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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. Which of the following situations would be appropriate to record in a purchases journal?

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Question 2 2. A trial balance is a list of all the accounts of a business and their balances. The three major categories that one would most likely review on the trial balance are which of the following?

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Question 3 3. Which of the following is equal to the NPV (Net Present Value)?

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Question 4 4. Johnson's Pharmaceuticals is working on delivering an end-of-year report. One of the concerns is ROE that is 2. If the stakeholder's equity is $1000, what is the net income?

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Question 5 5. The book value of an asset minus its current value equals its _____

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Question 6 6. A capping machine in a bottling plant costs $16,000 and should last for 45,000 bottles. It will have a scrap value of $1,000 at the end of its useful life. The plant produced 10,000 bottles of pop during the accounting period. What is the depreciation for the capping machine using the units of production method?

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Question 7 7. A business manager oversees five departments within a health food store (vitamins, supplements, bulk food, freshly prepared food, and smoothies). What formula can she use that accounts for sales revenue and the cost of goods sold (COGS) to compare relative performance between the departments before expenses?

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Question 8 8. Which of the following situations would be best suited for preparation of a departmental statement of gross profit?

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Question 9 9. Liz is working as a corporate accountant in a large company called Willis International. Like most corporate accountants she specializes in a specific area. She deals with a large part of paying the company's bills. This means she has specialized in which of the following?

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Question 10 10. Wilson incorporated is preparing a budget where they are focusing on rent, utilities, depreciation on office equipment, and payroll taxes. This is called _____ budget.

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Question 11 11. Which of the following is an example of a financing activity on the cash flow statement?

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Question 12 12. The major components of the statement of cash flows are cash from:

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Question 13 13. Which of the following is the correct formula to calculate the operating profit ratio?

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Question 14 14. Your first task in a new accounting job is to work with the balance sheet and use a vertical analysis to calculate percentage of liabilities for Year One. You identify $2,000 in Year One liabilities and $10,000 in Year One assets. As a result, liabilities are _____ of assets for Year One.

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Question 15 15. The formula (inventory/COGS) * 365 will give a company its _____

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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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