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ACCOUNTING CRASH COURSE ACTUAL EXAM 2024 NEWEST FROM WALL STREET PREP 160 QUESTIONS WITH DETAILED VERIFIED ANSWERS / WSP ACCOUNTING CRASHCOURSE ACTUAL LATEST EXAM/ WALLSTREET PREP€15,73
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1. The regulating body that oversees the development of C) FASB
accounting standards in the U.S. is:
A) SFAS
B) GAAP
C) FASB
D) IASB
2. Which of the following statements is true? A) GAAP requires
A) GAAP requires that firms show recorded values that firms show
for acquired intangible assets such as patents and recorded values
trademarks on their financial statements for acquired in-
B) GAAP requires that firms show recorded values tangible assets
for intangible assets such as employee and customer such as patents
loyalty and trademarks
C) GAAP requires that financial statements accurate- on their financial
ly reflects the market value of internally-developed statements
trademarks such as the value of the Coca-Cola brand
name.
D) All of the above
3. Which of the following statements is true? C) Publicly trad-
A) Publicly traded US companies are required to file ed US companies
four 10-Q's and one 10-K annually are required to file
B) All US companies are required to file three 10-Q's three 10-Q's and
and one 10-K annually one 10-K annually
C) Publicly traded US companies are required to file
three 10-Q's and one 10-K annually
D) Publicly traded US companies are required to file
one 10-K annually; 10-Q's are typically filed but are
technically voluntary.
4. The income statement is designed to measure: E) The profits of a
A) The liquidity of a firm firm over a period
B) How solvent a company has been of time
C) The income of a firm at a point in time
D) Cash inflows/outflows generated over a period of
time
E) The profits of a firm over a period of time
, Accounting Crash Course
5. The "matching principle" states that: C) Costs associ-
A) Costs associated with making a product must be ated with making
recognized at the end of the production process a product must be
B) Costs associated with making a product must be recognized during
recognized immediately as incurred the same period
C) Costs associated with making a product must be as revenue gen-
recognized during the same period as revenue gener- erated from that
ated from that product product
D) Costs associated with making a product must be
recorded during the sam period as the sales, general,
and administrative expenses that are also associated
with the product
6. Jones Company has provided the following informa- $234,000
tion: (Operating Income
- Cash sales totaled $255,000 = Operating rev-
- Credit sales totaled $479,000 enues - Operating
- Interest income was $7,700 expenses)
- Interest expense was $19,900
- Cost of goods sold was $336,000
- Rent expense was $36,000
- Salaries expense was $49,000
- Other operating expenses totaled $79,000
How much was Jones' operating income?
7. Which of the following statements is false? B) Revenue is not
A) Collecting cash after delivery of a good or service recognized at the
does not create revenue on the income statement on time of delivery
the date of collection of goods and ser-
B) Revenue is not recognized at the time of delivery of vices if cash is re-
goods and services if cash is received after delivery ceived after deliv-
of the goods and services ery of the goods
C) A liability is created when cash is received prior to and services
delivery of the goods or services
D) Revenue is recognized at the time of delivery of the
goods or services regardless of if cash is received
8. Clayton Corp. has provided the following information 62%
- Gross profit was $620,000 (Gross Profit =
, Accounting Crash Course
- COGS was $380,000 Sales - COGS,
- Net in come was $400,000 Gross Profit Per-
What was Clayton's gross profit margin? centage = Gross
profit / Sales)
9. Clayton Corp. has provided the following information: $560,000
- Operating (excluding COGS) expenses were (Gross Profit = Net
$345,000; Sales - COGS)
- Operating income was $215,000;
- Net sales were $1,100,000;
- Interest expense was $71,000;
- Loss on sale of investments was $87,000;
- Income tax expense was $58,000.
What was Clayton's gross profit?
10. A customer purchased and received $5,000 of goods September 1st
on credit from Discount Paper Supply on September (Sales revenue
1. The customer received the bill on September 13 should be record-
and mailed a $5,000 check on September 30. Discount ed on the date of
Paper Supply received the check on October 4. On sale)
which of the following dates should Discount Paper
Supply record sales revenue?
11. Which of the following best describes the objective of C) To allocate the
depreciation? cost of a tangible
A) To estimate the remaining useful life of the asset asset to the pe-
B) To report the asset on the balance sheet oat the riods in which its
estimated amount for which the asset could be sold use contributes to
on the balance sheet date earning revenue
C) To allocate the cost of a tangible asset to the peri-
ods in which its use contributes to earning revenue
D) To estimate the current market value of the asset
12. During 2018, Clayton Co. reported the following activ- $0.24 per share
ities: (EPS = Net In-
- The company recognized revenues of $10,000 during come / Weighted
the period. Average Shares
- The company recognized cost of goods sold of Outstanding)
$1,250
- The company recognized $4,000 in operating ex-
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