Financial Accounting: Homework Help Resource 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. If the current market price of an item falls between the market ceiling and the market floor, what price is used to value inventory?

Question 2 2. The items that a company owes are called:

Question 3 3. What is the difference between a Statement of Cash Flows and Income Statement?

Question 4 4. _____ accounts are those accounts that are not always a part of a company's chart of accounts.

Question 5 5. Which type of inventory system requires closing entries?

Question 6 6. A financial statement which shows how cash flows in and out of a company during a given time period is known as a(n)

Question 7 7.

Rinate Company Ltd has the following details available:

Net Income is $123,200

Total asset valued at $258,600

Total Liabilities valued at $25300

Total Equity valued at $40000

Calculate the Return on Assets.

Question 8 8. Procedures that are put in place within an organization to ensure business is carried out in an orderly, effective and accurate manner are called _____.

Question 9 9. What's the difference between a direct expense and an indirect expense for purposes of COGS?

Question 10 10. What are events that occurred after the date on the balance sheet but before the financial statements have been issued called?

Question 11 11. Which accounts have balances that are zeroed out at the end of each accounting period?

Question 12 12. A company sold $100,000 in product that cost $25,000 to make and distribute, including all overhead and admin. It started with retained earnings of $10,000 and declared no dividends. What is the ending retained earnings?

Question 13 13. What is the money that an owner has personally invested in their company called?

Question 14 14. How would a company implement internal controls focused on employee efficiency?

Question 15 15. Which of the following financial reports tells whether a company made or lost money in a given time period?

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Financial Accounting: Homework Help Resource 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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