acc_280_final_exam__8th_set

Apr 17th, 2015
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Hi there.This document contains A+ work for the course ACC 280.I am sure that this work will not disappoint you.This document will give you the correct answers to the respective questions about the particular course.

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ACC 280 Final Exam.P.S. Your questions will be chosen randomly from a large set of questions. Nobody can guarantee that these questions will cover completely your exam. If I helped you please leave "A" feedback (I need it very much). Thank you and good luck.1) The standards and rules that are recognized as a general guide for financial reporting are called __________. A. standards of financial reporting B. generally accepted accounting principles C. operating guidelines D. generally accepted accounting standards 2) Sam's Used Cars uses the specific identification method of costing inventory. During March, Sam purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam's gross profit for March? A. $8,250 B. $4,500 C. $750 D. $5,250 ((9,000X2) - (6,000+7,500))3) Which one of the following items is not generally used in preparing a statement of cash flows? A. Additional information B. Comparative balance sheets C. Current income statement D. Adjusted trial balance 4) The cost principle requires that when assets are acquired, they be recorded at __________. A. list price B. exchange price paid C. selling price D. appraisal value5) What is the preparation of reports for each level of responsibility in the company's organization chart called? A. Master budgeting analysis B. Responsibility reporting C. Exception reporti

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