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ACC400 Final Exam

True/False Questions: Each answer is worth .5 points for a total of 4 points.

1. The cash budget is an operating budget.

A.) True

B.) False

2. The extent of internal control features adopted by a company must be

evaluated in terms of cost-benefit.

A.) True

B.) False

3. If a lease qualifies as an operating lease, it does not add debt tot the balance

sheet.

A.) True

B.) False

4. The allowance method of accounting for bad debts violates the matching

principle.

A.) True

B.) False

5. When the disposal of a significant segment occurs, the income statement

should report both income from continuing operations and income (loss) from

discontinued operations.

A.) True

B.) False

6. Interest expense on a note payable is only recorded at maturity.

A.) True

B.) False

7. Treasury stock is reported as an asset on the balance sheet because treasury

stock may later be resold.

A.) True

B.) False

8. Paid-in capital is the amount paid in to the corporation by stockholders in

exchange for shares of ownership.

A.) True

B.) False