ACC 290 ACC/290 ACC290 Final Exam Part 3 Answers

ACC 290 ACC/290 ACC290 Final Exam Part 3 Answers

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ACC 290 ACC/290 ACC290 Final Exam Part 3 (PHOENIX)

    1. Which trial balance will consist of the greatest number of accounts?
    2. All of the following are required steps in the accounting cycle except:
    3. A sales discount does not
    4. American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company’s gross profit rate was 40%, net sales were
    5. The manager of Weiser is given a bonus based on net income before taxes. The net income after taxes is $35,700 for FIFO and $29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?
    6. Classic Floors has the following inventory data:
       
  • July 1
  •  
  • Beginning inventory
  •  
  • 15 units at $6.00
  • 5
  •  
  • Purchases
  •  
  • 60 units at $6.60
  • 14
  •  
  • Sale
  •  
  • 40 units
  • 21
  •  
  • Purchases
  •  
  • 30 units at $7.20
  • 30
  •  
  • Sale
  •  
  • 28 units

    1. Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?
    2. Which of the following is not one of the main factors that contribute to fraudulent activity?
    3. What is the rationale for the internal control principle, segregation of duties?
    4. Under IFRS

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