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Practice Final Exam ACCT 301 questions with correct answers.
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Practice Final Exam ACCT 301 questions with correct answers.
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Practice Final Exam ACCT 301 questionswith correct answers.
On a classified balance sheet, allowance for uncollectible accounts would be
a. noncurrent assets
b. current liabilities
c. current assets
d. noncurrent liabilities ANS - current assets
What are real (permanent) accounts?
a. Nonfictitious accounts
b. Accounts in existence
c. Balance sheet accounts
d. Income statement accounts ANS - balance sheet accounts
Which of the following is not a characteristic of the balance sheet?
a. The major classifications of the balance sheet are assets, liabilities, and owners equity
b. The balance sheet reports the change in financial position
c. Assets generally are listed in order of their liquidity
d. It provides information useful in assessing liquidity ANS - the balance sheet reports the change in
financial position
An item not generally classified as a current asset is:
a. Patent
b. Trade receivables
c. Prepaid rent
d. Inventories ANS - patent
Why are adjusting entries necessary?
, a. To record revenues and expenses
b. To make debits equal credits
c. To close nominal accounts at year end
d. To correct erroneous balances in accounts ANS - to record revenues and expenses
Closing entries
a. Transfer the balances in all of the nominal accounts to equity
b. Must be made after the reversing entries but before the adjusting entries
c. close out all of the accounts in the general ledger
d. must be followed by reversing entries ANS - transfer the balances in all of the nominal accounts to
equity.
Which of the following is most likely an accrued liability?
a. Depreciation
b. Interest
c. Cost of goods sold
d. Office supplies ANS - interest
How would the proceeds received from the advance sale of nonrefundable tickets for a theatrical
performance be reported in the seller's financial statements before the performance?
a. Revenue for the entire proceeds
b. Revenue to the extent of related costs expanded.
c. Unearned revenue for the entire proceeds
d. Unearned revenue for the entire proceeds ANS - unearned revenue for the entire proceeds
Financial statements generally include all but which of the following?
a. Income statement
b. Federal income tax return
c. Balance sheet
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