Home > Accounting > Quizzes > PRDV201 Final Exam - Accounting Principles I
PRDV201 Final Exam - Accounting Principles I
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 0% • Most missed: “Historical financial statement ratios are often used to generate future financia…”


 

PRDV201 Final Exam - Accounting Principles I
Time left 00:00
25 Questions

1. Platinum Enterprises, Inc. had a net income in 2010 of $1.2 million. In 2011, operations suffered after several plants were destroyed following an earthquake, and net income dropped to $650,000. How would this affect the return on equity ratio for 2011? (Assume shareholders' equity remains constant.)
2. Complete the following statement. The direct write-off method can only be used if the bad debt is:
3. Expenses must match with related expenses, in accordance with which of the following principles?
4. Which of the following covers a stated period of time and reports the company's revenues, expenses, and net income?
5. Which of the following contribute to shareholder's equity?
6. In 2012, company AlphaBites generated a total revenue of $125,000 with $500,000 of total assets on the company's financial statements. The total overall expense for the fiscal year was recorded as $88,500. What was the ROA for this firm?
7. Which of the equations is commonly used to determine a company's long-term solvency?
8. All of the following are types of assets EXCEPT:
9. Fill in the blanks. In T-accounts, credits are listed _________________, while debits are listed ________________.
10. Historical financial statement ratios are often used to generate future financial statements when financial analysts conduct which of the following?
11. Fill in the blanks. _________________ accounting involves preparing reports for external use, while __________________ accounting provides information for internal management.
12. Using, straight-line depreciation, how much depreciation would be recorded each year for the value loss for a $10,000 school bus with a useful life of 15 years?
13. How are indefinite-life intangible assets recorded on a company's balance sheet?
14. To prepare an income statement from T-accounts, you should do which of the following?
15. Fill in the blank. Happy Burger purchases a $40,000 food truck to expand its business. The owner calculates the useful life of the food truck to be 15 years, after which it will be completely depreciated. In this scenario, depreciation would be considered a(n) __________ item.
16. How are LIFO inventory numbers converted into FIFO inventory numbers?
17. Which of the following best describes the difference between merchandising and manufacturing firms?
18. Which of the following are examples of identified intangible assets?
19. When closing T-accounts, which of the following steps must be taken?
20. How are bond prices calculated?
21. To prepare a balance sheet from T-accounts, you should do which of the following?
22. Why would a company want to capitalize an intangible asset?
23. A financial analyst examined the financial statements of a company from fiscal years: 2009, 2010, 2011, and 2012. This would be an example of which type of financial statement analysis?
24. Which of the following are needed to generate an income statement for a merchandising firm?
25. The owner's interest in a corporation would be recorded under what category on the Balance Sheet?

⚡ Recently practiced quizzes in this topic
Live quiz activity
FBLA Accounting Terminology GAAP (Generally Accepted Accounting Principles) Practice Test Questions Financial Accounting Practice Test Questions General Financial Accounting Test (Upwork) NOCTI Accounting Review FBLA Accounting 1 Bookkeeping Advanced Vocab Bookkeeping Accounting CLEP Financial Accounting Exam Practice Test 2 Basic Accounting Practice Test Questions
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.