Financial Accounting

1.To increase total asset turnover, management must either increase sales or red

1.To increase total asset turnover, management must either increase sales or reduce total stockholders' equity. T/F 2.The formula for the average sale period is: Average sale peri…

1.Treasury stock purchases made with cash are classified as cash outflows from f

1.Treasury stock purchases made with cash are classified as cash outflows from financing activities on the statement of cash flows. True False 2. When preparing the operating acti…

1.Trius Inc. borrowed $2,500,000 from its bank on December 1, 2013. The term is

1.Trius Inc. borrowed $2,500,000 from its bank on December 1, 2013. The term is 10 years, with annual payments of $250,000 plus interest due starting December 1, 2014. If Trius do…

1.True or false. If all the coefficients a1, a2, , an in the objective function

1.True or false. If all the coefficients a1, a2, , an in the objective function P = a1x1 + a2x2 + + anxn are nonpositive, then the only solution of the problem is x1 = x2 = = xn a…

1.U.S. international transactions are recorded in the balance of payments. a.Ide

1.U.S. international transactions are recorded in the balance of payments. a.Identify if each of the following transactions would be recorded as an increase or decrease in the bal…

1.UC Cars operates a fleet of cars for hire in Singapore. In planning its operat

1.UC Cars operates a fleet of cars for hire in Singapore. In planning its operations for February, UC Cars estimated that it would carry fare-paying passengers for 40,000 km at an…

1.Unit-level activities include (choose the most complete answer) A. Special Pro

1.Unit-level activities include (choose the most complete answer) A. Special Processing B. Special Processing and Factory Supervision C. Factory Supervision D. Machine Setup E. Ma…

1.Use the following information from Marvel Company for the month of July to ans

1.Use the following information from Marvel Company for the month of July to answer questions 1 through 3 July 1 Beginning inventory 50 units @$15 each July 3 Purchase 80 units @$…

1.Use this information to answer the following question Alcorn & Zeto Company In

1.Use this information to answer the following question Alcorn & Zeto Company Income Statement For the Year Ended December 31, 20x7 Revenues Net sales $104,750 Dividend income…

1.Used bottling equipment was acquired by Summit Brewing at a cost of $900,000 o

1.Used bottling equipment was acquired by Summit Brewing at a cost of $900,000 on August 1, 2010. Its estimated salvage value is $ -0- and its expected life is five years. Calcula…

1.Using the following transactions, calculate (a) net income for the period, as

1.Using the following transactions, calculate (a) net income for the period, as well as the ending balance of (b) total assets, (c) total liabilities, and (d) Cash. a.Opened busin…

1.Utilize the following events to: A. Record the general journal entries for eac

1.Utilize the following events to: A. Record the general journal entries for each event assuming a Perpetual System. B. Set up the following T-accounts: Cash (assume a $40,000 beg…

1.Variable costs are best defined as: Choose one answer. a. varying directly in

1.Variable costs are best defined as: Choose one answer. a. varying directly in proportion with the number of employees. b. varying from period to period. c. varying over time. d.…

1.Vaughn Manufacturing can produce and sell only one of the following two produc

1.Vaughn Manufacturing can produce and sell only one of the following two products: Oven Contribution Hours Required Margin Per Unit Muffins 0.2 $7 Coffee Cakes 0.3 $8 The company…

1.Warlace Company provided the following information from its accounting records

1.Warlace Company provided the following information from its accounting records during the year: Acquired land by signing a loan $ 150,000 Proceeds from issuing stock 90,000 Divi…

1.What are the principal objections to the use of the average rate of return in

1.What are the principal objections to the use of the average rate of return in evaluating capital investment proposals? 2. Discuss the principal limitations of the cash payback m…

1.What does the calculation of each ratio represent? 2.How does year one compare

1.What does the calculation of each ratio represent? 2.How does year one compare with year two, and what trend can be seen when you compare the two years? 3.Is the trend from year…

1.What is a “30-day letter?” A.. A letter notifying the taxpayer of an auditor\'

1.What is a “30-day letter?” A.. A letter notifying the taxpayer of an auditor's proposed changes and the taxpayer's right to appeal. B.. A Notice of Federal Tax Lien. C.. A levy …

1.What is meant by primary liability in the context of negotiable instruments? E

1.What is meant by primary liability in the context of negotiable instruments? Explain in detail. Please provide a real world example. 2. Brief the case with the following link be…

1.What is the company’s total gross margin under absorption costing? 2.What is t

1.What is the company’s total gross margin under absorption costing? 2.What is the company’s net operating income (loss) under absorption costing? 3.What is the amount of the diff…

1.What is the most effective way to audit an industry that changes rapidly? a. D

1.What is the most effective way to audit an industry that changes rapidly? a. Develop expectations of what amounts should be, given industry data. b.Expand the sample sizes durin…

1.What is the most effective way to audit an industry that changes rapidly? a. D

1.What is the most effective way to audit an industry that changes rapidly? a. Develop expectations of what amounts should be, given industry data. b.Expand the sample sizes durin…

1.What were the cash and cash equivalents reported by Coca-Cola and PepsiCo at t

1.What were the cash and cash equivalents reported by Coca-Cola and PepsiCo at the end of 2013? What does each company classify as cash equivalents? 2. What were the accounts rece…

1.What would be considered normal spoilage (in units)? 2.What\'s the equivalent

1.What would be considered normal spoilage (in units)? 2.What's the equivalent units of production (materials) ? 3.What's the equivalent units of production (conversion)? 4.What i…

1.When calculating ROA, net income is measured before interest and the income ta

1.When calculating ROA, net income is measured before interest and the income tax impact of that interest because: (Pick all that apply, if any). Question 9 options: Removing the …

1.When did the first country start to experience sustained economic growth? a. 1

1.When did the first country start to experience sustained economic growth? a. 1 CE. b. 1300 CE. c. 1500 CE. d. 1800 CE. 2.Which of the following features helps explain why sustai…

1.When reconciling variable costing and absorption costing net operating income,

1.When reconciling variable costing and absorption costing net operating income, fixed manufacturing overhead costs deferred in inventory under absorption costing should be deduct…

1.When the actual price charged for a raw material purchased on account exceeds

1.When the actual price charged for a raw material purchased on account exceeds its standard price, the journal entry would include A) Credit to Accounts Payable; Debit to Materia…

1.When the actual price charged for a raw material purchased on account exceeds

1.When the actual price charged for a raw material purchased on account exceeds its standard price, the journal entry would include A) Credit to Accounts Payable; Debit to Materia…

1.Which advertising scenario is likely to provide the least amount of economic u

1.Which advertising scenario is likely to provide the least amount of economic usefulness? A) NFL player Peyton Manning is shown throwing a football in a toothpaste commercial. B)…

1.Which of the following characteristics refers to the fact that the property in

1.Which of the following characteristics refers to the fact that the property invested in a partnership by a partner becomes the joint property of all the partners? a. Mutual agen…

1.Which of the following expenditures would be included as a cost of an asset? S

1.Which of the following expenditures would be included as a cost of an asset? Select one: a.Mistakes in installation b.Vandalism c.Delinquent property taxes d.Uninsured theft los…

1.Which of the following features helps explain why sustained improvements in li

1.Which of the following features helps explain why sustained improvements in living standards are possible in the Solow but not the Malthus model? a. Productivity can increase in…

1.Which of the following is NOT a period cost? Multiple Choice Depreciation of f

1.Which of the following is NOT a period cost? Multiple Choice Depreciation of factory maintenance equipment. Salary of a clerk who handles customer billing. Insurance on a compan…

1.Which of the following is an example of a liability? The amount contributed to

1.Which of the following is an example of a liability? The amount contributed to the business by your partner An amount which must be paid to a business that sold your company sup…

1.Which of the following is not a type of materiality? Auditor’s materiality Per

1.Which of the following is not a type of materiality? Auditor’s materiality Performance materiality Overall materiality SUM 2.T/F. The planned audit evidence is subject to change…

1.Which of the following is not an option available to a taxpayer who disagrees

1.Which of the following is not an option available to a taxpayer who disagrees with an auditor's proposed changes? A.. Wait until the IRS issues a Notice of Deficiency, and then …

1.Which of the following is one of the most commonly used means to determine whi

1.Which of the following is one of the most commonly used means to determine which cost variances to investigate? A. Control chart B. Dashboarding C. Benchmarking D. Cost analysis…

1.Which of the following statements about conversion of income is correct? a. co

1.Which of the following statements about conversion of income is correct? a. converting ordinary income into capital gain is a beneficial tax planning strategy b. converting capi…

1.Which of the following statements about short-term decisions is false? a. Shor

1.Which of the following statements about short-term decisions is false? a. Short-term decisions are made within the period covered by the current annual budget, generally less th…

1.Which of the following statements about the limitations of Value Chain Analysi

1.Which of the following statements about the limitations of Value Chain Analysis is false? a. Truly comparable activities may be difficult to identify. b. Information may be diff…

1.Which of the following statements about the limitations of Value Chain Analysi

1.Which of the following statements about the limitations of Value Chain Analysis is false? a. Truly comparable activities may be difficult to identify. b. Information may be diff…

1.Which of the following statements concerning the exemption phaseout is true ?

1.Which of the following statements concerning the exemption phaseout is true? a.The phaseout applies only to taxpayers with a 39.6% marginal income tax rate. b.The phaseout can r…

1.Which of the following statements is NOT true about a partnership name? a.The

1.Which of the following statements is NOT true about a partnership name? a.The name is an asset of the partnership that may be sold or assigned. The name must include the word "c…

1.Which of the following statements is least likely to be true about a data ware

1.Which of the following statements is least likely to be true about a data warehouse? It may be deployed by organizations that have not implemented an ERP. It contains data that …

1.Which of the following statements is true? A.Fixed costs are constant on a per

1.Which of the following statements is true? A.Fixed costs are constant on a per unit basis. B.Variable costs per unit decrease as activity volume increases. C.Variable costs are …

1.Which of the following transactions will affect the balance of? Owner, Capital

1.Which of the following transactions will affect the balance of? Owner, Capital? A. collection on account B. paid accounts payable C. paid rent expense for the month D. purchased…

1.Which of the following transactions will increase a corporation\'s operating r

1.Which of the following transactions will increase a corporation's operating return on assets? A) sell stock and use the money to pay off some long-term debt B) sell 10-year bond…

1.Which of the following will cause the production possibilities frontier to shi

1.Which of the following will cause the production possibilities frontier to shift outward? An increase in aggregate demand. An increase in transfer payments. A decrease in long-r…

1.Which of the following would be accounted for using a job order cost system? a

1.Which of the following would be accounted for using a job order cost system? a)The production of personal computers b)The refining of petroleum c)The construction of a new campu…