Accounting 302: Advanced Accounting  /  Business Courses

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Accounting 302: Advanced Accounting Final Exam

Free Practice Test Instructions:

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

Question 1 1. You operate a small clothing boutique in a quaint downtown market. Your beginning inventory last month was $25,000 and you made another $10,000 in inventory purchases during the month and ended up with $18,000 of inventory left. What was your cost of goods sold?

Question 2 2. What's the difference between a credit line and a promissory note?

Question 3 3. Which of the following items would be considered indirect expenses in the course of business operations?

Question 4 4. In which account is equity that comes from the sale of stocks or bonds categorized?

Use this material to answer question #5

Vandox Company Ltd is a company looking to secure a loan with a commercial bank.

The following details are available:

1. Interest expense = $58,000

2. Earnings = $215,000

3. Total liabilities = $143,000

4. Total assets = $450,000

5. Total equity = $29,000

Question 5 5. Calculate the interest coverage ratio.

Question 6 6. Identify the best explanation for assets.

Question 7 7. Which type of forecasting method is used when there's little or no historical data?

Question 8 8. How is a company negatively affected by a low forecast?

Question 9 9. A perpetual inventory system for tracking would be most appropriate for which of the following examples?

Question 10 10. In many corporations the executive leadership includes:

Question 11 11. This formula best describes which of the following?

Question 12 12. What is the first step in an accounting cycle called?

Question 13 13. Which of the following is an example of an environmental contingency?

Question 14 14. Choose the best answer to explain a fixed amount commission structure.

Question 15 15. Tom works for the accounting department in Primatech Industries. He has to make an adjustment to the general journal because they were contracted to design a new cell phone image and did so in the previous accounting period, but payment will be received in a later accounting period. This is an example of which of the following?

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Accounting 302: Advanced Accounting Final Free Practice Test Instructions

Choose your answer to the question and click 'Continue' to see how you did. Then click 'Next Question' to answer the next question. When you have completed the free practice test, click 'View Results' to see your results. Good luck!

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