Acg 2021 final exam - Study guides, Class notes & Summaries

ACG 2021 Final Exam questions and answers

ACG 2021 Final Exam

ACG 2021 Final Exam FSU questions and answers

ACG 2021 Final Exam FSU

ACG 2021 Final Exam With Complete Solutions Latest Update

A retail shop has been operating as a sole proprietorship. The business is growing and now the owner wants to incorporate. Which of the following is not a valid reason for this owner to incorporate? a.) The owner want to be able to more easily transfer ownership of the business. b.) The owner wants to raise capital for expansion. c.) The owner wants to decrease the taxes paid by the business. d.) All of these are good reasons to change a sole proprietorship into a corproation. e.) The owner ...

The partnership form of business organization is tax advantaged in comparison to a corporation Which of the following is not an asset? Accounts Payable Which of the following describes that sequence in which financial statements are prepared? Income statement, Retained earnings statement, and Balance sheet 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? Auditor...

Under which of the following do computer programs that limit unauthorized access to certain files fall? physical controls Which of the following is an effective internal control over cash disbursements? -The use of pre-numbered checks -The storage of blank checks in a secure place -The separation of authorization of checks and the actual writing of the checks When preparing a bank reconciliation, how are deposits in transit handled? added to the bank balance Handy Inc. permits only designated...

ACG 2021- Final Exam Review Questions with Complete Solutions Which category includes computer programs designed to prevent unauthorized access to certain files? physical safeguards What internal control measures are effective for managing cash outflows? -Utilizing checks with sequential numbers -Keeping blank checks in a secure location -Dividing the responsibility for authorizing and writing checks When reconciling a bank statement, how should deposits that have not yet been r...

Accounts Payable - ANSWER-Amounts owed to suppliers for credit purchases Unearned Revenue - ANSWER-A liability created when a business collects cash from customers in advance of providing services or delivering goods. Extraordinary Repairs - ANSWER-expenditures extending the asset's useful life beyond its original estimate The entry for accrued revenue is - ANSWER-Dr. Accounts Receivable, Cr. Revenue The entry for an accrued expense is - ANSWER-Dr. Expense, Cr. Liability The entr...