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ACC400_Wk1 to Wk5

Business / Economics

11/8/12

Opening Offer: $19.00
Posted by: justhelpstudent
Date Posted: 11/8/12 12:32 PM
Due Date: 12/31/69

ACC400_Wk1 to Wk5ACC400_Wk1 to Wk5

ACC400_Wk1 to Wk5 entire class buy thi..

Business / Economics

9/15/12

Opening Offer: $20.00
Posted by: easyways
Date Posted: 9/15/12 4:15 PM
Due Date: 12/31/69

ACC400_Wk1 to Wk5 entire class buy this oneACC400_Wk1 to Wk5 entire class buy this one 

ACC400_Wk1 to Wk5 entire class buy thi..

Business / Economics

9/15/12

Opening Offer: $22.00
Posted by: easyways
Date Posted: 9/15/12 4:16 PM
Due Date: 12/31/69

ACC400_Wk1 to Wk5 entire class buy this oneACC400_Wk1 to Wk5 entire class buy this one 

ACC400_Wk1 to Wk5 entire class buy thi..

Business / Economics

9/15/12

Opening Offer: $24.00
Posted by: easyways
Date Posted: 9/15/12 4:17 PM
Due Date: 12/31/69

ACC400_Wk1 to Wk5 entire class buy this oneACC400_Wk1 to Wk5 entire class buy this one 

acc561 final exams buy this one

Sciences

8/2/12

Opening Offer: $20.00
Posted by: honest_tutor2012
Date Posted: 8/2/12 4:42 PM
Due Date: 12/31/69

acc561 final exams buy this oneacc561 final exams buy this one 

According to a government study among..

Business / Economics

1/7/12

Opening Offer: $7.00
Posted by: argument
Date Posted: 1/7/12 4:53 PM
Due Date: 12/31/69

According to a government study among adults in the 25- to 34-year age group, the mean amount spent per year on reading and entertainment is $1,994 (http://www.infoplease.com/ipa/A0908759.html). Assume that the distribution of the amounts spent follows the normal distribution with a standard deviation of $450.

A) What percent of the adults spend more than $2,500 per year on reading and entertainment?

B) What percent spend between $2,500 and $3,000 per year on reading and entertainment?

C) What percent spend less than $1,000 per year on reading and entertainment?

Accounting

Business / Economics

6/8/11

Opening Offer: $5.00
Posted by: meemee
Date Posted: 6/8/11 7:40 AM
Due Date: 6/15/11

Discuss and show the cost associated with starting your company and show a pricing model for your product or service.

I am doing a mock business and need an example that will help me understand this. My business is a cafe.

Accounting

Business / Economics

11/2/11

Opening Offer: $2.00
Posted by: heatherken26
Date Posted: 11/2/11 4:00 PM
Due Date: 11/2/11

I am i need for some help, right now and in the future, I need a perm. tutor, if anyone is interested it would be very appreciative. Heather 

accounting

Business / Economics

10/8/12

Opening Offer: $2.00
Posted by: haley205
Date Posted: 10/8/12 8:38 PM
Due Date: 10/8/12

acct 561 final exam

Accounting

Business / Economics

8/29/13

Opening Offer: $2.00
Posted by: parsen
Date Posted: 8/29/13 2:14 PM
Due Date: 8/29/13

Use the following partial financial statement information below to calculate the liquidity and profitability ratios. This information can be used to correctly solve each of the ratios below.

Average common shares outstanding  35,000  Current liabilities  $25,000

Capital expenditures  $20,000  Net income  $50,000

Cash provided by operations  $77,000  Net sales  $100,000

Preferred stock dividends paid   $30,000  Total liabilities  $50,000

Current assets  $20,000  Total assets  $80,000

Instructions: Compute the following.

accounting

Language Arts / Literature

8/11/13

Opening Offer: $20.00
Posted by: bb_dunn
Date Posted: 8/11/13 6:10 PM
Due Date: 8/11/13

You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. You have been asked to educate the accounting department about the limitations of the internal control system in preparation for an upcoming audit. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.

  • Identify the limitations of the internal control system. Provide at least 3 limitations.
  • Provide at least 2 examples of internal control procedures, and explain how these procedures can be implemented.
  • Identify symptoms of a lack of internal control.
  • Explain the impact of the missing journal entry on the financial statements of the company.

Accounting 207 Winter 2008 Quiz 6..10..

Business / Economics

9/28/11

Opening Offer: $4.00
Posted by: spqr
Date Posted: 9/28/11 3:44 PM
Due Date: 12/31/69

Accounting 207 Winter 2008 Quiz 6..10 QUESTIONS ANSWEREDAccounting 207 Winter 2008 Quiz 6..10 QUESTIONS ANSWERED

Accounting 209 Final Exam Review

Business / Economics

9/28/11

Opening Offer: $4.00
Posted by: spqr
Date Posted: 9/28/11 3:45 PM
Due Date: 12/31/69

Accounting 209 Final Exam ReviewAccounting 209 Final Exam Review

ACCOUNTING 300 Final

Business / Economics

5/9/13

Opening Offer: $24.00
Posted by: typicalboy
Date Posted: 5/9/13 6:17 PM
Due Date: 5/9/13

 

1.    Which of the following is not an asset:

a.     Accounts Payable

b.    Furnishing and Equipment

c.     Supplies

d.    Cash                  

 

2.    Amy Co. acquired $500 worth of supplies on credit.  Which of the following journal entries would be recorded?

a.     Debit supplies, credit cash

b.    Debit cash, credit supplies

c.     Debit supplies, credit accounts payable

d.    Debit accounts payable, credit supplies payable

 

3.    Baker Company earned $10,000 revenue for services provided.  Which of the following is correct?

a.     Baker would credit Revenue.

b.    Baker would debit Revenue.

c.     Baker must first collect the revenue before recognizing it.

d.    Baker would credit an asset.

 

 

4.    Candy Company collected $5,000 from a customer on account.  What journal entry will Candy Company record?

a.     Debit cash, credit accounts receivable

b.    Debit cash, credit revenue

c.     Debit accounts receivable, credit revenue

d.    Debit accounts receivable, credit cash

e.     None of the above

 

 

5.    Ernie Corporation capitalized a $20,000 automobile.  Which of the following is mostly likely true?

a.     Ernie recorded a liability for $20,000.

b.    Ernie recorded an asset for $20,000.

c.     Ernie recorded an expense for $20,000.

d.    Ernie recorded revenue for $20,000.

 

 

6. Liabilities are generally classified on a balance sheet as

a.   small liabilities and large liabilities.

b.   present liabilities and future liabilities.

c.   tangible liabilities and intangible liabilities.

d.   current liabilities and long-term liabilities.

 

 

7. Office equipment is classified on the balance sheet as

a.   a current asset.

b.   property, plant, and equipment.

c.   an intangible asset.

d.   a long-term investment.

 

Use the following information to answer questions 8–12:

Benton Office Supplies

Balance Sheet

December 31, 2007

 

Cash                                      $    65,000            Accounts Payable                    $  70,000

Prepaid Insurance                     30,000            Salaries Payable                          10,000

Accounts Receivable                50,000            Mortgage Payable                        80,000

Inventory                                     70,000                 Total Liabilities                     $160,000

Land held for investment         75,000           

Land                                             90,000                                                                                

Building               $100,000                                Common Stock                         $120,000

   Less Accumulated                                          Retained Earnings                     250,000

        Depreciation  (20,000)      80,000               Total stockholders’ equity    $370,000

Trademark                                   70,000                  Total Liabilities and

Total Assets                            $530,000                    Stockholders’ Equity       $530,000

 

    8.     The total dollar amount of assets to be classified as current assets is

a.   $290,000.

b.   $215,000.

c.   $180,000.

d.   $145,000.

 

 

    9.     The total dollar amount of assets to be classified as property, plant, and equipment is

a.   $320,000.

b.   $170,000.

c.   $245,000.

d.   $190,000.

 

 

  10.     The total dollar amount of assets to be classified as investments is

a.   $0.

b.   $150,000.

c.   $75,000.

d.   $180,000.

 

  11.     The total amount of working capital is

a.   $135,000.

b.   $295,000.

c.   $75,000.

d.   $60,000.

 

 

  12.     The current ratio is

a.   1.94 : 1.

b.   1.57 : 1.

c.   3.14 : 1.

d.   2.69 : 1.

 

 

 

13.       Which of the following is a measure of liquidity?

a.    Working capital

b.    Profit margin

c.    Earnings per share

d.    Debt to equity ratio

 

14. Current assets divided by current liabilities is known as the

a.    working capital.

b.    current ratio.

c.    profit margin.

d.      capital structure.

 

15. State the accounting equation:

a.    Assets + Liabilities = Equity

b.      Assets + Equity = Liabilities

c.       Assets = Liabilities – Equity

d.      Assets = Liabilities + Equity

 

16. On which of the following financial statements would you expect to find revenues and expenses?

a.       Balance Sheet

b.      Income Statement

c.       Statement of Cash Flows

d.      Statement of Changes in Equity

 

17. On which of the following financial statements would you expect to find financing, operating, and investing activities?

a.       Balance Sheet

b.      Income Statement

c.       Statement of Cash Flows

d.      Statement of Changes in Equity

 

18. On which of the following financial statements would you expect to find assets, liabilities, and stockholders’ equity?

a.       Balance Sheet

b.      Income Statement

c.       Statement of Cash Flows

d.      Statement of Changes in Equity

 

 

 

 

 

19. Based on the following data, what is the amount of current assets?

 

Accounts payable……………………………………………………….. $31,000

Accounts receivable……………………………………………………..   50,000

Cash……………………………………………………………………….   15,000

Intangible assets…………………………………………………………   50,000

Inventory………………………………………………………………….   69,000

Long-term investments………………………………………………….   80,000

Long-term liabilities……………………………………………………………. 100,000

Marketable securities…………………………………………………….   40,000

Notes payable…………………………………………………………….   28,000

Plant assets……………………………………………………………… 670,000

Prepaid expenses………………………………………………………..     1,000

 

            a.   $ 96,000

            b.   $175,000

            c.   $106,000

            d.   $105,000

 

Use the following balance sheet and income statement information to answer questions 20–23:

Current assets                    $  7,000                  Net income                   $  12,000

Current liabilities                    4,000                  Stockholders’ equity       27,000

Average assets                   40,000                  Total liabilities                    9,000

Total assets                          30,000                 

Average common shares outstanding was 10,000

 

  20.     What is the total amount of working capital?

            a.   $1,000

            b.   $7,000

            c.   $2,000

            d.   $3,000

 

 

  21.     What is the current ratio?

            a.   1.75 : 1

            b.   1.6 : 1

            c.   0.57 : 1

            d.   2 : 1

 

 

     

22. What is the earnings per share?

a.    $3.60

            b.   $4.00    

            c.   $1.20     

            d.   $0.83  

 

    

  23.     What is the debt to total assets?

            a.   22.5 percent

            b.   13 percent

            c.   75 percent

            d.   30 percent

 

 

24.       In 2006 Fione Corporation had cash receipts of $14,000 and cash disbursements of $8,000.  Their ending cash balance at December 31, 2006 was $22,000.  What was their beginning cash balance?

a.   $16,000

b.   $20,000

c.   $30,000

d.   $28,000

 

25.       The cost principle requires that when assets are acquired, they be recorded at

a.   market value.

b.   the amount paid for them.

c.   selling price.

d.   list price.

 

 

 

The following information applies to Questions 26 - 29.         

 

At the beginning of 2006 Oslo Co. had the following account balances:

 

      Assets                                    $10,000

      Liabilities                       6,000

      Common stock             3,000

      Retained Earnings      1,000

 

During 2006 the following cash events occurred:

 

a.   Provided services to customers for $8,000.

b.   Repaid $2,000 of debt.

c.   Owners invested an additional $3,000 in the business.

d.   Incurred operating expenses of $5,000.

e.   Dividends amounted to $1,000.

 

26.       Oslo's net income for 2006 was:

            a.         $1,000

            b.         $2,000

            c.         $3,000

            d.         $4,000

 

 

27.       Total assets at the end of 2006 are:

            a.         $  3,000

            b.         $13,000

            c.         $15,000

            d.         $18,000

 

 

 

28.       Total liabilities at the end of 2006 are:

            a.         $       0

            b.         $4,000

            c.         $6,000

            d.         $8,000

 

 

Beginning balance                   $  6,000

Transaction  b                            (2,000)

Ending balance                       $  4,000

 

 

29.       Retained earnings at the end of 2006 are:

            a.         $1,000

            b.         $2,000

            c.         $3,000

            d.         $4,000

 

 

 

30.       The following amounts were drawn from the records of Gregory Co.:  Total Assets = $1,100; Common stock = $300; Retained Earnings = $200.  Based on this information, total liabilities must be equal to:

            a. $300

            b. $600

            c. $800

d. $900

 

 

31.       Hines Co. purchased land for $2,000 cash.  As a result of this event:

            a. Cash flow from operating activities would decrease.

            b. Cash flow from investing activities would increase.

            c. Cash flow from financing activities would decrease.

      d. Cash flow from investing activities would decrease.

 

32.       Which of the following is a stockholders’ equity item:

 

a.   Property, Plant and Equipment

b.    Accounts Payable

c.    Inventory

d.    Contributed Capital

 

 

33.      Net Income is –

 

a. Assets minus Liabilities

            b. Revenues minus Expenses

            c. Contributed Capital minus Dividends

d. Stockholders’ Equity minus Liabilities

 

34.         The Injoy Corp. has assets of $20,000 and stockholders’ equity of $12,000. The amount of its liabilities is:

 

a. $8,000

b. $12,000

c. $20,000

d. $32,000

 

 

35.         Jumpy Company sold merchandise for $500,000. The merchandise that it sold had a cost of $300,000. Jumpy Company has net income of:

 

a. $200,000

b. $300,000

c. $500,000

d. $800,000

 

 

 

36.         Which of the following would appear in the cash flow from operations section of the statement of cash flows?

 

a. cash paid to suppliers and employees

b. cash paid to purchase equipment

c. cash paid on notes payable

d. cash paid for dividends

 

37.         ___________ includes cash, equipment and inventory.

 

c.    Stockholders’ Equity

b. Net Income

c. Revenues

d. Assets

 

ACCOUNTING answers

Business / Economics

5/9/13

Opening Offer: $8.00
Posted by: typicalboy
Date Posted: 5/9/13 5:34 PM
Due Date: 5/9/13

ACCOUNTING

 

!1. The dollar amount of the common stock in the balance sheet of a corporation that has common stock with a par value is the number of shares: A) issued, multiplied by the amount received per share. B) outstanding, multiplied by the amount received per share. C) issued, multiplied by the par value per share. D) outstanding, multiplied by the par value per share.

 

2. Which of the following is not usually a right or attribute of preferred stock? A) Having a claim to dividends in excess of the annual dividend requirement if dividends on common stock exceed dividends on preferred stock. B) Having a priority claim to dividends relative to the common stock's claim to dividends. C) Having a priority claim in liquidation relative to the common stock's claim in liquidation. D) Having a claim to dividends that is cumulative over time if the annual dividend requirement is not satisfied.

 

!3. Additional paid-in capital is most likely to appear in the balance sheet of a corporation that: A) has par value stock. B) has no-par value stock. C) has issued stock at different dates. D) has issued stock dividends.

 

4. Retained earnings represents: A) cash that is available for dividends. B) the total net income of the firm since its beginning. C) net income that has been reinvested in the company. D) net income plus gains (or minus losses) on treasury stock transactions.

 

5. Preferred stock is used much less than long-term debt in the capital structure of most industrial and merchandising companies principally because: A) the preferred stock dividend requirement is a fixed claim against income, but interest on long-term debt is not a fixed amount. B) preferred stock has a fixed liquidation or redemption value, but long-term debt does not have a fixed maturity value. C) preferred stock may be convertible to common stock, but long-term debt cannot be convertible. D) for income tax purposes, dividends paid on preferred stock are not deductible, but interest on long-term debt is deductible.

 

6. The declaration of a cash dividend by the directors results in: A) a decrease in cash and a decrease in retained earnings. B) a decrease in retained earnings and an increase in current liabilities. C) a decrease in net income and a decrease in cash. D) a decrease in net income and an increase in current liabilities.

 

7. In most states, par value of issued shares represents: A) Legal capital B) No par capital C) Minority capital D) Corporate capital.

 

!8. The term preemptive right pertains to which of the following? A) The Board of Directors rights in liquidation. B) Present shareholders right to purchase shares from any additional share issuances. C) Present shareholders right to purchase treasury shares when reissued. D) Preferred stockholders right to dividends.

 

!9. Balance sheet disclosures for preferred stock include all of the following except: A) The number of shares issued. B) The number of shares outstanding. C) The liquidating or redemption value. D) The credit or market value. E) The number of shares authorized.

 

10. Under most circumstances, in order to recognize revenue: A) cash must have been received. B) the entity must expect to receive cash in the future. C) the entity must have paid for all expenses incurred in generating the revenue. D) the revenue must be realized or realizable, and earned.

 

11. The concept of matching revenue and expense refers to the fact that: A) expenses for a period equal the revenues for the period. B) all costs incurred in the process of earning revenue during a period are recorded as an expense in that period. C) all cash disbursements during a period are subtracted from all cash receipts during the period. D) costs incurred in the process of earning revenue during a period are deferred and expensed in a future period.

 

12. Most entities satisfy the accounting criteria for recognizing revenue when: A) an order is received from a customer. B) cash is received from a customer. C) an unearned revenue account is credited. D) a product is delivered or a service is provided.

 

!13. Most entities satisfy the accounting criteria for recognizing an expense when: A) a commitment is made to purchase a product or service. B) cash is paid to a supplier. C) a cost is incurred in the revenue generating process. D) a dividend is paid to stockholders.

 

14. When the periodic inventory system is used: A) operating profit from the sale of an item from inventory is known when the item is sold. B) gross profit from the sale of an item from inventory is known when the item is sold. C) cost of goods sold can be calculated by subtracting the ending inventory amount from the sum of beginning inventory and purchases. D) a physical inventory must be taken in order to estimate the cost of goods sold.

 

15. Income from operations is: A) sometimes called the "bottom line". B) sometimes used in the ROI calculation. C) usually used in the ROE calculation. D) usually calculated after income tax expense.

 

!16. The earnings per share of common stock calculation: A) is made by dividing net income by the number of shares of common stock outstanding at the end of the year. B) is complicated by the declaration of cash dividends during the year. C) includes gains or losses from treasury stock transactions. D) is complicated by the presence of preferred stock in the capital structure.

 

17. An item that cost $90 is sold for $120. The gross profit ratio for this item is: A) 20% B) 25% C) 33.3% D) 60%

 

18. An item that cost $240 is to be sold for a price that will yield a gross profit ratio of 20%. The selling price should be: A) $192 B) 288 C) 300 D) 1200

 

!19. Recognition of revenue in accrual accounting requires: A) that cash be received. B) only that the amount of cash to be received from the sale of a product or service be known. C) only that a product be delivered or a service be performed. D) that the revenue be realized or realizable, and earned.

 

!20. In the statement of cash flows, the amount of depreciation and amortization expense is added back to net income because: A) these expenses do not affect cash, but were subtracted in the determination of net income. B) these expenses affect investing activities, not operating activities. C) the cash disbursements for these accrued expenses will be made in a future period. D) these expenses are recognized for accounting purposes, but they do not represent economic costs.

 

!21. In the statement of cash flows, an increase in the accounts receivable balance from the beginning of the period to the end of the period would: A) be added to net income because this represents earned revenues that have not been collected. B) be subtracted from net income because this represents earned revenue provided by operating earnings. C) be added to net income because this means that revenues were less than cash collected. D) be subtracted from net income because this means that revenues were more than cash collected.

 

!22. The explanatory notes to the financial statements: A) should be referred to if more than a cursory, and perhaps misleading impression of a firm's financial position and its results of operations is to be achieved. B) are not an integral part of the financial statements. C) include a great deal of detailed information that is potentially useful only to a financial analyst making a detailed appraisal of the future prospects of the entity. D) are used by many entities to hide information from the reader of the financial statements by including in the explanatory notes information that should be shown in detail on the financial statements themselves.

 

23. The nature and content of disclosures relate to all of the following except: A) accounting changes. B) segment information. C) fair market value. D) contingencies and commitments. E) events subsequent to the balance sheet date.

 

!24. Which of the following is not a topic that is likely to be discussed as a significant accounting policy?

A) Depreciation method.

B) Earnings per share of common stock calculation details.

C) Inventory valuation method.

D) Method of estimating uncollectible accounts receivable.

 

!25. Firms that issue registered securities are required to file, with the SEC on an annual basis, which of the following? A) An annual report. B) A prospectus. C) A form 10-K. D) A set of financial statements. E) All of the above.

 

26. A firm's cash dividends were $3.96 per share of common stock for calendar 2006. In 2007 the stock was split 3 for 1, and in 2008 a 10% stock dividend was issued. Dividends per share for 2006, to be reported in the firm's annual report for 2008, are: A) $3.96 B) $1.45 C) $1.32 D) $1.20

 

27. For 2006, Skresso Co. reported $3.64 of earnings per share of common stock. During 2007 the firm had a 4% common stock dividend. 2006 earnings per share to be reported in the annual report for 2007 are: A) $3.79 B) $3.64 C) $3.50 D) $3.49

 

!28. Management's use of resources can best be evaluated by focusing on measures of: A) liquidity. B) activity. C) leverage. !D) book value.

 

29. An individual interested in making a judgment about the profitability of a company should: A) review the trend of working capital for several years. B) calculate the company's ROI for the most recent year. C) review the trend of the company's ROI for several years. D) compare the company's ROI for the most recent year with the industry average ROI for the most recent year.

 

30. An entity's current ratio will be influenced by: A) the inventory cost flow assumption used. B) writing off an overdue account receivable against the allowance for uncollectible accounts. C) the depreciation method used. D) issuance of a stock dividend.

 

!31. The inventory turnover calculation: A) is wrong unless cost of goods sold is used in the numerator. B) is wrong unless sales is used in the numerator. C) is an alternative way of expressing the number of days' sales in inventory. D) requires knowledge of the inventory cost flow assumption being used.

 

!32. If a firm's payment terms for sales made on account to its customers were 2/10, n30, the number of days' sales in accounts receivable would be expected to be: A) less than 10. B) between 10 and 25. C) between 25 and 40. D) over 40.

 

33. If the P/E ratio of a company's common stock were 12, and its earnings were $ 2.50 per common share: A) the market value of the common stock would be $20.83 per share. B) the market value of the common stock would be $25.00 per share. C) an increase in earnings of $0.20 per share, with no change in the multiple, would result in a market price increase of $2.40 per share. D) an increase in earnings of $0.20 per share, with no change in the multiple, would result in a market price increase of $1.67 per share.

 

34. When a corporation has both common stock and preferred stock outstanding: A) dividends on preferred stock are paid only if the company has current earnings. B) dividends on preferred stock must be paid before dividends on common stock can be paid. C) preferred stockholders receive the same dividend per share as common stockholders. D) dividends on preferred stock are paid only if dividends are to be paid on the common stock.

 

35. A management that wanted to increase the financial leverage of its firm would: A) raise additional capital by selling common stock. B) use excess cash to purchase preferred stock for the treasury. C) raise additional capital by selling fixed interest rate long-term bonds. D) try to increase its ROI by increasing asset turnover.

 

36. If a firm's debt ratio were 25%, its debt/equity ratio would be: A) 25%. B) 50%. C) 33.33%. D) 75%.

 

!37. A leverage buyout refers to: A) one firm issues stock to take over another firm. B) one firm trades its stock for the stock of another firm. C) a firm goes heavily into debt in order to obtain the funds to purchase the shares of the public stockholders. D) one firm pays cash for the shares of a takeover firm's shares.

 

38. For the fiscal year ended March 31, 2007, a company reported earnings per share of $3.25 and cash dividends per share of $0.50. During fiscal 2008, the company had a 3 for 2 stock split. In the annual report for the fiscal year ended March 31, 2008, earnings per share and cash dividends for fiscal 2007 would be reported, respectively, as:

A) $3.25 and $0.50

B) $4.85 and $0.75

C) $2.17 and $0.33

D) $1.09 and $0.17

Accounting help needed!!

Business / Economics

9/8/11

Opening Offer: $26.00
Posted by: cindrella670
Date Posted: 9/8/11 1:44 AM
Due Date: 12/31/69

Deliverable Length: 3-4 pages
Details: You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.

Explain why adjusting entries are necessary. Describe the 4 types of adjusting entries, and provide a manufacturing industry example of each. Describe how these entries would be recorded in a computerized accounting system. Describe 1 ethical issue that could result from the preparation of these manufacturing entries

Accounting MCQ's

Business / Economics

5/9/12

Opening Offer: $15.99
Posted by: shonatutes
Date Posted: 5/9/12 7:17 PM
Due Date: 12/31/69

The one cost that would be classified as part of both prime cost and conversion cost would be Great of collection of Accounting MCQ's with 100% correct Answers 1. Nonmanufacturing costs: include only fixed costs seldom influence financial success or failure include the cost of selling, distribution, and after-sales costs for customers are considered by GAAP to be an element of product costs 2. The one cost that would be classified as part of both prime cost and conversion cost would be: indirect material direct labor direct material indirect labor 3. A key element of any organization's strategy is identifying: its potential shareholders its target customers competitor's products employee needs 4. In July direct labor was 40% of conversion cost. If the manufacturing overhead cost for the month was $34,000 and the direct materials cost was $23,000, the direct labor cost was: $22,667 $15,333 $51,000 $34,500 5. The information below relates to Derby Manufacturing Company's operations for a recent month. (Assume that all raw materials are direct materials.): Purchases of raw materials $91,000 Direct labor cost $122,000 Selling costs (total) $42,000 Administrative costs (total) $56,000 Manufacturing overhead costs (total) $340,000 Raw materials inventory, beginning $22,000 Work in process inventory, beginning $27,000 Finished goods inventory, beginning $42,000 Raw materials inventory, ending $7,000 Work in process inventory, ending $35,000 Finished goods inventory, ending $15,000 What wasDerby's cost of goods manufactured for the month? $545,000 $560,000 $568,000 $587,000 6. Management accounting information can be used for all of the following except: calculate the cost of a product or service. evaluate the performance of a company. project materials needs. evaluate the market price of the stock 7. Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as: direct materials. a period cost. administrative expense. manufacturing overhead. 8. The Institute of Management Accountants' Materials used in the operation of a factory confidentiality that requires that management accountants: refrain from disclosing confidential information acquired in the course of their work except when authorized by management. refrain from disclosing confidential information acquired in the course of their work in all situations. refrain from disclosing confidential information acquired in the course of their work except when authorized by management, unless legally obligated to do so. refrain from disclosing confidential information acquired in the course of their work in all cases since the law requires them to do so. 9. All of the following are characteristics of a pull production system EXCEPT: Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand. Raw materials are released to a production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials. Products are completed just in time to be shipped to customers. Manufactured parts are completed just in time to be assembled into products. 10. Abel Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is $38,000 and if direct materials are $47,000, the manufacturing overhead is: $152,000 $11,750 $21,250 $9,500 11. For a manufacturing company, what type of position (line or staff) is each of the following? a. Manager of a Data Processing Department b. Manager of a Production Department a. Staff b. Staff a. Staff b. Line a. Line b. Staff a. Line b. Line 12. During the month of July, direct labor cost totaled $12,000 and direct labor cost was 30% of prime cost. If total manufacturing costs during July were $86,000, the manufacturing overhead was: $46,000 $40,000 $28,000 $74,000 13. The plans of management are often expressed formally in: financial statements. performance reports. budgets. ledgers. 14. Prime costs consist of: direct materials and the variable portion of manufacturing overhead. direct labor and indirect labor. indirect labor and the fixed portion of manufacturing overhead. direct labor and direct materials. 15. Which of the following statements about products is true? Product costs are deducted from revenue when the production process is completed. Product costs are deducted from revenue as expenditures are made. Product costs associated with unsold finished goods and work in process appear on the balance sheet as assets. Product costs appear on financial statements only when products are sold. 16. Management accounting: focuses on estimating future revenues, costs, and other measures to forecast activities and their results. provides information about the company as a whole. reports information that has occurred in the past that is verifiable and reliable. provides information that is generally available only on a quarterly or annual basis. 17. The person MOST likely to use management accounting information is a(n): banker evaluating a credit application shareholder evaluating a stock investment governmental taxing authority assembly department supervisor 18. The person MOST likely to use ONLY financial accounting information is a: factory shift supervisor vice president of operations current shareholder department manager 19. Management accounting information can be used for all of the following except: calculate the cost of a product or service. evaluate the performance of a company. project materials needs. evaluate the market price of the stock. 20. One consequence of a change from a push to a properly implemented pull production system can be: an increase in work in process inventories. an extremely difficult cultural change due to enforced idleness when demand falls below production capacity. an increased mismatch between what is produced and what is demanded by customers. an increase in raw materials inventories. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of the above are correct. 2. Financial accounting information: (Points :2) provides a signal that something is wrong identifies what is wrong explains what is wrong simply summarizes information but gives no indication that anything is wrong 3. The act of simply measuring and reporting information on certain processes: (Points :2) focuses the attention of employees on those processes that are being measured diverts the employee's attention to other activities that are not being measured disproves the saying "What gets measured gets managed." has no effect on employee behavior 4. Management accounting information includes: (Points :2) tabulated results of customer satisfaction surveys the cost of producing a product the percentage of units produced that is defective All of these are correct. 5. The person MOST likely to use management accounting information is a(n): (Points :2) banker evaluating a credit application shareholder evaluating a stock investment governmental taxing authority assembly department supervisor 6. The accounting process is constrained by mandated reporting requirements by all of the following organizations EXCEPT the: (Points :2) Internal Revenue Service (IRS) Institute of Management Accountants (IMA) Financial Accounting Standards Board (FASB) Securities and Exchange Commission (SEC) for companies that are publicly traded 7. In general, it was not until the 1970s that management accounting systems: (Points :2) were improved because of demands by the FASB and the SEC stagnated and proved inadequate started to develop innovations in costing and performance-measurement systems due to intense pressure from overseas competitors started to address the decision-making needs of managers 8. A key element of any organization's strategy is identifying: (Points :2) its potential shareholders its target customers competitor's products employee needs 9. Which of the following groups would be LEAST likely to receive detailed management accounting reports? (Points :2) stockholders customer service representatives production supervisor vice president of operations 10. Top executives of a multi-plant firm are LEAST likely to use management accounting information: (Points :2) to support decisions that result in long-term consequences to evaluate the performance of individual plants for strategic planning for operational control 11. A national company manufactures a line of modern furniture. Information MOST useful to the employee who assembles the furniture includes: (Points :2) a daily report comparing the actual time it took to assemble a piece of furniture to the standard time allowed a monthly report on the portion of furniture pieces assembled with defects the number of furniture pieces sold this month revenue per employee 12. Recently, increased demand for management accounting information has been: (Points :2) primarily from manufacturing firms from service organizations from both the manufacturing and the service industries an illusion; in fact, the demand for management accounting has changed very little 13. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of these are correct. 14. Decentralized responsibility refers to allowing lower-level managers to do all of the following EXCEPT: (Points :2) make decisions without seeking higher approval take advantage of local opportunities make periodic financial reports to upper-management pursue individual objectives even though they may not contribute to the entire company 15. All of the following are true regarding the return on investment (ROI) formula developed at Dupont EXCEPT that: (Points :2) it is the sole measure top-management utilizes to evaluate which division should receive additional capital it allows companies to have centralized control with decentralized responsibility it produces a measure of divisional performance it equals (Operating income/Sales) x (Sales/Investment) 16. The act of simply measuring and reporting information: (Points :2) focuses the attention of employees on those processes diverts the employee's attention to other activities disproves the saying "What gets measured gets managed." has no effect on employee behavior 17. When a change is introduced, employees tend to: (Points :2) embrace the change be indifferent to the change exhibit no change in behavior resist the change 18. The introduction of a new management system is MOST likely to motivate UNWANTED employee behavior when it is used for: (Points :2) evaluation planning decision making coordinating individual efforts 19. Management accountants are MOST likely to feel outside pressure to favorably influence the numbers favorably when the information is used for: (Points :2) budgeting compensation and promotions continuous improvement product costing 20. The Institute of Management Accountants (IMA): (Points :2) is a professional organization of management accountants is a professional organization of financial accountants issues standards for management accounting issues standards for financial accountingThe one cost that would be classified as part of both prime cost and conversion cost would be

Great of collection of Accounting MCQ's with 100% correct Answers 

1. Nonmanufacturing costs:  

include only fixed costs
seldom influence financial success or failure
include the cost of selling, distribution, and after-sales costs for customers
are considered by GAAP to be an element of product costs

2. The one cost that would be classified as part of both prime cost and conversion cost would be:  

indirect material
direct labor
direct material
indirect labor

 

3. A key element of any organization's strategy is identifying:  

its potential shareholders
its target customers
competitor's products
employee needs







4. In July direct labor was 40% of conversion cost. If the manufacturing overhead cost for the month was $34,000 and the direct materials cost was $23,000, the direct labor cost was:  

$22,667
$15,333
$51,000
$34,500

 

5. The information below relates to Derby Manufacturing Company's operations for a recent month. (Assume that all raw materials are direct materials.):

Purchases of raw materials $91,000
Direct labor cost $122,000
Selling costs (total) $42,000
Administrative costs (total) $56,000
Manufacturing overhead costs (total) $340,000
Raw materials inventory, beginning $22,000
Work in process inventory, beginning $27,000
Finished goods inventory, beginning $42,000
Raw materials inventory, ending $7,000
Work in process inventory, ending $35,000
Finished goods inventory, ending $15,000

What wasDerby's cost of goods manufactured for the month?

$545,000
$560,000
$568,000
$587,000

6. Management accounting information can be used for all of the following except: 
        calculate the cost of a product or service. 
        evaluate the performance of a company. 
        project materials needs. 
        evaluate the market price of the stock



7. Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as:  

direct materials.
a period cost.
administrative expense.
manufacturing overhead.

 

8. The Institute of Management Accountants' Materials used in the operation of a factory confidentiality that requires that management accountants:  

refrain from disclosing confidential information acquired in the course of their work except when authorized by management.
refrain from disclosing confidential information acquired in the course of their work in all situations.
refrain from disclosing confidential information acquired in the course of their work except when authorized by management, unless legally obligated to do so.
refrain from disclosing confidential information acquired in the course of their work in all cases since the law requires them to do so.




9. All of the following are characteristics of a pull production system EXCEPT:  

Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand.
Raw materials are released to a production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials.
Products are completed just in time to be shipped to customers.
Manufactured parts are completed just in time to be assembled into products.



10. Abel Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is $38,000 and if direct materials are $47,000, the manufacturing overhead is:  

$152,000
$11,750
$21,250
$9,500

 

11. For a manufacturing company, what type of position (line or staff) is each of the following?

a. Manager of a Data Processing Department
b. Manager of a Production Department

a. Staff
b. Staff
a. Staff
b. Line
a. Line
b. Staff
a. Line
b. Line

12. During the month of July, direct labor cost totaled $12,000 and direct labor cost was 30% of prime cost. If total manufacturing costs during July were $86,000, the manufacturing overhead was:  

$46,000
$40,000
$28,000
$74,000

 

13. The plans of management are often expressed formally in:  

financial statements.
performance reports.
budgets.
ledgers.

14. Prime costs consist of:  

direct materials and the variable portion of manufacturing overhead.
direct labor and indirect labor.
indirect labor and the fixed portion of manufacturing overhead.
direct labor and direct materials.

15. Which of the following statements about products is true?  

Product costs are deducted from revenue when the production process is completed.
Product costs are deducted from revenue as expenditures are made.
Product costs associated with unsold finished goods and work in process appear on the balance sheet as assets.
Product costs appear on financial statements only when products are sold.

16. Management accounting:  

focuses on estimating future revenues, costs, and other measures to forecast activities and their results.
provides information about the company as a whole.
reports information that has occurred in the past that is verifiable and reliable.
provides information that is generally available only on a quarterly or annual basis.

 

17. The person MOST likely to use management accounting information is a(n):  

banker evaluating a credit application
shareholder evaluating a stock investment
governmental taxing authority
assembly department supervisor

 

18. The person MOST likely to use ONLY financial accounting information is a: 

factory shift supervisor
vice president of operations
current shareholder
department manager

 

19. Management accounting information can be used for all of the following except:  

calculate the cost of a product or service.
evaluate the performance of a company.
project materials needs.
evaluate the market price of the stock.

 

 

20. One consequence of a change from a push to a properly implemented pull production system can be:  

an increase in work in process inventories.
an extremely difficult cultural change due to enforced idleness when demand falls below production capacity.
an increased mismatch between what is produced and what is demanded by customers.
an increase in raw materials inventories.

 

  1. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of the above are correct.

 

2. Financial accounting information: (Points :2)

provides a signal that something is wrong

identifies what is wrong

explains what is wrong

simply summarizes information but gives no indication that anything is wrong

 

3. The act of simply measuring and reporting information on certain processes: (Points :2) focuses the attention of employees on those processes that are being measured

diverts the employee's attention to other activities that are not being measured

disproves the saying "What gets measured gets managed." has no effect on employee behavior

 

4. Management accounting information includes: (Points :2) tabulated results of customer satisfaction surveys the cost of producing a product the percentage of units produced that is defective All of these are correct.

 

5. The person MOST likely to use management accounting information is a(n): (Points :2) banker evaluating a credit application shareholder evaluating a stock investment governmental taxing authority assembly department supervisor

 

6. The accounting process is constrained by mandated reporting requirements by all of the following organizations EXCEPT the: (Points :2) Internal Revenue Service (IRS) Institute of Management Accountants (IMA) Financial Accounting Standards Board (FASB) Securities and Exchange Commission (SEC) for companies that are publicly traded

 

 

 

7. In general, it was not until the 1970s that management accounting systems: (Points :2) were improved because of demands by the FASB and the SEC stagnated and proved inadequate

started to develop innovations in costing and performance-measurement systems due to intense pressure from overseas competitors

started to address the decision-making needs of managers

 

8. A key element of any organization's strategy is identifying: (Points :2) its potential shareholders its target customers competitor's products employee needs

 

9. Which of the following groups would be LEAST likely to receive detailed management accounting reports? (Points :2) stockholders customer service representatives production supervisor vice president of operations

 

10. Top executives of a multi-plant firm are LEAST likely to use management accounting information: (Points :2) to support decisions that result in long-term consequences to evaluate the performance of individual plants for strategic planning for operational control

 

11. A national company manufactures a line of modern furniture. Information MOST useful to the employee who assembles the furniture includes: (Points :2)

a daily report comparing the actual time it took to assemble a piece of furniture to the standard time allowed

a monthly report on the portion of furniture pieces assembled with defects

the number of furniture pieces sold this month

revenue per employee

 

12. Recently, increased demand for management accounting information has been: (Points :2) primarily from manufacturing firms from service organizations from both the manufacturing and the service industries an illusion; in fact, the demand for management accounting has changed very little

 

13. Currently, management accounting information within government and nonprofit organizations is in greater demand because: (Points :2) public and private donors are demanding accountability citizens are requesting responsive and efficient performance from their governing units more nonprofit organizations are competing for limited funds All of these are correct.

 

14. Decentralized responsibility refers to allowing lower-level managers to do all of the following EXCEPT: (Points :2) make decisions without seeking higher approval take advantage of local opportunities make periodic financial reports to upper-management pursue individual objectives even though they may not contribute to the entire company

 

15. All of the following are true regarding the return on investment (ROI) formula developed at Dupont EXCEPT that: (Points :2) it is the sole measure top-management utilizes to evaluate which division should receive additional capital it allows companies to have centralized control with decentralized responsibility it produces a measure of divisional performance it equals (Operating income/Sales) x (Sales/Investment)

 

16. The act of simply measuring and reporting information: (Points :2) focuses the attention of employees on those processes diverts the employee's attention to other activities disproves the saying "What gets measured gets managed." has no effect on employee behavior

 

17. When a change is introduced, employees tend to: (Points :2) embrace the change be indifferent to the change exhibit no change in behavior resist the change

 

18. The introduction of a new management system is MOST likely to motivate UNWANTED employee behavior when it is used for: (Points :2) evaluation planning decision making coordinating individual efforts

 

 

19. Management accountants are MOST likely to feel outside pressure to favorably influence the numbers favorably when the information is used for: (Points :2) budgeting compensation and promotions continuous improvement product costing

 

20. The Institute of Management Accountants (IMA): (Points :2) is a professional organization of management accountants is a professional organization of financial accountants issues standards for management accounting issues standards for financial accounting

accounting MCQs

Business / Economics

11/24/11

Opening Offer: $5.00
Posted by: seleena
Date Posted: 11/24/11 2:24 AM
Due Date: 11/23/11

Company acquired four $1,000 face value bonds with a 10% interest rate at face value plus accrued interest. Interest on the bonds is paid semiannually on March 31 and September 30. At December 31, 2010, the bonds are quoted at 96. The decline in value is deemed temporary. Assume that the bonds were classified as available for sale.

In the August 31, 2010, journal entry to record Merry's transactions in temporary investments in bonds for 2010, the Cash account would have a: (Points : 3)
Debit of $4,000
Credit of $4,000
Debit of $4,166.67
Credit of $4,166.67

2. Company acquired four $1,000 face value bonds with a 10% interest rate at face value plus accrued interest. Interest on the bonds is paid semiannually on March 31 and September 30. At December 31, 2010, the bonds are quoted at 96. The decline in value is deemed temporary. Assume that the bonds were classified as available for sale.

In the September 30, 2010, journal entry to record Merry's transaction for the temporary investments in bonds for 2010, the Cash account would have a: (Points : 3)
Debit of $400
Credit of $400
Debit of $200
Credit of $200

3. Company acquired four $1,000 face value bonds with a 10% interest rate at face value plus accrued interest. Interest on the bonds is paid semiannually on March 31 and September 30. At December 31, 2010, the bonds are quoted at 96. The decline in value is deemed temporary. Assume that the bonds were classified as available for sale.

In the December 31, 2010, journal entry to record Merry's transactions for the temporary investments in bonds for 2010, the Interest Revenue account would have a: (Points : 3)
Debit of $200
Credit of $200
Debit of $100
Credit of $100

4. Company acquired four $1,000 face value bonds with a 10% interest rate at face value plus accrued interest. Interest on the bonds is paid semiannually on March 31 and September 30. At December 31, 2010, the bonds are quoted at 96. The decline in value is deemed temporary. Assume that the bonds were classified as available for sale.

If we assume that the bonds were sold on December 31 at 96 plus accrued interest, in the journal entry reflecting this transaction, the Cash account would have a: (Points : 3)
Debit of $3,940
Debit of $4,000
Credit of $3,940
Credit of $4,000

5. Company acquired four $1,000 face value bonds with a 10% interest rate at face value plus accrued interest. Interest on the bonds is paid semiannually on March 31 and September 30. At December 31, 2010, the bonds are quoted at 96. The decline in value is deemed temporary. Assume that the bonds were classified as available for sale.

If we assume that the bonds were sold on December 31 at 96 plus accrued interest, in the journal entry reflecting this transaction, the Interest Revenue account would have a: (Points : 3)
Credit of $4,000
Credit of $100
Credit of $200
Credit of $400

Accounts officers at Xerox corporati

Business / Economics

11/24/11

Opening Offer: $4.56
Posted by: cindrella670
Date Posted: 11/24/11 12:40 PM
Due Date: 12/31/69
1.) Accounts officers at Xerox corporation discovered that significant errors have been made in the valuation of inventory and are worried that it might have significant impact on the net income and earnings per share. What are the possible top three effects of the errors on net income? What could have been the top two reasons behind incorrect valuation of the inventory? 2.) Identify three questions that can be answered by reviewing a firm’s income statement but that cannot be answered by reviewing the firm’s balance sheet or statement of stockholders’ equity. Be specific.

Accrual Method

Business / Economics

1/22/11

Opening Offer: $5.00
Posted by: russellsnina
Date Posted: 1/22/11 11:45 AM
Due Date: 12/31/69

CheckPoint: Accrual Method

Nonprofit organizations are required to produce financial statements based on the accrual method of accounting. How is this different from the cash basis of accounting? Why is accrual accounting important? In an accrual system, does revenue equal cash? What is the importance of the statement of cash flow in the financial management of an organization?

Accrual Method

Business / Economics

4/10/11

Opening Offer: $5.00
Posted by: russellsnina
Date Posted: 4/10/11 8:01 AM
Due Date: 12/31/69

Accrual Method

Answer the following questions in 200 to 300 words: o

Nonprofit organizations are required to produce financial statements based on the accrual method of accounting. How is this different from the cash basis of accounting? Why is accrual accounting important? o

In an accrual system, does revenue equal cash? o

What is the importance of the statement of cash flow in the financial management of an organization? Provide at least one resource to support your answer, using APA formatting. Post your answer as a Microsoft® Word attachment.

Accrual Method

Business / Economics

5/3/12

Opening Offer: $5.00
Posted by: rkrepp
Date Posted: 5/3/12 7:43 AM
Due Date: 12/31/69

CheckPoint: Accrual Method

 

Nonprofit organizations are required to produce financial statements based on the accrual method of accounting. How is this different from the cash basis of accounting? Why is accrual accounting important? In an accrual system, does revenue equal cash? What is the importance of the statement of cash flow in the financial management of an organization? 

ACCT 212_Course Project 1 - Part A

Business / Economics

12/28/12

Opening Offer: $7.00
Posted by: justhelpstudent
Date Posted: 12/28/12 2:29 PM
Due Date: 12/31/69

ACCT 212_Course Project 1 - Part A

Acct/280 final exam

Social Sciences / Psychology

2/12/12

Opening Offer: $8.00
Posted by: cindrella670
Date Posted: 2/12/12 1:33 PM
Due Date: 12/30/12

Acct/280 final exam

ACCT212_CourseProject2_Template

Business / Economics

12/28/12

Opening Offer: $7.00
Posted by: justhelpstudent
Date Posted: 12/28/12 2:29 PM
Due Date: 12/31/69

ACCT212_CourseProject2_TemplateACCT212_CourseProject2_Template

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