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Accounting 304: Advanced Accounting II 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. Who gets paid first when liquidating assets?

Question 2 2. Clothing and household items are examples of what type of property?

Question 3 3. Company X shows the following on the statement of affairs. At the beginning of the year, the company had capital of $25,000. Over the course of the year, the closing value was $22,000. Which of the following can be assumed based on this data?

Question 4 4. A statement of affairs is entered with the _____ method.

Question 5 5. When preparing the statement of affairs, where should you log equipment values?

Question 6 6. GASB provides guidance for state and local governments that follow which standard?

Question 7 7. Which of the following fund types, addressed in Statement 54, is the least restricted?

Question 8 8. Which of the following would NOT be guidance GASB would provide in a statement?

Question 9 9. All of the following is the goal of GASB and GAAP to create and streamline a financial reporting system, EXCEPT.

Question 10 10. GASB allows the _____ method of converting net income into cash flow. This method is also known as _____.

Question 11 11. When completing the charge and discharge statement, where would you allocate the assets in the estate's inventory?

Question 12 12. Who is responsible for completing a charge and discharge statement?

Question 13 13. You are the executor of an estate and are preparing a charge and discharge statement. Which section holds the amount for funeral expenses paid?

Question 14 14. What is a trust?

Question 15 15. Payments made to the estate are captured in which section of the charge and discharge statement?

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Accounting 304: Advanced Accounting II 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!

Accounting 304: Advanced Accounting II  /  Business Courses
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