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Wk 2 Discussion – Financial Statement Accounts

As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each one should be active for the accumulation of costs, revenues, and expenses.

In July, the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know an account name should be specific and well defined, and you're afraid the A/P clerk might...
Wk 2 Discussion – Financial Statement Accounts
Last document update:
ago
Wk 2 Discussion – Financial Statement Accounts

As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each one should be active for the accumulation of costs, revenues, and expenses.

In July, the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know an account name should be specific and well defined, and you're afraid the A/P clerk might...
Wk 1 Discussion – Past Business Transactions

You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills.

Respond to the following in a minimum of 175 words:

•	Explain why you should or should not report this to your employer before the purchase.
Wk 1 Discussion – Past Business Transactions
Last document update:
ago
Wk 1 Discussion – Past Business Transactions

You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills.

Respond to the following in a minimum of 175 words:

•	Explain why you should or should not report this to your employer before the purchase.
15.	The revenue recognition principle dictates that revenue should be recognized in the accounting records:

a.	when the performance obligation is satisfied.



16.	Merchandising companies that sell to retailers are known as

a.	wholesalers.



17.	Gross profit equals the difference between

a.	sales revenue and cost of goods sold.



18.	Net income will result if gross profit exceeds

a.	operating expenses.



19.	Under the perpetual system, cash freight costs incurred by the buyer for the tran...
ACC 290 Final Exam Answers Fall 2022
Last document update:
ago
15.	The revenue recognition principle dictates that revenue should be recognized in the accounting records:

a.	when the performance obligation is satisfied.



16.	Merchandising companies that sell to retailers are known as

a.	wholesalers.



17.	Gross profit equals the difference between

a.	sales revenue and cost of goods sold.



18.	Net income will result if gross profit exceeds

a.	operating expenses.



19.	Under the perpetual system, cash freight costs incurred by the buyer for the tran...
ACC 290 - Week 4: Broadening Your Perspective 5-1 Quiz. Questions and Answers.
Exam (elaborations) • 4
pages
• 2021
ACC 290 - Week 4: Broadening Your Perspective 5-1 Quiz. Questions and Answers.





Broadening Your Perspective 5-1

The financial statements of Tootsie Roll are presented below.



TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF

Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)

	For the year ended December 31,

	2011	2010	2009

Net product sales	$528,369	$517,149	$495,592

Rental and royalty revenue	4,136	4,299	3,739

Total ...
ACC 290 - Week 4: Broadening Your Perspective 5-1 Quiz. Questions and Answers.
Last document update:
ago
ACC 290 - Week 4: Broadening Your Perspective 5-1 Quiz. Questions and Answers.





Broadening Your Perspective 5-1

The financial statements of Tootsie Roll are presented below.



TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF

Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)

	For the year ended December 31,

	2011	2010	2009

Net product sales	$528,369	$517,149	$495,592

Rental and royalty revenue	4,136	4,299	3,739

Total ...
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ACC 290 FINAL EXAM


The best definition of assets is the

 
	owners’ investment in the business.
	cash owned by the company.
	resources belonging to a company that have future benefit to the company.
	collections of resources belonging to the company and the claims on these resources.

Multiple Choice Question 98
 

	
 	 
Which of the following is not a liability?

 
	Accounts Payable
	Accounts Receivable
	Interest Payable
	Unearned Service Revenue

Multiple Choice Question 99
 

	
 	
Which o...
ACC 290 FINAL EXAM


The best definition of assets is the

 
	owners’ investment in the business.
	cash owned by the company.
	resources belonging to a company that have future benefit to the company.
	collections of resources belonging to the company and the claims on these resources.

Multiple Choice Question 98
 

	
 	 
Which of the following is not a liability?

 
	Accounts Payable
	Accounts Receivable
	Interest Payable
	Unearned Service Revenue

Multiple Choice Question 99
 

	
 	
Which o...
ACC 290 FINAL EXAM -2018
The best definition of assets is the acc 290 final exam
Which of the following is not a liability?
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
Ending retained earnings for a period is equal to beginning
Which of the following is not an advantage of the corporate form of business organization?
An advantage of the corporate form of business is that
A small neighborhood barber shop that is o...
ACC 290 FINAL EXAM -2018
The best definition of assets is the acc 290 final exam
Which of the following is not a liability?
Which of the following financial statements is divided into major categories of operating, investing, and financing activities?
Ending retained earnings for a period is equal to beginning
Which of the following is not an advantage of the corporate form of business organization?
An advantage of the corporate form of business is that
A small neighborhood barber shop that is o...
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