Financial Accounting
168450 questions • Page 132 / 3369
1. Which one of the following costs is classified as a period cost? (CIA adapted
1. Which one of the following costs is classified as a period cost? (CIA adapted) A. The wages of a worker paid for idle time resulting from a machine breakdown in the molding dep…
1. Which one of the following costs will not be included in the cost of equipmen
1. Which one of the following costs will not be included in the cost of equipment? a. Installation b. Freight c. Testing d. Annual insurance 2. Coronado Company purchased land for…
1. Which one of the following is most commonly used to assess the \"liquidity\"
1. Which one of the following is most commonly used to assess the "liquidity" of a company? a. Income Statement b. Balance Sheet c. Statement of Owners' Equity d. Statement of Cas…
1. Which one of the following is not a limitation of GDP? 1) GDP does not includ
1. Which one of the following is not a limitation of GDP? 1) GDP does not include unpaid labor 2) GDP does not value leisure time 3) GDP does not consider …
1. Which one of the following is not correct? a. For debt issued at par: interes
1. Which one of the following is not correct? a. For debt issued at par: interest expense reported on the income statement equals the cash paid for interest. b. Fo…
1. Which one of the following is not deductible? As part of his business of sell
1. Which one of the following is not deductible? As part of his business of selling illegal drugs, Fred paid $200 for supplies to manufacturer the Schedule 1 drug, heroin. When Ar…
1. Which one of the following statements is correct (true) with respect to the f
1. Which one of the following statements is correct (true) with respect to the following two ratios: Inventory turnover ratio = COGS/Ave. Inventory Days to sell = 365/Inventory tu…
1. Which statement is FALSE about interest rate swaps. Select one: a. The counte
1. Which statement is FALSE about interest rate swaps. Select one: a. The counterparty who agrees to pay the swap rate is called the payer. The counterparty who agrees to pay the …
1. Which statement is normally prepared first? (Points : 3) Income statement Bal
1. Which statement is normally prepared first? (Points : 3) Income statement Balance sheet Statement of cash flows Retained earnings statement 2. When a bu…
1. Which statement is normally prepared first? (Points : 3) Income statement Bal
1. Which statement is normally prepared first? (Points : 3) Income statement Balance sheet Statement of cash flows Retained earnings statement 2. When a business borrows money, it…
1. Which statement, if any, is accurate regarding Treasury Regulations? a. Tempo
1. Which statement, if any, is accurate regarding Treasury Regulations? a. Temporary Regulations cannot become final until the expiration of at least 30 days after they are publis…
1. Which type of retailer tends to be the most frequently shopped? a. Convenienc
1. Which type of retailer tends to be the most frequently shopped? a. Convenience stores b. Department stores c. Supermarkets d. Off-price retailers e. Superstores 2. As a result …
1. Whidbey Co. fixed budget for the year is shown below Sales (50,000 units) Cos
1. Whidbey Co. fixed budget for the year is shown below Sales (50,000 units) Cost of goods sold: S1,300,000 S150,000 Direct materials Direct labor Overhead (includes $2 per unit v…
1. While Congress believed that Sarbanes-Oxley would improve corporate corruptio
1. While Congress believed that Sarbanes-Oxley would improve corporate corruption and prevent future corporate scandals, it has actually contributed to workplace deviance in publi…
1. While congress believed that Sarbanes-Oxley would improve corporate corruptio
1. While congress believed that Sarbanes-Oxley would improve corporate corruption and prevent future corporate scandals, it has actually contributed to workplace deviance in publi…
1. While preparing the cash flow statement of a company, its accountant observed
1. While preparing the cash flow statement of a company, its accountant observed an increase of $100,000 in the value of cash and cash equivalents of the company. Which of the fol…
1. Whirlpool Corporation sells electric appliances, including automatic washing
1. Whirlpool Corporation sells electric appliances, including automatic washing machines Suppose that experience in recent years has indicated that warranty costs average 3.0% of …
1. Whiteside Corporation issues $503,000 of 9% bonds, due in 11 years, with inte
1. Whiteside Corporation issues $503,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 12%. Compute the…
1. Whitling & Sons is preparing to pay its quarterly dividend which will be $0.8
1. Whitling & Sons is preparing to pay its quarterly dividend which will be $0.80 a share this quarter. The stock closed at $39.40 a share today. If you ignore the tax on divi…
1. Who are Valerie\'s qualifying persons for Head of Household filing status? A.
1. Who are Valerie's qualifying persons for Head of Household filing status? A. Annie, Patrick, and Ethan B. Patrick and Ethan (this choice is wrong) C. Annie and Ethan D. Annie a…
1. Why are adjustments needed on the worksheet? 2. Why do you adjust for supplie
1. Why are adjustments needed on the worksheet? 2. Why do you adjust for supplies used? 3. What is depreciation? Why does it need to be adjusted? 4. Why is a worksheet useful in p…
1. Why did housing prices rise rapidly during 2002-2005? Why did the mortgage de
1. Why did housing prices rise rapidly during 2002-2005? Why did the mortgage default rate increase so sharply during 2006 and 2007 even before the 2008-2009 recession began…
1. Why do financial crises occur and why are they so damaging to the economy? 2.
1. Why do financial crises occur and why are they so damaging to the economy? 2. Suppose the Bank of Canada announces that it will raise the money supply in the future but does no…
1. Why do financial crises occur and why are they so damaging to the economy? 2.
1. Why do financial crises occur and why are they so damaging to the economy? 2. Suppose the Bank of Canada announces that it will raise the money supply in the future but does no…
1. Why does inflation make nominal GDP a poor measure of the increase in total p
1. Why does inflation make nominal GDP a poor measure of the increase in total production? 2. Which component of GDP will be affected by each of the following transac…
1. Why is it important to periodically take a physical inventory if the perpetua
1. Why is it important to periodically take a physical inventory if the perpetual system is used? 2. Which of the three methods of inventory costing - FIFO, LIFO or average cost w…
1. Why is studying Auditing different from studying other accounting topics? 2.
1. Why is studying Auditing different from studying other accounting topics? 2. How might understanding auditing concepts prove useful for consultants, business managers, and othe…
1. Why is the perpetual inventory system superior to the periodic system for bus
1. Why is the perpetual inventory system superior to the periodic system for business purposes? 2. What are the two allowance methods used to account for bad debts. Ex…
1. Why should the responsibility for related transactions be divided among diffe
1. Why should the responsibility for related transactions be divided among different departments or individuals? 2. What are the benefits of having a Petty Cash fund available wit…
1. Why would users want to see cash flows broken out into three parts (operating
1. Why would users want to see cash flows broken out into three parts (operating, investing, and financing)? What's the purpose of this structure? 2. Companies often use Accounts …
1. Why, oh Why . . . Why are the itemized deductions what they are? Why allow ho
1. Why, oh Why . . . Why are the itemized deductions what they are? Why allow home mortgage interest, but not credit card interest? Why allow medical expense deductions…
1. Wiggins is the sole shareholder of the Tamale Corporation, a calendar-year S
1. Wiggins is the sole shareholder of the Tamale Corporation, a calendar-year S corporation. Tamale is indebted to Wiggins in the amount of $5,000. For the current year, Tamale ea…
1. Wild\'s Flowers sells $400 of flowers for a wedding and the customer pays wit
1. Wild's Flowers sells $400 of flowers for a wedding and the customer pays with a bank credit card (e.g., VISA). Wild's Flowers must pay 3% to the credit card company for credit …
1. Wilder Company manufactures two models of its banjo, the Basic and the Luxury
1. Wilder Company manufactures two models of its banjo, the Basic and the Luxury. The Basic model requires 10,000 direct labor hours and the Luxury requires 30,000 direct labor ho…
1. Williams Construction Company changed from the cost-recovery to the percentag
1. Williams Construction Company changed from the cost-recovery to the percentage-of-completion method of accounting for long-term construction contracts during 2015. For tax purp…
1. Williams Furniture Company has the following data: 70 points Williams Furnitu
1. Williams Furniture Company has the following data: 70 points Williams Furniture Balance Sheet December 31, 201x Assets: Cash …
1. Wilpen Company, a price-setting firm produces nearly 80% of all tennis balls
1. Wilpen Company, a price-setting firm produces nearly 80% of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by usin…
1. Wilpen Company, a price-setting firm produces nearly 80% of all tennis balls
1. Wilpen Company, a price-setting firm produces nearly 80% of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by usin…
1. Winthrop Manufacturing produces a product that sells for $50.00. Fixed costs
1. Winthrop Manufacturing produces a product that sells for $50.00. Fixed costs are $260,000 and variable costs are $24.00 per unit. Winthrop can buy a new production machine that…
1. Winthrop Manufacturing produces a product that sells for $50.00. Fixed costs
1. Winthrop Manufacturing produces a product that sells for $50.00. Fixed costs are $260,000 and variable costs are $24.00 per unit. Winthrop can buy a new production machine that…
1. Winthrop Manufacturing produces a product that sells for $50.00. Fixed costs
1. Winthrop Manufacturing produces a product that sells for $50.00. Fixed costs are $260,000 and variable costs are $24.00 per unit. Winthrop can buy a new production machine that…
1. Wissota Co. applies overhead based on direct labor hours. The variable overhe
1. Wissota Co. applies overhead based on direct labor hours. The variable overhead standard is 4 hours at $6 per hour. During February, Wissota Co. spent $56,700 for variable over…
1. With interest at 10%, what is the benefit-cost ratio for this government proj
1. With interest at 10%, what is the benefit-cost ratio for this government project? Enter your answer as follow: 12.34 2. You borrow $10,000 at 15% per year and will pay off the …
1. Wizard Industries purchased $13,100 of merchandise on February 1, 2012, subje
1. Wizard Industries purchased $13,100 of merchandise on February 1, 2012, subject to a trade discount of 8% and with credit terms of 3/15, n/60. It returned $3,500 (gross price b…
1. Wizard Industries purchased $13,100 of merchandise on February 1, 2012, subje
1. Wizard Industries purchased $13,100 of merchandise on February 1, 2012, subject to a trade discount of 8% and with credit terms of 3/15, n/60. It returned $3,500 (gross price b…
1. Wood You Manufacturing Company incurs many costs and expenses in making furni
1. Wood You Manufacturing Company incurs many costs and expenses in making furniture. The cost of lumber to build a chair is a a: Direct material b. Direct labor c. Manufacturing …
1. Would it be considered unusal to find debits to fixedassets coming from a jou
1. Would it be considered unusal to find debits to fixedassets coming from a journal entry source rather than a purchasejournal? Explain. 2. Would it be normal to find entried to …
1. Would you rather have a savings account that paid 4 percent interest, compoun
1. Would you rather have a savings account that paid 4 percent interest, compounded on a monthly basis, or one that compounded interest on an annual basis. Why? 2. The interest on…
1. Write the journal entries Jul. 17 Purchased 57 watches for $8,037 ($141 per w
1. Write the journal entries Jul. 17 Purchased 57 watches for $8,037 ($141 per watch) on account. Jul. 31 Sold 44 watches for $13,596 cash. Aug. 12 Purchased 43 watches for $6,708…
1. Wryski Corporation had net operating income of $150,000 and average operating
1. Wryski Corporation had net operating income of $150,000 and average operating assets of $500,000. The company requires a return on investment of 19%. SHOW ALL WORK. Required: a…
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Financial Accounting
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