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ACCT 504 Week 8, Final Exam 9

Name: __________________________ Date: _____________

1. From an accounting standpoint, the acquisition of long-lived assets is essentially a(n)

A) accrual of expense.

B) accrual of revenue.

C) accrual of unearned revenue.

D) prepaid expense.

2. Failure to prepare an adjusting entry at the end of a period to record an accrued

revenue would cause

A) net income to be overstated.

B) an understatement of assets and an understatement of revenues.

C) an understatement of revenues and an understatement of liabilities.

Devry ACCT 504 Week 8, Final Exam 4

Multiple Choice   There is only one BEST answer.  (TWO points each)

Devry ACCT 504 Week 8, Final Exam 3

Multiple Choice – (2 points each) select the ONE best answer





Devry NY ACCT 504 Week 8, Final Exam 1 Set 1


1.In the past, the study of finance has included 

A)     mergers and acquisitions.

B)raising capital.


D)all of the above.

2.One of the major disadvantages of a sole proprietorship is 

A)    that there is unlimited liability to the owner. 

B)the simplicity of decision making. 

C)low organizational costs. 

D)low operating costs. 

3.Many companies such as Tyco, Enron, WorldCom, etc. that suffered financial distress in the late 1990s and early 2000s,

Devry ACCT 504 Week 4, Midterm Exam 5

1. Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement.

A) True

B) False


2. The matching principle requires that the cost of goods sold be matched against the ending merchandise inventory in order to determine income.

A) True

B) False


3. A company may use more than one inventory costing method concurrently.

A) True

B) False


4. An error that overstates the ending inventory will also cause net income for the period to be overstated.

Devry ACCT 504 Week 4, Midterm Exam 4

1.Merchandising businesses that sell to retailers are known as:




d.service firms.


2.Which of the following companies would be most likely to use a perpetual inventory system?

a.grain company

b.supermarket store

d.jewellery dealer


3.A merchandiser that sells directly to consumers is a:



d.service enterprise.


4.Two categories of expenses in all merchandising companies are:

Devry ACCT 504 Week 4, Midterm Exam 3

1. (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3) 

       Management is considered an internal user.

       Present and prospective creditors are considered external users.

       Regulatory authorities such as the SEC are considered internal users.

       Taxing authorities are considered external users.



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