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Bus 302L Financial Accounting Questions and Answer | Latest Update 2024/2025 $10.69   Add to cart

Exam (elaborations)

Bus 302L Financial Accounting Questions and Answer | Latest Update 2024/2025

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Comparing actual outcomes with budget outcomes, then following up, is an example of a ~~> Controlling activities Which of the following is typically a starting point for the budget process? ~~> a sales budget Tax accounting is generally most used by: ~~> Internal revenue service ...

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  • September 16, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Bus 302L
  • Bus 302L
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1 | P a g e | © copyright 2024/2025 | Grade A+




Bus 302L Financial Accounting
Questions and Answer | Latest
Update 2024/2025
Comparing actual outcomes with budget outcomes, then following up, is an

example of a


✓ ~~> Controlling activities




Which of the following is typically a starting point for the budget process?


✓ ~~> a sales budget




Tax accounting is generally most used by:


✓ ~~> Internal revenue service (IRS)




Management accountant place more emphases on which of the following


✓ ~~> future activities




Which of the following organization would be most likely to accept a process

costing system?


✓ ~~> paper manufacture




Master01 | September, 2024/2025 | Latest update

, 2 | P a g e | © copyright 2024/2025 | Grade A+


The discount rate for use in capital budgeting decision is also referred to as


✓ ~~> the minimum required rate of return




A balance sheet shows


✓ ~~> assets, liabilities, and stockholders' equity.




The excess of expenses over revenues for a period is:


✓ ~~> Net loss.




Liabilities


✓ ~~> are debts and obligations.




The common characteristic possessed by all assets is


✓ ~~> future economic benefit.




Which of the following is not an accounting assumption?


✓ ~~> Integrity




Treasury stock is classified as




Master01 | September, 2024/2025 | Latest update

, 3 | P a g e | © copyright 2024/2025 | Grade A+


✓ ~~> A contra equity account.




Olsen Company prepares its statement of cash flows using the indirect

method. Indicate whether the item would be added to net income

(increase), deducted from net income (decrease), or has no effect on net

income to determine net cash flows from operating activities. A decrease in

the value from the beginning of the year to the end of the year for Inventory,

which is a current asset.


✓ ~~> No effect




An Accounts Receivable previously written off as uncollectable is finally

collected. The amount collected was 500.Which of the following journal

entries is correct (assuming the allowance method is used)?


✓ ~~> Accounts Receivable $500

Allowance for Uncollectible Accounts $500


Cash 500


Accounts Receivable 500




A company ages its accounts receivables to determine its end of period

adjustment for bad debts. At the end of the current year, management

estimated that 15,750 of the accounts receivable balance would be



Master01 | September, 2024/2025 | Latest update

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