1|Page
CSUF ACCT 201A (HOFFMAN) FINAL AND PRACTICE EXAM LATEST
2025 ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Carlos Company had beginning inventory of $80,000, ending
inventory of $110,000, cost of goods sold of $285,000, and sales
of $475,000. Carlos's days in inventory is: - ANSWER-121.7 days
365/ ($285,000/ ($80,000 + $110,000)/2))
Bufford Corporation had reported the following amounts at
December 31, 2022: sales revenue $184,000, ending inventory
$11,600, beginning inventory $17,200, purchases $60,400,
purchase discounts $3,000, purchase returns and allowances
$1,100, freight-in $600, and freight-out $900. Calculate the cost of
goods available for sale. - ANSWER-$74,100
Beginning inventory ($17,200)+Purchases
($60,400)−Purchases discounts($3,000)−Purchase returns
and allowances ($1,100)+Freight-in ($600)=Cost of goods
available for sale($74,100)
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The effects on the basic accounting equation of performing
services for cash are to: - ANSWER-increase assets and increase
stockholders' equity.
Which financial statement reports assets, liabilities, and
stockholders' equity? - ANSWER-Balance sheet.
The trial balance shows Supplies $1,350 and Supplies Expense
$0. If $600 of supplies are on hand at the end of the period, the
adjusting entry is: - ANSWER-Supplies Expense dr 750
Supplies cr 750
Adjusting entries are made to ensure that: - ANSWER-All of the
above:
-expenses are recognized in the period in which they are incurred
-revenues are recorded in the period in which the performance
obligation is satisfied
-balance sheet and income statement accounts have correct
balances at the end of an accounting period.
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Debits: - ANSWER-increase assets and decrease liabilities.
When goods are purchased for resale by a company using a
periodic inventory system: - ANSWER-purchases on account are
debited to Purchases.
Which one of these statements about the accrual basis of
accounting is false? - ANSWER-Companies record revenue only
when they receive cash and record expense only when they pay
out cash.
Posting: - ANSWER-transfers journal entries to ledger accounts.
The gross profit rate is equal to: - ANSWER-net sales minus cost
of goods sold, divided by net sales.
Which statement about users of accounting information is
incorrect? - ANSWER-Regulatory authorities are considered
internal users.
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Which of the following events is not recorded in the accounting
records? - ANSWER-An employee is terminated.
Neutrality is an ingredient of: - ANSWER-Faithful Representation:
Yes Relevance: No
Which of the following would affect the gross profit rate? (Assume
sales remains constant.) - ANSWER-An increase in cost of goods
sold.
Which sales accounts normally have a debit balance? -
ANSWER-Both (a) and (b)
-Sales Discounts
-Sales Returns and Allowances
The characteristic of information that evaluates whether it is large
enough to impact a decision. - ANSWER-Materiality.
Which is not part of the recording process? - ANSWER-Preparing
an income statement.
CSUF ACCT 201A (HOFFMAN) FINAL AND PRACTICE EXAM LATEST
2025 ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
Carlos Company had beginning inventory of $80,000, ending
inventory of $110,000, cost of goods sold of $285,000, and sales
of $475,000. Carlos's days in inventory is: - ANSWER-121.7 days
365/ ($285,000/ ($80,000 + $110,000)/2))
Bufford Corporation had reported the following amounts at
December 31, 2022: sales revenue $184,000, ending inventory
$11,600, beginning inventory $17,200, purchases $60,400,
purchase discounts $3,000, purchase returns and allowances
$1,100, freight-in $600, and freight-out $900. Calculate the cost of
goods available for sale. - ANSWER-$74,100
Beginning inventory ($17,200)+Purchases
($60,400)−Purchases discounts($3,000)−Purchase returns
and allowances ($1,100)+Freight-in ($600)=Cost of goods
available for sale($74,100)
,2|Page
The effects on the basic accounting equation of performing
services for cash are to: - ANSWER-increase assets and increase
stockholders' equity.
Which financial statement reports assets, liabilities, and
stockholders' equity? - ANSWER-Balance sheet.
The trial balance shows Supplies $1,350 and Supplies Expense
$0. If $600 of supplies are on hand at the end of the period, the
adjusting entry is: - ANSWER-Supplies Expense dr 750
Supplies cr 750
Adjusting entries are made to ensure that: - ANSWER-All of the
above:
-expenses are recognized in the period in which they are incurred
-revenues are recorded in the period in which the performance
obligation is satisfied
-balance sheet and income statement accounts have correct
balances at the end of an accounting period.
,3|Page
Debits: - ANSWER-increase assets and decrease liabilities.
When goods are purchased for resale by a company using a
periodic inventory system: - ANSWER-purchases on account are
debited to Purchases.
Which one of these statements about the accrual basis of
accounting is false? - ANSWER-Companies record revenue only
when they receive cash and record expense only when they pay
out cash.
Posting: - ANSWER-transfers journal entries to ledger accounts.
The gross profit rate is equal to: - ANSWER-net sales minus cost
of goods sold, divided by net sales.
Which statement about users of accounting information is
incorrect? - ANSWER-Regulatory authorities are considered
internal users.
, 4|Page
Which of the following events is not recorded in the accounting
records? - ANSWER-An employee is terminated.
Neutrality is an ingredient of: - ANSWER-Faithful Representation:
Yes Relevance: No
Which of the following would affect the gross profit rate? (Assume
sales remains constant.) - ANSWER-An increase in cost of goods
sold.
Which sales accounts normally have a debit balance? -
ANSWER-Both (a) and (b)
-Sales Discounts
-Sales Returns and Allowances
The characteristic of information that evaluates whether it is large
enough to impact a decision. - ANSWER-Materiality.
Which is not part of the recording process? - ANSWER-Preparing
an income statement.
