ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

More documents

Recommendations

Info

13) What is the net cash provided by financing activities? $395,000. $. $. $115,000. 14) Colie Company had an increase in inventory of $120,000. The cost of goods sold was $490,000. There was a $30,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Colie's cash payments to suppliers? $580,000. $370,000. $310,000. $640,000. 15) Each of the following items may be classified as operating or financing activities under IFRS except dividends paid. dividends received. interest paid. all of these answer choices may be classified as such. 16) The current assets of Orangatte Company are $227,500. The current liabilities are $130,000. The current ratio expressed as a proportion is 1.75:1. 175%.
$210,000 ÷ $120,000. .57:1. 17) All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act of 2002 except: independent outside auditors must eliminate redundant internal control. companies must continually assess the functionality of internal controls. independent outside auditors must attest to the level of internal control. companies must develop sound internal controls over financial reporting. 18) Which of the following is not an internal control activity for cash? The number of persons who have access to cash should be limited. The functions of record keeping and maintaining custody of cash should be combined. Surprise audits of cash on hand should be made occasionally. All cash receipts should be recorded promptly. 19) Before a check authorization is issued, the following documents must be in agreement, except for the purchase order. invoice. remittance advice. receiving report. 20) Mitchell Corporation bought equipment on January 1, 2014 .The equipment cost $180,000 and had an expected salvage value of $30,000. The life of the equipment was estimated to be 6 years. The book value of the equipment at the beginning of the third year would be
Page 1 and 2: ACC 291 Final Exam UOP E Tutors Use
Page 3 and 4: $5,500,000. $3,500,000. $9,500,000.
Page 5: 10) Logan Corporation issues 50,000
Page 9 and 10: have a useful life of 5 years. The
Page 11 and 12: 2015 $1,300,000 2014 1,200,000 2013
Page 13 and 14: ACC 291 Week 1 Complete ACC 291 Wee

ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?