Financial Accounting

1) The Town of Freeport collected $3,000 of prior year property taxes six months

1) The Town of Freeport collected $3,000 of prior year property taxes six months after year-end. Which of the following would not be part of the entry to record collection of deli…

1) The Up-Towner has sales of $913,400, costs of goods sold of $579,300, invento

1) The Up-Towner has sales of $913,400, costs of goods sold of $579,300, inventory of $187,400, and accounts receivable of $78,900. How many days, on average, does it take the fir…

1) The ability to meet humanity The ability to meet humanity\'s needs without ha

1)  The ability to meet humanity The ability to meet humanity's needs without harming future generations is now a top priority in most corporate agenda sustainability rules righte…

1) The actual information pertains to the third quarter. As part of the budget p

1) The actual information pertains to the third quarter. As part of the budget process, the Duck Decoy Department of Wooden figurines incorporated had developed the following stat…

1) The balance sheet for Stevenson Corporation reported the following: noncurren

1) The balance sheet for Stevenson Corporation reported the following: noncurrent assets, $240,000; total assets, $360,000; noncurrent liabilities, $176,000; total stockholders’ e…

1) The balance sheet shows: A. The results of business operations B. All revenue

1) The balance sheet shows: A.  The results of business operations B. All revenues and expenses C. The Amount of net income or loss D. The financial position of a business at a gi…

1) The board of directors declared cash dividends totaling $197,600 during the c

1) The board of directors declared cash dividends totaling $197,600 during the current year. The comparative balance sheet indicates dividends payable of $53,400 at the beginning …

1) The company wants to update their standards used in budgeting and accounting

1)   The company wants to update their standards used in budgeting and accounting process to reflect certain changes they are expecting. a)    Material price: Management is workin…

1) The concept based on the assumption that we get bargains on each unit we purc

1) The concept based on the assumption that we get bargains on each unit we purchase until the last one is called -marginal utility. -total utility. -the law of diminishing margin…

1) The cost formula for its materials and supplies is $1,990 per month plus $8 p

1) The cost formula for its materials and supplies is $1,990 per month plus $8 per vehicle. For the month of November, the company planned for activity of 92 vehicles, but the act…

1) The cost of an asset and its fair value are never the same. irrelevant when t

1) The cost of an asset and its fair value are never the same. irrelevant when the asset is used by the business in its operations. the same when the asset is sold. none of these …

1) The credit recorded in the journal to replenish the petty cash fund is to: a)

1) The credit recorded in the journal to replenish the petty cash fund is to: a) Petty Cash. b) Accounts Receivable. c) Accounts Payable. d) Cash. 2) Which of the following accoun…

1) The deferred tax expense is the - increase in balance of deferred tax asset p

1) The deferred tax expense is the - increase in balance of deferred tax asset plus the increase in balance of deferred tax liability. - decrease in balance of deferred tax asset …

1) The deferred tax expense is the - increase in balance of deferred tax asset p

1) The deferred tax expense is the - increase in balance of deferred tax asset plus the increase in balance of deferred tax liability. - decrease in balance of deferred tax asset …

1) The economic analysis carried out during project identification and selection

1) The economic analysis carried out during project identification and selection is rather superficial. Why is this? Consequently, what factors do you think tend to be most import…

1) The economic analysis carried out during project identification and selection

1) The economic analysis carried out during project identification and selection is rather superficial. Why is this? Consequently, what factors do you think tend to be most import…

1) The following account balances were included in the trial balance of Intermed

1) The following account balances were included in the trial balance of Intermediate at December 31, 2018. Corp. Sales revenue Sales discounts Cost of goods sold Salaries and wage…

1) The following cost and inventory data were taken from the records of the Flag

1) The following cost and inventory data were taken from the records of the Flagstaff Company for the year: Costs incurred: Depreciation, factory equipment Depreciation, office eq…

1) The following data, objectives, and constraints have been provided with respe

1) The following data, objectives, and constraints have been provided with respect to a proposed venture: Costs (including transportation costs) $3,900,000 Net leasable area (squa…

1) The following expenses are incurred by Robin, Inc. when it is organized on Ju

1) The following expenses are incurred by Robin, Inc. when it is organized on July 1: Attorney fees to draft charter Underwriter fees for stock sale Transfer cost for property con…

1) The following material standards have been established for a particular produ

1) The following material standards have been established for a particular product: Standard quantity per unit of output... 6.8 Meters Standard Price...$14.40 per Meter The follow…

1) The graphs below show four possible shifts in demand or supply that could occ

1)  The graphs below show four possible shifts in demand or supply that could occur in particular markets.  Relate each of the events described below to one of them. a)   The numb…

1) The income statement presents a summary of the: A) changes that occurred in t

1) The income statement presents a summary of the: A) changes that occurred in the stockholders' equity of an entity B) cash inflows and outflows of an entity C) revenues and expe…

1) The journal entries for a bank reconciliation A) Are taken from the \"balance

1) The journal entries for a bank reconciliation A) Are taken from the "balance per bank" section only. B) May include a debit to Office Expense for bank service charges. C) May i…

1) The process by which employers and employees’ representatives negotiate and a

1) The process by which employers and employees’ representatives negotiate and agree on the terms of employment for the employees is called: (1pts) collective bargaining. union re…

1) The process of acquiring merchandise from a supplier begins with the invoice.

1) The process of acquiring merchandise from a supplier begins with the invoice. 2) The records of Inland Equipment showed a net loss of $30,000, depreciation expense of $25,000, …

1) The products contribution margin is 39,000 this is computed by sales minus va

1) The products contribution margin is 39,000 this is computed by sales minus variable costs. The contribution margin ratio is 65%, this is computed by dividing the unit selling p…

1) The relationship between Marginal Cost and Average Total Cost is best describ

1) The relationship between Marginal Cost and Average Total Cost is best described as: (more than 1 correct answer) A) If marginal cost is decreasing, then average total cost is a…

1) The state lottery has given you the terrific news that you have just won the

1) The state lottery has given you the terrific news that you have just won the $3M jackpot and that you now have to choose whether you will receive a single payment of $3M (which…

1) The statement of cash flows is used for _____. A. showing the relationship of

1) The statement of cash flows is used for _____. A. showing the relationship of net income to changes in current assets B. determining a company%u2019s acceptable level of debt f…

1) The study of au individual financial statement item over several accounting p

1) The study of au individual financial statement item over several accounting periods is called: A) Time and motion analysis.C) Horizontal analysis. B) Ratio analysis. D) Ve1tica…

1) The term “derived demand” refers to the idea that (2pts) factor markets are l

1) The term “derived demand” refers to the idea that (2pts) factor markets are less important than product markets. a change in the demand for one good (cameras) will affect the d…

1) The working capital of a company is equal to 2) A company that uses leverage

1) The working capital of a company is equal to 2) A company that uses leverage is attempting to earn an overall return that is higher than the cost of funds received from 3) When…

1) To build a confidence interval for the average amount IUPUI undergraduate stu

1) To build a confidence interval for the average amount IUPUI undergraduate students spend on textbooks each academic year, a sample of n = 120 students provided a sample mean of…

1) To decide the cost of a product, managers use information about past and proj

1) To decide the cost of a product, managers use information about past and projected product costing and customer preferences. (1pts) True False 2) The following data were taken …

1) Total costs are $240,000 when 20,000 units are produced; of this amount, vari

1) Total costs are $240,000 when 20,000 units are produced; of this amount, variable costs are $80,000. What are the total costs when 22,000 units are produced? Multiple Choice $2…

1) Treads Corporation is considering the replacement of an old machine that is c

1) Treads Corporation is considering the replacement of an old machine that is currently being used. The old machine is fully depreciated but can be used by the corporation for fi…

1) Trevor Track Co. issues 5,000 shares of $1.50 par value common stock for $9 p

1) Trevor Track Co. issues 5,000 shares of $1.50 par value common stock for $9 per share. + a. What is the journal entry to record this transaction (You may or may not need all ro…

1) Truckers, Inc. has 105,000 shares of cumulative preferred stock outstanding.

1) Truckers, Inc. has 105,000 shares of cumulative preferred stock outstanding. The preferred stock pays dividends in the amount of $3 per share, but because of cash flow problems…

1) True and False. (4 questions worth 1 point each). For each question below, in

1) True and False. (4 questions worth 1 point each). For each question below, indicate whether the statement is True (T) or False (F) (4 POINTS) T F 1. Asunits are completed, thei…

1) True of False? \"If Congress changes the tax law to increase marginal tax rat

1) True of False? "If Congress changes the tax law to increase marginal tax rates, the price of municipal bonds will increase." 2) There are several mortgage risks. This is a uniq…

1) Trustme Vehical Rental Corporation has two departments, Car Rental and Truck

1) Trustme Vehical Rental Corporation has two departments, Car Rental and Truck Rental. Central costs may be allocated to the two departments in various ways. If advertising expen…

1) Una organización utiliza el control interno para mejorar la veracidad y confi

1) Una organización utiliza el control interno para mejorar la veracidad y confiabilidad de los registros contables y para: salvaguardar los activos. eliminar fraude. producir est…

1) Under GAAP, when a company installs safety and/or environmental devices in ex

1) Under GAAP, when a company installs safety and/or environmental devices in excess of what the law mandates, it is treated as part of the asset. However; under IFRS these additi…

1) Unique Aged Cheeses, Inc. specializes in producing two varieties of cheese wh

1) Unique Aged Cheeses, Inc. specializes in producing two varieties of cheese which require a 1-month setup process to procure and prepare the necessary raw materials, then an 18-…

1) Upon which of the following items does discounted cash flow methods for capit

1) Upon which of the following items does discounted cash flow methods for capital budgeting focus? 1) A) operating income and cost of capital B) cash inflows and required rate of…

1) Use information for Alexander Corporation from Question 5 of HW3 on CONNECT a

1)      Use information for Alexander Corporation from Question 5 of HW3 on CONNECT and prepare a partial COMPARATIVE balance sheet showing balances as of 12/31/2017 and 12/31/201…

1) Use the following information to compute the cost of goods manufactured. Assu

1) Use the following information to compute the cost of goods manufactured. Assume that all raw materials used were traceable to specific units of product. $35,750. $35,150 $36,65…

1) Use the formatted answ er sheet provided to analyze the effects of each of tr

1) Use the formatted answ er sheet provided to analyze the effects of each of transaction on the accounting equations of each fund or nonfund account affected by the transaction. …

1) Using accrual accounting, expenses are not recorded until the cash for the ex

1) Using accrual accounting, expenses are not recorded until the cash for the expense is disbursed. True False 2) The adjusting entry for accrued revenue always involves a: A.debi…