Financial Accounting

Which of the following statements is FALSE? O The Accounting Department at the S

Which of the following statements is FALSE? O The Accounting Department at the Scranton Branch of Dunder Mifflin is most likely treated as a Cost Center O The Warehouse at Dunder …

Which of the following statements is False? A. A traditional volume-based system

Which of the following statements is False? A. A traditional volume-based system based on direct labor generally overcosts high volume-product lines. B. A traditional volume-based…

Which of the following statements is NOT CORRECT, assuming positive interest rat

Which of the following statements is NOT CORRECT, assuming positive interest rates? Answer a. An investment's nominal interest rate will always be equal to or greater than its eff…

Which of the following statements is NOT correct? A contingent liability with re

Which of the following statements is NOT correct? A contingent liability with remote risk is not disclosed or included in financial statements. A contingent liability is another n…

Which of the following statements is NOT correct? a. a change from an inappropri

Which of the following statements is NOT correct? a. a change from an inappropriate accounting principle to a proper one should be accounted for as an accounting error b. a change…

Which of the following statements is TRUE regarding period costs? They become CO

Which of the following statements is TRUE regarding period costs? They become COGS once product is sold. They include all costs associated with manufacturing product. They include…

Which of the following statements is True regarding product and period costs? An

Which of the following statements is True regarding product and period costs? Answer Office salaries expense is a product cost and factory maintenance is a period cost. Office ren…

Which of the following statements is accurate regarding the myRA Retirement Savi

Which of the following statements is accurate regarding the myRA Retirement Savings Program? The program is no longer accepting new enrollments Exis ting myRA accounts with a zero…

Which of the following statements is always true concerning the reporting of deb

Which of the following statements is always true concerning the reporting of debt service funds? A. Debt service funds are reported in a separate column in the governmental fund f…

Which of the following statements is concerned with efficiency rather than equit

Which of the following statements is concerned with efficiency rather than equity? A) The best type of income tax is a flat tax because it treats everyone the same. B) Our income …

Which of the following statements is correct ? All other things being equal, if

Which of the following statements is correct? All other things being equal, if return on equity increases, the return on assets must have also increased. All other things being eq…

Which of the following statements is correct about capital assets? a) Human capi

Which of the following statements is correct about capital assets? a) Human capital and research and development are both considered capital assets for financial accounting purpos…

Which of the following statements is correct about the Statement of Financial Po

Which of the following statements is correct about the Statement of Financial Position? A. The Statement of Financial Position reports assets and liabilities in order of liquidity…

Which of the following statements is correct about the way managers set standard

Which of the following statements is correct about the way managers set standards for employees? The standards managers set for employee productivity should be based on ideal cond…

Which of the following statements is correct concerning an auditor\'s responsibi

Which of the following statements is correct concerning an auditor's responsibility to report fraud? A. The auditor is required to communicate to the client's audit committee all …

Which of the following statements is correct concerning letters prepared for und

Which of the following statements is correct concerning letters prepared for underwriters, commonly referred to as"comfort letters" (a) Letters for underwriters are required by th…

Which of the following statements is correct concerning the auditor’s opinion on

Which of the following statements is correct concerning the auditor’s opinion on internal control effectiveness? a. The report describes any material weaknesses and discusses acti…

Which of the following statements is correct if some securities have appreciated

Which of the following statements is correct if some securities have appreciated in value while other securities have depreciated in value? O A. Each security in the distribution …

Which of the following statements is correct in connection with the investigatio

Which of the following statements is correct in connection with the investigation of a business? a. Regardless of whether the taxpayer is already engaged in the trade or business,…

Which of the following statements is correct in describing manufacturing overhea

Which of the following statements is correct in describing manufacturing overhead? A. Manufacturing overhead when combined with direct materials cost forms conversion cost. B. Man…

Which of the following statements is correct regarding a taxpayer\'s options? A.

Which of the following statements is correct regarding a taxpayer's options? A. A sole proprietor can keep his business running by relying on his employees and can receive a distr…

Which of the following statements is correct regarding casualty insurance procee

Which of the following statements is correct regarding casualty insurance proceeds? A. Failure to file an insurance claim for the casualty loss will result in a dis-allowance of t…

Which of the following statements is correct when inventory prices are increasin

Which of the following statements is correct when inventory prices are increasing? LIFO will result in lower net income and a higher inventory valuation than will FIFO. LIFO will …

Which of the following statements is correct with respect to effective internal

Which of the following statements is correct with respect to effective internal control? 1)Employees who authorize transactions should not be in a position to record those transac…

Which of the following statements is correct with respect to general long-term d

Which of the following statements is correct with respect to general long-term debt. a. Long term debt is recorded in the individual funds, but not the government-wide statements.…

Which of the following statements is correct with respect to the aggregation rul

Which of the following statements is correct with respect to the aggregation rules? A. A trust described in IRC Section 401(a) is not subject to the first aggregation rule. B. All…

Which of the following statements is correct? (x) Suppose a firm has a current r

Which of the following statements is correct? (x) Suppose a firm has a current ratio of 1.2 and a quick ratio of 0.85. If the firm does not have any other source of cash, the firm…

Which of the following statements is correct? A common-law employee who is age 5

Which of the following statements is correct? A common-law employee who is age 55 can receive a distribution after becoming disabled even if he or she keeps working. If a physicia…

Which of the following statements is correct? A common-law employee who is age 5

Which of the following statements is correct? A common-law employee who is age 55 can receive a distribution after becoming disabled even if he or she keeps working. If a physicia…

Which of the following statements is correct? A decrease in the size of a tax al

Which of the following statements is correct?                              A decrease in the size of a tax always decreases the tax revenue raised by that tax. A decrease in the s…

Which of the following statements is correct? A) On the worksheet, the amount of

Which of the following statements is correct? A) On the worksheet, the amount of the ending merchandise inventory is shown in the Income Statement Credit column in the account Inc…

Which of the following statements is correct? A. Distributions paid in excess of

Which of the following statements is correct? A. Distributions paid in excess of earnings and profits are taxable to the extent of stockholder basis B. Distributions of appreciate…

Which of the following statements is correct? A. \"In the text, depreciation is

Which of the following statements is correct? A. "In the text, depreciation is regarded as a use of cash because it reduces fixed assets, which then must be replaced." B. "If a co…

Which of the following statements is correct? If a personal residence is rented

Which of the following statements is correct? If a personal residence is rented for 20 days, the rent income is not included in gross income and no expenses can be deducted. If a …

Which of the following statements is correct? O Valuing inventory under LIFO may

Which of the following statements is correct? O Valuing inventory under LIFO may produce different results depending on whether a perpetual or periodic inventory system is used Va…

Which of the following statements is correct? Select one: O a. One disadvantage

Which of the following statements is correct? Select one: O a. One disadvantage of a sole proprietorship is that the proprietor is exposed to unlimited liability b. One advantage …

Which of the following statements is correct? Select one: O a. One disadvantage

Which of the following statements is correct? Select one: O a. One disadvantage of operating a business as a sole proprietor is that the firm is subject to double taxation, becaus…

Which of the following statements is correct? Select one: a. Since bondholders r

Which of the following statements is correct? Select one: a. Since bondholders receive fixed payments, they do not share in the gains if risky projects turn out to be highly succe…

Which of the following statements is correct? The purchase requisition is the fo

Which of the following statements is correct? The purchase requisition is the form sent to a suppier to order goods. The Purchases account is reported as an asset on Bio balance s…

Which of the following statements is correct? Under perfect price discrimination

Which of the following statements is correct? Under perfect price discrimination, there is no deadweight loss. If a monopoly can separate its buyers into relatively few identifiab…

Which of the following statements is correct? a) the accounting provisions of th

Which of the following statements is correct? a) the accounting provisions of the FCPA are broader than the anti-bribery provision b) officers, directors, employees, agents and st…

Which of the following statements is correct? a. The sale of an unincorporated s

Which of the following statements is correct? a. The sale of an unincorporated sole proprietorship is always treated as the sale of the individual business assets. b. The sale of …

Which of the following statements is false ? Municipal bond interest income is e

Which of the following statements is false? Municipal bond interest income is excluded from taxation One may exclude up to $102,100 (2017) in foreign earned income. Trade of busin…

Which of the following statements is false concerning the number of operating se

Which of the following statements is false concerning the number of operating segments that should be disclosed? a. At least 75% of total company sales made to outsiders should be…

Which of the following statements is false regarding linear typical compensation

Which of the following statements is false regarding linear typical compensations plans? compensation plans versus Typical compensation arrangements encourage managers to lie and …

Which of the following statements is false when applying the technique? monetary

Which of the following statements is false when applying the technique? monetary unit sampling (M US) acceptable risk of incorrect rejection (ARIR) is ordinarily not specified. De…

Which of the following statements is false with regard to the schedule of cost o

Which of the following statements is false with regard to the schedule of cost of goods manufactured? The schedule of cost of goods manufactured contains three elements of product…

Which of the following statements is false with respect to partnership agreement

Which of the following statements is false with respect to partnership agreements? A. Modifications to the partnership agreement must be agreed to by all the partners or adopted i…

Which of the following statements is false? (Points : 2) A taxpayer can be charg

Which of the following statements is false? (Points : 2) A taxpayer can be charged a penalty for the late payment of taxes if an extension to file was granted. The interest charge…

Which of the following statements is false? (a) 12. The net present value method

Which of the following statements is false? (a) 12. The net present value method always indicates the project that maximizes the net present value of present and future cash flows…