Sophia Pathways Accounting Final Milestone with Answers

Sophia Pathways Accounting Final Milestone with Answers Which of the following internal control systems does TAP Technology, Inc. use when it updates its employee handbook to reflect new company policies? 2 Given the information provided above, what is the gross margin percentage? Merchandising Financial Statement Analysis 3 When preparing a trial balance worksheet, what step would Tom complete next if he has already prepared a trial balance, adjusted entries and prepared an adjusted trial balance? CONCEPT End of Period Activities 4 Which business below would likely use Specific ID? CONCEPT Inventory Cost Flow Assumptions 5 The purpose of the general journal is to show accounting events in their __________ sequence. CONCEPT General Journal and General Ledger 6 Examine the partial balance sheet vertical analysis below. Based on the information shown, what is the correct amount and percentage of accounts payable? CONCEPT Vertical Analysis and Horizontal Analysis 7 What is the name of the accounting system documented in the 15th century by Luca Pacioli? CONCEPT Origins and Ethics 8 The statement of changes in owner's equity is a financial statement _______________ that provides information about changes to the equity of a business for ___________________. CONCEPT Statement of Changes in Owner's Equity 9 Based on the above company history, which of the numbers below is the percentage of credit sales that are typically uncollectible? CONCEPT Allowance Method: Percentage of Net Credit Sales and Percentage of Receivables 10 Which of the following statements is true for a multi-step income statement? Has subtotals for gross profit and operating income CONCEPT Preparing Income Statements 11 Given the information in the partial income statement below, what is the cost of goods sold? CONCEPT Expanded Income Statement 12 Which of the following is responsible for conducting an independent examination of a company's financial statements and records? • CONCEPT Accounting in Practice 13 If Karla spent $200 on Wednesday to have the windows in her building washed, recorded the accounting event that afternoon and on Friday paid $550 for a repair to the water heater and recorded that event on Friday evening, which of the accounting principles below is she following? • CONCEPT Conceptual Framework and Principles 14 What are the total liabilities of John's Tackle if the total assets are $142,000 and the equity is $39,000? CONCEPT Preparing Balance Sheets 15 This month, Julia paid $2.50 each for 125 dog collars. She sold 72 dog collars for $5.95 each. What is Julia's cost of goods sold for this month? CONCEPT Merchandising 16 Which of the following statements is true about GAAP? CONCEPT Governance 17 Which of the following examples can be classified as an accounts receivable? CONCEPT Accounts Receivable Subsidiary Ledgers Accounts Payable Subsidiary Ledgers 18 Ann bought three sweaters online. Each of the sweaters was normally priced at $75. She received a sales discount for paying for her sweaters in full within 10 days. She ultimately paid $180 for all three. Which discount percentage did she receive? CONCEPT Merchandising: Purchases, Sales, Discounts, Returns and Allowance 19 What is the total of Tim’s assets if he has recorded $9,000 in liabilities and $3,000 as equity on a balance sheet? CONCEPT Preparing Balance Sheets 20 Which asset below is a current asset? CONCEPT Long Term Assets 21 The value of a machine was $400,000 when purchased new one year ago. It has an expected life of five years and the income statement shows the straight line depreciation rate as 20%. Using double declining balance depreciation, what is the value of the machine at the end of year two? CONCEPT Accelerated Depreciation 22 Which of the following is a major advantage to forming a corporation? CONCEPT Businesses and Organizations 23 Which of the following describes unearned revenues? • CONCEPT Current Liabilities 24 The statues and garden decorations in the warehouse belonging to Woodman’s Flowers and Gifts are considered which of the following? CONCEPT Account Groups 25 Which of the following internal controls has Jim implemented at his company if he hires an outside auditing firm to review the company's financial records?