Financial Accounting

1- A purchase of supplies on account is recorded in the a. general journal b. ca

1- A purchase of supplies on account is recorded in the a. general journal b. cash payments journal c. purchases journal d. revenue journal 2- The following is an example of a. ho…

1- A) Find net fixed assets ANS: 99586 B) invested capital ANS: 58311 QUESTION:

1- A) Find net fixed assets ANS: 99586 B) invested capital ANS: 58311 QUESTION: Cash & Equivalents 31499 Short Term Investments 11044 Cash & Equivs & ST Investments 42…

1- ABC Corporation is merging into Dallas Corporation under state law requiremen

1- ABC Corporation is merging into Dallas Corporation under state law requirements. ABC transfers assets worth $300,000 to Dallas. ABC receives 30,000 shares of Dallas stock and $…

1- After all the closing entries have been posted, the balance of the income sum

1- After all the closing entries have been posted, the balance of the income summary will be Answer A. a debit if a net income has occurred. B. a debit if a net loss has occurred.…

1- After preparing and posting the closing entries for revenues and expenses, th

1- After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $32,000. The entry to close the income summary acco…

1- As a common practice, employees, contractors, and outsourcers sign two basic

1- As a common practice, employees, contractors, and outsourcers sign two basic agreements: confidentiality agreement and acceptable use agreement. What is a difference between bo…

1- Assets that cannot be seen, touched , or held are called: A. Intangible asset

1- Assets that cannot be seen, touched , or held are called: A. Intangible assets B. Natural resources C. Tangible assets D. Plant assets 2- Which of the following would NOT be co…

1- Assume that Reid has 2012 taxable income of $125,000 before any §179 expense

1- Assume that Reid has 2012 taxable income of $125,000 before any §179 expense and acquired the following assets: he placed in service computer equipment (5-year property) on Aug…

1- Athena Company provides employee health insurance that costs $15,200 per mont

1- Athena Company provides employee health insurance that costs $15,200 per month. In addition, the company contributes an amount equal to 3% of the employees' $152,000 gross sala…

1- Ben purchased an apartment building about 10 years ago, for $200,000. The bui

1- Ben purchased an apartment building about 10 years ago, for $200,000. The building has been depreciated over the appropriate recovery period using the straight-line method. In …

1- Boston Company sells tenten items for$1,400 per? unit, and has a cost of good

1- Boston Company sells tenten items for$1,400 per? unit, and has a cost of goods sold percentage of 60?%.The gross profit to be reported for selling10 items? is: A. $ 14,000. B. …

1- Broomfield Company budgeted $9,000,000 of manufacturing overhead for the curr

1- Broomfield Company budgeted $9,000,000 of manufacturing overhead for the current year, and 72,000 hours of direct labor (cost of $65/hour). Production of Product X (100,000 uni…

1- Business credits are grouped into a single-credit entitled? a. The single bus

1- Business credits are grouped into a single-credit entitled? a. The single business credit. b. The solitary business credit. c. The general business credit. d. The current busin…

1- Calculator Which of the following statements with respect to the depreciation

1- Calculator Which of the following statements with respect to the depreciation of real property under MACRS is correct? a.Assuming the property is not disposed of during the yea…

1- Caluculate the breakeven points in units 2- Calcualte the breakeven point in

1- Caluculate the breakeven points in units 2- Calcualte the breakeven point in sales dollars 3- Calculate the margin of safety in sales dollars Sales per unit $55 Manufacturing c…

1- Clever Computers has a five-day work week and pays the office staff $3,050 ea

1- Clever Computers has a five-day work week and pays the office staff $3,050 each week. If the month ends on a Thursday, the adjusting entry will credit Wages Payable for a.$610.…

1- Concept and scope sale of goods as per IAS 18? detaild explination at least 5

1- Concept and scope sale of goods as per IAS 18? detaild explination at least 5 lines 2- Recognition of revenue from rendering of services? detaild explination at least 5 lines  …

1- Division A makes a part with the following characteristics: Production capaci

1- Division A makes a part with the following characteristics: Production capacity in units 15,000 unit awlling price to outside customers 25$ variable cost per unit 18$ total fix…

1- Every company strives to control costs to be competitive. Using the informati

1- Every company strives to control costs to be competitive. Using the information you have learned thus far in the course, discuss how managerial accounting can contribute to cos…

1- Exchange of goods and services? 2- telcommunication company selling talk time

1- Exchange of goods and services? 2- telcommunication company selling talk time through scratch cards? detaild explination at least 5 lines + the example 3- magazine subscription…

1- Explain all of your answers. In those true or false questions explain when th

1- Explain all of your answers. In those true or false questions explain when the answer is false 1. Which of the following are the advantages of centralized purchasing? a- Greate…

1- Explain is theCapital structure theory 2- Explain what is Debt/equity ratio?

1- Explain is theCapital structure theory 2- Explain what is Debt/equity ratio? In your opinion is debt /equity ratio and the capital structure theory are ihelpful or not for the …

1- Feb. 28: Journalize the monthly payroll for february, based on the following

1- Feb. 28: Journalize the monthly payroll for february, based on the following data : 2- Feb.28: Record the payroll tax for the February payroll assuming the company has $4,700 o…

1- Fiscal policy under the 2009 American Recovery and Reinvestment Act took the

1- Fiscal policy under the 2009 American Recovery and Reinvestment Act took the form of: Select one: a. government spending alone. b. tax cuts alone. c. a mix of government spendi…

1- Flint Company purchases equipment on January 1, Year 1, at a cost of $553,420

1- Flint Company purchases equipment on January 1, Year 1, at a cost of $553,420. The asset is expected to have a service life of 12 years and a salvage value of $47,200. Compute …

1- Francis Bacon believed that you should read neither to contradict nor believe

1- Francis Bacon believed that you should read neither to contradict nor believe, but rather to weigh and evaluate. 2- According to Thoreau, to read well requires exercise, traini…

1- Hill Company established a petty cash fund of? $500. The first transaction wa

1- Hill Company established a petty cash fund of? $500. The first transaction was the purchase of stamps for? $46. Which of the following statements is? CORRECT? A. The amount of …

1- How much money do you need to invest annually for 5 years to start withdrawin

1- How much money do you need to invest annually for 5 years to start withdrawing $50K a year forthe indefinite time? Assume 8% interest rate for your analysis. 50,000 A(3.1127) 2…

1- Identify the statement below that is true . If the trial balance is in balanc

1- Identify the statement below that is true. If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions. The trial balance …

1- If United Airlines gives a $100 fare discount to persons with student IDs, th

1- If United Airlines gives a $100 fare discount to persons with student IDs, they are practicing?                     -Third Degree Price Discrimination                     -Seco…

1- If we fail to maintain the continuance of strong relationships with our autho

1- If we fail to maintain the continuance of strong relationships with our authors, illustrators and other creative talent, as well as to develop relationships with new creative t…

1- In 2016, Apricot Corporation had taxable income of $120,000. Included in taxa

1- In 2016, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 ca…

1- In general. when are variable costs not relevant to a decision? A. when they

1- In general. when are variable costs not relevant to a decision? A. when they are avoidable. B. when they do not differ among alternative C. When they are part of a mixed cost. …

1- In reviewing the accounts receivable, the cash realizable value is $15910 bef

1- In reviewing the accounts receivable, the cash realizable value is $15910 before the write-off of a $1460 account. What is the cash realizable value after the write-off? On Mar…

1- In the current year, Henry, a sole proprietor, sold for $65,000 a machine tha

1- In the current year, Henry, a sole proprietor, sold for $65,000 a machine that was used in his business. The machine had been purchased a few years ago for $50,000, and when it…

1- Indicate the character of each of the following assets (i.e. capital, ordinar

1- Indicate the character of each of the following assets (i.e. capital, ordinary , or 1231): a. Automobile held by a car dealership to sell to customers b. Automobile held by an …

1- Is a compensating control, a control that can suffice for another internal co

1- Is a compensating control, a control that can suffice for another internal control? For example, if we had a control that stated that the department manager need to approve all…

1- Jim\'s basis in his partnership is $200,000. His share of the current year pa

1- Jim's basis in his partnership is $200,000. His share of the current year partnership income is $60,000. The partnership paid him a $75,000 distribution in the current year. Wh…

1- Journalize the following selected transactions for Magic Trixie Supply, a pro

1- Journalize the following selected transactions for Magic Trixie Supply, a proprietorship owned by Trixie Fells: a- Jan.10: Trixie Fells withdraws $10,000 cash from the company:…

1- Julie takes her husband to Vegas for a conference. Her husband is not employe

1- Julie takes her husband to Vegas for a conference. Her husband is not employee, and though the conference pertains to Julie’s medical, it does not pertain to her husband’s. His…

1- Lauer Corporation uses the periodic inventory system and has provided the fol

1-      Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:   Date Transaction Number of Units Cost …

1- Lena is a sole proprietor. In April of this year, she sold equipment purchase

1- Lena is a sole proprietor. In April of this year, she sold equipment purchased four years ago for $26,000 with an adjusted basis of $15,500 for $17,000. Later in the year, Lena…

1- Machinery was purchased on January 1 for $71,050.00. The machinery has an est

1- Machinery was purchased on January 1 for $71,050.00. The machinery has an estimated life of seven years and an estimated salvage value of $9,000. Double-declining-balance depre…

1- Monetary rules work best when: Select one: a. the Fed loses control of the mo

1- Monetary rules work best when: Select one: a. the Fed loses control of the money supply. b. interest rates are high. c. money velocity is stable. d. inflation expectations are …

1- Oliver has two employees who earned the following amounts during 2016: If Oli

1- Oliver has two employees who earned the following amounts during 2016: If Oliver timely pays 5.4 percent for state unemployment tax, what is the amount of his 2016 FUTA after t…

1- On January 1, 2018, Nate Staheli Corporation leased farm equipment from Angie

1- On January 1, 2018, Nate Staheli Corporation leased farm equipment from Angie Staheli Company. Angie Staheli Company purchased the equipment from Mary Esther Corporation at a c…

1- On Monday, Harvey Leonard travels from Chicago to New York on a business trip

1- On Monday, Harvey Leonard travels from Chicago to New York on a business trip. The trip lasts five days. Three days of the trip are spent conducting business activities and two…

1- Once the audit report is released, should there be any material misstatements

1- Once the audit report is released, should there be any material misstatements? 2- Would you say that any of these related parties are material: i) a party defined in the applic…

1- One of the weaknesses of the various cost estimation methods is a simplifying

1- One of the weaknesses of the various cost estimation methods is a simplifying assumption that cost behavior patterns are a. semi-fixed within the relevant range . b. linear wit…

1- Ortman Corporation makes a product with the following standard costs: The com

1- Ortman Corporation makes a product with the following standard costs: The company reported the following results concerning this product in May: The company applies variable ov…