Financial Accounting

1) A bill of materials a) is a structured list of all the materials or parts nee

1) A bill of materials a) is a structured list of all the materials or parts needed to produce one unit of a finished product b) is rarely revised once established c) will lead to…

1) A bottled gas company has 500,000 common shares authorized, 400,000 common sh

1) A bottled gas company has 500,000 common shares authorized, 400,000 common shares issued and 15,000 common shares in treasury stock at the current year-end. It paid $0.24 per s…

1) A buys a bond for $1,500 and it has a redemption amount of $1,000. A holds th

1) A buys a bond for $1,500 and it has a redemption amount of $1,000. A holds the bond for 2 years and amortizes $200 of the premium. A exchanges the bond for $1,400 of XYZ stock.…

1) A company can learn a great deal by analyzing the degrees of brand loyalty. F

1)  A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own. split loyal…

1) A company had a beginning balance in retained earnings of $43,000. It had net

1) A company had a beginning balance in retained earnings of $43,000. It had net income of $6,000 and paid out cash dividends of $5,625 in the current period. The ending balance i…

1) A company had the following purchases during its first year of operations: On

1) A company had the following purchases during its first year of operations: On December 31, there were 48 units remaining in ending inventory. These 48 units consisted of 8 from…

1) A company issued 70 shares of $100 par value common stock for $8,200 cash. Th

1) A company issued 70 shares of $100 par value common stock for $8,200 cash. The total amount of paid-in capital in excess of par is: 2)Torino Company has 2,900 shares of $20 par…

1) A company produces a single product. Variable production costs are $13.7 per

1) A company produces a single product. Variable production costs are $13.7 per unit and variable selling and administrative expenses are $4.7 per unit. Fixed manufacturing overhe…

1) A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On

1) A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 8, it paid the full amount due. The amount …

1) A company reported that its bonds with a par value of $50,000 and a carrying

1) A company reported that its bonds with a par value of $50,000 and a carrying value of $57,500 are retired for $60,600 cash, resulting in a loss of $3,100. The amount to be repo…

1) A company reported that its bonds with a par value of $50k and carrying value

1) A company reported that its bonds with a par value of $50k and carrying value of $57k are retried for $60k cash, resulting in a loss of $3k. the amount to be reported under cas…

1) A company reported that its bonds with a par value of $50k and carrying value

1) A company reported that its bonds with a par value of $50k and carrying value of $57k are retried for $60k cash, resulting in a loss of $3k. the amount to be reported under cas…

1) A company\'s board of directors votes to declare a cash dividend of 75¢ per s

1) A company's board of directors votes to declare a cash dividend of 75¢ per share. The company has 15,000 shares authorized, 10,000 issued, and 9,500 shares outstanding. The tot…

1) A company\'s income statement showed the following: net income, $130,000 and

1) A company's income statement showed the following: net income, $130,000 and depreciation expense, $31,800. An examination of the company's current assets and current liabilitie…

1) A construction company has 5 projects. The contract amount of each project is

1) A construction company has 5 projects. The contract amount of each project is as follows: Project 1: $1,000,000 Project 2: $2,000,000 Project 3: $1,500,000 Project 4: $1,200,00…

1) A corporation has 8% coupon bonds outstanding that make annual payments (not

1) A corporation has 8% coupon bonds outstanding that make annual payments (not semiannual) with a YTM of 7.2%. The current yield on these bonds is 7.55%. How many more years do t…

1) A customer had previously paid $500 in advance on an order. The order has now

1) A customer had previously paid $500 in advance on an order. The order has now been shipped FOB destination. Prepare the journal entry to document this transaction. Dates and de…

1) A farmer wants to fence an area of 1.5 million square feet in a rectangular f

1) A farmer wants to fence an area of 1.5 million square feet in a rectangular field and then divide it in half with a fence parallel to one of the sides of the rectangle. How can…

1) A fence 2 feet tall runs parallel to a tall building at a distance of 7 feet

1) A fence 2 feet tall runs parallel to a tall building at a distance of 7 feet from the building. What is the length of the shortest ladder that will reach from the ground over t…

1) A firm estimates next year\'s total manufacturing overhead at $450,000. Four

1) A firm estimates next year's total manufacturing overhead at $450,000. Four possible overhead bases are: 40,000 direct labor hours, $350,000 direct labor dollars, 2,300 machine…

1) A firm\'s ending DTA is $20,000. Management is more than 50% sure that future

1) A firm's ending DTA is $20,000. Management is more than 50% sure that future taxable income will be at least $60,000, but is quite uncertain about amounts greater than $60,000.…

1) A gain on the sale of long-term assets is added to net income to arrive at ne

1) A gain on the sale of long-term assets is added to net income to arrive at net cash flows from operating activities under the indirect method. 2) Under the indirect method, an …

1) A government with a beginning inventory of supplies of $100 in its General Fu

1) A government with a beginning inventory of supplies of $100 in its General Fund and had the following transactions during the year (all amounts are in thousands). Ordered suppl…

1) A machine is to be purchased at a cost of $30,000. The following table shows

1)      A machine is to be purchased at a cost of $30,000. The following table shows the expected annual operating and maintenance cost and the salvage value for each year of serv…

1) A machine that cost $70,480 with a 6-year life and $4,360 residual value was

1) A machine that cost $70,480 with a 6-year life and $4,360 residual value was purchased January 2, 2015. Compute the yearly depreciation expense using straight-line depreciation…

1) A new machine tool costs $500,000, and has a useful life of 10 years. Its est

1) A new machine tool costs $500,000, and has a useful life of 10 years. Its estimated salvage value at the end of year 10 is $50,000. (a)    Determine the depreciation for years …

1) A new member of the Arizona Diamondbacks wants the team to transfer $5 millio

1) A new member of the Arizona Diamondbacks wants the team to transfer $5 million into an escrow account, in his name, for later withdrawal. The player suggests this payment in li…

1) A partnership recorded the following journal entry: Cash...70,000 B.Tanner, C

1) A partnership recorded the following journal entry: Cash...70,000 B.Tanner, Capital...10,000 R.Jackson, Capital...10,000 H.Rivera, Capital...90,000 This entry reflects: a. Acce…

1) A perpetuity is a bond that pays an amount per year forever. If a perpetuity

1) A perpetuity is a bond that pays an amount per year forever. If a perpetuity pays $5 per year: (a) what would the annual interest rate be if an investor paid a $50 perpetuity? …

1) A petty cash fund: A. Should have at least two custodians B. Is established t

1) A petty cash fund: A. Should have at least two custodians B. Is established to pay on-the-spot minor purchases. C. Should issue checks for certain purchases D. Is established t…

1) A restaurant prepares 200.00 pizza slices and sells them at a rate of $13.00/

1) A restaurant prepares 200.00 pizza slices and sells them at a rate of $13.00/slice. Expenses for the restaurant include raw material for pizza at $6.00 per slice, $123.00 as mo…

1) A sales discount correctly taken by the charge customer was debited to Sales

1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause. A) the net income for the period to be u…

1) A society can produce two good: peanut butter and jam. the society\'s product

1) A society can produce two good: peanut butter and jam.  the society's production possibility frontier is negatively sloped and "bowed outward" from the orgin.  As this society …

1) A taxpayer exchanges an office building held as an investment asset for an of

1) A taxpayer exchanges an office building held as an investment asset for an office building to be used in her business. The exchange will qualify as like-kind. True of False 2) …

1) A used machine with a purchase price of $34,025.00, requiring an overhaul cos

1) A used machine with a purchase price of $34,025.00, requiring an overhaul costing $9,914.00, installation costs of $5,170.00, and special acquisition fees of $5,065.00. would h…

1) A) Joy company bought $8000 of merchandise on account, terms 2/10 net 30 B) J

1) A) Joy company bought $8000 of merchandise on account, terms 2/10 net 30 B) Joy returned $2000 of the merchandise C) Joy had a cash sale of $10,000; the cost of the merchandise…

1) A) Marlow Company produces hand tools. A production budget for the next four

1) A) Marlow Company produces hand tools. A production budget for the next four months is as follows: March 10,900 units, April 14,065, May 16,800, and June 21,200. Marlow Company…

1) ABC is considering a new investment that will cost $50,000 to produce a new p

1) ABC is considering a new investment that will cost $50,000 to produce a new product that the president of the company has invented. The marketing dept. of the company anticipat…

1) According to Adam Smith, the differences between people professionally is the

1) According to Adam Smith, the differences between people professionally is the natural result of the skills people are born with. True False 2) In the Friedman Article, rent con…

1) According to Adam Smith, which of the following contribute towards the increa

1) According to Adam Smith, which of the following contribute towards the increased productivity of the division of labor (Choose all that apply) Inventions Increased dexterity Re…

1) According to public choice theorists, people behave differently in the public

1) According to public choice theorists, people behave differently in the public sector and the market sector because (2pts) their motivations are different. they are different ki…

1) According to the textbook, which of the following would be an example involvi

1) According to the textbook, which of the following would be an example involving a positive externality? (2pts) national defense pollution health insurance beekeeping 2) Accordi…

1) Acme Entertainment had $2,000,000 of callable bonds outstanding on December 3

1) Acme Entertainment had $2,000,000 of callable bonds outstanding on December 31, 2017. The ten-year bonds were issued on January 1, 2010 for $2,150,000 and incurred $100,000 in …

1) Activity-based costing: A) allocates overhead to multiple activity cost pools

1) Activity-based costing:    A) allocates overhead to multiple activity cost pools, and it then assigns the activity. B) allocates overhead directly to products and services base…

1) Adonis Corporation issued 10-year, 7% bonds with a par value of $190,000. Int

1) Adonis Corporation issued 10-year, 7% bonds with a par value of $190,000. Interest is paid semiannually. The market rate on the issue date was 6%. Adonis received $204,138 in c…

1) Advanced Company reports the following information for the current year. All

1) Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Given Advanced Company's data, compute cost per u…

1) Agnew Corporation uses a standard cost system. The following information was

1) Agnew Corporation uses a standard cost system. The following information was provided for the period that just ended: Actual price per kilogram $1.76 Actual kilograms of materi…

1) All of the following are differences in an asset acquisition compared to a st

1) All of the following are differences in an asset acquisition compared to a stock acquisition except for: A) Who the consideration is paid to by the acquiring company B) The rec…

1) All of the following are examples of product costs except: depreciation on th

1) All of the following are examples of product costs except: depreciation on the company's administrative offices. salary of the plant manager. insurance on the factory equipment…

1) All of the following are reasons for immigration to a foreign country, except

1) All of the following are reasons for immigration to a foreign country, except that: the domestic country is economically stagnant. 2) The concept of comparable worth: is that p…