Financial Accounting

1) If the products of a manufacturing process are produced to customer T F speci

1) If the products of a manufacturing process are produced to customer                     T          F    specifications, a process cost system is more appropriate than a job    …

1) If the selling price per unit is? $100, total fixed expenses are? $600,000, a

1) If the selling price per unit is? $100, total fixed expenses are? $600,000, and the breakeven sales in dollars is? $800,000, what is the variable expense per? unit? 2) Mama's F…

1) If the taxpayer thinks he or she owes the estimated tax penalty, but does not

1) If the taxpayer thinks he or she owes the estimated tax penalty, but does not want to figure it when he or she files the tax return, the taxpayer may not have to. Generally, th…

1) If the underapplied factory overhead amount is material, it is transferred to

1) If the underapplied factory overhead amount is material, it is transferred to Cost of Goods Sold at the end of the fiscal year. - True or False 2) A summary of the materials re…

1) If the unemployment rate increases from 10 percent to 11 percent, the economy

1) If the unemployment rate increases from 10 percent to 11 percent, the economy will a) move closer to the ppf. b) move away from the ppf toward the orgin c) remain on the ppf. d…

1) If the world price is below the domestic “no-trade” equilibrium price, then w

1) If the world price is below the domestic “no-trade” equilibrium price, then with international trade: the domestic shortage can be eliminated by rationing. 2) The Dutch Disease…

1) If wages and prices are perfectly flexible, a decrease in aggregate demand wi

1) If wages and prices are perfectly flexible, a decrease in aggregate demand will cause a(n): A. increase in the price level and unemployment. B. decrease in the price level and …

1) In 2002 Wall Street was embroiled in a bear market as crorate greed and exces

1) In 2002 Wall Street was embroiled in a bear market as crorate greed and excess was blamed for creating a huge stock market bubble that had burst in 2000. Congress responded by …

1) In 2002 Wall Street was embroiled in a bear market as crorate greed and exces

1) In 2002 Wall Street was embroiled in a bear market as crorate greed and excess was blamed for creating a huge stock market bubble that had burst in 2000. Congress responded by …

1) In class, we noted that the most commonly accepted measure of economic perfor

1) In class, we noted that the most commonly accepted measure of economic performance in the U.S. is GDP. What words do the initials GDP stand for? Just give me the three words, n…

1) In preparing a statement of cash flows under the indirect method, a decrease

1) In preparing a statement of cash flows under the indirect method, a decrease in accounts receivable would be reported or included as a(n): a) Addition to net income in the oper…

1) In terms of net benefit, what is the effect of an increase in tastes and pref

1) In terms of net benefit, what is the effect of an increase in tastes and preferences for smart phones on the decision to purchase a smart phone? a)Increases benefit b) Decrease…

1) In which of the following funds would a government not report depreciation ex

1) In which of the following funds would a government not report depreciation expense? a) Private-purpose trust fund b) Investment trust fund c) Permanent fund d) Pension trust fu…

1) Is carrying value ever the same as market value? 2) What major advantage does

1) Is carrying value ever the same as market value? 2) What major advantage does a company that has positive free cash flow have over a company that has negative free cash flow? 1…

1) Issues 57,000 additional shares of $1 par value common stock for $54 per shar

1) Issues 57,000 additional shares of $1 par value common stock for $54 per share. Record the transaction. 2) Repurchases 5,200 shares of treasury stock for $57 per share. Record …

1) Issuing a note payable is a(n) A) asset source transaction. B) asset exchange

1) Issuing a note payable is a(n) A) asset source transaction. B) asset exchange transaction. C) asset use transaction. D) claims exchange transaction. 2)Riley Company borrowed $3…

1) It is necessary to produce more of good in order to achieve equilibrium whene

1) It is necessary to produce more of good in order to achieve equilibrium whenever__________ exists. a) excess demand b) excess supply c) a surplus d) the Keynesian paradox 2) Pe…

1) James Company incurred when 20, fixed costs of $270,000. Total costs, both fi

1) James Company incurred when 20, fixed costs of $270,000. Total costs, both fixed and variable, are $400,000 A) $7.60 s are produced. It sold 70,000 units during the year. Calcu…

1) Jeff\'s bank offers a 36-month Certificate of Deposit (CD) with an APR of 2.5

1) Jeff's bank offers a 36-month Certificate of Deposit (CD) with an APR of 2.5%. If P = 4000 what is A(8)? (Round your answer to two decimal places.) 2) Jeff's bank offers a 36-m…

1) Jerry Rees invested $6,100 at 5% annual interest, and left the money invested

1) Jerry Rees invested $6,100 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end of the 12 years, Jerry withdrew t…

1) Joe\'s Hardware is adding a new product line that will require an investment

1) Joe's Hardware is adding a new product line that will require an investment of $1,476,000. Managers estimate that this investment will have a 10-year life and generate net cash…

1) John Poe works for a successful tech company – “REC TECH” which is on the ver

1) John Poe works for a successful tech company – “REC TECH” which is on the verge of applying for a patent on an amazing breakthrough involving computers. John tells his brother,…

1) Johnson Inc. produces leather handbags. Johnson Inc. estimates it will use 4,

1) Johnson Inc. produces leather handbags. Johnson Inc. estimates it will use 4,400 square meters of leather in production in August, and 3,800 square meters of leather in product…

1) Jones Corporation enters into a contract with Warner Video to add their progr

1) Jones Corporation enters into a contract with Warner Video to add their programs to Jones' network. Warner will pay Jones an upfront fixed fee of $250,000 for 12 months of acce…

1) Journalize The Transactions; Dr. and Cr. Amounts on Dec 1 and Dec 31. 2) Ente

1) Journalize The Transactions; Dr. and Cr. Amounts on Dec 1 and Dec 31. 2) Enter The Beginning Balance; Retained Earnings and Dividends Payable. 3) The Balance Sheet; Retained Ea…

1) Kandy Harts manufactures custom T-shirts. Each T-shirt can be imprinted front

1) Kandy Harts manufactures custom T-shirts. Each T-shirt can be imprinted front and back with photos, company logos or other information. Each T-shirt requires 2 ounces of ink, 1…

1) Keillor Company’s inventory of $1,125,700 at December 31, 2014, was based on

1) Keillor Company’s inventory of $1,125,700 at December 31, 2014, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the follow…

1) LHU Corporation makes and sells a product called Product WZ. Each unit of Pro

1) LHU Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 3.4 hours of direct labor at the rate of $30.00 per direct labor-hour. The company…

1) Lafleur inc uses a job order costing system. Manufacturing overhead is applie

1) Lafleur inc uses a job order costing system. Manufacturing overhead is applied on the basis of DL cost. Total MOH was estimated to be $120,000 for the year: DL was estimated to…

1) Landram Corporation makes a product with the following standard costs: Inputs

1) Landram Corporation makes a product with the following standard costs: Inputs Standard Quantity or Hours Standard Price or Rate Direct materials 2.0 kilos $7.00 per kilo Direct…

1) Langley Corporation has 45,000 shares of $11 par value common stock outstandi

1) Langley Corporation has 45,000 shares of $11 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market price per share is $17. The divi…

1) Lassiter Inc. reported the following results from last year\'s operations: Sa

1) Lassiter Inc. reported the following results from last year's operations: Sales    $          7,200,000 Variable expenses                  5,400,000 Contribution margin        …

1) Last Chance Mine (LC) purchased a coal deposit for $720,000. It estimated it

1) Last Chance Mine (LC) purchased a coal deposit for $720,000. It estimated it would extract 12,000 tons of coal from the deposit. LC mined the coal and sold it reporting gross r…

1) Lazarus Consulting Services has 100,000 authorized shares of $4 par common st

1) Lazarus Consulting Services has 100,000 authorized shares of $4 par common stock issued 40,000 shares at $8. Subsequently, Lazarus declared a 2% stock dividend on a date when t…

1) List eight asset accounts and describe what asset is recorded in each one. 2)

1) List eight asset accounts and describe what asset is recorded in each one. 2)List 8 Liability accounts and describe what liability is recorded in each one. 3) List all steps re…

1) Long-term debt financing involves borrowing money from a financial institutio

1) Long-term debt financing involves borrowing money from a financial institution for a period of time that is greater than one year. In return for borrowing the money, a company …

1) Luke Skywalker College has chosen to report as a public university reporting

1) Luke Skywalker College has chosen to report as a public university reporting as a special-purpose entity engaged. Deferred Revenues were reported as of July 1, 2014 in the amou…

1) MC Qu. 42 An increase in accrued ... An increase in accrued liabilities of $1

1) MC Qu. 42 An increase in accrued ... An increase in accrued liabilities of $1,000 during a year would be shown on the company's statement of cash flows prepared under the indir…

1) Macy Co manufactures ofice furniture. During the most productive month of the

1) Macy Co manufactures ofice furniture. During the most productive month of the year, 3,500 desks were manufactured at a total cost of $84,400. In the slowest month, the company …

1) Make or Buy Terry Inc. manufactures machine parts for aircraft engines. CEO B

1) Make or Buy Terry Inc. manufactures machine parts for aircraft engines. CEO Bucky Walters is considering an offer from a subcontractor to provide 2,000 units of product OP89 fo…

1) Martinez Corporation reported Net sales of $770,000 and Net income of $137,00

1) Martinez Corporation reported Net sales of $770,000 and Net income of $137,000. The Profit margin is: 562.0%. 5.62%. 82.21%. 1.78%. 17.79%. 2) Jones Corp. reported current asse…

1) McCabe Manufacturing Co.\'s static budget at 6,000 units of production includ

1) McCabe Manufacturing Co.'s static budget at 6,000 units of production includes $42,000 for direct labor and $6,000 for electric power. Total fixed costs are $24,000. At 9,000 u…

1) McCabe Manufacturing Co.\'s static budget at 8,000 units of production includ

1) McCabe Manufacturing Co.'s static budget at 8,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 9,000 u…

1) Michael Smith, your uncle, is an inventor who has decided to incorporate. Unc

1) Michael Smith, your uncle, is an inventor who has decided to incorporate. Uncle Michael knows that you are an accounting major at U.N.O. In a recent letter to you, he ends with…

1) Mohr Company purchases a machine at the beginning of the year at a cost of $3

1) Mohr Company purchases a machine at the beginning of the year at a cost of $38,000. The machine is depreciated using the double-declining-balance method. The machine’s useful l…

1) Mount Inc. was a hardware store that operated in Boise, Idaho. Management mad

1) Mount Inc. was a hardware store that operated in Boise, Idaho. Management made some poor inventory acquisitions that loaded the store with unsalable merchandise. Due to the dec…

1) Mount Inc. was a hardware store that operated in Boise, Idaho. Management mad

1) Mount Inc. was a hardware store that operated in Boise, Idaho. Management made some poor inventory acquisitions that loaded the store with unsalable merchandise. Due to the dec…

1) Mussatto Corporation produces snowboards. The following per unit cost informa

1) Mussatto Corporation produces snowboards. The following per unit cost information is available: direct materials $16; direct labor $11; variable manufacturing overhead $7; fixe…

1) Natcher Corporation collects 60% of a month\'s sales in the month of sale, 30

1) Natcher Corporation collects 60% of a month's sales in the month of sale, 30% in the month 1) following sale, and 5% in the second month following sale. Therompanchalau dihatsu…

1) Nebraska Corporation began its operations on September 1 of the current year.

1) Nebraska Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and $420,000, respec…