Financial Accounting

1. The use of LIFO during a long inflationary period can result in: Significant

1. The use of LIFO during a long inflationary period can result in: Significant cash flow advantages over FIFO. A reduction in inventory turnover over FIFO. A net increase in inco…

1. The use of the installment sales method of accounting to recognize revenue is

1. The use of the installment sales method of accounting to recognize revenue is not in conformity with US GAAP and is nothing more than disguised "income smoothing 2. In recognit…

1. Theh following information was taken from the annual manufacturing overhead c

1. Theh following information was taken from the annual manufacturing overhead cost budget of Fergie manufacturing Variable manufacturing overhead costs: $92,000 Fixed Manufacturi…

1. There are several reasons why actual results differ from standards. Which of

1. There are several reasons why actual results differ from standards. Which of the following does not represent a reason why a variance might occur? A. Standards which do not ref…

1. Think about the transactions listed below. a. A company obtains a $10,000 loa

1.       Think about the transactions listed below. a.       A company obtains a $10,000 loan from a bank. b.      A company purchases $15,000 of inventory from its suppliers.  Th…

1. Think of the multi-user business applications that you use at work (i.e., Qui

1. Think of the multi-user business applications that you use at work (i.e., QuickBooks, Canvas, Peachtree Accounting and the like, *not* Microsoft Office Suite types). These mult…

1. This assignment is designed to identify students who need help early in the c

1. This assignment is designed to identify students who need help early in the class. Make a journal entry for each transaction on a sheet of paper. Include a brief explanation an…

1. This question deals with the optimal portfolio choice for an investor with me

1. This question deals with the optimal portfolio choice for an investor with mean-variance preferences in a world with two risky securities A and B, and a risk free asset, F. Sec…

1. This question is worth 20 points Amber & Bryan (both age 45), are marrid and

1. This question is worth 20 points Amber & Bryan (both age 45), are marrid and file a joing tax retum. 2017 income includes: I. salary of $200,000 2. Amber was in a car accid…

1. Threads Unlimited operates a chain of shirt stores that carry many styles of

1. Threads Unlimited operates a chain of shirt stores that carry many styles of shirts that are all sold at the same price. To encourage sales personnel to be aggressive in their …

1. Three years ago, Adrian purchased 170 shares of stock in X Corp. for $30,090.

1. Three years ago, Adrian purchased 170 shares of stock in X Corp. for $30,090. On December 30 of year 4, Adrian sells the 170 shares for $26,690 a. Assuming Adrian has no other …

1. Tidd Corporation makes a product with the following standard costs: Inputs St

1. Tidd Corporation makes a product with the following standard costs: Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 4.7 grams $…

1. Tilly Company had the following cost and volume data for the first four month

1. Tilly Company had the following cost and volume data for the first four months of the year. January: Cost of $52,500; volume of 9,000 units February: Cost of $40,000; volume of…

1. Tim and Diane were divorced in the current year (Year 1). Under the divorce a

1. Tim and Diane were divorced in the current year (Year 1). Under the divorce agreement, Diane is to receive $100,000 in the current year, $60,000 next year (Year 2) and nothing …

1. Title VII of the Civil Rights Act does not apply to firms opperating outside

1. Title VII of the Civil Rights Act does not apply to firms opperating outside the United States. A) True B) False 2.Some countries require substantial employee representation on…

1. To begin the operational budgeting process, the first budget to complete is t

1. To begin the operational budgeting process, the first budget to complete is the: Select one: a. Production budget b. Direct materials budget c. Selling and administrative budge…

1. To determine the future amount of $100,000 is to be received five years from

1. To determine the future amount of $100,000 is to be received five years from today, at 10 percent annual interest. (Round your FV factor to 3 decimal places and final answer to…

1. To determine the value of a LIFO layer, using dollar-value LIFO retail: (Poin

1. To determine the value of a LIFO layer, using dollar-value LIFO retail: (Points : 1)        Divide the LIFO layer by the layer year price index and multiply by the layer year c…

1. To entry to record, a purchase of merchandise on credit using a perpetual inv

1. To entry to record, a purchase of merchandise on credit using a perpetual inventory system includes. A. a debit to merchandise inventory and a credit to Account Payable B. a cr…

1. To measure depreciation, all of the following must be known EXCEPT (Points :

1. To measure depreciation, all of the following must be known EXCEPT (Points : 2) market value. residual value. historical cost. estimated life. 2. Book value is defined as (Poin…

1. To measure depreciation, all of the following must be known EXCEPT (Points :

1. To measure depreciation, all of the following must be known EXCEPT (Points : 2) market value. residual value. historical cost. estimated life. 2. Book value is defined as (Poin…

1. To register a trademark a. a trademark lawyer must first be consulted. b. an

1.         To register a trademark a.         a trademark lawyer must first be consulted. b.         an application must be filed with the U.S. Department of Commerce. c.         …

1. Todd%u2019s Garden Company manufactures a fertilizer known as Great Garden. T

1. Todd%u2019s Garden Company manufactures a fertilizer known as Great Garden. The manufacturing process begins in the Grading Department when raw materials are started in process…

1. Tom International, LLC has developed pessimistic, most likely, and optimistic

1.Tom International, LLC has developed pessimistic, most likely, and optimistic estimates for a project. The cost and benefit data are given in the table below. What is the expect…

1. Tomas and Saturn are partners who share income in the ratio of 3:1. Their cap

1. Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $83,600 and $38,300, respectively. The partnership generated net income of $40,80…

1. Tomas and Saturn are partners who share income in the ratio of 3:1. Their cap

1. Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $93,600 and $91,300, respectively. The partnership generated net income of $41,40…

1. Tonya had the following items for last year: Salary $40,000 Short-term capita

1. Tonya had the following items for last year: Salary $40,000 Short-term capital gain $12,000 Nonbusiness bad debt ($10,000) Long-term capital loss ($8,000) For the current year,…

1. Tonya had the following items for last year: Salary Short-term capital gain N

1. Tonya had the following items for last year: Salary Short-term capital gain Nonbusiness bad debt Long-term capital gain $40,000 12,000 (23,000) 8,000 For the current year, Tony…

1. Tonyco sells ice cream cones and ice cream sundaes. His only constraint is th

1. Tonyco sells ice cream cones and ice cream sundaes. His only constraint is that his employees can only work 100 hours per week. Roteshco would like to order 70 ice cream sundae…

1. Topper Toys has developed a new toy called the Brainbuster. The company has a

1. Topper Toys has developed a new toy called the Brainbuster. The company has a standard cost system to help control costs and has established the following standards for the Bra…

1. Topper Toys has developed a new toy called the Brainbuster. The company has a

1. Topper Toys has developed a new toy called the Brainbuster. The company has a standard cost system to help control costs and has established the following standards for the Bra…

1. Topper Toys has developed a new toy called the Brainbuster. The company has a

1. Topper Toys has developed a new toy called the Brainbuster. The company has a standard cost system to help control costs and has established the following standards for the Bra…

1. Tornado, an S corporation, has no earnings and profits. In 2017, Tornado dist

1. Tornado, an S corporation, has no earnings and profits. In 2017, Tornado distributed property with a fair market value of $32,500 and an adjusted basis of $26,000 to Dorothy, i…

1. Toscano Company makes all its sales on account. Accounts receivable payment e

1. Toscano Company makes all its sales on account. Accounts receivable payment experience is as follows: Percent paid in the month of sale 25% Percent paid in the month after the …

1. Total assets turnover measures the ability of a firm to: a. Generate profits

1. Total assets turnover measures the ability of a firm to: a. Generate profits on sales b. Generates sales through the use of assets C. Buy new Assets D. Move inventory E. Cover …

1. Trading securities are at reported fair value and included in net income. Tru

1. Trading securities are at reported fair value and included in net income. True or False? 2. A loss carryback to prior years income tax, results in a reduction to the loss in th…

1. Transactions for the month of June were: Purchases Sales June 1 (balance) 3,2

1. Transactions for the month of June were:                                    Purchases                                                          Sales                            …

1. Transcript Company is preparing a cash budget for February. The company expec

1. Transcript Company is preparing a cash budget for February. The company expects to have $150,000 cash at the beginning of February and anticipates total February sales of $800,…

1. Transfer Pricing Fillmore Industries is a vertically integrated firm with sev

1. Transfer Pricing Fillmore Industries is a vertically integrated firm with several divisions that operate as decentralized profit centers. Fillmore’s Systems Division manufactur…

1. Tranter, Inc., is considering a project that would have a nine-year life and

1. Tranter, Inc., is considering a project that would have a nine-year life and would require a $5,408,000 investment in equipment. At the end of nine years, the project would ter…

1. Tri Facts, a partnership, had revenues of $360,000 in its first year of opera

1. Tri Facts, a partnership, had revenues of $360,000 in its first year of operations. The partnership has not collected on $35,000 of its sales and still owes $40,000 on $150,000…

1. Tri Facts, a partnership, had revenues of $360,000 in its first year of opera

1. Tri Facts, a partnership, had revenues of $360,000 in its first year of operations. The partnership has not collected on $35,000 of its sales and still owes $40,000 on $150,000…

1. Tri Facts, a partnership, had revenues of $360,000 n its first year of operat

1. Tri Facts, a partnership, had revenues of $360,000 n its first year of operations. The partnership has not collected on $35,000 of its sales and still owes $48,000 on $150,000 …

1. Tricia Corporation is a single product firm that sells its product for $2.50

1. Tricia Corporation is a single product firm that sells its product for $2.50 per unit. Variable expense per unit at Tricia is $1.00. Tricia expects fixed expenses to total $18,…

1. Trident Corporation acquires Uvell Company’s assets and liabilities for $40,0

1. Trident Corporation acquires Uvell Company’s assets and liabilities for $40,000,000 in cash. At the date of acquisition, Uvell’s balance sheet reported assets of $90,000,000 an…

1. True or False : Future costs that do not differ between the alternatives in a

1. True or False : Future costs that do not differ between the alternatives in a decision are avoidable costs. 5. True or False : Fixed costs may or may not be relevant in decisio…

1. True or False. If two or more operating segments have essentially the same bu

1.     True or False. If two or more operating segments have essentially the same business activities in essentially the same economic environments, information for those individu…

1. True or False: A contribution margin income statement classifies costs by fun

1. True or False: A contribution margin income statement classifies costs by function; that is, costs are classified as either product costs or period costs. 2. True or False: The…

1. True or False? Jim’s 20 year old son by a prior relationship moved in with th

1. True or False? Jim’s 20 year old son by a prior relationship moved in with them December 25, 2014. The son is not a student and has no income. Jim's son can be claimed by Maria…

1. True or false (a) Time and risk are the most important factors in any investm

1. True or false (a) Time and risk are the most important factors in any investment evaluation. (b) Marginal revenue must exceed marginal cost. 2. Circle the correct answer (a) If…