Financial Accounting

1). Pocket Pilot Inc. is considering an investment in new equipment that will be

1). Pocket Pilot Inc. is considering an investment in new equipment that will be used to manufacture a mobile communications device. The device is expected to generate additional …

1). TCO F) Willow Creek Corporation bases its predetermined overhead rate on the

1). TCO F) Willow Creek Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year,…

1). TCO F) Willow Creek Corporation bases its predetermined overhead rate on the

1). TCO F) Willow Creek Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year,…

1). The Melville Company produces a single product called a Pong. Melville has t

1). The Melville Company produces a single product called a Pong. Melville has the capacity to produce 60,000 Pongs each year. If Melville produces at capacity, the per unit costs…

1). XYZ Company paid for its purchases of inventory 25% in the quarter of purcha

1). XYZ Company paid for its purchases of inventory 25% in the quarter of purchase and 75% in the following quarter. XYZ had purchases of $100,000 in the first quarter, $200,000 i…

1).Write the Trial Balance Journal Entries Date General Journal Debit Credit Jan

1).Write the Trial Balance Journal Entries Date General Journal Debit Credit Jan.1 Cash (16,000 Shares x $18) $288,000 Common Stock (16,000 Shares x Par $5) $80,000 Paid in Capita…

1).pdf not have the power to tax the award. 2. The contributions to the city\'s

1).pdf not have the power to tax the award. 2. The contributions to the city's butions are placed in a trust and are used of the city of Greenville must make mandatory health bene…

1).warner tool company produces class rins to sell to collegeand high school stu

1).warner tool company produces class rins to sell to collegeand high school students. These rings sell for $75.00 each, andcost $35 each to produce. Warner tool company has fixed…

1)1.Meyers Corporation had the following inventory balances at the beginning and

1)1.Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 40,000 $ 16,000 Finished Goods $ 118,000 $…

1)A Decision-making Model includes: A.Recognizing the problem and identifying al

1)A Decision-making Model includes: A.Recognizing the problem and identifying alternatives as possible solutions to the problem. B.Identifying and estimating the relevant costs an…

1)A bank pays interest at the nominal rate of 6.5% per year. What is the effecti

1)A bank pays interest at the nominal rate of 6.5% per year. What is the effective annual yield if compounding is: ROUND ALL ANSWERS TO THE NEAREST 0.01% .    a) annually % b) mon…

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 in…

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 in…

1)A company owns 9% bonds with a par value of $186,000 that pay interest on Octo

1)A company owns 9% bonds with a par value of $186,000 that pay interest on October 1 and April 1. The amount of interest accrued on December 31 (the company's year-end) would be …

1)A company purchased $108,000 of 6% bonds on May 1 at par value. The bonds pay

1)A company purchased $108,000 of 6% bonds on May 1 at par value. The bonds pay interest on March 1 and September 1. The amount of interest accrued on December 31 (the company's y…

1)A particular security\'s default risk premium is 3 percent. For all securities

1)A particular security's default risk premium is 3 percent. For all securities, the inflation risk premium is 1.75 percent and the real interest rate is 4.2 percent. The security…

1)A taxpayer cannot recognize the loss on the sale of stock if the taxpayer purc

1)A taxpayer cannot recognize the loss on the sale of stock if the taxpayer purchases substantially identical stock within 60 days before or 60 days after the sale. TRUE FALSE 2)A…

1)According to the Expectations Theory of the yield curve, if the one year bond

1)According to the Expectations Theory of the yield curve, if the one year bond rate today is .5%, the two year bond rate today is .6%, the three year bond rate today is .625% and…

1)All of the following statements about data warehousing are correct, except: Da

1)All of the following statements about data warehousing are correct, except: Data cleansing is a process of transforming data into standard form. The data warehouse should be sep…

1)An inaccurate form of the audit risk model would show that A) audit risk is di

1)An inaccurate form of the audit risk model would show that A) audit risk is directly related to all other risks in the model. B) increases in control risk will cause decreases i…

1)As more unemployed persons become \"discouraged workers,\" the unemployment ra

1)As more unemployed persons become "discouraged workers," the unemployment rate ____ and the labor force participation rate ___. Answer increases/increases decreases/does not cha…

1)Assume that there are 100 students in the world (I know it is a little low, bu

1)Assume that there are 100 students in the world (I know it is a little low, but for ease...) and 40 of them are pizza eaters. These 40 students purchase 1,000 pizzas in a given …

1)At her death in 2015, Sarah was single (never married). Sarah had made no taxa

1)At her death in 2015, Sarah was single (never married). Sarah had made no taxable gifts during her lifetime. 2)At her death in 2015, Sarah was single (never married). In 2011, S…

1)Avril Company makes collections on sales according to the following schedule:

1)Avril Company makes collections on sales according to the following schedule:                               Cash collections in March should be budgeted to be: A)$110,000 B)$110…

1)Bed & Bath, a retailing company, has two departments—Hardware and Linens. The

1)Bed & Bath, a retailing company, has two departments—Hardware and Linens. The company’s most recent monthly contribution format income statement follows: A study indicates t…

1)Below is budgeted production and sales information for Flushing Company for th

1)Below is budgeted production and sales information for Flushing Company for the month of December: The unit selling price for product XXX is $4 and for product ZZZ is $13. Budge…

1)Blackwelder Factory produces two similar products-small lamps and desk lamps.

1)Blackwelder Factory produces two similar products-small lamps and desk lamps. The total plant overhead budget is $680,000 with 511,000 estimated direct labor hours. It is furthe…

1)Briefly describe the planning process. Be sure to include the strategic,operat

1)Briefly describe the planning process. Be sure to include the strategic,operating,and financial plans 2)what is variance analysis 3) explain the relationships amoung the static …

1)Budgets are statements of management\'s plans stated in financial terms. True

1)Budgets are statements of management's plans stated in financial terms. True or False 2)A budget is a means of communicating a company's objectives to external parties. True or …

1)Causes for the difference between applied and actual overhead costs do not inc

1)Causes for the difference between applied and actual overhead costs do not include_______________? a) different number of workdays in different months b)price changes in individ…

1)Cox, North, and Lee form a partnership. Cox contributes $186,000, North contri

1)Cox, North, and Lee form a partnership. Cox contributes $186,000, North contributes $155,000, and Lee contributes $279,000. Their partnership agreement calls for a 6% interest a…

1)Dividing net credit sales, or net sales, by average net accounts receivable yi

1)Dividing net credit sales, or net sales, by average net accounts receivable yields: Select one: a. Asset turnover. b. Inventory turns. c. Not a meaningful calculation since sale…

1)During 2015, Gillespie Corporation made a loan of $155,000 to a major customer

1)During 2015, Gillespie Corporation made a loan of $155,000 to a major customer. By the end of 2015 the customer had paid back $60,000 of the loan plus interest of $12,000. In th…

1)Durring the clsoding process, what will be the balance in income summary just

1)Durring the clsoding process, what will be the balance in income summary just before it is closeed to owner’s equity? 2) What will be the balance in Rsso, Capital after all clos…

1)Explain the accrual basis of accounting and when it’s used. 2)Explain the matc

1)Explain the accrual basis of accounting and when it’s used. 2)Explain the matching principle and how it relates tot he financial statements. 3)Explain what an asset is and how t…

1)Explain the difference between accrural basis net income and operating cash fl

1)Explain the difference between accrural basis net income and operating cash flows 2) Explain how the perpetual inventory system of accounting is a perfect illustration of the ma…

1)George Company has the opportunity to purchase an asset that costs $40,000. Th

1)George Company has the opportunity to purchase an asset that costs $40,000. The asset is expected to increase net income by $10,000 per year. Depreciation expense will be $5,000…

1)Han Products manufactures 24,000 units of part S-6 each year for use on its pr

1)Han Products manufactures 24,000 units of part S-6 each year for use on its production line. At this level of activity, the cost per unit for part S-6 is: An outside supplier ha…

1)Held-to-maturity securities are: a.Always classified as Long-Term Liabilities.

1)Held-to-maturity securities are: a.Always classified as Long-Term Liabilities. b.Equity securities that have a maturity value greater than cost. c.Always classified as Long-Term…

1)How can variance analysis be used to control costs? Variance analysis can be u

1)How can variance analysis be used to control costs? Variance analysis can be used to control costs it involves assessing the difference between two figures. It is a tool applied…

1)Identify the amount of bad debts expense that Klum Runway Projects Company rep

1)Identify the amount of bad debts expense that Klum Runway Projects Company reported in its income statement for the year ended December 31, 2017: (2 points) 2) Provide the prope…

1)Identify the deficiencies in the following audit report of the AICPA. Explain

1)Identify the deficiencies in the following audit report of the AICPA. Explain why each item is a deficiency. Report of the Independent Registered Public Accounting Firm To the B…

1)In January 2013, S Company, an 80% owned subsidiary of P Company, sold equipme

1)In January 2013, S Company, an 80% owned subsidiary of P Company, sold equipment to P Company for $1,980,000. S Company’s original cost for this equipment was $2,000,000 and had…

1)In incremental analysis, a. only costs are analyzed. b. only revenues are anal

1)In incremental analysis, a. only costs are analyzed. b. only revenues are analyzed. c. both costs and revenues may be analyzed. d. both costs and revenues that stay the same bet…

1)Johnson\'s Company\'s Number of Days\'s Sales in Inventory is 30 days for 2012

1)Johnson's Company's Number of Days's Sales in Inventory is 30 days for 2012. Competitor of the company have an average of Number of Days; Sales in inventory of 15 days for 2012.…

1)Jones Corp. reported current assets of $199,000 and current liabilities of $14

1)Jones Corp. reported current assets of $199,000 and current liabilities of $140,000 on its most recent balance sheet. The working capital is: Multiple Choice ·       142%. ·    …

1)Jones Corp. reported current assets of $199,000 and current liabilities of $14

1)Jones Corp. reported current assets of $199,000 and current liabilities of $140,000 on its most recent balance sheet. The working capital is: Multiple Choice ·       142%. ·    …

1)Lakshmi is single and provides you with the following tax information for 2012

1)Lakshmi is single and provides you with the following tax information for 2012 Salary $200,000 Bank account interest $1,000 Capital gain on an asset (stock) held for 11 months 4…

1)Lattimer Company had the following results of operations for the past year: A

1)Lattimer Company had the following results of operations for the past year: A foreign company whose sales will not affect Lattimer's market offers to buy 4,700 units at $7.20 pe…

1)List the four major reasons that companies allocate costs. 2)what are avoidabl

1)List the four major reasons that companies allocate costs. 2)what are avoidable costs? which costs are usually avoidable in a make-or-buy decision? 3)Explain why cost plus prici…