The best definition of assets is the acc 290 final exam
Which of the following is not a liability?
Which of the following financial statements is
... [Show More] divided into major categories of operating, investing, and financing activities?
Ending retained earnings for a period is equal to beginning
Which of the following is not an advantage of the corporate form of business organization?
An advantage of the corporate form of business is that
A small neighborhood barber shop that is operated by its owner would likely be organized as a
If services are rendered for cash, then
A revenue generally
A revenue account
Which accounts normally have debit balances?
In recording an accounting transaction in a double-entry system
The usual sequence of steps in the transaction recording process is
Under the expense recognition principle expenses are recognized when
The revenue recognition principle dictates that revenue should be recognized in the accounting records:
Merchandising companies that sell to retailers are known as
Gross profit equals the difference between
Net income will result if gross profit exceeds acc 290 final exam
Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?
Financial information is presented below: Operating Expenses – $31000, Sales Revenue – $208000, Cost of good sold – $143000: The profit margin ratio would be
Financial information is presented below: Operating expense $24000, Sales returns and allowances $6000, Sales Discounts $4000, Sales revenue $154000, COGS $92000: The gross profit rate would be:
Financial information is presented below: Operating expense $63000, Sales returns and allowances $4000, Sales Discounts $7000, Sales revenue $190000, COGS $88000: The gross profit would be acc 290 final exam
The LIFO inventory method assumes that the cost of the latest units purchased are
Which of the following statements is correct with respect to inventories?
All of the following are examples of internal control procedures except
Each of the following is a feature of internal control except
For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?
A check written by the company for $117 is incorrectly recorded by a company as $171. On the bank reconciliation, the $54 error should be acc 290 final exam
The following information was available for Concord Corporation at December 31, 2017: beginning inventory $95000; ending inventory $128000; cost of goods sold $620000; and sales $936000. Concord inventory turnover ratio (rounded) in 2017 was
The following information was available for Bramble Corp. at December 31, 2017: beginning inventory $91000; ending inventory $130000; cost of goods sold $632000; and sales $856000. Bramble days in inventory (rounded) in 2017 was [Show Less]