51.During periods of inflation, which method will yield the smallest ending inventory and the largest cost of goods sold? A. LIFO. B. FIFO. C. Average cost. D. Specific identification. 52.In a period of rising prices, a company is most likely to use the FIFO method of pricing inventory if: A. Each item in the inventory is unique. B. Management wants the […]
118. The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2012 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $640,000; cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is? A. $1,405,000B. $2,560,000C. $2,435,000D. $3,965,000 119. The Warbler Jeans Company produces two different types of jeans. One is called […]
61. Metal Company Metal Company sold merchandise to Steel Corporation on December 1, 2012, for $150,000, and accepted a promissory note for payment in the same amount. The note has a term of three months and an annual interest rate of 8%. Metal’s accounting period ends on December 31. Refer to the data provided for Metal Company. What is the maturity date of the […]
51.If total fixed costs increase while variable costs and sales price are unchanged, what happens to the break-even point? A. The break-even point increases, and therefore more units must be sold to break-even. B. The break-even point decreases, and therefore fewer units must be sold to break-even. C. The break-even point remains the same. D. The break-even point decreases and therefore more units must […]
81. A company that owns more than 50% of the common stock of another company is known as the A. parent company. B. management company. C. subsidiary company. D. in-charge company. 82. If one company owns more than 50% of the common stock of another company a A. a partnership exists. B. parent–subsidiary relationship exists. C. the company whose stock is owned must be liquidated D. the cost method should be used to account […]
71. Prepaid expenses are eventually expected to A. become expenses when their future economic value expires. B. become revenues when services are performed. C. become expenses in the period when they are paid. D. become revenues when the liability is no longer owed. 72. Which of the following is considered to be unearned revenue? A. Concert tickets sold for tonight’s performance. B. Concert tickets sold yesterday on credit. C. Concert tickets that were […]
71. RJ Corporation has provided the following information about one of their inventory items: During the year, 3,000 units were sold. What was ending inventory using the average cost flow assumption? A. $640,000 B. $840,000 C. $770,000 D. $880,000 72. RJ Corporation has provided the following information about one of their inventory items: During the year, 3,000 units were sold. What was cost of goods sold using the […]
101. Mallard Corporation uses the product cost concept of product pricing. Below is cost information for the production and sale of 45,000 units of its sole product. Mallard desires a profit equal to a 12% rate of return on invested assets of $800,000. Fixed factory overhead cost $82,000 Fixed selling and administrative costs 45,000 Variable direct materials cost per unit 5.50 Variable direct labor […]
111.A company had $43 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to: A.Debit Cash Over and Short for $43. B.Credit Cash Over and Short for $43. C.Debit Petty Cash for $43. D.Credit Petty Cash for $43. E.Credit Cash for $43. 112.On a bank reconciliation, an […]
Short Answer Questions 67.During one week, three employees of the Snowshoe Lodge worked the number of hours shown below. All these employees receive overtime pay at one and a half times their regular hourly rate for any hours worked beyond 40 in a week. Compute the regular earnings, overtime earnings, and gross pay for each employee. Employee No. 1: Reg. Earn., $480.00; OT Earnings., […]
Choose one specific cultural group in the U.S. or elsewhere for which you have a particular interest. You may wish to consider choosing a cultural group that you will be serving in your future advanced nursing role. Conduct a literature search for varied types of credible, peer-reviewed scholarly publications which may include journal articles, book chapters, white papers; government publications or sources such as credible professional nursing and healthcare organizations. Prepare a voice-narrated powerpoint slide presentation which concisely addresses key points in items one through five below as they apply to your chosen cultural group. Include a title slide which names the chosen culture, your name and academic credentials and a reference slide with only selected key citations cited in the slide presentation.
Required Content for Powerpoint Presentation
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