Financial Accounting

1. What is the financial advantage (disadvantage) of further processing product

1. What is the financial advantage (disadvantage) of further processing product X15? Wexpro, Inc. produces several products from processing 1 ton of clypton, a rare mineral. Mater…

1. What is the maturity value of a 60-day, 9% note for $6,000? (Points : 1) $6,5

1. What is the maturity value of a 60-day, 9% note for $6,000? (Points : 1) $6,540 $6,000 $6,090 $5,910 2. The allowance method of accounting for receivables that appear to be unc…

1. What is the maturity value of a note? A. The principal amount minus interest

1. What is the maturity value of a note? A. The principal amount minus interest due B. The principal amount plus interest due C. The face amount of the note D. The principal amoun…

1. What is the maturity value of a60-day, 9% note for $6,000? (Points : 1) $6,54

1. What is the maturity value of a60-day, 9% note for $6,000? (Points : 1) $6,540 $6,000 $6,090 $5,910 2. The allowance method of accountingfor receivables that appear to be uncol…

1. What is the objective of financial statements according to the IASB Framework

1. What is the objective of financial statements according to the IASB Framework? a) To prepare and present a balance sheet, an income statemen To provide information about the fi…

1. What is the organization that is responsible for setting International Financ

1. What is the organization that is responsible for setting International Financial Reporting Standards? 2. What is the main company that Professor Levine uses for illustrations i…

1. What is the principal source of legislative guidance that provides “Special R

1. What is the principal source of legislative guidance that provides “Special Rules for Long-Term Contracts”? 2. ¬What are the three terms that the IRS uses to define “long-term …

1. What is the purpose of the owner capital account in the closing process? a. O

1. What is the purpose of the owner capital account in the closing process? a. Owner capital is where the period's net income or loss is transferred. b. Owner capital is a clearin…

1. What is the reason for pooling costs? To shift costs from low-volume to high-

1. What is the reason for pooling costs? To shift costs from low-volume to high-volume products. It is a budgeting technique designed to accurately track fixed costs. Determining …

1. What is the rule of parsimony in ARIMA forecasting? a) b) c) d) Everything be

1. What is the rule of parsimony in ARIMA forecasting? a) b) c) d) Everything being equal, ARIMA forecast accuracy is enhanced by adding more significant coefficients. 2. Given th…

1. What is the smallest acceptable annual income from a project which has a $70,

                    1.                                              What is the smallest acceptable annual income from a project which has a $70,600 investment cost and a $74,557 …

1. What is the study of economics about? 2. What is the definition of opportunit

1.  What is the study of economics about? 2.  What is the definition of opportunity cost? 3.  What are the three methods that societies have used to allocate their scarce resource…

1. What is the total amount of traceable fixed manufacturing overhead for each o

1. What is the total amount of traceable fixed manufacturing overhead for each of the two products? 2. What is the company’s total amount of common fixed expenses? 3. Assume that …

1. What is the total amount of traceable fixed manufacturing overhead for each o

1. What is the total amount of traceable fixed manufacturing overhead for each of the two products? Alpha? Beta? 2. What is the company’s total amount of common fixed expenses? 3.…

1. What is the total amount of traceable fixed manufacturing overhead for each o

1. What is the total amount of traceable fixed manufacturing overhead for each of the two products? Alpha? Beta? 2. What is the company’s total amount of common fixed expenses? 3.…

1. What is the total cost of Job 6.15 if Business Solutions applies overhead at

1. What is the total cost of Job 6.15 if Business Solutions applies overhead at 50% of direct labor cost? 2. What is the total cost of Job 6.15 if Business Solutions uses activity…

1. What is the wording of the first sentence of Treas. Reg. Section 1.1221-1(d)?

1. What is the wording of the first sentence of Treas. Reg. Section 1.1221-1(d)? a. “For the application of section 1231 to the sale….” b. “Section 1221(4) excludes from the defin…

1. What legislation requires the implementation and attestation of internal cont

1. What legislation requires the implementation and attestation of internal controls for publicly traded companies? (1 point 2. What two principles of GAAP apply to accounting for…

1. What ls Gerald Germain\'s basls In an S corporatlon assumlng he is the sole s

1. What ls Gerald Germain's basls In an S corporatlon assumlng he is the sole shareholder and hls capltal account has a balance of $15,000, the corporation has $5,000 In hablitdes…

1. What method of depreciation does the company use? 2. What is the amount of ac

1. What method of depreciation does the company use? 2. What is the amount of accumulated depreciation and amortization at the end of the most recent reporting year? 3. For deprec…

1. What method of depreciation does the company use? 2. What is the amount of ac

1. What method of depreciation does the company use? 2. What is the amount of accumulated depreciation and amortization at the end of the most recent reporting year? 3. For deprec…

1. What number of units will the firm choose to sell? Why? 2. What price will be

1. What number of units will the firm choose to sell? Why? 2. What price will be charged? Why? 3. What will profit be? 4. Is the market in long-run equilibrium? 5. What is the ave…

1. What percentage of Apple’s Total Assets does Cash and Cash Equivalents make u

1. What percentage of Apple’s Total Assets does Cash and Cash Equivalents make up in 2017? 2. What has been the general trend in Apple’s cash from operations over the last three y…

1. What percentage of provision is required on performing assets? (a) 10 (b) 40

1. What percentage of provision is required on performing assets? (a) 10 (b) 40 (c) 0.40 (d) 25. 2. The Balance Sheet of Alpha Banking Co. has doubtful advances amounting Rs. 300 …

1. What purposes are served by a post-audit of approved capital expenditure prop

1. What purposes are served by a post-audit of approved capital expenditure proposals? 2. What weaknesses are inherent in the payback period and in the accounting rate of return w…

1. What rate should be used when calculating the after-tax future value of inves

1. What rate should be used when calculating the after-tax future value of investment with a constant rate of return that is taxed annually? a. annual before tax rate of return b.…

1. What raw materials cost would be included in the company’s planning budget fo

1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3…

1. What raw materials cost would be included in the company’s planning budget fo

1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3…

1. What raw materials cost would be included in the company’s planning budget fo

1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3…

1. What type of account is Accumulated depreciation? Your choices are asset, con

1. What type of account is Accumulated depreciation? Your choices are asset, contra asset, liability, stockholder's equity, contra stockholder's equity, revenue, or expense. 2. Wh…

1. What types of costs are allocated? What is a support department? What is a pr

1. What types of costs are allocated? What is a support department? What is a producing department? What types of costs are allocated? Why is cost allocation important for compani…

1. What types of investments in common stock are accounted for using (a) the equ

1. What types of investments in common stock are accounted for using (a) the equity method and (b) the cost method? How is the receipt of a dividend treated under the equity metho…

1. What variance captures the difference between AQ x AP and AQ x SP for direct

1. What variance captures the difference between AQ x AP and AQ x SP for direct materials? A Materials price variance B Materials usage variance C Materials total variance D None …

1. What was Real GDP for 2009? a. What does GDP tell us? b. How did GDP change f

1. What was Real GDP for 2009? a. What does GDP tell us? b. How did GDP change from 2008? c. What caused these changes? 2. What was GNP for 2009? a. What is the difference between…

1. What will happen to the money supply if Jamie withdraws $400 from her checkin

1. What will happen to the money supply if Jamie withdraws $400 from her checking account and the required reserve ratio is 5% (3-5 sentences) 2. A bank run can result in bank fai…

1. What’s the difference when recording a sale on account “gross” versus “net.”

1. What’s the difference when recording a sale on account “gross” versus “net.” 2. Your company made a sale on account for $12,000. The terms were 2/10; n/30. Answer the following…

1. When a block quotation is used in a research paper, punctuation _______ the p

1. When a block quotation is used in a research paper, punctuation _______ the parenthetical citation. D. is omitted from 4. Which of the following would not be considered a prima…

1. When a block quotation is used in a research paper, punctuation _______ the p

1. When a block quotation is used in a research paper, punctuation _______ the parenthetical citation.      A. is set off by a comma from B. precedes C. follows D. is omitted from…

1. When a change in interest rates impacts the international value of the dollar

1. When a change in interest rates impacts the international value of the dollar limiting the effectiveness of fiscal policy, it is due to crowding out. crowding in. the slope of …

1. When a flexible budget is used in performance evaluation, actual costs are co

1. When a flexible budget is used in performance evaluation, actual costs are compared to what the costs should have been for the actual level of activity during the period rather…

1. When a partner receives a distribution of cash, inventory and a vehicle, his

1. When a partner receives a distribution of cash, inventory and a vehicle, his outside basis is first allocated to the inventory, then to the cash and then to the vehicle. (t/f) …

1. When an accelerated depreciation method is used to calculate depreciation exp

1. When an accelerated depreciation method is used to calculate depreciation expense:    A. The net book value of the asset halfway through its useful life will be less than if st…

1. When an investor or creditor wishes to compare two companies, they review the

1. When an investor or creditor wishes to compare two companies, they review the companies' financial statements. 2. Hamilton Exports, Inc., increased their advertsiing this year,…

1. When calculating the pre-determined overhead rate, which amount should be the

1. When calculating the pre-determined overhead rate, which amount should be the numerator? Select one: a. The estimated manufacturing overhead for the period b. The difference be…

1. When canceling debt before its maturity, debt retirement, it is theorized tha

1. When canceling debt before its maturity, debt retirement, it is theorized that the recall of the debt is a current decision. For that reason any gains or losses arising from th…

1. When canceling debt before its maturity, debt retirement, it is theorized tha

1. When canceling debt before its maturity, debt retirement, it is theorized that the recall of the debt is a current decision. For that reason any gains or losses arising from th…

1. When choosing a business form, what are they key difference between proprieto

1. When choosing a business form, what are they key difference between proprietorship, partnership and a corporation? 2. What are the seven (7) characteristics of a partnership? 3…

1. When comparing a forensic audit with a financial audit, which item would indi

1. When comparing a forensic audit with a financial audit, which item would indicate a financial audit? A. Extensive use of interviewing. B. A sampling process. C. All of these. D…

1. When employees throughout an organisation are meaningfully involved in the bu

1. When employees throughout an organisation are meaningfully involved in the budget-setting process, this is referred to as: Choose one answer. a. Padding the budget. b. Employee…

1. When in the course of an audit might the auditor find it useful to apply anal

1. When in the course of an audit might the auditor find it useful to apply analytical procedures? 2. Analytical procedures are extremely useful throughout the audit. Required: a.…