Financial Accounting

1. The following information was taken from the annual manufacturing overhead co

1. The following information was taken from the annual manufacturing overhead cost budget of Coen Company.                         Variable manufacturing overhead costs           …

1. The following inventory balances relate to Lequin Manufacturing Corporation a

1. The following inventory balances relate to Lequin Manufacturing Corporation at the beginning and end of the year: Lequin's total manufacturing cost was $543,000. What was Lequi…

1. The following is a list of various costs of producing T-shirts. Classify each

     1.   The following is a list of various costs of producing T-shirts. Classify each cost as either a variable, fixed, or mixed cost for units produced and sold. (a) Leather us…

1. The following is a list of various costs of producing T-shirts. Classify each

1. The following is a list of various costs of producing T-shirts. Classify each cost as either a variable, fixed, or mixed cost for units produced and sold. (a) Leather used to m…

1. The following is a list of various costs of producing sweatshirts. Classify e

1.   The following is a list of various costs of producing sweatshirts. Classify each cost as either a variable, fixed, or mixed cost for units produced and sold. (a) Lubricants u…

1. The following is a partial list of business transactions for Ortega Consultin

1. The following is a partial list of business transactions for Ortega Consulting Company. They all took place during the months of November and December 2011. Record each of the …

1. The following is located under the Stockholder\'s Equity section of a balance

1. The following is located under the Stockholder's Equity section of a balance sheet: Preferred 3% stock, $100 par $102,000 Common stock, $50 par $549,900 A. How many shares of c…

1. The following is selected financial information for Edison Bank for the year

1. The following is selected financial information for Edison Bank for the year ended December 31, 2015 Net Income (Revenue) $80,000 Owner, Withdrawals 12,500 Owner, Capital (1/1/…

1. The following is selected financial information from Tilly’s, Inc. Prepare th

1. The following is selected financial information from Tilly’s, Inc. Prepare the Income Statement, Balance Sheet and Cash Flow for February 2014 and 2013 using the below info. Ti…

1. The following is true of the operational budget, except for: Select one: a. I

1. The following is true of the operational budget, except for: Select one: a. It has a short-term focus, usually one-year b. It sets a plan for the purchase of assets c. It is co…

1. The following items are reported on a company\'s balance sheet: Round your an

1. The following items are reported on a company's balance sheet: Round your answers to two decimal places. a. Determine the current ratio.       b. Determine the quick ratio.    …

1. The following items are taken from the financial statements of the Postal Ser

1. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: Accounts payable $ 19,000 Accounts receivable 11,000 Ac…

1. The following monthly data are taken from Ramirez Company at July 31: Sales s

1. The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $200,000; office salaries, $160,000; federal income taxes withheld, $90,000; state income …

1. The following payments and receipts are related to land, land improvements, a

1. The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an as…

1. The following selected data relate to the Ohio Division of Midwest Industries

1. The following selected data relate to the Ohio Division of Midwest Industries (MWI) Sales revenue Uncontrollable fixed costs traceable to the division Allocated c Controllable …

1. The following standards for variable manufacturing overhead have been establi

1. The following standards for variable manufacturing overhead have been established for a company that makes only one product:   Standard hours per unit of output 7.2 hours   Sta…

1. The following totals for the month of April were taken from the payroll recor

1. The following totals for the month of April were taken from the payroll records of Splish Brothers Inc.. The entry to record the payment of net payroll would include a a. debit…

1. The following units of an inventory item were available for sale during the y

1. The following units of an inventory item were available for sale during the year: The firm uses the periodic inventory system. During the year, 21 units of the item were sold. …

1. The income statement is prepared from: (Points: 2) the adjusted trial balance

1. The income statement is prepared from: (Points: 2) the adjusted trial balance. the income statement columns of the work sheet. either the adjusted trial balance or the income s…

1. The information presented here represents selected data from the December 31,

1. The information presented here represents selected data from the December 31, 2010, balance sheets and income statements for the year then ended for three firms. Calculate the …

1. The initial cost of a pickup truck is $12,622 and will have a salvage value o

1. The initial cost of a pickup truck is $12,622 and will have a salvage value of $4,336 after five years. Maintenance is estimated to be a uniform gradient amount of $104 per yea…

1. The initial selling price for a share of stock is called the: A. list price B

1. The initial selling price for a share of stock is called the: A. list price B. stated value C. par value D. issue price 2. The journal entry to record $230,000 of bonds that we…

1. The interests of users of financial statements coincide. Public companies sho

1. The interests of users of financial statements coincide. Public companies should use accounting principles that result in higher levels of reported income. 2. Which of these wo…

1. The internal rate of return method assumes that the cash flows generated by t

1. The internal rate of return method assumes that the cash flows generated by the project are immediately reinvested elsewhere at a rate of return that equals the internal rate o…

1. The inventory at June 1 and costs charged to Work in Process—Department 60 du

1. The inventory at June 1 and costs charged to Work in Process—Department 60 during June are as follows: 3,800 units, 80% completed ($25,000 materials, $35,400 conversion) $ 60,4…

1. The inventory at May 1 and the costs charged to Work in Process--Department B

1.       The inventory at May 1 and the costs charged to Work in Process--Department B during May for Olga Company are as follows: Beginning WIP – Dept B, 12,000 units, 60% comple…

1. The journal entry in the seller’s books to record an account deemed uncollect

1. The journal entry in the seller’s books to record an account deemed uncollectible in a factoring agreement with recourse would include a a. Debit to Bad Debt Expense b. Debit t…

1. The journal entry to adjust the records from Nothin\' But Organization bank r

1. The journal entry to adjust the records from Nothin' But Organization bank reconciliation would include: a) the total of outstanding checks b) deposits in transit c) notificati…

1. The just-in-time (JIT) philosophy attempts to reduce setup times, which will:

1. The just-in-time (JIT) philosophy attempts to reduce setup times, which will: A. increase batch sizes B. not affect batch sizes C. increase within-batch wait time D. decrease w…

1. The language of price controls Suppose that, in a competitive market without

1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon. Complete the followi…

1. The limit or ceiling on the amount of interest that can be capitalized on an

1. The limit or ceiling on the amount of interest that can be capitalized on an operational asset under construction is based on the: (a) (b) (c) (d) Total amount of actual intere…

1. The management function that requires managers to look ahead and establish ob

1. The management function that requires managers to look ahead and establish objectives is a controlling b. directing c planning d. censtraining 2. Which one of the following is …

1. The management of Kozloff Corporation is considering introducing a new produc

1. The management of Kozloff Corporation is considering introducing a new product--a compact barbecue. At a selling price of $74 per unit, management projects sales of 80,000 unit…

1. The manufacturing cost per unit for absorption costing is usually, but not al

1. The manufacturing cost per unit for absorption costing is usually, but not always, A. higher than manufacturing cost per unit for variable costing. B. usually, but not always, …

1. The manufacturing overhead budget at Latronica Corporation is based on budget

1. The manufacturing overhead budget at Latronica Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 6,600 direct labor-hours will be requ…

1. The marginal cost of consuming each ·cnp of coffee is $1.50, while the margin

1. The marginal cost of consuming each ·cnp of coffee is $1.50, while the marginal benefit derived is $4 for the first cup, and decreases by $1 for each cup consumed thereafter. A…

1. The marginal private benefit for good X is 100-4X. 2. The marginal external b

1. The marginal private benefit for good X is 100-4X. 2. The marginal external benefit of good X is 1X 3. The marginal private cost of good X is 2X. 6. The profit-maximizing outpu…

1. The market for smartphones is generally considered an oligopoly market, with

1. The market for smartphones is generally considered an oligopoly market, with the top 4 firms accounting for roughly 80% of sales. What is the most important thing a producer of…

1. The matching concept a. addresses the relationship between the journal and th

1. The matching concept a. addresses the relationship between the journal and the balance sheet. b. determines whether the normal balance of an account is a debit or credit. c. re…

1. The net income reported on the income statement for the current year was $132

1. The net income reported on the income statement for the current year was $132,000. Depreciation recorded on store equipment for the year amounted to $21,800. Balances of the cu…

1. The net initial investment for a piece of construction equipment is $1,000,00

1. The net initial investment for a piece of construction equipment is $1,000,000. Annual cash inflows are expected to increase by $200,000 per year. The equipment has a 8-year us…

1. The normal balance of accounts payable account is a______ because it isa(an)_

1. The normal balance of accounts payable account is a______      because it isa(an)_______accoint a. debit, asset b. credit liability c. debit, expense d. credit revenue Journali…

1. The objectives of internal control are to a. control the internal organizatio

1. The objectives of internal control are to a. control the internal organization of the accounting department personnel and equipment b. provide reasonable assurance that assets …

1. The office manager just submitted hisresignation and the search for a replace

1.    The office manager just submitted hisresignation and the search for a replacement must be organized. 2.    A loan officer from the company’sbank just phoned saying that the …

1. The only relevant costs in non-routine decision making are future costs that

1. The only relevant costs in non-routine decision making are future costs that vary among decision alternatives. True or False? 2. In deciding whether to sell an old copy machine…

1. The only risk you would NOT have in loaning money to the United States Govern

1. The only risk you would NOT have in loaning money to the United States Government (Uncle Sugar) is _____ risk. a- liquidity; b- maturity; c- default 2.Euro dollars are _____ an…

1. The opportunity cost of getting an MBA at University includes the time you gi

1.       The opportunity cost of getting an MBA at University includes the time you give up to prepare for exams. (True or False) Why? 2.       For hypothesis to be called scienti…

1. The owner\'s equity is (Points: 2) added to assets and the two are equal to l

1. The owner's equity is (Points: 2) added to assets and the two are equal to liabilities added to liabilities and the two are equal to assets subtracted from liabilities and the …

1. The packaging machine in a cookie manufacturing company broke down in the mid

1. The packaging machine in a cookie manufacturing company broke down in the middle of a shift. No one noticed the problem for 30 minutes. An entire batch of cookies (representing…

1. The partner capital account is what type of account and what is the capital a

1. The partner capital account is what type of account and what is the capital accounts normal balances? A. Asset account , normal balance B. Equity account, normal debit balance …