Financial Accounting

1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 fro

1. Acquired $72,000 cash from the issue of common stock. 2. Borrowed $26,000 from the First City Bank. 3. Earned $59,000 of cash revenue. 4. Incurred $43,000 of cash expenses. 5. …

1. Across: A financial statement which presents assets or resources owned and th

1. Across: A financial statement which presents assets or resources owned and the debt or liabilities owed as of a specific date. (Two Words) 2. Across: Liabilities or debts which…

1. Activity based costing can be applied to: (1 point) a. Manufacturing activiti

1. Activity based costing can be applied to: (1 point) a. Manufacturing activities only. b. Service activities only. c. Merchandising activities only. d. Any company in any indust…

1. Adger Corporation is a service company that measures its output based on the

1. Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates th…

1. Advertising department expenses of $54,100 and purchasing department expenses

1. Advertising department expenses of $54,100 and purchasing department expenses of $33,800 of Cozy Bookstore are allocated to operating departments on the basis of dollar sales a…

1. After posting the first closing entry to the owner\'s capital account, the ba

1. After posting the first closing entry to the owner's capital account, the balance will be increased (decreased) by a.owner's equity b.the net income (net loss) for the period c…

1. After posting the second closing entry to the income summary account, the bal

1. After posting the second closing entry to the income summary account, the balance will be equal to Answer a. zero b. revenues for the period c. retained earnings d. the net inc…

1. After starting your new job with a $55,000 salary, you thought it logical to

1. After starting your new job with a $55,000 salary, you thought it logical to get a new Range Rover. The particular model you desire has a suggested retail price (ie. “MSRP") of…

1. After you make profit ( net income), which of the following is an activity fo

1. After you make profit ( net income), which of the following is an activity for which you can use your cash? A) Paying your operating lease payments B) Pay your employees their …

1. Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount o

1. Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $1,400 million on July 1, 2016, at a price of $1,370 million. For bonds of similar risk and matur…

1. Aguilera Industries is a division of a major corporation. Data concerning the

1. Aguilera Industries is a division of a major corporation. Data concerning the most recent year appears below: 15.63 3.30 0.21 4.74 1b. Aguilera Industries is a division of a ma…

1. Alan purchased a machine for use in his business. Dennis\' costs in connectio

1. Alan purchased a machine for use in his business. Dennis' costs in connection with this purchase were as follows: Note to seller $33,000 Cash paid to seller 5,000 State sales t…

1. Albertville Inc produces leather handbags. The production budget for the next

1. Albertville Inc produces leather handbags. The production budget for the next four months is: July 5,000 units, August 7,000 units, September 7,500 units, October 8,000 units. …

1. Alice’s coffee shop is currently under exam by the IRS. The Revenue Agent has

1. Alice’s coffee shop is currently under exam by the IRS. The Revenue Agent has requested copies of Alice’s general ledger, wanting to compare the income and expenses to the amou…

1. Aliquippa Co. purchased equipment at the beginning of 2017 for $60,000. In ad

1. Aliquippa Co. purchased equipment at the beginning of 2017 for $60,000. In addition, Aliquippa paid $2,000 for delivery of the equipment to its plant and $1,000 for installatio…

1. All Urban Company produces a product requiring 4 pounds of material costing $

1. All Urban Company produces a product requiring 4 pounds of material costing $3 per pound. During December, All Urban purchased 4,200 pounds of material for $11,970 and used the…

1. All of the following accounts will have zero balances on a post-closing trial

1. All of the following accounts will have zero balances on a post-closing trial balance except: Sales Revenue. Salaries and Wages Expense. Accumulated Depreciation. Dividends. 2.…

1. All of the following are ADVANTAGES of decentralization EXCEPT: A. Managers m

1. All of the following are ADVANTAGES of decentralization EXCEPT: A. Managers make better decisions when closer to the operation of the company. B. Each decentralized operation p…

1. All of the following are characteristics of effective information, except: Re

1. All of the following are characteristics of effective information, except: Relevance Summarization None of these answers are correct Completeness Structure 2. Which of the foll…

1. All of the following are characteristics of effective information, except: Re

1. All of the following are characteristics of effective information, except: Relevance Summarization None of these answers are correct Completeness Structure 2. Which of the foll…

1. All of the following are correct statements about the cost-plus pricing appro

1. All of the following are correct statements about the cost-plus pricing approach except that it: A. is simple to compute. B. considers customer demand. C. includes only variabl…

1. All of the following are employer payroll taxes except: a. State unemployment

1. All of the following are employer payroll taxes except: a. State unemployment tax. b. Federal unemployment tax c. Federal income tax equal to that withheld from employees d. So…

1. All of the following are examples of types of audit opinions, except: a. Adve

1. All of the following are examples of types of audit opinions, except: a. Adverse Report b. Standard Unqualified Report c. Disclaimer of a Report d. Report of No Opinion 2. The …

1. All of the following are major ERP vendors, except _____________. SAP Oracle

1. All of the following are major ERP vendors, except _____________. SAP Oracle Baan Salesforce.com JD Edwards 2. When the chief financial officer of a company wants a report on b…

1. All of the following are part of the Accounting Information System, except: T

1. All of the following are part of the Accounting Information System, except: Transaction Processing System Management Reporting System Expert System General Ledger/Financial Rep…

1. All of the following are pervasive accounting controls EXCEPT : a. adequate s

1. All of the following are pervasive accounting controls EXCEPT : a. adequate segregation of duties b. physical controls to safeguard the assets c. authorization procedures d. un…

1. All of the following are typically costs that fail the future benefits test o

1. All of the following are typically costs that fail the future benefits test of long- lived operating assets except: a. costs related to research and development b. costs relate…

1. All of the following cycles are part of the Transaction Processing System, ex

1. All of the following cycles are part of the Transaction Processing System, except: The revenue cycle The administration cycle The expenditure cycle None of these answers are co…

1. All operating budgets should contain revenue and expense components. a. True

1. All operating budgets should contain revenue and expense components. a. True b. False 2. Evaluating the value chain and capacity issues are not part of the budgeting process. a…

1. All the Karmichael businesses have inventory: Crooked Creek Wines – raw mater

1. All the Karmichael businesses have inventory: Crooked Creek Wines – raw materials such as grapes, work-in-process including wine in vats undergoing fermentation and wine in sto…

1. Allan and Betty were living and working in Melbourne. They decided on a ‘tree

1. Allan and Betty were living and working in Melbourne. They decided on a ‘tree change’, sold their Melbourne home and purchased a large country house on a 10 hectare block in ce…

1. Allegiance, Inc. has $131,000 of inventory that suffered minor smoke damage f

1. Allegiance, Inc. has $131,000 of inventory that suffered minor smoke damage from a fire in the warehouse. The company can sell the goods "as is" for $41,000; alternatively, the…

1. Alliant Technology is a publicly traded company that sells both computer hard

1. Alliant Technology is a publicly traded company that sells both computer hardware It has no debt outstanding or cash. In the most recent year, the company information about its…

1. Allocation of net income: Kluge, $75,000 2. Capital: Kluge, $210,000 SHOW ME

1. Allocation of net income: Kluge, $75,000 2. Capital: Kluge, $210,000 SHOW ME HOW PARTIAL FINANCIAL STATEMENTS Ronica Kluge and Sam Edwards formed a partnership on May 1, 20-1. …

1. Alma Inc. has revenues of $750,000 resulting in an operating income of $52,50

1. Alma Inc. has revenues of $750,000 resulting in an operating income of $52,500. Average invested assets total $375,000; the cost of capital is 10%. Return on investment is A.$3…

1. Alpha Company uses the periodic inventory system and had the following invent

1. Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: Date Activity Quantity Unit Price 5/1 Beginning…

1. Alphonse Enterprises recently used 14,000 labor hours to produce 7,500 comple

1. Alphonse Enterprises recently used 14,000 labor hours to produce 7,500 completed units. According to manufacturing specifications, each unit is anticipated to take two hours to…

1. Although it has considered raising debt capital in Europe, PNC has actually r

1. Although it has considered raising debt capital in Europe, PNC has actually raised all of its capital in the U.S. Based on the data in Table 1-a, what is a reasonable estimate …

1. Amanda Deleon, a college student is contemplating the following options for h

1. Amanda Deleon, a college student is contemplating the following options for her 3-month summer break: (1) Take a summer course which will cost $800 and work half-time making $1…

1. Amazing Accountants (AA) opened business on January 1, 20X2. 2. It uses strai

1. Amazing Accountants (AA) opened business on January 1, 20X2. 2. It uses straight line depreciation for financial reporting purposes. 3. No accounts were written off during 20X2…

1. Amber Grease Manufacturing produces a single product. The cost of producing a

1. Amber Grease Manufacturing produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 40,000 units per…

1. Amber is a self-employed tax attorney. She and Jon, her employee, attend a co

1. Amber is a self-employed tax attorney. She and Jon, her employee, attend a conference in Dallas sponsored by the American Institute of CPAs. The following expenses are incurred…

1. Amelia Corporation has the following information in its financial statement:

1.        Amelia Corporation has the following information in its financial statement: Preferred Stock 6% $100 par. Cumulative 10,000 shares authorized $540,000 Common Stock $2 pa…

1. American Company Inc. is a company with three divisions namely American Const

1. American Company Inc. is a company with three divisions namely American Construction, American Publishing and American Securities Divisions. Below is information about each div…

1. American company wants to build huge Dam. It will need 10,000 hours per year

1. American company wants to build huge Dam. It will need 10,000 hours per year for 3 years to be completed. Two company offered to build the Dam with the following costs, 10% Cos…

1. Amos and Son Manufacturing Company of Asheville, Tennessee, produces about 1,

1. Amos and Son Manufacturing Company of Asheville, Tennessee, produces about 1,000 units of hand-crafted wooden chairs per month. Their chairs are known for quality and durabilit…

1. An Investment Adviser MUST register with the SEC under which of the following

1. An Investment Adviser MUST register with the SEC under which of the following conditions?               I         When there is no state registration available in that state   …

1. An S corporation\'s ordinary business income is taxed in the following way: T

1.An S corporation's ordinary business income is taxed in the following way: The S corporation pays tax on the S corporation's ordinary business income. All S corporation income i…

1. An advantage of the corporate form of business entity is a. double taxation.

1. An advantage of the corporate form of business entity is a.double taxation. b.that corporations are subject to more governmental regulations. c.unlimited liability for stockhol…

1. An aging of a company\'s accounts receivable indicates that the estimate of u

1. An aging of a company's accounts receivable indicates that the estimate of uncollectible receivables totals $4,173. If Allowance for Doubtful Accounts has a $974 credit balance…