Financial Accounting

Which of the following statements is true about Fund Balance classifications for

Which of the following statements is true about Fund Balance classifications for the governmental funds? (A) A restricted fund balance is for monies the governing board has approp…

Which of the following statements is true about a retail business? O a. The reve

Which of the following statements is true about a retail business? O a. The revenue activities of a retail business involve the buying and selling of merchandise Ob. The revenue a…

Which of the following statements is true about overhead? Answer a. Overhead cos

Which of the following statements is true about overhead? Answer a. Overhead costs are not incurred uniformly throughout the year. b. Overhead costs have a definite, identifiable …

Which of the following statements is true concerning a failed conversion from an

Which of the following statements is true concerning a failed conversion from an attempted reconversion? A. the amount will be treated as a conversion from the regular IRA and a c…

Which of the following statements is true concerning connecting affiliations and

Which of the following statements is true concerning connecting affiliations and mutual ownerships? A. In a mutual ownership, at least two companies in the consolidated group own …

Which of the following statements is true concerning deductions \"for\" and \"fr

Which of the following statements is true concerning deductions "for" and "from" adjusted gross income (A.G.I.)?             a.         A deduction from A.G.I. has no effect on th…

Which of the following statements is true concerning the distribution of safe pa

Which of the following statements is true concerning the distribution of safe payments? A)There are no safe payments until the liquidation is complete. B)The distribution of safe …

Which of the following statements is true for the translation process (as oppose

Which of the following statements is true for the translation process (as opposed to remeasurement)? a. A translation adjustment can affect consolidated net income. b. Equipment i…

Which of the following statements is true in cases where only one party drafts a

Which of the following statements is true in cases where only one party drafts a contract that contains terms that appear vague and ambiguous to the other party? A. The court will…

Which of the following statements is true of a peanut-butter costing system? A p

Which of the following statements is true of a peanut-butter costing system? A peanut-butter costing system typically has more-homogeneous indirect cost pools. A peanut-butter cos…

Which of the following statements is true of absorption and variable costing met

Which of the following statements is true of absorption and variable costing methods? Select one: A. Absorption costing considers fixed manufacturing overhead to be period costs. …

Which of the following statements is true of corporations? A. Income of all corp

Which of the following statements is true of corporations? A. Income of all corporations is taxed in the same way that income of partnerships is taxed. B. Capital losses of a corp…

Which of the following statements is true of costs associated with goods for sal

Which of the following statements is true of costs associated with goods for sale? Information-gathering technology increases the reliability and timeliness of inventory informati…

Which of the following statements is true of sell-or-process-further decisions i

Which of the following statements is true of sell-or-process-further decisions in joint costing? Select one: a. Joint costs incurred before the splitoff point are relevant in deci…

Which of the following statements is true of strategic analysis of operating inc

Which of the following statements is true of strategic analysis of operating income? It focuses on differences in individual categories of costs (direct materials, direct manufact…

Which of the following statements is true of the behavior of total fixed costs,

Which of the following statements is true of the behavior of total fixed costs, within the relevant range? They will remain the same as production levels change. They will increas…

Which of the following statements is true of the direct and indirect methods of

Which of the following statements is true of the direct and indirect methods of preparing the statement of cash flows? A. The investing activities section is the only section that…

Which of the following statements is true of the direct write-off method? GAAP r

Which of the following statements is true of the direct write-off method? GAAP requires public companies to follow the direct write-off method. It provides better matching of reve…

Which of the following statements is true of the economic order quantity decisio

Which of the following statements is true of the economic order quantity decision model? It assumes the purchase order lead time is not known with certainty. The larger the order …

Which of the following statements is true of the internal business process persp

Which of the following statements is true of the internal business process perspective of a balanced scorecard? A) Internal-business-process perspective is composed of three subpr…

Which of the following statements is true of the terms under which companies com

Which of the following statements is true of the terms under which companies compete? Select one: a. The governments of subsidiary countries establish the terms of competition and…

Which of the following statements is true regard to depreciation expense? A. A c

Which of the following statements is true regard to depreciation expense? A. A company should use the depreciation method that best matches expense recognition with the use of the…

Which of the following statements is true regarding a scatter diagram? Answer It

Which of the following statements is true regarding a scatter diagram? Answer It provides very little information about the relationship between the regression variables. It is a …

Which of the following statements is true regarding activity-based costing (ABC)

Which of the following statements is true regarding activity-based costing (ABC) and cost-volume-profit (CVP) analysis? A. CVP analysis is not as useful in decision making in an A…

Which of the following statements is true regarding assertions in the revenue cy

Which of the following statements is true regarding assertions in the revenue cycle? a. The allowance for doubtful accounts has important implications for the ownership assertion …

Which of the following statements is true regarding basis? A) stockholders can n

Which of the following statements is true regarding basis? A) stockholders can not create basis by loaning money to their 100% owned S Corp B) the basis of a shareholder's stock i…

Which of the following statements is true regarding dividend income? A) Dividend

Which of the following statements is true regarding dividend income? A) Dividend income appears in the stockholders' equity section of the balance sheet. B) Dividend income is rep…

Which of the following statements is true regarding earnings per share (EPS) dis

Which of the following statements is true regarding earnings per share (EPS) disclosures under GAAP? Multiple Choice A public company with dilutive securities may choose to report…

Which of the following statements is true regarding governmental fund financial

Which of the following statements is true regarding governmental fund financial statements? Multiple Choice A)Governmental fund financial statements report a government's activiti…

Which of the following statements is true regarding the SEC\'s timeline for conv

Which of the following statements is true regarding the SEC's timeline for convergence? Multiple Choice The SEC has a plan in place to allow firms to begin filing in the United St…

Which of the following statements is true regarding the cumulative translation a

Which of the following statements is true regarding the cumulative translation adjustment? Select one: A: Changes in the cumulative translation adjustment are reported in the inco…

Which of the following statements is true regarding the education tax credits? T

Which of the following statements is true regarding the education tax credits? The lifetime learning credit is available for qualifying tuition and related expenses incurred by th…

Which of the following statements is true regarding the education tax credits? a

Which of the following statements is true regarding the education tax credits? a. The American Opportunity credit is calculated per taxpayer, while the lifetime learning credit is…

Which of the following statements is true when referring to the high-low method

Which of the following statements is true when referring to the high-low method of cost analysis? Answer The high-low method has no major weaknesses. The high-low method is very h…

Which of the following statements is true with regard to 7% cumulative, particip

Which of the following statements is true with regard to 7% cumulative, participating preferred stock? a. The issue price of this stock is reported in the preferred stock account …

Which of the following statements is true with regard to depreciation expense? A

Which of the following statements is true with regard to depreciation expense? A company should use the deprecation method that best matches expense recognition with the use of th…

Which of the following statements is true with regard to depreciation expense? C

Which of the following statements is true with regard to depreciation expense? Choosing double declining balance over straight line will produce a greater total depreciation expen…

Which of the following statements is true with regard to the high-low method? Th

Which of the following statements is true with regard to the high-low method? The high-low method is a more accurate method compared to the least-squares regression method because…

Which of the following statements is true with respect to the PCAOB and SEC\'s c

Which of the following statements is true with respect to the PCAOB and SEC's concept of independence when an auditor both prepares financial statements and audits those financial…

Which of the following statements is true with respect to the budgetary control

Which of the following statements is true with respect to the budgetary control process? It involves at least four distinct steps. It is not an important process in a business org…

Which of the following statements is true xoncerning and intra-entity transfer o

Which of the following statements is true xoncerning and intra-entity transfer of a depreciable asset? a.) non-controlling interest in subsidiary's net income is never affected by…

Which of the following statements is true, regarding the sourcing of dividend in

Which of the following statements is true, regarding the sourcing of dividend income? a. A percentage of dividends from non-U.S. corporations are U.S. source to the extent that 25…

Which of the following statements is true? (You may select more than one answer.

Which of the following statements is true? (You may select more than one answer.) A. The Manufacturing Overhead account is debited when manufacturing overhead is applied to Work i…

Which of the following statements is true? A. An increase in average total asset

Which of the following statements is true? A. An increase in average total assets results in a decrease in both the asset turnover ratio and the net profit margin ratio. B. A decr…

Which of the following statements is true? A. Dividends decrease net income. B.

Which of the following statements is true? A. Dividends decrease net income. B. Net income causes liabilities to decrease. C. Assets will decrease by the amount of net loss. D. Ca…

Which of the following statements is true? A. Product costing is not used in fin

Which of the following statements is true? A. Product costing is not used in financial accounting. B. There is only one way to assign indirect costs. C. All product cost numbers c…

Which of the following statements is true? An activity-based costing system is g

Which of the following statements is true? An activity-based costing system is generally easier to set up and run than a traditional cost system. When combining activities in an a…

Which of the following statements is true? An increase in average total assets r

Which of the following statements is true? An increase in average total assets results in a decrease in both the asset turnover ratio and the net profit margin ratio. A decrease i…

Which of the following statements is true? Answer If revenues are less than expe

Which of the following statements is true? Answer If revenues are less than expenses, the company has a net loss and retained earnings decreases. If revenues are greater than expe…

Which of the following statements is true? As a borrower, you want to issue or s

Which of the following statements is true? As a borrower, you want to issue or sell bonds for the lowest price possible As a borrower, you want issue or sell bonds for the highest…