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CSUF ACCT 201A (HOFFMAN) FINAL AND
PRACTICE EXAM NEWEST 2025 ACTUAL EXAM
COMPLETE 200 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|100% GUARANTEED PASS!
CSUF ACCT 201A (HOFFMAN) FINAL
Which of the following should not be included in the physical inventory of a company? - ANSWER-All of the
above should be included :
-Goods held on consignment from another company -Goods shipped on consignment to another company -Goods in transit from another company shipped FOB shipping point
During 2022, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders'
equity therefore: - ANSWER-increased $40,000.
(90,000-50,000) 1 / 4
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Which of the following statements about a periodic inventory system is true? - ANSWER-Companies determine cost of goods sold only at the end of the accounting period.
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold under a periodic system? -
ANSWER-$390,000
(360,000+60,000-50,000)
When is a physical inventory usually taken? - ANSWER- At the end of the company's fiscal year.
A company has purchased a tract of land. It expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land
will be idle. The land should be reported as: - ANSWER-a
long-term investment.
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The LIFO reserve is: - ANSWER-the difference between
the value of the inventory under LIFO and the value under FIFO.
Genesis Company buys a $900 machine on credit. This
transaction will affect the: - ANSWER-balance sheet only.
Which types of accounts will appear in the post-closing trial balance? - ANSWER-Permanent accounts.
Considerations that affect the selection of an inventory
costing method do not include: - ANSWER-perpetual
versus periodic inventory system.
Which is not one of the three forms of business organization? - ANSWER-Corporation.
Which of the following is an example of a financing activity? - ANSWER-Buying delivery equipment.
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The element of the annual report that presents an opinion regarding the fairness of the presentation of the financial
position and results of operations is the: - ANSWER-
auditor's opinion.
What is the primary criterion by which accounting information can be judged? - ANSWER-Usefulness for decision-making.
The correct order of presentation in a classified balance
sheet for the following current assets is: - ANSWER-cash,
accounts receivable, inventory, prepaid insurance.
What organization issues U.S. accounting standards? - ANSWER-Financial Accounting Standards Board.
During the year ended December 31, 2022, Bjornstad
Corporation had the following results: net sales $267,000,
cost of goods sold $107,000, net income $92,400, operating expenses $55,400, and net cash provided by operating activities $108,950. What was the company's profit margin? - ANSWER-34.6%
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