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CSUF ACCT 201A (HOFFMAN) FINAL AND PRACTICE
EXAM 2025 ACTUAL EXAM COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |100% GUARANTEED PASS! !!/ LATEST
EXAM!!!
Generally accepted accounting principles are: - Answer-a
set of standards and rules that are recognized as a general guide for financial reporting.
Which is an advantage of corporations relative to partnerships and sole proprietorships? - Answer-Reduced legal liability for investors.
Kam Company has the following units and costs.Inventory, Jan. 1 8,000 $11 Purchase, Jun. 19 13,000 $12 Purchase, Nov. 8 5,000 $13 If 9,000 units are on hand at December 31, what is the cost of the ending inventory under FIFO? - Answer-
$113,000
(total 309,000 - ((8,000*11)+(remaining 9,000*12))
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To record the sale of goods for cash in a perpetual
inventory system: - Answer-two journal entries are
necessary: one to record the receipt of cash and sales
revenue, and one to record the cost of goods sold and reduction of inventory.
Which is not one of the three primary business activities? - Answer-Advertising.
A trial balance: - Answer-will not balance if a correct
journal entry is posted twice.
Which accounts normally have debit balances? - Answer- Assets, dividends, and expenses.
Which account will have a zero balance after a company has journalized and posted closing entries? - Answer- Service Revenue.
Adjustments for prepaid expenses: - Answer-decrease
assets and increase expenses.
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Queenan Company computes depreciation on delivery equipment at $1,000 for the month of June. The adjusting
entry to record this depreciation is as follows: - Answer-
Depreciation Expense dr 1,000. Accumulated Depreciation-Equipment cr 1,000
A ledger: - Answer-is a record of all accounts maintained
by a company and their amounts.
Net income will result during a time period when: -
Answer-revenues exceed expenses.
Davidson Electronics has the following:
Inventory, Jan. 1 5,000 $8 Purchase, April 2 15,000 $10 Purchase, Aug. 28 20,000 $12 If Davidson has 7,000 units on hand at December 31, the cost of ending inventory under the average-cost method
is: - Answer-$75,250
40,000+ 150,000+ 240,000 = 430,000
40,000 units 430,000/40,000 = 10.75
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