ACC300

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Author:
jpowell7682
ID:
140893
Filename:
ACC300
Updated:
2012-03-10 21:56:22
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Accounting cards
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Description:
ACC300 final exam
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  1. Management’s views on the company’s short-term debt-paying ability, expansion financing, and results of operations are in the
    A. auditor’s report
    B. notes to the financial statements
    C. president’s state of the company report
    D. management discussion and analysis section
    D. management discussion and analysis section
    (this multiple choice question has been scrambled)
  2. Notes to the financial statements
    A. are optional
    B. help clarify information presented in the financial statements
    C. are generally brief and few in number
    D. need not be read in detail if an unqualified opinion accompanies the financial statements
    B. help clarify information presented in the financial statements
    (this multiple choice question has been scrambled)
  3. Finney Company began the year by issuing $20,000 of common stock for cash. The company recorded revenues of $185,000 and expenses of $160,000, and paid dividends of $10,000. What was Finney’s net income for the year?
    A. $45,000
    B. $25,000
    C. $15,000
    D. $35,000
    B. $25,000
    (this multiple choice question has been scrambled)

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