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ACC 230 Pre Test

This document provides a 10 question pre-test/post-test for the Financial Accounting ACC 230 course. The questions cover topics like the accounting cycle, required financial statements, the statement of comprehensive income and retained earnings, balance sheet accounts, journal entries to increase or decrease accounts, inventory systems, intangible assets, and asset amortization.

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54 views2 pages

ACC 230 Pre Test

This document provides a 10 question pre-test/post-test for the Financial Accounting ACC 230 course. The questions cover topics like the accounting cycle, required financial statements, the statement of comprehensive income and retained earnings, balance sheet accounts, journal entries to increase or decrease accounts, inventory systems, intangible assets, and asset amortization.

Uploaded by

M A
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Financial Accounting ACC 230

Pre-test / Post-test
Do NOT write on this test question document. Write the correct letter answer to the
following questions on the answer sheet provided.

1. The Accounting Cycle includes:


A. Preparation of the Income Tax Return.
B. Presentation of the financial statements to investors and creditors.
C. Making post-closing entries to the accounting records.
D. Auditing the accounting records of the company.

2. Financial Statements that are required to be filed with the SEC for publically traded
companies include:
I. Statement of Income and Statement of Financial Position.
II. Statement of Cash Flows.
III. Annual Income Tax Return.
IV. Statement of Comprehensive Income and Retained Earnings.

Choose from the following four answers:


A. I and II.
B. I, II, and III.
C. I, II, and IV.
D. I, II, III, and IV.

3. The Statement of Comprehensive Income and Retained Earnings shows:


A. The cash retained by the company from earnings.
B. The earnings of the company since the beginning of its existence.
C. Total period profit of the company before income taxes.
D. Total period profit of the company without unusual gains and losses.

4. The market value of fixed assets of the company would be shown on:
A. The Statement of Income.
B. The Statement of Financial Position.
C. The Cash Flow Statement.
D. None of the above.

5. To make a journal entry to increase an account you would debit a(n):


A. Asset account.
B. Liability account.
C. Retained Earnings account.
D. Revenue account.

6. To make a journal entry to increase an account you would credit a(n):


A. Cash account.
B. Accounts Receivable account.
C. Accounts Payable account.
D. Salary Expense account.
7. To make a journal entry to decrease an account you would debit a(n):
A. Interest Expense account.
B. Marketable Securities account.
C. Revenue account.
D. Plant & Equipment account.

8. All of the following are characteristics of a perpetual inventory system except:


A. Calculation of Cost of Goods Sold requires a physical inventory.
B. Two journal entries are required for each sale.
C. All transactions involving costs of merchandise are recorded as they occur.
D. The system accounts for the flow of costs from the Balance Sheet to the
Income Statement.

9. All of the following may be considered intangible assets except:


A. Accounts Receivable.
B. Copyrights.
C. Franchises.
D. Goodwill.

10. All of the following assets are amortized except:


A. Patents.
B. Franchises.
C. Copyrights.
D. Natural Resources.

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