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List of ACC290 Final Exam Questions. Online Business Degree .

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  1. Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the following except
  2. Olympus Climbers Company has the following inventory data
  3. Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction could have been a(n)
  4. Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Final Exam in ACC290 Principles of Accounting in the Online Business Degree Program at the university.

  1. During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been
  2. At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be
  3. The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
  4. At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be
  5. Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

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