3/21/26, 12:36 PM ACCT 102 FINAL
ACCT 102 FINAL EXAM Most Recent Exam Actual Complete Real
Exam Questions And Correct Answers (Verified Answers)
Already Graded A+ || Guaranteed Success!! Newest Exam |
Just Released!! 2026-2027
Which inventory system updates on a continuous basis with COGS being
readily available and reported on the income statement
ANSWERS: Perpetual system
Which inventory system is updated at year end only and COGS are calculated
after a physical stock take
ANSWERS: Periodic system
What are the four inventory cost flow methods?
ANSWERS:
1. Specific identification approach
2. First-in, First-out approach
3. Last-in, First-out approach
4. Average cost approach
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,3/21/26, 12:36 PM ACCT 102 FINAL
What are the most appropriate inventory system and inventory cost flow
methods for the following businesses?
a) Co-op bookshop
b) Local petrol station
c) Antique shop
d) Bottled juice in a fruit bar
e) Jewellery
ANSWERS:
a) perpetual & FIFO
b) perpetual & moving average cost
c) periodic & specific identification approach
d) perpetual & FIFO
e) either & specific identification approach
Under inflation which yields higher profits? LIFO or FIFO?
ANSWERS: FIFO
Why is FIFO a better valuation approach?
ANSWERS: It provides a measure of inventory value that is closer to the market
value
Inventory Turnover equation
ANSWERS: COGS/Average Inventory
Inventory Turnover Period equation
ANSWERS: 365/Inventory Turnover
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,3/21/26, 12:36 PM ACCT 102 FINAL
Closing inventory equation
ANSWERS: Opening inventory + purchases - COGS
What factors result in the bank balance not matching the bank T-account
ANSWERS:
- bank fees and interest
- unpresented cheques issued by the firm
- deposits in transit
- errors
What is corporate governance?
ANSWERS: the system of governing a company so that the interests of
corporate owners and other stakeholders are protected
What does ERP stand for?
A. enterprise resource planning
B. entry resourceful pages
C. entry regular planner
D. none of the above
ANSWERS:
A
What is a subsidiary ledger?
ANSWERS: a group of similar accounts whose combined balances equal the
balance in a specific general ledger account. e.g Accounts receivable
3/69
, 3/21/26, 12:36 PM ACCT 102 FINAL
What is a special journal?
ANSWERS: a journal used to record only one kind of transaction e.g sales
journal
What are the characteristics of a legal entity?
ANSWERS:
- can enter agreements or contracts
- assume obligations
- incur and pay debts
- sue and be sued
- accountable for illegal activities
What are some examples of legal entities that are not accounting entities
ANSWERS:
- Individuals who are adult and sane
- The state
- Criminal organisations
What can an accounting entity do?
ANSWERS:
- engage in economic activity
- control economic resources for which accounting records exist
- is distinct from the dealings of those who control it
What are some accounting entities that are NOT legal entities?
ANSWERS:
- Sole proprietorships
- A company division/ department
- Some government entities e.g NZ DHBs
4/69
ACCT 102 FINAL EXAM Most Recent Exam Actual Complete Real
Exam Questions And Correct Answers (Verified Answers)
Already Graded A+ || Guaranteed Success!! Newest Exam |
Just Released!! 2026-2027
Which inventory system updates on a continuous basis with COGS being
readily available and reported on the income statement
ANSWERS: Perpetual system
Which inventory system is updated at year end only and COGS are calculated
after a physical stock take
ANSWERS: Periodic system
What are the four inventory cost flow methods?
ANSWERS:
1. Specific identification approach
2. First-in, First-out approach
3. Last-in, First-out approach
4. Average cost approach
1/69
,3/21/26, 12:36 PM ACCT 102 FINAL
What are the most appropriate inventory system and inventory cost flow
methods for the following businesses?
a) Co-op bookshop
b) Local petrol station
c) Antique shop
d) Bottled juice in a fruit bar
e) Jewellery
ANSWERS:
a) perpetual & FIFO
b) perpetual & moving average cost
c) periodic & specific identification approach
d) perpetual & FIFO
e) either & specific identification approach
Under inflation which yields higher profits? LIFO or FIFO?
ANSWERS: FIFO
Why is FIFO a better valuation approach?
ANSWERS: It provides a measure of inventory value that is closer to the market
value
Inventory Turnover equation
ANSWERS: COGS/Average Inventory
Inventory Turnover Period equation
ANSWERS: 365/Inventory Turnover
2/69
,3/21/26, 12:36 PM ACCT 102 FINAL
Closing inventory equation
ANSWERS: Opening inventory + purchases - COGS
What factors result in the bank balance not matching the bank T-account
ANSWERS:
- bank fees and interest
- unpresented cheques issued by the firm
- deposits in transit
- errors
What is corporate governance?
ANSWERS: the system of governing a company so that the interests of
corporate owners and other stakeholders are protected
What does ERP stand for?
A. enterprise resource planning
B. entry resourceful pages
C. entry regular planner
D. none of the above
ANSWERS:
A
What is a subsidiary ledger?
ANSWERS: a group of similar accounts whose combined balances equal the
balance in a specific general ledger account. e.g Accounts receivable
3/69
, 3/21/26, 12:36 PM ACCT 102 FINAL
What is a special journal?
ANSWERS: a journal used to record only one kind of transaction e.g sales
journal
What are the characteristics of a legal entity?
ANSWERS:
- can enter agreements or contracts
- assume obligations
- incur and pay debts
- sue and be sued
- accountable for illegal activities
What are some examples of legal entities that are not accounting entities
ANSWERS:
- Individuals who are adult and sane
- The state
- Criminal organisations
What can an accounting entity do?
ANSWERS:
- engage in economic activity
- control economic resources for which accounting records exist
- is distinct from the dealings of those who control it
What are some accounting entities that are NOT legal entities?
ANSWERS:
- Sole proprietorships
- A company division/ department
- Some government entities e.g NZ DHBs
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