ACC 100 Final: Final Exam Review Questions - Chp 6-10
18 Apr 2016
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The following questions are adapted from financial accounting: tools for business decision- Making, by kimmel, weygandt, kieso, trenholm, & irvine, 5th canadian edition. Note that these questions do not include concepts prior to chapter 6. The final exam will be cumulative (include all chapters from 1 to 10). For a review of the first 5 chapters see the midterm review package and the end of chapter practice questions that were posted before the midterm. On january 6, compton limited sold merchandise on account to singh inc. for ,000, terms. On january 15, singh paid the amount due. Both compton and singh use a perpetual inventory system. Instructions (a) record the business activities on compton limited"s accounting equation using account names to record the sale and related collection. 2 | p a g e (b) record the business activities on singh inc. "s accounting equation using account names to record the purchase and related payment.
