Financial Accounting

1. In cell C11, Create a nested if statement to look up the Sales Rep for each r

1. In cell C11, Create a nested if statement to look up the Sales Rep for each region that is found in cells L1:M5. Copy and paste the formula down through the rest of the databas…

1. In cell H11, create a formula to give the total cost of the order. Copy and p

1. In cell H11, create a formula to give the total cost of the order.  Copy and paste the formula down through the rest of the database to generate the total cost for each order l…

1. In comparing financial accounting with managerial accounting, managerial acco

1. In comparing financial accounting with managerial accounting, managerial accounting A.    Follows GAAP or IFRS reporting standards. B.    Emphasizes timeliness and sub-unit rep…

1. In divisional income statements prepared for Franklin Electrical Company, the

1. In divisional income statements prepared for Franklin Electrical Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll …

1. In each of the following independent cases determine the total number of depe

1. In each of the following independent cases determine the total number of dependency exemptions Tom may claim. Assume that Tom is single, 32 years old and any dependency test no…

1. In its annual report to shareholders, Belle Company reported that its shareho

1. In its annual report to shareholders, Belle Company reported that its shareholders’ equity decreased from $58 million as of the beginning of the year to $28 million at year-end…

1. In meeting the gross income test for claiming his father as a dependent, Jame

1. In meeting the gross income test for claiming his father as a dependent, James must consider the income received by his father. This income included gross rents of $3,000 (expe…

1. In order t o pay the least income tax possible in periods of rising inventory

1. In order t o pay the least income tax possible in periods of rising inventory costs , the company should use which of following inventory costing methods ? A. Average cost C. S…

1. In order to be a member of the OECD, a country must: be at a high point of ec

1. In order to be a member of the OECD, a country must: be at a high point of economic development and industrialization be a member of the European Union be a member of the North…

1. In order to determine inventory for its balance sheet, it is best for a compa

1. In order to determine inventory for its balance sheet, it is best for a company to count the inventory at the end of its accounting period for a. the periodic inventory system …

1. In packages of its products, Burnitz Inc. includes coupons that may be presen

1. In packages of its products, Burnitz Inc. includes coupons that may be presented at retail stores to obtain discounts on other Burnitz products. Retailers are reimbursed for th…

1. In periods of rising prices, which method results in the lowest taxable incom

1. In periods of rising prices, which method results in the lowest taxable income (Hint: use the four illustrations in the handout)? a. FIFO                                       …

1. In terms of insurance, what is moral hazard and what do insurance companies d

1.    In terms of insurance, what is moral hazard and what do insurance companies do to try to offset it? 2.            How did the drop in the birth rate cause problems for Socia…

1. In the LONG run, which of the following could be correct regarding the aggreg

1. In the LONG run, which of the following could be correct regarding the aggregate supply curve and aggregate demand curve? I. Quantity demanded is inversely related to the price…

1. In the USA: If the price of a $100 face value one-year bond is $105 and the c

1. In the USA:  If the price of a $100 face value one-year bond is $105 and the coupon is $10, what is the current yield? 2. Considering number 1 above, has the price of the bond …

1. In the aggregate demand–aggregate supply model, which of these changes is mos

1. In the aggregate demand–aggregate supply model, which of these changes is most likely when the cost of production increases in the long run? An increase in the potential output…

1. In the appropriate columns of your payroll register, record the marital statu

1. In the appropriate columns of your payroll register, record the marital status and number of withholding allowances claimed for each employee, using the information provided. 2…

1. In the circular flow model with government, what is the role of government in

1. In the circular flow model with government, what is the role of government in the resource market? a) buyer b) seller c) both d) none 2. The addition of government to the circu…

1. In the current year, Norris Corporation, has a $50,000 of ordinary business i

1. In the current year, Norris Corporation, has a $50,000 of ordinary business income, and a Net Long Term Capital Loss (NLTCL) of $4,800. Norris had no previous capital gains or …

1. In the first month of operations, the total of the debit entries to the cash

    1.     In the first month of operations, the total of the debit entries to the cash account amounted to $1900 and the total of the credit entries to the cash account amounted …

1. In the first month of operations, the total of the debit entries to the cash

  1.     In the first month of operations, the total of the debit entries to the cash account amounted to $1900 and the total of the credit entries to the cash account amounted to…

1. In the income statement of a manufacturing company, what replaces purchases i

1. In the income statement of a manufacturing company, what replaces purchases in the cost of goods section of a retail company? a.finished goods b. cost of merchandise available …

1. In the minimum transfer price formula, variable cost is defined as the variab

1. In the minimum transfer price formula, variable cost is defined as the variable cost of: A) Units sold externally B) All units sold, both internally and externally C) Units not…

1. In the past, the medical center has aggregated all facilities costs, and then

1. In the past, the medical center has aggregated all facilities costs, and then allocated the total amount on the basis of square footage. This methodology assigns an average cos…

1. In the summary of significant accounting policies, what is Buckle\'s procedur

1. In the summary of significant accounting policies, what is Buckle's procedure in accounting for inventory? 2. For the most recent year, what is the amount of inventory in the b…

1. In their 2015 annual report, Coca-Cola reported a total of $716 million that

1. In their 2015 annual report, Coca-Cola reported a total of $716 million that they are obligated to pay in the future (to lessors) for assets they lease. The lease contracts are…

1. In three years, Kelly wants to take a year off from work to travel around the

1. In three years, Kelly wants to take a year off from work to travel around the world. She believes it currently would cost $45,000, but it would increase 4% a year. Kelly antici…

1. In understanding a client\'s internal control, the most important aspect of a

1. In understanding a client's internal control, the most important aspect of any internal control is Hint: Think of substance versus form a. having competent and trustworthy pers…

1. In what fund would you record payment of a firefighter\'s salary? 2. Explain

1. In what fund would you record payment of a firefighter's salary? 2. Explain encumbrances. Give an example to show you understand the concept. 3. Explain how a property tax levy…

1. In what ways do you think I\'m like you? And not like you? 2. Who is the pers

1. In what ways do you think I'm like you? And not like you? 2. Who is the person who influenced your life the most? 3. Do you have a lost love? 4. Which new technology have you f…

1. In which of the following independent situations is the Sec 351 control requi

1. In which of the following independent situations is the Sec 351 control requirement met? Where it is not met, please tell me why? a) Jane transfers property to Jet corporation …

1. In which of the following situations would each of the members be responsible

1. In which of the following situations would each of the members be responsible for producing an equal share of the total amount of output sold by the cartel engaged in joint pro…

1. In which section of the balance sheet would treasury stock be reported? (Poin

1. In which section of the balance sheet would treasury stock be reported? (Points : 2)       Fixed assets       Long-term liabilities       Stockholders' equity       Intangible …

1. In which section of the balance sheet would treasury stock be reported? (Poin

1. In which section of the balance sheet would treasury stock be reported? (Points : 2)       Fixed assets       Long-term liabilities       Stockholders' equity       Intangible …

1. In which type of corporate reorganization do shareholders receive stock in at

1. In which type of corporate reorganization do shareholders receive stock in at least two other corporations, in exchange for all of the stock in the original corporation? a."Typ…

1. Income Statements 2013 2014 Net Sales $1,500,000 $1,800,000 Cost of Goods Sol

1. Income Statements 2013 2014 Net Sales $1,500,000 $1,800,000 Cost of Goods Sold 900,000 1,260,000 Gross Profit 600,000 540,000 Marketing 150,000 200,000 General & Administra…

1. Income from operations for Divison B is $150,000, total service department ch

1. Income from operations for Divison B is $150,000, total service department charges are $400,000 and operating expenses are $2,266,000. What are the revenues for Division B? A. …

1. Indicate below whether each activity would be nontaxable or taxable (subject

1. Indicate below whether each activity would be nontaxable or taxable (subject to UBTI) for a tax exempt investor: "U" = subject to UBTI "N" = nontaxable _____ Single family home…

1. Indicate the effect of each of the following transactions on total stockholde

1. Indicate the effect of each of the following transactions on total stockholders' equity by placing an "X" in the appropriate column. Increase Decrease No Effect 1. Treasury sto…

1. Indicate whether the balance of each of the following accounts is a net DR or

1. Indicate whether the balance of each of the following accounts is a net DR or net CR at 12/31 for 2016 and 2015; 2016 2015 a. Common Stock b. Treasury Stock c. Retained Earning…

1. Indirect manufacturing costs: a can be traced to the product that created the

1. Indirect manufacturing costs:      a  can be traced to the product that created the costs       b  may have a cause-and-effect relationship with capacity rather than with indiv…

1. Individual proprietors report their business income and deductions on: A. For

1. Individual proprietors report their business income and deductions on: A. Form 1065 B. Form 1120S C. Schedule C D. Schedule A E. Form 1041 2. According to the Internal Revenue …

1. Infinity Corporation purchased equipment with a 10-year useful life and zero

1. Infinity Corporation purchased equipment with a 10-year useful life and zero residual value for $10,000. At the end of the fifth year, the equipment is sold for $6,000. The ent…

1. Information from the records of the Barry Corporation for the month of June 2

1. Information from the records of the Barry Corporation for the month of June 2018 is as follows: Direct labor Factory overhead Purchases of direct materials Sales Selling and ad…

1. Information provided by financial accounting is Select one: A. Only applicabl

1. Information provided by financial accounting is Select one: A. Only applicable to business entities, not individuals. B. Only applicable to corporations. C. Intended to help cr…

1. Ingram Co. manufactures office furniture. During the most productive month of

1. Ingram Co. manufactures office furniture. During the most productive month of the year, 3,391 desks were manufactured at a total cost of $84,604. In its slowest month, the comp…

1. Installment Notes On January 1, 2018, Julee Enterprises borrows $30,000 from

1. Installment Notes On January 1, 2018, Julee Enterprises borrows $30,000 from a bank by agreeing to a 6%, 4-year note with the bank. Payments of $704.55 are due at the end of ea…

1. Instead of a production budget, a merchandiser will prepare a Select one: a.

1. Instead of a production budget, a merchandiser will prepare a Select one: a. sales forecast b. master time sheet c. pseudo-production budget d. merchandise purchases budget 2. …

1. Internal controls are often implemented to guard against theft of cash. To co

1. Internal controls are often implemented to guard against theft of cash. To conceal the theft of $1,500 cash, which journal entry might an accountant perform to best conceal the…

1. Internet companies that simply act as agent or broker for the transfer of goo

1. Internet companies that simply act as agent or broker for the transfer of goods must record revenue based on: a. the cost of the product sold. b. the fees it charges sellers. c…