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ACCT 216 Week 8 Final Exam New

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1. (TCO 1) Which statement(s) summarizes the revenues and expenses of an entity? (Points : 6)
Question 2.2. (TCO 1) Assets appear on the (Points : 6)
Question 3.3. (TCO 2) Making a cash payment to settle a debt would include a (Points : 6)
Question 4.4. (TCO 2) Double-entry accounting means that each transaction (Points : 6)
Question 5.5. (TCO 3) Which statement about a trial balance is NOT true? (Points : 6)
Question 6.6. (TCO 3) The normal balance of Common Stock is a _____ because it is a(n) _____ account. (Points : 6)
Question 7.7. (TCO 4) Adjusting entries are (Points : 6)
Question 8.8. (TCO 4) A journal entry contains a debit to a liability account and a credit to a revenue account. This is an example of a(n) (Points : 6)
Question 9.9. (TCO 5) In a bank reconciliation, items recorded by the company, but not yet recorded by the bank, include (Points : 6)
Question 10.10. (TCO 5) All of the following are purposes of internal control EXCEPT (Points : 6)
Question 1.1. (TCO 6) Allowance for Uncollectible Accounts is classified as a(n) (Points : 6)
Question 2.2. (TCO 6) Net accounts receivable is calculated as (Points : 6)
Question 3.3. (TCO 7) If a company is using a perpetual inventory system, the balance in its inventory account three-quarters of the way through an accounting period would be equal to (Points : 6)
Question 4.4. (TCO 7) When the FIFO method is used, ending inventory is assumed to consist of the (Points : 6)
Question 5.5. (TCO 8) On January 2, 2013, PO Corporation acquired equipment for \$200,000. The estimated life of the equipment is 5 years. The estimated residual value is \$30,000. What is the book value of the asset on December 31, 2014, if PO Corporation uses the straight-line method of depreciation? (Points : 6)
Question 6.6. (TCO 8) When computing depreciation for a plant asset, which of the following must be estimated? (Points : 6)
Question 7.7. (TCO 9) The journal entry to record accrued interest on a short-term note payable must include a (Points : 6)
Question 8.8. (TCO 9) Monthly sales were \$100,000. It was estimated that 4% of the units sold would have to be replaced under warranty. On the date of sale, the company should record a debit to (Points : 6)
Question 9.9. (TCO 10) The 940 is filed (Points : 6)
Question 10.10. (TCO 10) The annual return used to report Federal Unemployment Tax is the (Points : 6)
1. (TCO 5) What are the five objectives of internal control? Pick one of the five and describe it in detail. Give an example of an internal control that meets that objective. (Points : 26)

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