External link to Question : 131. Standard Actual Variable OH Rate : 1233881

Question : 131. Standard Actual Variable OH Rate : 1233881

  131.    Standard Actual Variable OH Rate $3.35   Fixed OH Rate $1.80   Hours 18,900 17,955 Fixed Overhead $46,000   Factory Overhead   $101,450       Calculate the variable factory overhead controllable variance using the above information:  A. $8,981.75 Favorable B. $7,280.75 Unfavorable C. $8,981.75 Unfavorable D. $7,280.75 Favorable 132. A negative fixed overhead volume variance can be caused due to the following except:  A. Sales orders at […]

External link to Question : 1.2   Multiple-Choice Questions 1) Which of the following best describes the : 1222533

Question : 1.2   Multiple-Choice Questions 1) Which of the following best describes the : 1222533

  1.2   Multiple-Choice Questions 1) Which of the following best describes the term forensic accounting? A) It is a discipline that deals with the preparation and analysis of financial statements of companies. B) It is the use of accounting principles to consolidate financial statements of foreign corporations. C) It is a discipline that primarily deals with methods of preparation of financial budgets of a company. […]

External link to Question : 117. Amortizing a premium bonds payable: A. Increases interest expense.B. Increases periodic cash payments : 1229345

Question : 117. Amortizing a premium bonds payable: A. Increases interest expense.B. Increases periodic cash payments : 1229345

    117. Amortizing a premium on bonds payable:  A. Increases interest expense. B. Increases periodic cash payments to bondholders. C. Decreases interest expense. D. Decreases periodic cash payments to bondholders.     118. On November 1, Metro Corporation borrowed $55,000 from a bank and signed a 12%, 90-day note payable in the amount of $55,000. The November 30 adjusting entry will be: (assume 360 days in year)  A. Debit Interest Expense […]

External link to Question : 71. _____ measure the outflow of assets (or increases in liabilities) : 1245644

Question : 71. _____ measure the outflow of assets (or increases in liabilities) : 1245644

    71. _____ measure the outflow of assets (or increases in liabilities) used in generating revenues.   A. Revenues B. Expenses C. Cash inflows D. Cash-outflows E. Shareholder equity   72. The income statement and statement of cash flows provide information about the _____, respectively, of a firm during a period.    A. asset and equity position at a moment in time and profitability B. asset and equity position at a moment in […]

External link to Question : 61.Tuna Co. purchased a building in 2015 for $650,000 and : 1237601

Question : 61.Tuna Co. purchased a building in 2015 for $650,000 and : 1237601

    61.Tuna Co. purchased a building in 2015 for $650,000 and debited an asset called “Buildings” for the entire amount. The company never depreciated the building although it had a useful life of 15 years. At the end of 2015, this action will cause:    A. Net income to be understated.   B. Net income to be overstated.   C. Net income will not be affected.   D. Total […]

External link to Question : 81. The understatement of the beginning inventory balance causes: A. Cost of goods : 1256859

Question : 81. The understatement of the beginning inventory balance causes: A. Cost of goods : 1256859

    81. The understatement of the beginning inventory balance causes:  A. Cost of goods sold to be understated and net income to be understated. B. Cost of goods sold to be understated and net income to be overstated. C. Cost of goods sold to be overstated and net income to be overstated. D. Cost of goods sold to be overstated and net income to be understated. E. Cost of goods […]

External link to Question : 81.Department A had gross profit sales of $20,000, contribution margin : 1169192

Question : 81.Department A had gross profit sales of $20,000, contribution margin : 1169192

    81.Department A had gross profit on sales of $20,000, contribution margin of $12,000, total direct expenses of $8,000, and total indirect expenses of $7,000. Department A has    A. a net income from operations of $5,000.   B. a net income from operations of $4,000.   C. a net loss from operations of $4,000.   D. a net loss of $7,000.       82.The Whippleton Department had […]

External link to Question : 61.Morton Company uses the perpetual inventory method. The company purchased : 1254406

Question : 61.Morton Company uses the perpetual inventory method. The company purchased : 1254406

  61.Morton Company uses the perpetual inventory method. The company purchased an item of inventory for $65 and sold the item to a customer for $100. What effect will the sale have on the company’s inventory account?    A. The account will decrease by $100 B. The account will decrease by $65 C. The account will decrease by $35 D. No effect 62.Folger Company uses the perpetual inventory method. Folger […]

External link to Question : 91. At the beginning of 2015, Angel Corporation began offering : 1255983

Question : 91. At the beginning of 2015, Angel Corporation began offering : 1255983

    91. At the beginning of 2015, Angel Corporation began offering a 1-year warranty on its products. The warranty program was expected to cost Angel 4% of net sales. Net sales made under warranty in 2015 were $180 million. Five percent of the units sold were returned in 2015 and repaired or replaced at a cost of $5.3 million. The amount of warranty expense […]

External link to Question : 136. Mercury Company reports depreciation expense of $40,000 for Year 2. : 1257708

Question : 136. Mercury Company reports depreciation expense of $40,000 for Year 2. : 1257708

  136. Mercury Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.  At December 31 Year 2 Year 1 Equipment $600,000 $750,000 Accumulated Depreciation-Equipment 428,000 500,000 A. $32,000.B. $68,000.C. $38,000.D. $40,000.E. $36,000. 137. Jamison Company […]

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