ACCT 330 FINAL EXAM QUESTIONS AND
ANSWERS 100% CORRECT
Statement of Stockholders' equity - ANSWER Which financial statements reports
retained earnings at the beginning of the accounting period
Balance Sheet - ANSWER Which financial statement reports the assets of a corporation
Which financial statement reports cash received from a customers during the accounting
period - ANSWER Statement of Cash Flows
Operating Activities - ANSWER Increase in accounts receivable during the year is found
in which section of the statement of cash flows
Financing activities - ANSWER Payment of Cash dividends is found in which section of
the statement of cash flows
As a liability - ANSWER Rent payable is classified
Operating Acrivities - ANSWER Depreciation of machinery is found in which section of
the statement of cash flows
Equity - ANSWER If a company's debt ratio is 35% are their assets are primarily financed
,with:
Balance Sheet - ANSWER Which financial statement reports whether assets are primarly
financed with debt or equity?
Note Receivable - ANSWER As an asset
Interest Revenue - ANSWER On the income statement
Financing Activities - ANSWER Purchase of treasury stock is found in which section of
statement of cash flows
Return on Assets Ratio - ANSWER Which ratio reveals that a company is generating
profits by utilizing their assets eff
Return - ANSWER
Return on Sales ratio - ANSWER Which ratio reveals the portion of each revenue dollar
that results in a profit
Income statement - ANSWER Which financial statement reports whether the company
was profitable or not
, Income statement - ANSWER Which financial statement reports the expenses of a
corporation
Statement of stockholders equity - ANSWER Which financial statement reports dividends
declared by the board of directors for shareholders?
Investing Activity - ANSWER Purchase of land and buildings is found in which section of
the statement of cash flows?
Noncurrent Asset - ANSWER Where should Copyrights be shown on the Balance Sheet?
False - ANSWER The debt ratio of a company is calculated by taking Current Assets /
Total Liabilities. TF
Not Reported on the Balance Sheet - ANSWER Where should Selling Expenses be shown
on the Balance Sheet?
Current Liability - ANSWER Where should Interest Revenue be shown on the Balance
Sheet?
True - ANSWER Buildings are recorded at Fair Value on the Balance Sheet under IFRS TF
Current Liability - ANSWER Where should Wages Payable be shown on the Balance
Sheet?
ANSWERS 100% CORRECT
Statement of Stockholders' equity - ANSWER Which financial statements reports
retained earnings at the beginning of the accounting period
Balance Sheet - ANSWER Which financial statement reports the assets of a corporation
Which financial statement reports cash received from a customers during the accounting
period - ANSWER Statement of Cash Flows
Operating Activities - ANSWER Increase in accounts receivable during the year is found
in which section of the statement of cash flows
Financing activities - ANSWER Payment of Cash dividends is found in which section of
the statement of cash flows
As a liability - ANSWER Rent payable is classified
Operating Acrivities - ANSWER Depreciation of machinery is found in which section of
the statement of cash flows
Equity - ANSWER If a company's debt ratio is 35% are their assets are primarily financed
,with:
Balance Sheet - ANSWER Which financial statement reports whether assets are primarly
financed with debt or equity?
Note Receivable - ANSWER As an asset
Interest Revenue - ANSWER On the income statement
Financing Activities - ANSWER Purchase of treasury stock is found in which section of
statement of cash flows
Return on Assets Ratio - ANSWER Which ratio reveals that a company is generating
profits by utilizing their assets eff
Return - ANSWER
Return on Sales ratio - ANSWER Which ratio reveals the portion of each revenue dollar
that results in a profit
Income statement - ANSWER Which financial statement reports whether the company
was profitable or not
, Income statement - ANSWER Which financial statement reports the expenses of a
corporation
Statement of stockholders equity - ANSWER Which financial statement reports dividends
declared by the board of directors for shareholders?
Investing Activity - ANSWER Purchase of land and buildings is found in which section of
the statement of cash flows?
Noncurrent Asset - ANSWER Where should Copyrights be shown on the Balance Sheet?
False - ANSWER The debt ratio of a company is calculated by taking Current Assets /
Total Liabilities. TF
Not Reported on the Balance Sheet - ANSWER Where should Selling Expenses be shown
on the Balance Sheet?
Current Liability - ANSWER Where should Interest Revenue be shown on the Balance
Sheet?
True - ANSWER Buildings are recorded at Fair Value on the Balance Sheet under IFRS TF
Current Liability - ANSWER Where should Wages Payable be shown on the Balance
Sheet?
