Financial Accounting

Which one of the following is necessary if a company expects its budget to be ef

Which one of the following is necessary if a company expects its budget to be effective? Question 7 options: The budget period must cover more than one year. The company's organiz…

Which one of the following is not a feature of 1 a. Limited life. partnerships?

Which one of the following is not a feature of 1 a. Limited life. partnerships? b. Limited liability Mutual agency. C- d. Voluntary association. assets and paying the proceeds to …

Which one of the following is not a key linkage among the four primary financial

Which one of the following is not a key linkage among the four primary financial statements? The expenses in the income statement link to the total liability balance. The statemen…

Which one of the following is not a purpose of the management representation let

Which one of the following is not a purpose of the management representation letter? a. It clearly documents the audit procedures that were performed by the auditors. b. It furthe…

Which one of the following is not a true statement about the relationship betwee

Which one of the following is not a true statement about the relationship between inflation and interest rates? a.Government monetary policy may affect inflation but government fi…

Which one of the following is not categorized as a long-term assets? a. Intangib

Which one of the following is not categorized as a long-term assets? a. Intangibles b. Property, plant and equipment c. Inventory d. Patents 28. Which of the following would appea…

Which one of the following is not considered a liability? Which one of the five

Which one of the following is not considered a liability? Which one of the five uses of financial information involves an assessment of whether the organization has been following…

Which one of the following is not considered criteria to capitalize a lease? A.

Which one of the following is not considered criteria to capitalize a lease? A. The lease contains a purchase option. B. The least transfers ownership at the end of the lease term…

Which one of the following is not considered criteria to capitalize a lease? A.T

Which one of the following is not considered criteria to capitalize a lease? A.The lease contains a bargain purchase otion. B.The lease transers ownership at the end of the lease …

Which one of the following is the reason that bonds may sell at a discount or pr

Which one of the following is the reason that bonds may sell at a discount or premium? Select one: A. The market yield rate fluctuated between the time the bond agreement was writ…

Which one of the following items from the financial statements of a foreign subs

Which one of the following items from the financial statements of a foreign subsidiary (local currency is functional currency) would be translated into dollars using the historica…

Which one of the following managerial accountingapproaches attempts to allocate

Which one of the following managerial accountingapproaches attempts to allocate manufacturing overhead in a moremeaningful fashion? A. Just-in-time inventory. B. Total-quality man…

Which one of the following should be classified as a cash flow from an operating

Which one of the following should be classified as a cash flow from an operating activity on the statement of cash flows? A. The payment of cash for the purchase of additional equ…

Which one of the following should be classified as a cash flow from an operating

Which one of the following should be classified as a cash flow from an operating activity on the statement of cash flows? A. The payment of cash for the purchase of additional equ…

Which one of the following statements about a controlled group of corporations i

Which one of the following statements about a controlled group of corporations is false? A. Members of a controlled group are entitled to only one accumulated earnings tax credit.…

Which one of the following statements about corporate tax rates for the current

Which one of the following statements about corporate tax rates for the current year is true? A. Corporate taxable income is subject to a top marginal tax rate of 39.6%. B. The ma…

Which one of the following statements about difficulties in cost estimation is t

Which one of the following statements about difficulties in cost estimation is true? Select one: A. When prices of a company's raw materials or labor are rapidly increasing, cost …

Which one of the following statements about limit orders is correct? A. The exec

Which one of the following statements about limit orders is correct? A. The execution of the trade will occur prior to the close of trading on the day the trade is placed. B. The …

Which one of the following statements about the taxation of personal service cor

Which one of the following statements about the taxation of personal service corporations is false for tax years beginning after December 31, 1993? A. Personal service corporation…

Which one of the following statements is \"correct\" (true) with respect to \"si

Which one of the following statements is "correct" (true) with respect to "similar" bonds? ["similar" other than to what is offered in the answers below => the same cash intere…

Which one of the following statements is correct in regard to deducting expenses

Which one of the following statements is correct in regard to deducting expenses? 35. a. You cannot deduct the cost of psychiatric care. b. You cannot deduct the cost of consultin…

Which one of the following statements is false? O A. The double tax on dividends

Which one of the following statements is false? O A. The double tax on dividends likely makes C O A. The double tax on dividends likely makes C (regular) corporations less popular…

Which one of the following statements is false? a. If a debt instrument has too

Which one of the following statements is false? a. If a debt instrument has too many features of stock, the IRS may treat it as a form of stock. b. If the IRS reclassifies debt as…

Which one of the following statements is incorrect (false) with respect to prope

Which one of the following statements is incorrect (false) with respect to proper financial statement presentation for a merchandise firm? a) On the balance sheet, inventory is sh…

Which one of the following statements is incorrect in this regard? a. If you are

Which one of the following statements is incorrect in this regard? a. If you are married, both you or your spouse must work or look for b. To qualify to deduct expenses, you must …

Which one of the following statements is true concerning a bankruptcy? (Points :

Which one of the following statements is true concerning a bankruptcy? (Points : 4) a Chapter 7 bankruptcy is a reorganization proceeding. a "prepack" is intended to shorten the t…

Which one of the following statements is true? a. A corporation that distributes

Which one of the following statements is true? a. A corporation that distributes a property dividend must reduce its E&P by the adjusted basis of the property. b. A constructi…

Which one of the following statements regarding operating losses is false? A. Th

Which one of the following statements regarding operating losses is false? A. The tax benefit of an operating loss carry back is recognized in the period of loss as a current rece…

Which one of the following statements regarding the GAAP Logic Principles is not

Which one of the following statements regarding the GAAP Logic Principles is not correct? Following the Revenue Principle and the Matching Principle will result in an accurate net…

Which one of the following statements regarding the Revenue Recognition Principl

Which one of the following statements regarding the Revenue Recognition Principle and Expense Recognition (Matching) Principle is true? Answer According to the revenue principle, …

Which one of the following statements related to accounting for prepaids and acc

Which one of the following statements related to accounting for prepaids and accruals is not accurate? "Deferred income" and "Unearned revenue" are two terms that basically mean t…

Which one of the following statements related to accounting for prepaids and acc

Which one of the following statements related to accounting for prepaids and accruals is not accurate? "Deferred income" and "Unearned revenue" are two terms that basically mean t…

Which one of the following statements related to accounting for prepaids and acc

Which one of the following statements related to accounting for prepaids and accruals is not accurate? Both prepaid revenues and prepaid expenses are created when cash is exchange…

Which one of the following statements with respect to leases is correct? A. A le

Which one of the following statements with respect to leases is correct? A. A lease that does not transfer ownership from the lessor to the lessee by the end of the lease is autom…

Which one of the following will cause the demand curve for hamburgers to shift t

Which one of the following will cause the demand curve for hamburgers to shift to the right for restaurants in London? A. The price of hamburgers decreases. B. The price of fish a…

Which one of the following would not be a part of the capital budgeting process?

Which one of the following would not be a part of the capital budgeting process? Select one: a. Estimating the cash inflows/outflows of a potential new asset b. Determining how mu…

Which one of the statements appearing below is correct regarding bank reconcilia

Which one of the statements appearing below is correct regarding bank reconciliations? a) A bank reconciliation is an external report prepared to report the cash balance to invest…

Which one of the statements below is true? -Both deposits in transit and outstan

Which one of the statements below is true? -Both deposits in transit and outstanding checks are deducted from the balance per the bank statement during the bank reconciliation pro…

Which one would have been the correct answer? Which one would have been the corr

Which one would have been the correct answer? Which one would have been the correct answer? Which one would have been the correct answer? Question 20 0/1 pts Germany is considered…

Which option is better: receive $140,000 now or $35,000, $20,000, $34,000, $51,0

Which option is better: receive $140,000 now or $35,000, $20,000, $34,000, $51,000, and $40,000, respectively, over the next five years? (Assume the annual payments occur at the e…

Which or the following is true about the impairment of goodwill subsequent to th

Which or the following is true about the impairment of goodwill subsequent to the acquisition of the the impairment of goodwill has to be performed only in periods in which there …

Which preventive, detective and or corrective controls would best mitigate the f

Which preventive, detective and or corrective controls would best mitigate the following threats 1 A salesperson successfuly logged into the payroll system by guessing the payroll…

Which procedure is an auditor most likely to use to detect a check written at ye

Which procedure is an auditor most likely to use to detect a check written at year-end that was intentionally not recorded in the December cash disbursements journal? a. Prepare a…

Which procedure should the auditor perform to determine the accuracy of company

Which procedure should the auditor perform to determine the accuracy of company investments and investment income? a. determine whether recorded investment income actually occurre…

Which revenue and/or expense items are most significant to the company, based on

Which revenue and/or expense items are most significant to the company, based on your review of the common size income statement? [ignore subtotal amounts, such as operating incom…

Which set of matched pairs is correct? 1. F-test a. A test of the statistical si

Which set of matched pairs is correct? 1. F-test a. A test of the statistical significance of the entire regression equation 2. R2 b. A test of the statistical significance of a p…

Which statement about corporation is FALSE? A. Limited life is an advantage B. T

Which statement about corporation is FALSE? A. Limited life is an advantage B. The ease of transferring ownership is an advantage C. A greater ability to raise capital than other …

Which statement is FALSE concerning “management by the numbers” for control of t

Which statement is FALSE concerning “management by the numbers” for control of the organization? a. “Management by the numbers” for control purposes means top management doesn’t g…

Which statement is FALSE? A. International Financial Reporting Standards are use

Which statement is FALSE? A. International Financial Reporting Standards are used by most countries around the world. B. U.S. Generally Accepted Accounting Principles are used by …

Which statement is FALSE? a) Goodwill recorded as the result of an acquisition i

Which statement is FALSE? a)       Goodwill recorded as the result of an acquisition is defined as the purchase price less the book value of net assets b)      Under SFAS 141, acc…