KU ACCT 200 - Final Exam Review (15 pages)

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Final Exam Review



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Final Exam Review

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Pages:
15
School:
University of Kansas
Course:
Acct 200 - Financial I
Financial I Documents

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FINAL EXAM REVIEW Review Sunday December 10th 3 00 6 00 PM 8 am CAPF 1020 9 30am 1111 Exam Wednesday December 13th 7 30 10 00PM Multiple Choice Review 1 At the end of October XYZ s bank statement arrives When preparing the bank reconciliation it is discovered that there were deposits in transit of 2 000 an NSF check for 200 outstanding checks for 1 400 and a bank service charge of 15 If the ledger account cash balance on 10 31 was 9 800 what should be the correct cash balance after reconciling the cash account a 9 800 b 9 585 c 10 400 d 12 015 e None of the above are correct 2 Which of the following accurately describes the concept of reliability a A number can be objectively determined using a consistent technique b Two different accountants using the same approach would determine different values for the same asset c Estimating ending inventory for quarterly reporting emphasizes reliability over timeliness d All numbers on financial statements are subjective 3 Which of the following descriptions accurately describes the concept of relevance a A sole proprietor s purchase of a car for personal use should be recorded on the financial statements of the sole proprietor s business b Accountants only record information that is useful for decision making and determining the economic performance of the company c A number can be objectively determined using a consistent technique d All assets should be recorded at their historical cost 4 Jake s Warehouse grants a 90 day warranty on all stereos Historically approximately 2 5 of all sales prove to be defective Sales in July are 100 600 In August 2 900 of defective units are returned for replacement What entry must Jake s Warehouse make at the end of July to record the warranty expense a Debit Warranty Expense and credit Cash 4 865 b Debit Warranty Expense and credit Cash 2 900 c Debit Warranty Expense and credit Estimated Warranty Payable 2 515 d Debit Warranty Expense and credit Estimated Warranty Payable 2 900 d No entry is needed at July 31 1 FINAL EXAM REVIEW Review Sunday December 10th 3 00 6 00 PM 8 am CAPF 1020 9 30am 1111 Exam Wednesday December 13th 7 30 10 00PM 5 You have decided to sell your car to your brother in law However you are not sure what the selling price should be What would be the most relevant value in deciding the price of the car a The car s original cost when you bought it five years ago b Your brother in law s estimate of what the car is worth c Your estimate of what the car is worth d The fair market value of the car Fair market value is the amount a third party a person you do not know would pay 6 Which of the following is not an example of an accrual a Interest revenue b Interest



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