DOC FINANCIAL ACCOUNTING II FINAL EXAM 100 Points yalin liu

A final account, or final accounting, can also be the summarized statement issued when a business transaction has been concluded. For example, when someone leaves a hotel, they are given a final accounting of what they owe the hotel. Students have 80 minutes to complete the mid-term exam, which is worth 30 percent of their grade.

  • For example, when someone leaves a hotel, they are given a final accounting of what they owe the hotel.
  • This will help you identify the areas in which you need to improve.
  • Again, it is important to understand why you answered a question incorrectly, and why another answer was the best answer.
  • The cost of the asset minus accumulated depreciation.

The final exam takes 120 minutes and counts for 45 percent of the term grade. Work our free accounting Quizzes for the topics covered in your course. This will help you identify the areas in which you need to improve. It is important that you understand why you answered a question incorrectly, and why another answer was the best answer. The following are the areas you should concentrate on studying for the final examination. Our PRO members can access 57 Quick Tests containing more than 1,600 practice questions with answers.

Related Answered Questions

Thus, final accounts can refer to the final trial balance or the financial statements upon which they are based. The primary financial statements are the income statement, balance sheet, and statement of cash flows. Auditors rely upon a client’s final accounts to conduct an audit of its accounting records and financial statements. Use, Impairment, and Disposal of Plant, Property, and Equipment
Depreciation Concepts
Except for land, all long-lived assets are subject to depreciations. The expense principle requires that a portion of an asset’s cost be allocated as an expense in the same period that
revenues are generated by its use.

  • If you are unable obtain a deep understanding, see your instructor for additional help.
  • Thus, final accounts can refer to the final trial balance or the financial statements upon which they are based.
  • For example, an airline earns revenue when it provides air travel service and
    incurs an expense when using its aircraft to generate the revenue.
  • Many of the 2,000+ reviews/testimonials we received from users state that our Explanations provided the clarity they craved.
  • You can download the paper by clicking the button above.
  • Work the tests that are appropriate for your course.

You can download the paper by clicking the button above. Many of the 2,000+ reviews/testimonials we received from users state that our Explanations provided the clarity they craved. They appreciated finally learning the underlying reasons for various accounting procedures.

*** Students should use this practice exam AND the study guide as two of

For the areas that you need to improve, I suggest that you enter a term or question into the search box located at the top of any page of AccountingCoach. The search results will provide the info you need. The security system for this website has been triggered. Completing the challenge below proves you are a human and gives you temporary access.

Final Exam Practice Exam

For example, an airline earns revenue when it provides air travel service and
incurs an expense when using its aircraft to generate the revenue.  Expenditures are capitalized when they are recorded as part of the cost of the asset instead of as expenditures
of as expenses of the period. A. The asset fair value plus depreciation expense. The cost of the asset minus accumulated depreciation. The cost of the asset plus accumulated depreciation. The asset fair value minus depreciation expense.

students should still study that topic/ those calculations for the final.

Work the tests that are appropriate for your course. Test questions are a great way to retain what you have learned and to identify the areas in which you need to improve. Again, it is important to understand why you answered a question incorrectly, and loan account definition why another answer was the best answer. If you are unable obtain a deep understanding, see your instructor for additional help. In the process, you may be helping your instructor become more empathetic and in the process help future students as well.

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