University of the People - BUS 1102 Review final exam Attempt review 2 2021
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University of the People - BUS 1102 Review final exam Attempt review 2 2021University of the People - BUS 1102Review final exam Attempt review 2 2021 Real Exam Question 1 Incorrect Mark 0.00 out of ... 1.00 Which of the following is an example of dened contribution plan? Select one: a. Social Security tax b. Medicare tax c. 401(k) C Question 2 Correct Mark 1.00 out of 1.00 Which inventory costing method is almost always done on a perpetual basis? Select one: a. First-in, First-out b. Last-in, First-out c. Specic identication The correct answer is: Specic identication Nancy Silverio Home My courses BUS 1102 - AY2021-T3 Final Exam (Days 1 - 4) Review Quiz Question 3 Correct Mark 1.00 out of 1.00 In perpetual inventory systems, inventory errors commonly arise from careless oversight of physical counts. Select one: a. True b. False The correct answer is: False Question 4 Correct Mark 1.00 out of 1.00 Companies are required to record bad debt on nancial statements as expenses. Select one: a. True b. False The correct answer is: True Question 5 Correct Mark 1.00 out of 1.00 This is what prepares a company for the next accounting period by clearing any outstanding balances in certain accounts that should not transfer over to the next period. Select one: a. Note payable b. Closing entries c. Accounts payable The correct answer is: Closing entries Question 6 Correct Mark 1.00 out of 1.00 Which of the following refers to the shipping costs for which the buyer is responsible when receiving shipment from a seller, such as delivery and insurance expenses. Select one: a. Net Purchases b. Freight-in c. Point of transfer The correct answer is: Freight-in Question 7 Correct Mark 1.00 out of 1.00 Debt nancing is selling part of the business to obtain money to nance business operations. Select one: a. True b. False The correct answer is: False....................continues''''''' [Show More]
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