Financial Accounting

1) Which of the following account for the difference between the adjusted trial

1) Which of the following account for the difference between the adjusted trial balance and the post closing trial balance? Choose two. A) Permanent accounts are excluded. B) The …

1) Which of the following accounts is recorded as part of stockholders’ equity o

1) Which of the following accounts is recorded as part of stockholders’ equity on the Balance Sheet? 2) For 2014, CAP Corporation reported net income of $96,000; net sales $1,440,…

1) Which of the following demonstrates an effective internal control procedure?

1) Which of the following demonstrates an effective internal control procedure? Select one: a. Require signatures from a manager and one financial officer of the company on all ch…

1) Which of the following describes who the direct allocation method allocates s

1) Which of the following describes who the direct allocation method allocates support?department costs? A. it allocates each support??department's costs to operating departments …

1) Which of the following elements does not relate to the social aspect of tripl

1) Which of the following elements does not relate to the social aspect of triple bottom line reporting? a.Labour standards b.Revenues c.Health and Safety   d.Donations to communi…

1) Which of the following focuses on these five? factors: competitors, potential

1) Which of the following focuses on these five? factors: competitors, potential entrants to the? market, equivalent? products, bargaining power of? customers, and bargaining powe…

1) Which of the following is NOT an advantage of the corporate form of business

1) Which of the following is NOT an advantage of the corporate form of business organization? Select one: A. The ease with which capital can be raised B. The protection afforded s…

1) Which of the following is included in the cash flows from financing activitie

1) Which of the following is included in the cash flows from financing activities section of the statement of cash flows? A. Interest revenue. B. Sale of equipment. C. Interest ex…

1) Which of the following is true of a corporation? A) A corporation cannot be p

1) Which of the following is true of a corporation? A) A corporation cannot be privately held. B) The stockholders of a corporation have unlimited liability for the corporation's …

1) Which of the following questions best relates to the balanced? scorecard\'s i

1) Which of the following questions best relates to the balanced? scorecard's internal business processes? perspective? A. How do we streamline operations to lower costs to increa…

1) Which of the following represents the correct A) tr ansationsptorect flow of

1) Which of the following represents the correct A) tr ansationsptorect flow of accounting data? occur, transactions are preparedns are analyzed transasctions are joumalized and p…

1) Which of the following represents the number of shares currently owned by inv

1) Which of the following represents the number of shares currently owned by investors? Select one: a. Issued Shares b. Authorized shares. c. Treasury shares. d. Outstanding Share…

1) Which of the following statement is true? a. activity-based costing is a more

1) Which of the following statement is true? a. activity-based costing is a more detailed and complex costing method than is JIT costing b. Activity-based costing and JIT costing …

1) Which of the following statements is true regarding the classified balance sh

1) Which of the following statements is true regarding the classified balance sheet? Choose one. A) Current liabilities include accounts payable, salaries payable, and notes recei…

1) Which of the following would indicate poor internal control over accounts rec

1) Which of the following would indicate poor internal control over accounts receivable? 2) Accumulated depletion is a(n) 3) Allied Industries reported net income of $52,000, depr…

1) Which statement relating to revaluations of non-current assets is not true? S

1) Which statement relating to revaluations of non-current assets is not true? Select one: a. A revaluation increase is regarded as income to be added to the firm's profit for the…

1) Who includes goods in transit with shipping terms FOB destination point in th

1) Who includes goods in transit with shipping terms FOB destination point in their ending inventory? a. Seller b. Buyer c. Both d. Neither 2) ABC Retailer has the following inven…

1) Why is a decrease in prepaid expense listed on the cash flow statement as a p

1) Why is a decrease in prepaid expense listed on the cash flow statement as a positive adjustment to net income? 2) If a company reports an increase in accounts receivable and ac…

1) Why is having \"priority\" so important to a secured party? 2) In the event t

1) Why is having "priority" so important to a secured party? 2) In the event that a debtor files for bankruptcy after entering into a secured transaction who would have priority a…

1) Will exchanges a building with a FMV of $80,000, a basis of $35,000, and subj

1) Will exchanges a building with a FMV of $80,000, a basis of $35,000, and subject to a liability of $30,000 for land with a FMV of $50,000 owned by Jane. What is the amount real…

1) Witherspoon Corporation reports the following information on its financial st

1) Witherspoon Corporation reports the following information on its financial statements for the current year: Net income $40,000 Interest expense 6,000 Income tax expense 12,500 …

1) World Domination Enterprises is considering the purchase of equipment with a

1) World Domination Enterprises is considering the purchase of equipment with a cost of $800,000, a salvage value of $100,000, and an estimated useful life of 5 years. World Domin…

1) World Domination Enterprises is considering the purchase of equipment with a

1) World Domination Enterprises is considering the purchase of equipment with a cost of $800,000, a salvage value of $100,000, and an estimated useful life of 5 years. World Domin…

1) X Company is considering a modification to one of its main products that woul

1) X Company is considering a modification to one of its main products that would make it more attractive to customers. A market research study costing $8,000 was conducted, and i…

1) XYZ Company purchased machinery on October 1, 2015 for $106,000. The equipmen

1) XYZ Company purchased machinery on October 1, 2015 for $106,000. The equipment has an estimated useful life of 8 years and an estimated residual value of $10,000. The equipment…

1) You are auditing the accounts receivable balance of a cable television provid

1)             You are auditing the accounts receivable balance of a cable television provider.  Individual accounts receivables tend to be similar in amount to each other and cov…

1) You are faced with making a decision on a large capital investment proposal.

1) You are faced with making a decision on a large capital investment proposal. The capital investment amount is $640,000. Estimated annual revenue at the end of each year in the …

1) You are now a grown-up and have 2 children: Nicole, aged 6, and Yuri, aged 8.

1)You are now a grown-up and have 2 children: Nicole, aged 6, and Yuri, aged 8. They want to sell lemonade in the front yard for $.50 a glass. You agree that this would be a good …

1) You have decided that for Easter you want to dress up as a Bunny. You estimat

1) You have decided that for Easter you want to dress up as a Bunny.  You estimated that is would cost $45 to purchase all the piecesof the costume.  After spending $20 on the cos…

1) Zehms, Inc. has a contribution margin per unit of $21 and a contribution marg

1) Zehms, Inc. has a contribution margin per unit of $21 and a contribution margin ratio of 60%. How much is the selling price of each unit? A) Cannot be determined without more i…

1) [20 points] Toshiomi works as a sales representative and travels extensively

1) [20 points] Toshiomi works as a sales representative and travels extensively for his employers business. This year Toshiomi was paid $75,000 in salary and made the following ex…

1) [3 points] How would the GDP of a country change, if more people in that coun

1) [3 points] How would the GDP of a country change, if more people in that country starts hiring workers to do house chores such as cooking and cleaning? Item Amount (millions of…

1) ___ is the price sought by the ___ for his promise and the price sought by th

1) ___ is the price sought by the ___ for his promise and the price sought by the ___ for his or her ___ or performance. 2) An acceptance is the ____ showing/demonstration of agre…

1) ________ is the field that produces information for managers within an organi

1) ________ is the field that produces information for managers within an organization. A) Financial accounting B) Management accounting C) Financial auditing D) External auditing…

1) a bond with a face value of $100,000 and a quoted price of 101 5/8 as a selli

1) a bond with a face value of $100,000 and a quoted price of 101 5/8 as a selling price of? 2) The maturity value of a $2,000, 6%, 60-day note receivable dated february 10th is? …

1) determine profitability of the average customer in each category if the order

1) determine profitability of the average customer in each category if the order processing and sales costs are allocated on sales revenues 2) recalculate your solution for questi…

1) determine the single overhead rate, using the following allocation bases: A)

1) determine the single overhead rate, using the following allocation bases: A) direct labor hours and b) machine hours XYZ Company manufactures three products-Swiss cheese, Ameri…

1) ellen donoghue cosmetics ended the month of march with inventory of with inve

1) ellen donoghue cosmetics ended the month of march with inventory of with inventory of $23,000. They expect to end April with inventory of $14,000 after selling goods with a cos…

1) enter the adjusted balances from the trial balances and post the adjusting en

1) enter the adjusted balances from the trial balances and post the adjusting entries to the T-accounts, and post the closing entries to the T-accounts. cash beginning balance: en…

1) how do I compute plantwide rate overhead rate based on direct labor hours? 2)

1) how do I compute plantwide rate overhead rate based on direct labor hours? 2) How do I find what the total overhead costs assigned to products A and B assuming that overhead co…

1) if the projected benefit obligation for a pension plan exceeds the fair value

1) if the projected benefit obligation for a pension plan exceeds the fair value of plan assets at time of adoption of SFAS No 87, which one of following created? a. Cumulative as…

1) prepare costs of golds sold statement 2) Prepare income statement Wonderland

1) prepare costs of golds sold statement 2) Prepare income statement Wonderland Production House has provided the following account balances for the Year ending Dec 31st 2016 Prod…

1) the effect of stock dividend is to a) decrease total assets and stockholders

1) the effect of stock dividend is to a) decrease total assets and stockholders equity b) change the composition of stockholders equity c) decrease total assets and total liabilit…

1) which of the following is true of a corporation? a) Government regulation is

1) which of the following is true of a corporation? a) Government regulation is inexpensive and doesn't cost corporations any additional cost. b) income of a corporation is subjec…

1) which of the following represents the cost of the jobs sold during the period

1) which of the following represents the cost of the jobs sold during the period? a)Raw materials inventory b)Work in process inventory c) Finished goods inventory d) cost of good…

1) working capital 2)current ratio 4)accounts receivable turnover 5)Number of da

1) working capital 2)current ratio 4)accounts receivable turnover 5)Number of days sales 6) inventory turnover 7)Numbers of days sales in inventory 8) ratio of fixed assets long t…

1)) Presented below is information related to Mariey inc. pension data for 2011

1)) Presented below is information related to Mariey inc. pension data for 2011 Service cost Amortization of unrecognized net loss Amortization of unrecognized prior service cost …

1). An income statement that reports current tax benefit of $63,000, and deferre

1). An income statement that reports current tax benefit of $63,000, and deferred tax expense of $19,000 will report total income tax _____________ of $________.                  …

1). If a company had a contribution margin (CM) of $300,000 and a contribution m

1). If a company had a contribution margin (CM) of $300,000 and a contribution margin (CM) ratio of 40%, total variable costs (VIC) must have been A) $450,000. B) $180,000. C) $75…

1). Master Fab Inc. is considering an investment in equipment that will replace

1). Master Fab Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $135,000 with a $12,000 residual value and a 10-year life…