ACC 300 Final Exam

Topics: Balance sheet, Generally Accepted Accounting Principles, Financial statements Pages: 4 (1171 words) Published: September 4, 2014
ACC 300 Final Exam

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1) Which of the following statements is true?
A. Publicly traded U.S. companies must provide an annual report to their shareholders only when operating conditions change significantly B. An unqualified independent auditor’s report must be included in the annual report. C. Notes to the financial statements do not need to be included in the annual report because that information is only for internal users. D. A Management Discussion and Analysis section is required in annual reports to shareholders even when financial results are positive 2) Notes to the financial statements include which of the following: A. An independent auditors report

B. Explanations of uncertainties
C. Short-form Income Statement
D. Subsidiary ledger for Accounts Receivable

3) Which of the following financial statements is divided into major categories of operating, investing, and financing activities? A. The income statement
B. The balance sheet
C. The retained earnings statement
D. The statement of cash flows

4) If the retained earnings account increases from the beginning of the year to the end of the year, then A. net income is less than dividends
B. a net loss is less than dividends.
C. additional investments are less than net losses
D. net income is greater than dividends

5) If services are rendered on account, then
6) An investment by the stockholders in a business increases 7) Using accrual accounting, expenses are recorded and reported only: 8) A small company may be able to justify using a cash basis of accounting if they have: 9) Stockholders’ equity can be described as claims of

10) Common stock is reported on the
11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting...
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