Financial Accounting

1) Using the FASB coding system as a guide, which depreciation method would you

1) Using the FASB coding system as a guide, which depreciation method would you recommend for a business within the computer manufacturing industry? a * Do you consider that manag…

1) Using the information above, prepare the master budget for handbags only for

1) Using the information above, prepare the master budget for handbags only for the quarter ending 30th September 2017. 2) Outline the advantages and disadvantages of traditional …

1) Valdez Corporation has provided the following contribution format income stat

1) Valdez Corporation has provided the following contribution format income statement. Assume that the following information is within the relevant range. 2) Lister Corporation ha…

1) WHAT IS COST OF GOODS SOLD? 2) WHAT IS UNCOLLECTIBLE ACCOUNTS EXPENSE ** Hamp

1) WHAT IS COST OF GOODS SOLD? 2) WHAT IS UNCOLLECTIBLE ACCOUNTS EXPENSE ** Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The compa…

1) Wages earned by employees during December (’17) and to be paid in January (’1

1) Wages earned by employees during December (’17) and to be paid in January (’18) are $35,875; associated payroll taxes on these wages are $2,910. (Record in two separate adjusti…

1) Walnut has forecast sales for the next three months as follows: July 4,800 un

1) Walnut has forecast sales for the next three months as follows: July 4,800 units, August 6,300 units, September 8,300 units. Walnut's policy is to have an ending inventory of 4…

1) Weingartner Corporation, a merchandising company, reported sales of 4,800 uni

1) Weingartner Corporation, a merchandising company, reported sales of 4,800 units for July at a selling price of $269 per unit. The cost of goods sold (all variable) was $114 per…

1) Westwood Appliances accounts receivable balance on May 31 is $72,000 (.20 x M

1) Westwood Appliances accounts receivable balance on May 31 is $72,000 (.20 x May sales of $360,000). Their monthly forecasted sales are: June: $437,000, July: $441,000, August: …

1) Wexim To S1,100 of the merchandise. When recordin ys purchased merchandise fr

1) Wexim To S1,100 of the merchandise. When recordin ys purchased merchandise from a supplier on credit, terms 2/10, n/30 for $9,300. Three days later, the company returned g the …

1) What amount of other expenses would be included in Adger’s planning budget fo

1)  What amount of other expenses would be included in Adger’s planning budget for May? 2) What activity variance would Adger report in May with respect to its revenue? (Indicate …

1) What are the Total Sales expected for the first quarter?\" You will not have

1) What are the Total Sales expected for the first quarter?" You will not have time to complete this guide in class! Leaf Industries is preparing its master budget for 2013. Relev…

1) What are the budgeted sales for July? 2) What are the expected cash collectio

1) What are the budgeted sales for July? 2)  What are the expected cash collections for July? 3)  What is the accounts receivable balance at the end of July? 4)  According to the …

1) What are the budgeted sales for July? 2) What are the expected cash collectio

1)  What are the budgeted sales for July? 2)  What are the expected cash collections for July? 3)  What is the accounts receivable balance at the end of July? 4)  According to the…

1) What are the two categories of budgets which make up a master budget? 2) A co

1) What are the two categories of budgets which make up a master budget? 2) A company has budgeted its 4th quarter 2015 sales as follows: October - 7000 units November - 7500 unit…

1) What data does the Integrated Program Management Report (IPMR) Format 3 detai

1) What data does the Integrated Program Management Report (IPMR) Format 3 detail? (IMAGE DESCRIPTION: IPMR Format 3 sample shows section 6, Performance Data, which includes repre…

1) What does the change from 2009 to 2010 (decreasing) in the percent return on

1) What does the change from 2009 to 2010 (decreasing) in the percent return on assets mean for the company? 2) The CFO wants a projection for 2011 showing a net profit margin of …

1) What is Adger’s other expenses spending variance for May? (Indicate the effec

1)  What is Adger’s other expenses spending variance for May? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (…

1) What is FOB shipping Point and FOB Destination Point? 2) Where does Office Su

1) What is FOB shipping Point and FOB Destination Point? 2) Where does Office Supply Expense go on the Income Statement? 3) Using the Gross Method, how do Discounts Lost and Disco…

1) What is Hogue Sports Hut’s degree of operating leverage? 2) If Anna Hogue, th

1) What is Hogue Sports Hut’s degree of operating leverage? 2) If Anna Hogue, the company’s president, is successful in increasing sales revenue by 5%, by what percent will the co…

1) What is last year\'s residual income? 2) What is the residual income of this

1) What is last year's residual income? 2)  What is the residual income of this year’s investment opportunity? 3)  If the company pursues the investment opportunity and otherwise …

1) What is last year’s margin? 2) What is last year’s turnover? (Round your answ

1)  What is last year’s margin? 2)  What is last year’s turnover? (Round your answer to 1 decimal place.) 3)  What is last year’s return on investment (ROI)? 4)  What is the margi…

1) What is more important from the standpoint of inventory costing: accrual acco

1) What is more important from the standpoint of inventory costing: accrual accounting or valuation? 2) Under what condition would all four methods of inventory pricing produce ex…

1) What is the advantage of using comparative statements for financial analysis

1) What is the advantage of using comparative statements for financial analysis rather than statements for a single date or period? 2)What do the following data taken from a compa…

1) What is the best way to handle manufacturing overhead costs in order to get t

1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? A.  The company should apply overhead using an estimated rate …

1) What is the company’s predetermined overhead rate? (Round your answers to 2 d

1) What is the company’s predetermined overhead rate? (Round your answers to 2 decimal places.) 2) How much manufacturing overhead was applied to Job P and Job Q? (Round your inte…

1) What is the ending inventory on a FIFO basis? 2) What is the cost of goods so

1) What is the ending inventory on a FIFO basis? 2) What is the cost of goods sold on a FIFO basis? 3) What is the ending invest on a LIFO basis? 4) Ehat is the cost of goods sold…

1) What is the estimated raw materials inventory balance at the end of July? 2)

1)  What is the estimated raw materials inventory balance at the end of July? 2)  What is the total estimated direct labor cost for July assuming the direct labor workforce is adj…

1) What is the financial advantage/ disadvantage of accepting the special order

1) What is the financial advantage/ disadvantage of accepting the special order ? 2) As a separate matter from the special order, assume the company’s inventory includes 1,000 uni…

1) What is the first budget that should be done and why? 2) Budgetary control is

1) What is the first budget that should be done and why? 2) Budgetary control is the use of budgets in controlling operations. What are the steps in budgetary control? 2) What is …

1) What is the labor rate variance for March? (Indicate the effect of each varia

1)  What is the labor rate variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero vari…

1) What is the liability called that arises from an expense that the business ha

1) What is the liability called that arises from an expense that the business has incurred but has not yet paid? A.It is called a prepaid expense. B.It is referred to as an accrue…

1) What is the major difference between the Securities Act of 1933 & 1934? 2) Wh

1) What is the major difference between the Securities Act of 1933 & 1934? 2) Why is it that many commentators have stated that The 1933 act requirement created the profession…

1) What is the primary difference between the income sections for Form 1120 and

1) What is the primary difference between the income sections for Form 1120 and Form 1120S? A) Rental real estate is reported on the 1120S. B) Dividend and interest income is repo…

1) What is the process and how I can solve this question please! Bovine Company,

1) What is the process and how I can solve this question please! Bovine Company, a wholesale distributor of DVD's, has been experiencing losses for some time, as shown by its most…

1) What is the purpose of Statement of Cash Flows? 2) Why do we need Statement o

1) What is the purpose of Statement of Cash Flows? 2) Why do we need Statement of Cash Flows? 3)Statement of Cash Flows tracks net changes in cash flow. Transactions are grouped i…

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 tha…

1) What makes accounting a valuable discipline? 2) Sole proprietorships, partner

1) What makes accounting a valuable discipline? 2) Sole proprietorships, partnerships, and corporations differ legally; how and why does accounting treat them alike? 3) Why do man…

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?…

1) What type of strategy consists of geographical pricing, price discounts and a

1)  What type of strategy consists of geographical pricing, price discounts and allowances, promotional pricing, and differentiated pricing? Altered pricing Regular prices Fixed p…

1) When a business sets up a credit account for a customer, a/an ___________ is

1) When a business sets up a credit account for a customer, a/an ___________ is created. a. T account b. Accounts receivable c. Accounts payable d. Interest payable 2) An account …

1) When a company has net income, what happens to its stockholders\' equity, its

1) When a company has net income, what happens to its stockholders' equity, its assets, and/or its liabilities? 2) Is accrual accounting more closely related to a company's goal o…

1) When a corporation issues capital stock at a price higher than the par value:

1)When a corporation issues capital stock at a price higher than the par value: a.The amount received over par value increases retained earnings. b.The entire issue price is credi…

1) When demand is elastic -a price increase lowers total revenue. -the percentag

1) When demand is elastic -a price increase lowers total revenue. -the percentage change in quantity demanded is greater than the percentage change in price. -buyers are sensitive…

1) When demand is elastic -a price increase lowers total revenue. -the percentag

1) When demand is elastic -a price increase lowers total revenue. -the percentage change in quantity demanded is greater than the percentage change in price. -buyers are sensitive…

1) When making Managerial decisions, explain what financial and non-financial in

1) When making Managerial decisions, explain what financial and non-financial information is involved in the decision making process? 2) Explain the following concepts utilized in…

1) When should an average amount be used for the numerator or denominator? a) Wh

1) When should an average amount be used for the numerator or denominator? a) When the numerator is a balance sheet item or items. b) When the denominator is a balance sheet item …

1) When the account are closed, what will be the total debits to income Summary?

1) When the account are closed, what will be the total debits to income Summary? 2) When the accounts are closed, what will be the tital credits to Income Summary? 3) What ws the …

1) When the market rate of interest was 12%, Patel Corporation issued $1,000,000

1) When the market rate of interest was 12%, Patel Corporation issued $1,000,000, 11%, 10-year bonds that pay interest annually. The selling price of this bond issue was a. $ 321,…

1) When the operating activities section of the statement of cash flows is repor

1) When the operating activities section of the statement of cash flows is reported using the direct method, the FASB requires: 1. a. The preparation of the statement of cash flow…

1) Which form of business organization would be most appropriate in each of the

1) Which form of business organization would be most appropriate in each of the following cases. Sole proprietorship, Partnership, Corporation, Co-operative, Government enterprise…