Acc 300 Study guides, Class notes & Summaries

ACC 290 Sample Final Exam 1) Which financial statement is used to determine cash generated from operations? Answer: Statement of cash flows 2) In terms of sequence, in what order must the four basic financial statements be prepared? Answer: Income statement, capital statement, balance sheet, and statement of cash flows 3. In classifying transactions, which of the following is true in regard to assets? Answer: Normal balances and increases are debits 4. An increase in an expense account mu...

ACC 290 Final Exam 1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, & capital statement B. Income statement, capital statement, statement of cash flows, & balance sheet C. Balance sheet, capital stat...

Acc 300 Accounting Equation (2) Acc 300 Accounting Equation Accounting Equation ACC 300 Accounting Equation The accounting equation is an important part of a financial statement. It gives, at all times, proper information because it gathers the appropriate numbers that explain a companys assets. A balance sheet portrays the financial situation of a company at any given point. The accounting equation is known as: Assets equals Liabilities plus Owners Equity. Assets refer to the resources th...

ACC 300 Accounting Equation Paper ACC 300 Accounting Equation Paper ACC/300 Accounting Equation Paper Assets that are financed by borrowing money and assets that are bought with money of the company shareholder can be demonstrated in the accounting equation. In a company, assets are owned by the company. Liabilities are the debts and obligations of the company, also liabilities characterize claims of creditors on the assets of a company. Stockholders equity shows the entitlements of owners...

Acc 300 Problem Set P1-3a & P3-5a On June 1, Beardsley Service Co. was established by using the pri Acc 300 Problem Set P1-3a & P3-5a On June 1, Beardsley Service Co. was established by using the primary investment in the corporation amounting to $22,100 cash. The assets and liabilities of the company last June 30 is listed and the revenues and expenses for the month of June, the first month of their enterprise. Cash | $ 4,600 | Notes payable | $12,000 | Accounts receivable | 4,000 | Accounts...

ACC 561 Final Exam 5 (Question and Answers) Which of the following statements concerning users of accounting information is correct? It costs Garner Company $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A foreign wholesaler offers to purchase 3,000 scales at $15 each. Garner would incur special shipping costs of $1 per scale if the order were accepted. Garner has sufficient unused capacity to produce the 3,000 scales. If the special order i...

ACC 561 Final Exam 4 The entry to record the acquisition of raw materials on account is: Which of the following statements concerning users of accounting information is incorrect? The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at:​ At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses ...

ACC 561 Final Exam Sept 2018 At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017 The investigation of materials price variance usually begins in the Scorpion Production Company planned to use 1 yard of plastic per unit budgeted at $81 a yard. However, the plasti...

ACC 561 Final Exam Summer 2018 Which of the following statements concerning users of accounting information is incorrect?acc 561 final exam Miller Manufacturing’s degree of operating leverage is 1.5. Warren Corporation’s degree of operating leverage is 3. Warren’s earnings would go up (or down) by ________ as much as Miller’s with an equal increase (or decrease) in sales.​ The investigation of materials price variance usually begins in the:​ Which of the following statements is...