Financial Accounting

Which of the following is correct concerning the open-economy macroeconomic mode

Which of the following is correct concerning the open-economy macroeconomic model? The net-capital-outflow curve slopes upward. The key determinant of net capital outflow is the r…

Which of the following is correct for JIT Purchasing? Uses Push Method Delivers

Which of the following is correct for JIT Purchasing? Uses Push Method Delivers small quantities of materials and parts in trucks and vans. Uses many vendors and selects the one w…

Which of the following is correct for Smith Company when Smith issues 10,000 sha

Which of the following is correct for Smith Company when Smith issues 10,000 shares of $10 par value common stock and pays $23,000 cash in exchange for the building? Smith Company…

Which of the following is correct regarding the operating activities section of

Which of the following is correct regarding the operating activities section of the statement of cash flows? The change in Accounts Payable will be added to net income; The change…

Which of the following is correct when land costing $20,000 is sold for $29,000?

Which of the following is correct when land costing $20,000 is sold for $29,000? The land was a component of property and equipment on the balance sheet. Revenues arc debited for …

Which of the following is correct when making a decision about outsourcing? OA.

Which of the following is correct when making a decision about outsourcing? OA. the dherential costs of makrgte produc exceedte diferenial costs of outeurengthe product shold be o…

Which of the following is correct: Sales activity (volume) variance is used to m

Which of the following is correct: Sales activity (volume) variance is used to measure effectiveness and flexible budget variance is used to measure efficiency. Flexible budget va…

Which of the following is correct? (a) A change in the inherent risk of an inves

Which of the following is correct? (a) A change in the inherent risk of an investment will cause a movement along the Security Market Line. (b) A change in investors' attitudes to…

Which of the following is correct? A. The gain basis for property received by gi

Which of the following is correct? A. The gain basis for property received by gift is the lesser of the donor's adjusted basis or the fair market value on the date of the gift. B.…

Which of the following is correct? A.) If a bond is sellinag a t a discount , th

Which of the following is correct? A.) If a bond is sellinag a t a discount , the yield to call is a better measure of return than the yield to maturity. B.) On an expected yield …

Which of the following is correct? When oligopolies collude they make lower prof

Which of the following is correct? When oligopolies collude they make lower profits and consumers of the product are worse off. they make higher profits but consumers of the produ…

Which of the following is defined as an act discreditable in either the Rules or

Which of the following is defined as an act discreditable in either the Rules or the interpretations of the AICPA's Code of Professional conduct? (Hint: think of AICPA's bylaws) a…

Which of the following is evidence of fiscal independence for the purpose of con

Which of the following is evidence of fiscal independence for the purpose of considering whether one legally separate organization is a component unit of another? A. The potential…

Which of the following is false with regard to budgetary planning? Question 10 o

Which of the following is false with regard to budgetary planning? Question 10 options: For a service enterprise, the critical factor in budgeting is coordinating professional sta…

Which of the following is false with regard to the element \"comprehensive incom

Which of the following is false with regard to the element "comprehensive income"? It is more inclusive than the traditional notion of net income. It includes net income and all o…

Which of the following is false? O Most companies report receivables on their ba

Which of the following is false? O Most companies report receivables on their balance shets at the net realizable value O The face value of Accounts Recevable plus the balance in …

Which of the following is generally not considered in determining the \"cost\" o

Which of the following is generally not considered in determining the "cost" of land? Special assessments for local improvements. Costs of clearing, grading and filling land to ge…

Which of the following is generally true about the differences between U.S. GAAP

          Which of the following is generally true about the differences between U.S. GAAP and IASB standards? Answer                                                     U.S. GAAP…

Which of the following is impossible for a country to choose simultaneously? Que

Which of the following is impossible for a country to choose simultaneously? Question 17 options: fixed exchange rate, free capital flows, and an independent monetary policy flexi…

Which of the following is in accordance with generally accepted accounting princ

Which of the following is in accordance with generally accepted accounting principles? a. Accrual-basis accounting b.   Cash-basis accounting c. Both accrual-basis and cash-basis …

Which of the following is included in the calculation of cash receipts from inve

Which of the following is included in the calculation of cash receipts from investing activities? Answer a. Payments for acquisition of plant assets b. Making new loans c. Proceed…

Which of the following is incorrect as to category, normal balance, financial st

Which of the following is incorrect as to category, normal balance, financial statement, to increase, to decrease A) Cash - asset, debit, balance sheet, credit, debit B) Accounts …

Which of the following is incorrect for Smith Company when Smith issues 12,000 s

Which of the following is incorrect for Smith Company when Smith issues 12,000 shares of $20 par value common stock and pays $22,000 cash in exchange for a building? The market pr…

Which of the following is incorrect for Smith Company when Smith issues 12,300 s

Which of the following is incorrect for Smith Company when Smith issues 12,300 shares of $20 par value common stock and pays $22,300 cash in exchange for a building? The market pr…

Which of the following is indicative of increased risk of fradulent financial re

Which of the following is indicative of increased risk of fradulent financial reporting (FFR)? a. the company's accounting principles require little interpretation or the exercise…

Which of the following is most likely to be a response to the auditor’s assessme

Which of the following is most likely to be a response to the auditor’s assessment that the risk of material misstatement due to fraud for the existence of inventory is high? A. R…

Which of the following is most likely to be able to sustain economic growth in a

Which of the following is most likely to be able to sustain economic growth in an economy? Answer accumulations of economic resources sustained increases in the labor force partic…

Which of the following is most likely to be ruled by a court to be an unconscion

Which of the following is most likely to be ruled by a court to be an unconscionable remedy limitation under the UCC? A provision that limits consequential damages for personal in…

Which of the following is most likely to increase days\' sales in accounts recei

Which of the following is most likely to increase days' sales in accounts receivable at the end of the year for Tep, Inc.? Why? A. Credit terms were tightened on several large acc…

Which of the following is most likely to indicate a significant deficiency relat

Which of the following is most likely to indicate a significant deficiency relating to a client’s anti fraud programs? A “whistle blower†program that encourages anonymous su…

Which of the following is not a business Transaction? Hiring new employees Purch

Which of the following is not a business Transaction? Hiring new employees Purchasing office supplies Receiving fees for services Incurring interest on a business loan. The follow…

Which of the following is not a characteristic of a constructive retirement of b

Which of the following is not a characteristic of a constructive retirement of bonds from an intercompany bond transaction? a. Bonds are retired for consolidated statement purpose…

Which of the following is not a characteristic of a rollover? Select one: A). An

Which of the following is not a characteristic of a rollover? Select one: A). An eligible qualified plan distribution may be rolled over to another qualified plan, TSA, SEP, IRA, …

Which of the following is not a characteristic of accounts payable confirmation?

Which of the following is not a characteristic of accounts payable confirmation? TOB a. Accounts payable confirmatio n is not sent when vendor statements are available for and the…

Which of the following is not a characteristic or limitation of the kind of info

Which of the following is not a characteristic or limitation of the kind of information that financial reporting by business enterprises can provide? The information results in ap…

Which of the following is not a common pitfall of regression? Answer If the assu

Which of the following isnota common pitfall of regression? Answer If the assumptions are not met, the statistical tests may not be valid. Nonlinear relationships cannot be incorp…

Which of the following is not a component of a time value of money problem? The

Which of the following is not a component of a time value of money problem? The amount of cash received. The time until the cash is received. The opportunity costs of the alternat…

Which of the following is not a condition of accounting for hedge derivatives? T

Which of the following is not a condition of accounting for hedge derivatives? The derivative is used to hedge a cash flow exposure to foreign exchange risk. The derivative is hig…

Which of the following is not a condition that must be met for contributed servi

Which of the following is not a condition that must be met for contributed services to a not-for-profit organization (NPO) to be recorded as both a contribution and as an expense?…

Which of the following is not a correct statement concerning both the PCAOB and

Which of the following is not a correct statement concerning both the PCAOB and AICPA's independent rules? a. PCAOB prohibits a CPA to provide preapproved tax consulting services …

Which of the following is not a cost of decentralization? Select one: a. Manager

Which of the following is not a cost of decentralization? Select one: a. Managers might have a tendency to ignore the consequences of their actions on the organization's other sub…

Which of the following is not a current asset ? inventory Prepaid Insurance Equi

Which of the following is not a current asset ? inventory Prepaid Insurance Equipment Current asset MINUS current liabilities is the Current Ratio Net Worth Working Capital Curren…

Which of the following is not a difference between financial accounting and mana

Which of the following is not a difference between financial accounting and managerial accounting? A) Financial accounting must follow GAAP while managerial accounting is not requ…

Which of the following is not a disadvantage associated with internal recruiting

Which of the following is not a disadvantage associated with internal recruiting sources? Individuals chosen internally already know the company. Internal recruiting sources tend …

Which of the following is not a limitation of activity-based costing? A) Maintai

Which of the following is not a limitation of activity-based costing? A) Maintaining an activity-based costing system is more costly than maintaining a traditional direct labor-ba…

Which of the following is not a limitation of activity-based costing? a. Changin

Which of the following is not a limitation of activity-based costing? a. Changing from a traditional direct labor-based costing system to an activity-based costing system changes …

Which of the following is not a limitation of financial statements? O Financial

Which of the following is not a limitation of financial statements? O Financial statements report quantitative economic information, they do not reflect qualitative economic varia…

Which of the following is not a measurement issue in accouting a. when to record

Which of the following is not a measurement issue in accouting a. when to record a business transaction b. how to classify the items of a businesss transaction c. when to classify…

Which of the following is not a measurement issue in accouting a. when to record

Which of the following is not a measurement issue in accouting a. when to record a business transaction b. how to classify the items of a businesss transaction c. when to classify…

Which of the following is not a nd appropriate rason for establishing a subsidia

Which of the following is not a nd appropriate rason for establishing a subsidiary? a. the parent wishes to protect existing operations by shifting new activities with grater risk…