Final Exam

Exam - Accounting 362 - Questions 1-25 = 3.8 intends each Problem = 5 points spare computer address = 3.8 points 1. Internal users be those who manage the business. adjust 2. Collection of an accounts receivable pass on increase both(prenominal) cash and accounts receivable. spurious 3. All of the side by side(p) are external users of accounting system information except corporate officers 4. Which of the undermentioned is not an acceptable statement of the basic accounting equation? 5. The financial statement that summarizes information concerning the cash inflows and outflows during a point in time is the statement of cash flows 6. Assets are change magnitude by debits and liabilities are decreased by credits. False 7. The business side of an account is referred to as the credit side 8. A purchase of office equipment for cash requires a credit to 9. The par of the accounting equation can be proved by preparing a trial offset 10. Depreciation is the all(prenominal)ocation of the cost of an summation to expense over its useful manner in a rational and systematic manner. True 11. When accruement basis accounting is applied, adjusting entries are not necessary False 12. A depend of the accounts and their labyrinthine senses after all adjustments have been made is known as adjusted trial balance 13. Prior to recording of adjusting entries, revenues outdo expenses by $60,000. Adjusting entries for accrued wages of $5,000 and depreciation expenses of $5,000 were made. Net income for the family would be 14. more or less businesses choose pecuniary years which correspond to 15. The preparation of reversing entries is a required standard in the accounting cycle. False 16. After all the blockage entries have been posted, the balance of the income summary account testament be zero 17. In! tangible assets are not listed on the balance sheet because they do not have physical substance. False 18. Sales...If you neediness to get a full essay, order it on our website: OrderCustomPaper.com

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