Accounting Exit Exam Question And Solutions Wit... ✦ Top-Rated

Net income: $80,000 Add: Depreciation (non-cash) +$10,000 Less: Increase in AR (use of cash) –$5,000 Less: Decrease in AP (use of cash) –$3,000

It sounds like you are looking for a that includes sample questions and solutions for an Accounting Exit Exam (common for graduating students in the Philippines, Ethiopia, India, and other countries). Accounting Exit Exam Question and Solutions wit...

Book balance: $13,500 Less: Bank service charge: –$50 Less: NSF check: –$450 Adjusted book balance: $13,000 a) 400 b) 500 c) 1,000 d) 667

Answer: b) Jan 20 Under accrual accounting, revenue is recognized when control of goods transfers to the buyer (delivery date = Jan 20), not when cash is received or contract signed. Question 2 (Cost Accounting – Break-even Point) Selling price per unit = $50 Variable cost per unit = $30 Total fixed costs = $20,000 What is the break-even point in units? a) 400 b) 500 c) 1,000 d) 667 a) 400 b) 500 c) 1