Financial Accounting

1. Which of the following is the most appropriate definition of accounting? (a)

1. Which of the following is the most appropriate definition of accounting? (a) The information system that identifies, records, and comm organization to interested users (b) a me…

1. Which of the following is true of a decision model? a. It can be used only to

1. Which of the following is true of a decision model? a. It can be used only to make short-term or tactical decisions b. It can be used to structure the decision maker's thinking…

1. Which of the following is true regarding proprietary fund accounting: the eco

1. Which of the following is true regarding proprietary fund accounting: the economic resources measurement focus and accrual accounting are used, capital assets are recorded in t…

1. Which of the following is true with regard to budgetary planning? Select one:

1. Which of the following is true with regard to budgetary planning? Select one: a. The human behavior aspects of budgeting, while they should not be ignored, are generally of lit…

1. Which of the following items would appear on the income statement? Common sto

1. Which of the following items would appear on the income statement? Common stock: 120,000 Cash: 116,640 Supplies: 1,500 Prepaid Rent: 3,200 Service Revenue: 20,000 Retained Earn…

1. Which of the following items would appear on the income statement? Common sto

1. Which of the following items would appear on the income statement? Common stock: 120,000 Cash: 116,640 Supplies: 1,500 Prepaid Rent: 3,200 Service Revenue: 20,000 Retained Earn…

1. Which of the following items would be excluded from the calculation of taxabl

1. Which of the following items would be excluded from the calculation of taxable income by an auditor employing the bank-deposit audit method? A.. Existing funds from wages in th…

1. Which of the following items would be the least persuasive type of audit evid

1. Which of the following items would be the least persuasive type of audit evidence? (A) A confirmation of bank balances as of year-end received by the auditor directly from the …

1. Which of the following list of events properly reflects the early steps taken

1. Which of the following list of events properly reflects the early steps taken in the accounting process? A. Record relevant transactions, Post journal information to ledger acc…

1. Which of the following list of events properly reflects the early steps taken

1. Which of the following list of events properly reflects the early steps taken in the accounting process? A. Record relevant transactions, Post journal information to ledger acc…

1. Which of the following represents an accrual? A. Accumulated depreciation B.

1. Which of the following represents an accrual? A. Accumulated depreciation B. Fees earned C. Prepaid insurance D. Wages payable 2. If the adjustment for prepaid expenses is not …

1. Which of the following represents the largest number of common shares? A) Tre

1. Which of the following represents the largest number of common shares? A) Treasury shares. B) Issued shares. Outstanding shares. Authorized shares. D) 2. Two categories of expe…

1. Which of the following sections of the Internal Revenue Code of 1986 has been

1. Which of the following sections of the Internal Revenue Code of 1986 has been repealed? a. Code Section 177. b. Code Section 277. c. Code Section 377. d. Code Section 477. 2. T…

1. Which of the following shifts aggregate demand to the right? a. Congress redu

1. Which of the following shifts aggregate demand to the right? a. Congress reduces purchases of new weapons systems. b. US exports increase. c. The price level falls d. New devel…

1. Which of the following statements about costs and expenses is correct? a. b.

1. Which of the following statements about costs and expenses is correct? a. b. c. A cost is a sacrifice of resources. Cost and expense are the same. All assets will become expens…

1. Which of the following statements about oligopolies is not correct? a. Unlike

1. Which of the following statements about oligopolies is not correct? a. Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their margin…

1. Which of the following statements about property dividends is not true? a. A

1. Which of the following statements about property dividends is not true? a. A property dividend is usually in the form of securities of other companies. b. A property dividend i…

1. Which of the following statements about the reporting of operating cash flows

1. Which of the following statements about the reporting of operating cash flows using the direct method is correct? Although most U.S. companies use the indirect method, the Fina…

1. Which of the following statements associated with the allowance method for ba

1. Which of the following statements associated with the allowance method for bad debts is false? a. The write-off of an uncollectible account does not affect the accounts receiva…

1. Which of the following statements best describes the relationship among the c

1. Which of the following statements best describes the relationship among the costs of quality? A. Spending more on prevention and appraisal costs will increase the total overall…

1. Which of the following statements is correct regarding the taxation of C corp

1. Which of the following statements is correct regarding the taxation of C corporations? Schedule M-2 is used to reconcile net income as computed for financial accounting purpose…

1. Which of the following statements is correct? A) The term single-step income

1. Which of the following statements is correct? A) The term single-step income statement is sometimes used to describe a classified incoms B) If a business is to earn a net incom…

1. Which of the following statements is correct? A. Assets on the balance sheet

1. Which of the following statements is correct? A. Assets on the balance sheet include retained earnings. B. Retained earnings include contributed capital. C. The balance sheet e…

1. Which of the following statements is correct? A. Bill must claim 0 exemptions

1. Which of the following statements is correct? A. Bill must claim 0 exemptions, because his income is less than $10,000. B. Bill must claim 0 exemptions, because his parents can…

1. Which of the following statements is not true about a deferred tax liability?

1. Which of the following statements is not true about a deferred tax liability? a. It is a present obligation b. It results from a past transaction c. It causes taxable income in…

1. Which of the following statements is true about a partnership? a. One capital

1. Which of the following statements is true about a partnership? a. One capital and one drawings account is used for each partnership. b. The capital account is used to record ea…

1. Which of the following statements is true about a sole proprietorship? A. A s

1. Which of the following statements is true about a sole proprietorship? A. A sole proprietorship may sell stock. B. To be properly formed, the organizer of a sole proprietorship…

1. Which of the following statements is true about partnerships? A. The formatio

1. Which of the following statements is true about partnerships? A. The formation of a partnership must be documented in writing. B. An LLC is generally treated as a partnership f…

1. Which of the following statements is true about productivity measures? a. A m

1. Which of the following statements is true about productivity measures? a. A major disadvantage of total factor productivity is that it measures the combined productivity of all…

1. Which of the following statements is true of the accounting for finished good

1. Which of the following statements is true of the accounting for finished goods when a job is completed? Overhead costs are assigned to Finished Goods using a predetermined rate…

1. Which of the following tests of controls most likely will help assure an audi

1. Which of the following tests of controls most likely will help assure an auditor that shipped are properly billed? a. Scan the sales journal for sequential and unusual entries …

1. Which of the following transactions would be appropriately processed in the s

1. Which of the following transactions would be appropriately processed in the sales/collection process? THT Corporation purchased merchandise on account from HRS Corporation. HRS…

1. Which of the following transactions would require the use of the present valu

1. Which of the following transactions would require the use of the present value of an annuity due concept in order to calculate the present value of the asset obtained or liabil…

1. Which of the following types of income is taxable? A. Gross cash receipts fro

1. Which of the following types of income is taxable? A. Gross cash receipts from selling Walmart stock B. Interest income from an Illinois state bond. C. Entering an art contest …

1. Which of the following valuation bases is used to value Ending Inventory on t

1. Which of the following valuation bases is used to value Ending Inventory on the Balance Sheet? a. Net realizable value. b. Historical Cost. c. Market value. d. Lower-of-cost-or…

1. Which of the following will improve your salary bargaining position: Select o

1. Which of the following will improve your salary bargaining position: Select one: a. The product your firm produces has become more costly to produce b. There are fewer close su…

1. Which of the following will increase cumulative borrowing in the cash budget?

1. Which of the following will increase cumulative borrowing in the cash budget? Answer a. Slower collections from customers b. Slower payments to suppliers c. Higher interest rat…

1. Which of the following will you want to gather before you do a financial anal

1. Which of the following will you want to gather before you do a financial analysis? a. terms of loans b. age and types of receivables c. information on competitors d. strategic …

1. Which of the following would NOT remove the effect of inflation as it measure

1. Which of the following would NOT remove the effect of inflation as it measures the value of all national output? I. Real gross domestic product (GDP) 11. Nominal GDP (A) I only…

1. Which of the following would appear in the operating activities sections of a

1. Which of the following would appear in the operating activities sections of a statement of cash flows prepared using the direct method, but not in one prepared using the indire…

1. Which of the following would be an example of a unit-basedcost driver? a. eng

1. Which of the following would be an example of a unit-basedcost driver? a. engineering orders. b. direct labor hours. c. inspection hours. d. material moves.            2When th…

1. Which of the following would be an example of fixed cost? 2. A mixed cost is?

 1.   Which of the following would be an example of fixed cost?         2.   A mixed cost is?         3.   When a mixed cost is graphed the slope of the line equals?         4.   …

1. Which of the following would be considered a \"use\" of cash for purpose of c

1. Which of the following would be considered a "use" of cash for purpose of constructing a statement of cash flows? A) selling the company's own common stock to investors. B) iss…

1. Which of the following would be considered in a make-or-buy decision? A) fixe

1. Which of the following would be considered in a make-or-buy decision? A) fixed costs that will still be incurred B) prepaid rent expense for warehousing finished goods and inve…

1. Which of the following would not be considered a merchandising company? Whole

1. Which of the following would not be considered a merchandising company? Wholesaler Dot Com firm Service firm Retailer 2. Income from operations will always result if revenues e…

1. Which of the following would use process costing? Accounting firm Custom furn

1. Which of the following would use process costing? Accounting firm Custom furniture manufacturer Crayon manufacturer A. C. D. Airplane manufacturer 2. Equivalent units are usual…

1. Which of the folowing groups of eities are all subeact to taxarion on income?

1. Which of the folowing groups of eities are all subeact to taxarion on income? A Indvidls, propeetorahips and corporations B. Proprietorsthips, corporaions and trusts C. Individ…

1. Which of the six principles in the AICPA code of conduct is most related to a

1. Which of the six principles in the AICPA code of conduct is most related to article 1.5 of the California accountancy act? Explain your conclusion 2. Section 5062 of the Califo…

1. Which of these statements is true? The federal government\'s authority for le

1.         Which of these statements is true? The federal government's authority for levying an individual income tax emanates from the 16th Amendment to the Constitution. Primary…

1. Which of these transactions would produce $10,000 of revenue in December? (ch

1. Which of these transactions would produce $10,000 of revenue in December? (check all that apply) BOC Realty leases space to a tenant for December and the tenant pays the $10,00…