Financial Accounting

1. When individual products become identifiable. 2. The difference in revenue be

1. When individual products become identifiable. 2. The difference in revenue between alternatives. 3. A cost incurred by several departments. 4. A cost that won't be incurred for…

1. When individual products become identifiable. 2. The difference in revenue be

1. When individual products become identifiable. 2. The difference in revenue between alternatives. 3. A cost incurred by several departments. 4. A cost that won't be incurred for…

1. When job order costing is used in a service business, the allocation of direc

1. When job order costing is used in a service business, the allocation of direct labor costs is normally based on direct labor hours, and the allocation of indirect costs is norm…

1. When merchandise that was sold on account is returned, which accounts are aff

1. When merchandise that was sold on account is returned, which accounts are affected? a. Cash, accounts receivable, cost of goods sold, and sales returns b. Sales returns, accoun…

1. When more hours of labor time are necessary to complete a job than the standa

1. When more hours of labor time are necessary to complete a job than the standard allows, the labor rate variance is unfavorable. A) True B) False 2. Standard costs should genera…

1. When preparing the operating activities section of the statement of cash flow

1. When preparing the operating activities section of the statement of cash flows using the indirect method, a decrease in accounts recievable is subtracted from net income. True …

1. When prices are falling, which inventory method generally produces a more acc

1. When prices are falling, which inventory method generally produces a more accurate Ending Invento 3.In March 2012, X Corp. purchased an item of inventory for $400. By June, tha…

1. When reviewing a Form 4562, what information will a lender learn about the bu

1.  When reviewing a Form 4562, what information will a lender learn about the business? A. The amount of any capital gains tax payments. B. The amount of proceeds received from u…

1. When the amount paid for land is $36,000 and the amount paid for expenses is

1. When the amount paid for land is $36,000 and the amount paid for expenses is $10,000, the balance in total assets after transaction (b) is $ 2. When the amount paid for land is…

1. When the auditor attempts to understand the operation of the accounting syste

1. When the auditor attempts to understand the operation of the accounting system by tracing a few transactions through the accounting system, this is referred to as a) tests of t…

1. When the effective yield of a bond is the same as the coupon rate on the bond

1. When the effective yield of a bond is the same as the coupon rate on the bond, the bond is sold at: a) A discount. B) A premium. C) Par. d) A price above par. 2. When a bond is…

1. When the price of Widgets increases, the A: Supply increases B: Quantity supp

1. When the price of Widgets increases, the A: Supply increases B: Quantity supply increases C: Supply decreases D: Quantity supplied decreases E: Quantity demand increases 2. Oth…

1. When there is considerable doubt about the client\'s ability to continue as a

1. When there is considerable doubt about the client's ability to continue as a going concern, management's plans to overcome the issue should be: a. Disregarded if the conditions…

1. When tolls on the Dulles Airport Greenway were increased from $1.25 to $1.50,

1. When tolls on the Dulles Airport Greenway were increased from $1.25 to $1.50, traffic decreased from 21,000 to 16,000 trips a day. Assuming all changes in quantity were due to …

1. When treasury stock is purchased for $42 per share and subsequently sold for

1. When treasury stock is purchased for $42 per share and subsequently sold for $47 per share, treasury stock is credited for $____ per share and Paid-in Capital from the Sale of …

1. When using the high-low method for estimating the fixed and variable portion

1. When using the high-low method for estimating the fixed and variable portion of a mixed cost, you must first find the high and low points of sales. Then, to find the variable c…

1. When valuing raw materials inventory at lower-of-cost-or-market, what is the

1.       When valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term "market"? a.   Net realizable value b.   Net realizable value less a norm…

1. When you graduate you have $15,000 on your credit card which charges an APR o

1. When you graduate you have $15,000 on your credit card which charges an APR of 14% compounded monthly. The credit card company tells you that your minimum payment is $232.90. I…

1. When you refer to a bond\'s coupon, you are referring to which one of the fol

1. When you refer to a bond's coupon, you are referring to which one of the following? a. The difference between the purchase price and the face value b. Annual interest divided b…

1. Where on the financial statement(balance sheet) where the account receivable

1. Where on the financial statement(balance sheet) where the account receivable appear It is not simply as asset 2. Where is statement of cash flow, interest payment interest payo…

1. Which ARIMA model type is used to derive forecasts of a variable based only o

1. Which ARIMA model type is used to derive forecasts of a variable based only on a linear function of its lagged data values? a) b) c) d) an autoregressive model 2. Autocorrelati…

1. Which U.S. household income \"quintile(s)\" (fifths) have experienced increas

1. Which U.S. household income "quintile(s)" (fifths) have experienced increases in the share of total income they received in 2016 (compared to 1997)? A) Only the highest quintil…

1. Which account is to be debited to write off uncollectible receivable? account

1. Which account is to be debited to write off uncollectible receivable? accounts receivable account accounts payable account uncollectible expense account cash in bank account Th…

1. Which cost estimation method does not use the company\'s cost information as

1. Which cost estimation method does not use the company's cost information as its primary source of information about the relationship between total costs and activity levels? Sc…

1. Which credential is associated with management accountants? A) CPA B) IMA C)

1. Which credential is associated with management accountants? A) CPA B) IMA C) CFP D) CMA 2. ________ is the field that produces information used primarily by managers within an …

1. Which ethical threat relates to accountants forcing other individuals in a co

1. Which ethical threat relates to accountants forcing other individuals in a corporation to record a transaction against their will? a. Professional Competence and Due Care b. In…

1. Which financial accounts for ABC Company are affected by the fraudulent activ

1. Which financial accounts for ABC Company are affected by the fraudulent activities and how much? Identify and calculate the monetary effects on financial accounts. PART I:    F…

1. Which financial statement would you utilize to determine whether a company wi

1. Which financial statement would you utilize to determine whether a company will be able to pay liabilities which are due in 30 days? A. Income statement B. Balance sheet C. Sta…

1. Which intangible assets are amortized? Limited-Life Indefinite-Life a. Yes Ye

1. Which intangible assets are amortized? Limited-Life Indefinite-Life a. Yes Yes b. Yes No c. No Yes d. No No 2. Buerhle Company needs to determine if its indefinite-life intangi…

1. Which method of handling entry of a new partner, and exit of retiring partner

1. Which method of handling entry of a new partner, and exit of retiring partners is preferred by the FASB, and consequently considered generally accepted accountin g principles? …

1. Which of the following accounts will be closed by debiting the Income Summary

1. Which of the following accounts will be closed by debiting the Income Summary account? 2. Which of the following statements is true if the income statement credit column exceed…

1. Which of the following accounts will be closed by debiting the Income Summary

1. Which of the following accounts will be closed by debiting the Income Summary account? 2. A company purchased inventory for $3,000 from a vendor on account, FOB shipping point,…

1. Which of the following accounts would be closed at the end of an accounting p

1. Which of the following accounts would be closed at the end of an accounting period? a. Accounts receivable b. Land c. Account payable d. None of the accounts listed would be cl…

1. Which of the following accounts would not be considered when calculating the

1. Which of the following accounts would not be considered when calculating the quick ratio? a)Marketable securities. b)Inventory. c)Accounts receivable. d)Accounts payable. 2. Wh…

1. Which of the following accounts would not be debited in the process of prepar

1. Which of the following accounts would not be debited in the process of preparing closing entries for A Company a. Retained Earnings. b. Service Revenue. c. None of these answer…

1. Which of the following are included in the 4. According to the FASB and IASB

1. Which of the following are included in the 4. According to the FASB and IASB conceptual frame- Accounting Standards Codification? work, neutrality is a component of I. Financia…

1. Which of the following are never subtracted from but always added to regular

1. Which of the following are never subtracted from but always added to regular taxable income or tentative alternative minimum taxable income to compute alternative minimum taxab…

1. Which of the following are valid control procedures? A. B. C. D. Segregation

1. Which of the following are valid control procedures? A. B. C. D. Segregation of duties Adequate documents and records Independent checks on performance All of the above 2. The …

1. Which of the following attributes most clearly differentiates a CPA who audit

1. Which of the following attributes most clearly differentiates a CPA who audits management's financial statements as contrasted to management? Requirements for training, indepen…

1. Which of the following below generally is the most useful in analyzing compan

1.        Which of the following below generally is the most useful in analyzing companies of different sizes a. comparative statements b. common-sized financial statements c. pri…

1. Which of the following business unit performance measures could be appropriat

1. Which of the following business unit performance measures could be appropriately used to evaluate a cost center? A)    Return on investment (ROI) B)   Residual income C)   Econ…

1. Which of the following business unit performance measures could be appropriat

1. Which of the following business unit performance measures could be appropriately used to evaluate a cost center? A)    Return on investment (ROI) B)   Residual income C)   Econ…

1. Which of the following business unit performance measures could be appropriat

1. Which of the following business unit performance measures could be appropriately used to evaluate a cost center? A)    Return on investment (ROI) B)   Residual income C)   Econ…

1. Which of the following concepts relates to separating the reporting of busine

1. Which of the following concepts relates to separating the reporting of business and personal economic transactions? a. cost concept b. unit of measure concept c. business entit…

1. Which of the following controls would be most effective in assuring that reco

1. Which of the following controls would be most effective in assuring that recorded purchases are free of material errors? A. Purchase orders, receiving orders, and vendors' invo…

1. Which of the following correctly describes the effects of a decrease in net t

1. Which of the following correctly describes the effects of a decrease in net taxes?? ?There is no effect on either disposable income, consumption, or saving.    2. Which of the …

1. Which of the following costs are irrelevant to business decisions? A. Unavoid

1. Which of the following costs are irrelevant to business decisions? A. Unavoidable costs B. Costs that differ between alternatives C. Incremental costs D. Variable costs 2. What…

1. Which of the following costs are the benefits that are forfeited or lost when

1. Which of the following costs are the benefits that are forfeited or lost when one alternative is chosen over another? A. Sunk cost B. Direct cost C. Incremental cost D. Opportu…

1. Which of the following could not possibly be a closing entry? a. Debit Income

1. Which of the following could not possibly be a closing entry? a. Debit Income Summary and credit Retained Eamings b. Debit Retained Earnings and credit Dividends c. Debit Retai…

1. Which of the following describes the order in which costs flow through a manu

1.     Which of the following describes the order in which costs flow through a manufacturer Which of the following describes the order in which costs flow through a manufacturer'…