilities.
m. c. tangible liabilities and intangible liabilities.
n. d. current liabilities and long-term liabilities.
o.
p.

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q. 7. Office equipment is classified on the balance sheet as
r. a. a current asset.
s. b. property, plant, and equipment.
t. c. an intangible asset.
u. d. a long-term investment.
v.
w. Use the following information to answer questions 8–12:
x. Benton Office Supplies
y. Balance Sheet
z. December 31, 2007
aa.
ab. Cash $ 65,000 Accounts Payable $ 70,000
ac. Prepaid Insurance 30,000 Salaries Payable 10,000
ad. Accounts Receivable50,000 Mortgage Payable 80,000
ae. Inventory 70,000 Total Liabilities $160,000
af. Land held for investment75,000
ag. Land 90,000
ah. Building$100,000 Common Stock $120,000
ai. Less Accumulated Retained Earnings 250,000
aj. Depreciation (20,000) 80,000 Total stockholders’ equity
$370,000
ak. Trademark 70,000 Total Liabilities and
al. Total Assets $530,000 Stockholders’ Equity $530,000
am.
an. 8. The total dollar amount of assets to be classified as current assets is
ao. a. $290,000.
ap. b. $215,000.
aq. c. $180,000.
ar. d. $145,000.
as.
at. = $65,000 + $30,000 + $50,000 + $70,000
au. = $215,000
av.
aw. 9. The total dollar amount of assets to be classified as property, plant,
and equipment is
ax. a. $320,000.
ay. b. $170,000.
az. c. $245,000.
ba. d. $190,000.
bb.
bc. = $90,000 + ($100,000 - $20,000)
bd.
be. = $170,000
bf.
bg. 10.The total dollar amount of assets to be classified as investments is

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