FIN 324 Final Exam Guide, Set of 10 Multiple Choice and True\/False Question\t\u00a0\t\u00a0\t1. \ufffd\u00a0\u00a0\u00a0\u00a0The primary users of external financial reports are\t\u00a0\t\u00a0\t2. \ufffd\u00a0\u00a0\u00a0\u00a0If a company has $15,000 in assets and $10,000 in equities, then liabilities are\t\u00a0\t\u00a0\t3. \ufffd\u00a0\u00a0\u00a0\u00a0A revenue account is increased with\u00a0\t\u00a0\t\u00a0\t\u00a0\t4. \ufffd\u00a0\u00a0\u00a0\u00a0Expense items that have been incurred during a period but not recorded by the end of the period are:\t\u00a0\t\u00a0\t5. \ufffd\u00a0\u00a0\u00a0\u00a0A 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.\u00a0\u00a0The entry to correct this error is\t\u00a0\t\u00a0\t6. \ufffd\u00a0\u00a0\u00a0\u00a0The retained earnings balance of Werner Company was $46,800 on January 1, 2005.\u00a0\u00a0Net income for 2005 was $26,480.\u00a0\u00a0If 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:\t\u00a0\t\u00a0\t7. \ufffd\u00a0\u00a0\u00a0\u00a0If net purchases are $200,000 and beginning and ending accounts payable -balances are $25,000 and $20,000, respectively, cash paid for purchases is\t\u00a0\t8. \ufffd\u00a0\u00a0\u00a0\u00a0The tools of financial statement analysis are not “static”\ufffd they have, and will continue, to evolve as the nature of doing business and\/or the needs of financial statement users change\t\u00a0\t9. \ufffd\u00a0\u00a0\u00a0\u00a0Which of the following costs would be LEAST likely to be a fixed cost:\t\u00a0\t\u00a0\t10. \ufffd\u00a0\u00a0Sales income minus total fixed costs is equal to:<\/p>\n","protected":false},"excerpt":{"rendered":"
FIN 324 Final Exam Guide, Set of 10 Multiple Choice and True\/False Question \u00a0 \u00a0 1. \ufffd\u00a0\u00a0\u00a0\u00a0The primary users of external financial reports are \u00a0 \u00a0 2. \ufffd\u00a0\u00a0\u00a0\u00a0If a company has $15,000 in assets and $10,000 in equities, then liabilities Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-216410","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/216410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=216410"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/216410\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=216410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=216410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=216410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}