BUS 302L - Financial Accounting Exam Practice Questions and Answers |100% Pass
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Course
BUS 302L
Institution
BUS 302L
BUS 302L - Financial Accounting Exam
Practice Questions and Answers |100%
Pass
In the annual report, where would a financial statement reader find out if the company's financial
statements give a fair depiction of its financial position and operating results? - Answer-Auditor's
report
Which a...
The deferred income tax liability: - Answer✔✔-Represents income tax payments that are deferred until
future years because of temporary differences between GAAP rules and tax accounting rules
A company normally sells it products for $20 per unit, which includes a profit margin of 25%. However,
the selling price has fallen to $15 per unit. This company's current inventory consists 200 units
purchased at $16 per unit. Replacement cost has now fallen to $13 per unit. Calculate the value of
inventory at the lower of cost or market. - Answer✔✔-$2,600
A measure of profitability is the - Answer✔✔-Return on Assets Ratio
Working capital is a measure of - Answer✔✔-Liquidity
The difference between the balance of a plant asset account and the related accumulated depreciation
account is termed - Answer✔✔-Book Value
A company purchased a POS cash register on January 1 for $5,400. This register has a useful life of 10
years and a salvage value of $400. What would be the depreciation expense for the second-year of its
useful life using the double-declining-balance method? - Answer✔✔-$864
Which of the following is not an activity listed in the statement of cash flows? - Answer✔✔-Funding
Activities
Net present value is negative when - Answer✔✔-the present value of cash outflows is greater than the
present value of cash inflows
Which of the following is an example of a deferral? - Answer✔✔-Recording prepaid rent
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