Acg 2021 exam 2 - Study guides, Class notes & Summaries

Inventory is classified on the balance sheet as a - current liability - current asset - long-term asset - long-term liability - ANSWER-- current asset If the seller is to pay the freight costs of delivering merchandise, the delivery terms are stated as - FOB shipping point - FOB destination - FOB n/30 - FOB seller - ANSWER-- FOB destination The following entry was recorded in the books of Brighty Company. April 8 Accounts Payable--Marigold Inc. 3000 Inventory 3000 Debit Mem...

ACG 2021 ch 1-4 exam Questions and answers, 100% accurate, rated A Sole proprietorship - --simple to establish -owner controlled -tax advantages Partnership - --simple to establish -shared control -broader skills -tax advantages Corporation - --easier to transfer ownership -easier to raise funds -no personal liability Internal users - -marketing, management, finance, HR External users - -creditors and investors Sarbanes oxley act - -law passed to keep financial informa...

ACG Exam 1 Questions with Answers 2021 1. At the end of the current accounting period, account balances were as follows: Cash, $180,000; Accounts Receivable, $75,000; Common Stock, $20,000; Retained Earnings, $65,000. Assuming other than liabilities these are the only accounts the company has, liabilities for the period were: A) $210,000 B) $70,000 C) $190,000 D) $170,000 E) There is not enough information to answer the question. 2. Trading securities purchased for $400,000 were value...

The exam consists of multiple choice and fill-in the blank questions focusing on definitions, the accounting process, and preparing the financial statements. Be prepared to complete the following four items during the exam: 1. Prepare Adjusting Journal Entries based on the accounts shown on the Unadjusted Trial Balance. 2. Prepare an Adjusted Trial Balance from the general ledger accounts to answer fill-in-the-blank questions. 3. Prepare financial statements from an Adjusted Trial Bal...

Summarized Study Guide - ACG 2021 Exam 2

It is a study guide for the second examination of ACG 2021 at UCF. 53 questions and it covers the materials for exam 1 as well since exam 2 is exam 1 plus another chapter. Everyone that studied it got an A or B.