FIN 324 Final Exam Guide, Set of 10 Multiple Choice and True/False Question 1. � The primary users of external financial reports are 2. � If a company has $15,000 in assets and $10,000 in equities, then liabilities are 3. � A revenue account is increased with 4. � Expense items that have been incurred during a period but not recorded by the end of the period are: 5. � A purchase of $900 of supplies on account was journalized and posted as $900 debit to Supplies on Hand and a $900 credit to Accounts Receivable. The entry to correct this error is 6. � The retained earnings balance of Werner Company was $46,800 on January 1, 2005. Net income for 2005 was $26,480. If retained earnings had a credit balance of $21,000 after closing entries were posted on December 31, 2005 and if additional stock of $13,000 was issued during the year, dividends paid during 2005 were: 7. � If net purchases are $200,000 and beginning and ending accounts payable -balances are $25,000 and $20,000, respectively, cash paid for purchases is 8. � The tools of financial statement analysis are not “static”� they have, and will continue, to evolve as the nature of doing business and/or the needs of financial statement users change 9. � Which of the following costs would be LEAST likely to be a fixed cost: 10. � Sales income minus total fixed costs is equal to:
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