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Past Exam for ACCT 201 - FIN ACCT CONCEPTS with Schleifer at Clemson (Clemson)

Exam Information

Material Type:Exam 2
Professor:Schleifer
Class:ACCT 201 - FIN ACCT CONCEPTS
Subject:ACCOUNTING
University:Clemson University
Term:Fall 2007
Keywords:
  • Debt-to-Assets Ratio
  • Physical Counts
  • Assets Ratio
  • Sales Discount
  • Perpetual System
  • Turnover Rate
  • Physical Count
  • Cost of Goods Sold
  • Sales Returns
  • Allowance for Bad Debts
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Sample Document Text

Acct 201 Practice Test 2b (Exam 2) 1. What type of audit report does a company hope to include with its annual report? A. Conservative report B. Qualified report C. Comparable report D. Unqualified report 2. Larry Inc. reported cost of goods sold of $75,000 it its 2003 income statement. During 2003, its inventory decreased by $5,000 and its accounts payable to inventory suppliers increased by $7,000. All inventory purchases are made on credit. How much cash did Larry’s pay to its inventory suppliers in 2003? A. $70,000 B. $77,000 C. $80,000 D. $63,000 E. $73,000 3. Upon review of your bank statement, you discover that you recently deposited a check from a customer that was rejected by your bank as NSF. Which of the following describes the actions to be taken when preparing your bank reconciliation? Balance per Bank Balance per Books A. Decrease No change B. Increase Decrease C. No change Decrease D. Decrease Increase 4. Which of the following is false regarding a perpetual inventory system? A. Physical coun...

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