Financial Accounting

1. Economic entity assumption 6. Matching principle 2. Going concern assumption

1. Economic entity assumption 6. Matching principle 2. Going concern assumption 7. Full disclosure principle 3. Monetary unit assumption 8. Revenue recognition principle 4. Time p…

1. Ed and Frank form a partnership by combining the assets of their separate bus

1. Ed and Frank form a partnership by combining the assets of their separate business. Ed contributes accounts receivable with a face amount of $50,000 and equipment with a cost o…

1. Edington Electronics Inc. produces and sells two models of pocket calculators

1. Edington Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The calculators sell for $15 and $25, respectively. Because of the intense com…

1. Effects of transactions on statement of cash flows Indicate for each of the f

1. Effects of transactions on statement of cash flows Indicate for each of the following what should be disclosed on a statement of cash flows (indirect method). If not disclosed,…

1. Effie Company uses a periodic inventory system. Details for the inventory acc

1. Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2013 are as follows: Units Per unit price Total Balance, 1/1/13 200 …

1. Elise, a cash basis taxpayer, contracts with a cleaning service every six mon

1. Elise, a cash basis taxpayer, contracts with a cleaning service every six months. The service requires payment up front for the six-month contract. In December of Year 1, Elise…

1. Elkins Company had checks outstanding totaling $5,400 on its June bank reconc

1. Elkins Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Elkins Company issued checks totaling $38,900. The July bank statement shows tha…

1. Employee Budget Worksheet: his table demonstrates the cost of a new employee

1. Employee Budget Worksheet: his table demonstrates the cost of a new employee including recruiting and training costs, monthly recurring costs, and optional budgeting for other …

1. Encumbrances: The city orders a fire truck estimated to cost $140,000. The fi

1. Encumbrances: The city orders a fire truck estimated to cost $140,000.  The fire truck arrives with an invoice of $138,000.  A voucher is processed and paid 2 weeks later. Reco…

1. Eneri Company\'s inventory records show the following data: Units Unit Cost I

1. Eneri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 $9.20 Purchases: June 18 4,500 8.00 November 8 3,000 7.00 A physical inven…

1. Entries for Selected Corporate Transactions West Yellowstone Outfitters Corpo

1. Entries for Selected Corporate Transactions West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yello…

1. Entries for Selected Corporate Transactions West Yellowstone Outfitters Corpo

1. Entries for Selected Corporate Transactions West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yello…

1. Entries in the personal ledger is prepared from (a) Vouchers (b) Day book (c)

1. Entries in the personal ledger is prepared from (a) Vouchers (b) Day book (c) Rough register (d) None of the above 2. The journal maintained by each department of the bank to n…

1. Equipment costing $20,000 hat is a MACRS 3year property is disposed of during

1. Equipment costing $20,000 hat is a MACRS 3year property is disposed of during the second year for $12.000, with MACRS method only half of the recapture, ordinary losses, or cap…

1. Equipment purchased at the beginning of the fiscal year for $360,000 is expec

1. Equipment purchased at the beginning of the fiscal year for $360,000 is expected to have a useful life of 5 years, or 14,000 operating hours, and a residual value of $10,000. C…

1. Ernest Tubbs operates Rawhide, a leather shop that sells luggage, handbags, b

     1.   Ernest Tubbs operates Rawhide, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of August, the following transactio…

1. Essential Company normally produces and sells 4,000 video monitors for person

1.      Essential Company normally produces and sells 4,000 video monitors for personal computers each month. Variable manufacturing costs amount to $62 per unit, and fixed manufa…

1. Estimated overhead and direct labor costs for the year were $117,500 and $125

1. Estimated overhead and direct labor costs for the year were $117,500 and $125,500, respectively. During the year, actual overhead was $107,900 and actual direct labor cost was …

1. Every valuation method has its limitations. (Points : 1) True False 2. Divide

1. Every valuation method has its limitations. (Points : 1) True False 2. Dividend valuation models are best suited for firms in the expansion or maturity phase of their life cycl…

1. Every year, a college basketball tournament is held in Bridget\'s city. She r

1. Every year, a college basketball tournament is held in Bridget's city. She rents out her condominium during the week-long tournament while she goes out of town on vacation. She…

1. Evon would like to organize SHO as either an LLC or as a C corporation genera

1. Evon would like to organize SHO as either an LLC or as a C corporation generating an 14 percent annual before-tax return on a $380,000 investment. Assume individual and corpora…

1. Example of activities best classified as unit-level, batch-level, product-lev

1. Example of activities best classified as unit-level, batch-level, product-level, or organization-sustaining activities? 2. Definition and example of a duration and transaction …

1. Exercise 23-5 Blossom Company\'s income statement for the year ended December

1. Exercise 23-5 Blossom Company's income statement for the year ended December 31, 2017, contained the following condensed information. Service revenue Operating expenses (exclud…

1. Exercise 7-8 (Algorithmic) Periodic Inventory by Three Methods The units of a

1. Exercise 7-8 (Algorithmic) Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 5 units @ $26 Feb. 17 Pu…

1. Exercise 7-8 (Algorithmic) Periodic Inventory by Three Methods The units of a

1. Exercise 7-8 (Algorithmic) Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 5 units @ $26 Feb. 17 Pu…

1. Exercise 7-9 (Algorithmic) Periodic Inventory by Three Methods; Cost of Merch

1. Exercise 7-9 (Algorithmic) Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Invento…

1. Exercise 7-9 (Algorithmic) Periodic Inventory by Three Methods; Cost of Merch

1. Exercise 7-9 (Algorithmic) Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Invento…

1. Exercise 7-9 (Algorithmic) Periodic Inventory by Three Methods; Cost of Merch

1. Exercise 7-9 (Algorithmic) Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Invento…

1. Exercise in Cost-Volume-Profit Relationships Barkins Moving Company specializ

1. Exercise in Cost-Volume-Profit Relationships Barkins Moving Company specializes in hauling heavy goods over long distances. The company’s revenues and expenses depend on revenu…

1. Expenditure Analysis in Current Dollars a. You are a fiscal analyst in the ci

1. Expenditure Analysis in Current Dollars a. You are a fiscal analyst in the city’s budget office. Complete the currentdollar portion of Table 4.4 analyzing the Health Departme…

1. Explain (briefly) the distinction between a cost, profit and investment cente

1. Explain (briefly) the distinction between a cost, profit and investment center in a business, and provide an example. 2. Explain why a company uses static and flexible budgets.…

1. Explain 3 advantages of taking a long term debt for an organization. 2. Expla

1. Explain 3 advantages of taking a long term debt for an organization. 2. Explain 3 disadvantages of taking a long term debt for an organization. (Make sure your responses includ…

1. Explain 3 advantages of taking a long term debt for an organization. 2. Expla

1. Explain 3 advantages of taking a long term debt for an organization. 2. Explain 3 disadvantages of taking a long term debt for an organization. (Make sure your responses includ…

1. Explain 3 differences between Property, Plant and Equipment (PPE) and Intangi

1. Explain 3 differences between Property, Plant and Equipment (PPE) and Intangible Assets. 2. After reading this chapter, how would you advise your friends in the following cases…

1. Explain 3 differences between Property, Plant and Equipment (PPE) and Intangi

1. Explain 3 differences between Property, Plant and Equipment (PPE) and Intangible Assets. 2. After reading this chapter, how would you advise your friends in the following cases…

1. Explain 3 disadvantages of taking a long term debt for an organization. (Make

1. Explain 3 disadvantages of taking a long term debt for an organization. (Make sure your responses include the significance of "debt to asset ratio") 2. Research any bonds issue…

1. Explain each of the following terms that apply to corporations: a. separate l

1. Explain each of the following terms that apply to corporations: a. separate legal entity b. limited stockholder liability c. income tax liability d. government regulation 2. At…

1. Explain how you imagine the invention of cheap electric cars would affect the

1. Explain how you imagine the invention of cheap electric cars would affect the demand for gasoline? Why? Which determinant of demand or supply would be affected? Show graphicall…

1. Explain in detail why it is important to distinguish product cost from period

1. Explain in detail why it is important to distinguish product cost from period cost and the impact an error will have on the income statement and balance sheet if manufacturing …

1. Explain the basic functions and the characteristics of financial market 2. Wh

1. Explain the basic functions and the characteristics of financial market 2. What are the three functions of money? 3. What is the future value of a $100 deposit earning interest…

1. Explain the following a. Sunk Cost b. Opportunity Cost c. Salvage Value d. Ca

1. Explain the following a. Sunk Cost b. Opportunity Cost c. Salvage Value d. Capitalised Cost (4 Marks) 2. As a; student of the University of Energy and Natural Resources, identi…

1. Explain the importance of each of the special journals and what, if any, uniq

1. Explain the importance of each of the special journals and what, if any, unique characteristics can be identified. 2. What method of accounting for uncollectible accounts is ge…

1. Explain the normal business process in the acquisition and payment cycle. As

1. Explain the normal business process in the acquisition and payment cycle. As part of your explanation, state which documents firms would normally use to record activities in th…

1. Explain the phenomenon of market foreclosure. Specifically, explain how a ver

1. Explain the phenomenon of market foreclosure. Specifically, explain how a vertical merger may “substantially lessen competition or tend to create a monopoly” by virtue of marke…

1. Explain the reasons for preparing adjusting entries. 2. Identify steps in the

1. Explain the reasons for preparing adjusting entries. 2. Identify steps in the accounting cycle. 3. An annual report Kobe Steel, Ltd., one of the world's largest producers of ir…

1. Explain the similarities and differences in how the McCarthy and Sutton paper

1. Explain the similarities and differences in how the McCarthy and Sutton papers present the nature of accounting and the accounting function within an organization. 2. Explain h…

1. Explain what “internal controls” are and how they relate to the audit. What e

1. Explain what “internal controls” are and how they relate to the audit. What effect do internal controls have on the job of the independentauditor?Your answer should discuss the…

1. Explain which of the three measures of central tendency (mean, median, mode)

1. Explain which of the three measures of central tendency (mean, median, mode) are appropriate to use for each of the two cases below. Do not work out the problem. Only express y…

1. Explain which of the three measures of central tendency (mean, median, mode)

1. Explain which of the three measures of central tendency (mean, median, mode) are appropriate to use for each of the two cases below. (Do not work out the problem. Only express …

1. Exxon Manufacturing produces chips for computers. The cost of producing x chi

1. Exxon Manufacturing produces chips for computers. The cost of producing x chips is given by C(x) -15x 12,000. The company sells each chip for $20. Based on the given informatio…