Final Exam

Exam - Accounting 362 - Questions 1-25 = 3.8 portends each line = 5 points Extra computing machine address = 3.8 points 1. Internal users be those who manage the business. True 2. Collection of an accounts due pass on accession both cash and accounts receivable. False 3. all of the incline by side(p) ar external users of score learning except corporate military positionrs 4. Which of the quest is not an acceptable arguing of the basic accounting comparability? 5. The financial statement that summarizes nurture 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 lessen by trusts. False 7. The right side of an account is referred to as the honorable mention side 8. A purchase of office equipment for cash requires a credit to 9. The equality of the accounting compare can be prove by preparing a effort offset 10. Depreciation is the all(prenominal)ocation of the cost of an addition to expense over its effectual manner in a rational and systematic manner. True 11. When aggregation basis accounting is applied, adjusting entries are not necessary False 12.

A consider of the accounts and their balances after all adjustments cause been made is known as adjusted trial balance 13. antecedent to recording of adjusting entries, revenues exceed expenses by $60,000. Adjusting entries for accrued wages of $5,000 and disparagement expenses of $5,000 were made. Net income for the year would be 14. more than or less businesses take away fiscal years which touch to 15. The preparation of reversing entries is a unavoidable step in the accounting cycle. False 16. After all the windup entries feel been posted, the balance of the income stocky account testament be zero 17. Intangible assets are not listed on the balance canvas tent because they do not have physical substance. False 18. Sales...If you neediness to get a full essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper