Financial Accounting

1. A is an estimate of what revenues and costs should have been, given the 2. A

1. A is an estimate of what revenues and costs should have been, given the 2. A is the difference between how much a cost should have been, given the actual level of activity, and…

1. A jorurnal including journal entries for the first two months of operations.

1. A jorurnal including journal entries for the first two months of operations. At least 40 is required. 2. General ledger. Include any necessary subsidiary leger for jobs, custom…

1. A local pizza shop has hired a consultant to help it compete with national ch

1. A local pizza shop has hired a consultant to help it compete with national chains in the area. Because most business is handled by these national chains, the local shop operate…

1. A machine costing $24,000 with a four-ycar life and an estimated $4,000 salva

1. A machine costing $24,000 with a four-ycar life and an estimated $4,000 salvage value is installed on January 1. The manager estimates the machine will produce 1,000 units of p…

1. A machine has a cost of $17,100, an estimated residual value of $4,050, and a

1. A machine has a cost of $17,100, an estimated residual value of $4,050, and an estimated useful life of eight years. The machine is being depreciated on a straight-line basis. …

1. A machine that cost $740,000 has an estimated residual value of $20,000 and a

1. A machine that cost $740,000 has an estimated residual value of $20,000 and an estimated useful life of eight years. The company uses straight-line depreciation. Calculate its …

1. A man deposits $1200, 2000, and $4000 at the end of 1, 2, and 3 years, respec

1. A man deposits $1200, 2000, and $4000 at the end of 1, 2, and 3 years, respectively, at 10% interest per year. What will be the balance accumulated at the end of 6 years? 2. A …

1. A manufacturer estimates its factory overhead costs to be $30,000 and machine

1. A manufacturer estimates its factory overhead costs to be $30,000 and machine hours to be 4,000 for the year. If the actual hours worked on production total 3,800 and the actua…

1. A manufacturing company has a beginning finished goods inventory of $16,400,

1. A manufacturing company has a beginning finished goods inventory of $16,400, raw material purchases of $19,800, cost of goods manufactured of $36,100, and an ending finished go…

1. A manufacturing company is preparing its year-end financial statements and is

1.      A manufacturing company is preparing its year-end financial statements and is considering the accounting for the following items Identify (a) whether the item is a change …

1. A manufacturing company makes the products that it sells. Briefly identify an

1. A manufacturing company makes the products that it sells. Briefly identify and define the cost elements that are incurred in making a product. After product cost elements are i…

1. A manufacturing company makes the products that it sells. Briefly identify an

1. A manufacturing company makes the products that it sells. Briefly identify and define the cost elements that are incurred in making a product. After product cost elements are i…

1. A manufacturing company prepays its insurance coverage for a three-year perio

1. A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $2,700 and is paid at the beginning of the first year. Eighty…

1. A manufacturing process requires small amounts of glue. The glue used in the

1.         A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n) a.   period cost. b.   miscellaneous expense. c.  …

1. A medium-size city has proposed to build a “greenway” along a creek that flow

1. A medium-size city has proposed to build a “greenway” along a creek that flows through the center of the city. The city wants to clear a strip about 50 feet wide and construct …

1. A merchandiser uses a perpetual inventory system. The third step in the proce

1. A merchandiser uses a perpetual inventory system. The third step in the process of closing the accounts of a merchandiser is to ________. 2. Which of the following is the corre…

1. A merchandiser uses a perpetual inventory system. The third step in the proce

1. A merchandiser uses a perpetual inventory system. The third step in the process of closing the accounts of a merchandiser is to ________. 2. Liquidity is a measure of how _____…

1. A natural gas well is projected to produce $200,000 in profit during its firs

1. A natural gas well is projected to produce $200,000 in profit during its first year of operation, $190,000 the second year, $180,000 the third year, and so on, continuing this …

1. A new strip mall is being considered and the developers want to determine how

1. A new strip mall is being considered and the developers want to determine how many parking spaces there should be. It is assumed that if the lot is full, an arriving car will l…

1. A number of activities that are a part of a company\'s quality control system

1. A number of activities that are a part of a company's quality control system are listed below. Classify the costs associated with each of these activities into one of the follo…

1. A partial listing of costs incurred at Backes Corporation during November app

1.   A partial listing of costs incurred at Backes Corporation during November appears below: The total of the period costs listed above for November is: $244,000 $321,000 $348,00…

1. A partnership has the following capital balances Anne is going to invest $51,

1. A partnership has the following capital balances Anne is going to invest $51,000 into the business to acquire a 30 percent ownership interest. Goodwill is to be recorded. What …

1. A partnership has the following capital balances: A ( 20% of profits and loss

1. A partnership has the following capital balances: A ( 20% of profits and losses) $ 100,000 B ( 30% of profits and losses) $ 120,000 C ( 50% of profits and losses) $ 180,000 If …

1. A partnership has the following capital balances: A ( 20% of profits and loss

1. A partnership has the following capital balances: A ( 20% of profits and losses) $ 100,000 B ( 30% of profits and losses) $ 120,000 C ( 50% of profits and losses) $ 180,000 If …

1. A partnership is considered a legal entity in each of the following ways exce

1. A partnership is considered a legal entity in each of the following ways except? a. A partnership can be named in a suit. b. Partnership assets are arranged in a certain order …

1. A paving ompany is buying a paving machine that costs $249,850. This is a 7 y

1. A paving ompany is buying a paving machine that costs $249,850. This is a 7 year asset. Develop a depreciation schedule according to MACRS 2. The same paving company that is in…

1. A perpetuity will pay X every year. The effective annual interest rate is 7.5

1. A perpetuity will pay X every year. The effective annual interest rate is 7.5%. The present value of this perpetuity 4 years before the first payment is 125,000. Find X. 2.Supp…

1. A piece of equipment costs to purchase new. It must be replaced every years,

1. A piece of equipment costs to purchase new. It must be replaced every years, at a cost of .   The capitalized equipment cost, CC, is defined as , where is the money that must b…

1. A plant asset purchased for $250,000 has an estimated life of 10 years and a

1. A plant asset purchased for $250,000 has an estimated life of 10 years and a residual value of $20,000. Depreciation for the second year of use, determined by the declining-bal…

1. A plant asset purchased for $250,000 has an estimated life of 10 years and a

1. A plant asset purchased for $250,000 has an estimated life of 10 years and a residual value of $20,000. Depreciation for the second year of use, determined by the declining-bal…

1. A portion of a company\'s income statement is shown below: Sales$350,000 Cost

1. A portion of a company's income statement is shown below: Sales$350,000 Cost of Goods Sold: Beginning InventoryS15,000 Purchases 250,000 Cost of Goods Available for Sale 265,00…

1. A process Pteose ?ndicate the onie correct response cost accounting system is

1. A process Pteose ?ndicate the onie correct response cost accounting system is most appropriate when variety of different types of materials, labor, and overhead ent products ar…

1. A process cost accounting system is most appropriate when a variety of differ

1. A process cost accounting system is most appropriate when a variety of different products are produced, each one requiring different types of materials, labor, and overhead. th…

1. A process cost system would be used for all of the following products except:

1. A process cost system would be used for all of the following products except: A) soft drinks B) computer chips. C) chemicals. D) motion Pictures. 2. A value- added activitly in…

1. A product sells for $150 per unit, and its variable costs per unit are $80. T

1. A product sells for $150 per unit, and its variable costs per unit are $80. The fixed costs are $369,000. If the firm wants to earn $30,000 pretax income, how many units must b…

1. A production departments beginning inventory cost includes 394900 of conversi

1. A production departments beginning inventory cost includes 394900 of conversion costs. This department incurs an additional 907500 in conversion costs in the month of march. Eq…

1. A purchase of new equipment on a note payable under the direct method would b

1. A purchase of new equipment on a note payable under the direct method would be reported: a. As a separate disclosure as a non-cash transaction b. in the investing section of th…

1. A quality circle is a group of workers who meet on company time to solve prob

1. A quality circle is a group of workers who meet on company time to solve problems of product quality. a. True b. False 2. Capacity is the degree to which the input resources ar…

1. A random sample of 35 GMAT scores for applicants to an MBA program has a mean

1. A random sample of 35 GMAT scores for applicants to an MBA program has a mean score of 479. The researcher is interested in finding evidence at the .05 level that the mean scor…

1. A restaurant has an average check of $14.50 with an average variable cost of

1. A restaurant has an average check of $14.50 with an average variable cost of $6.96. Fixed costs are $102,000. Calculate the following Unit contribution margin_______? Breakeven…

1. A revenue variance is favorable if the revenue in the static planning budget

1. A revenue variance is favorable if the revenue in the static planning budget exceeds the revenue in the flexible budget. True False 2. A materials price variance is favorable i…

1. A revenue variance is favorable if the revenue in the static planning budget

1. A revenue variance is favorable if the revenue in the static planning budget exceeds the revenue in the flexible budget. True False 2. A materials price variance is favorable i…

1. A sales returns and allowances account is not debited if a customer... A. Ret

1. A sales returns and allowances account is not debited if a customer... A. Returns defective merchandise. B. Recieves a credit for merchandise of inferior quality. C. Utilizes a…

1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts R

1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials Inventory Work In Process Inventory Finished Goods Inventory Accounts or Wa…

1. A short hedge is one in which (Points : 1) the margin requirement is waived t

1. A short hedge is one in which (Points : 1)        the margin requirement is waived        the hedger is short futures        the hedger is short in the spot market        the f…

1. A single-parent taxpayer\'s child is 10 years old and attending Junior High f

1. A single-parent taxpayer's child is 10 years old and attending Junior High for the first time. The Junior High does not provide an after-school program like the elementary scho…

1. A small country with a marginal propensity to save of 0.30 and a marginal pro

1. A small country with a marginal propensity to save of 0.30 and a marginal propensity to import of 0.20 experiences an increase in exogenous spending of $3 million. a. According…

1. A small town has 5600 residents. The residents in the town were asked whether

1. A small town has 5600 residents. The residents in the town were asked whether or not they favored t building a new bridge across the river. You are given the following informat…

1. A software company licensed software to manufacturing firm for 5 years. In ad

1.      A software company licensed software to manufacturing firm for 5 years. In addition to providing the software, the company also provides consulting services and support to…

1. A specialized part is used in one of our company\'s most popular products. We

1. A specialized part is used in one of our company's most popular products.   We know the following costs of producing the 17,500 units of the part that are needed every year. Pe…