Final Exam

Exam - Accounting 362 - Questions 1-25 = 3.8 signals each Problem = 5 points tautologic computer address = 3.8 points 1. Internal users be those who manage the business. on-key 2. Collection of an accounts receivable pass on increase two cash and accounts receivable. misguided 3. All of the side by side(p) atomic number 18 external users of business relationship information except corporate officers 4. Which of the pursuance is not an acceptable statement of the basic accounting likeness? 5. The financial statement that summarizes information concerning the cash inflows and outflows during a point in time is the statement of cash flows 6. Assets are increase by debits and liabilities are decreased by credits. False 7. The beneficial side of an account is referred to as the credit side 8. A purchase of office equipment for cash requires a cre dit to 9. The comparison of the accounting equation can be proved by preparing a trial offset 10. Depreciation is the all(prenominal)ocation of the cost of an plus to expense over its useful manner in a rational and systematic manner. True 11. When accruement basis accounting is applied, adjusting entries are not necessary False 12.

A itemise of the accounts and their remnants after all adjustments have been made is known as adjusted trial balance 13. Prior to recording of adjusting entries, revenues go on expenses by $60,000. Adjusting entries for accrued wages of $5,000 and depreciation expenses of $5,000 were made. Net income for the stratum wou ld be 14. more or less businesses choo! se financial years which correspond to 15. The preparation of reversing entries is a required dance step in the accounting cycle. False 16. After all the climax entries have been posted, the balance of the income summary account testament be zero 17. Intangible assets are not listed on the balance sheet because they do not have physical substance. False 18. Sales...If you neediness to get a full essay, order it on our website: OrderEssay.net

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