51.A check issued for $890 to pay a vendor on account was recorded in the firm’s records as $980; the canceled check was properly listed on the bank statement at $890. To arrive at an accurate balance on a bank reconciliation statement, the error should be A.added to the bank statement balance. B.added to the book balance. C.deducted from the bank statement balance. D.deducted […]
21) Rosewood Company had current assets of $582, current liabilities of $433, total assets of $732, and no long-term liabilities. If Rosewood executes a six-month note for $500, what is the new current ratio? A) 0.76 B) 1.16 C) 1.34 D) 2.50 22) ABC Company has total assets of $360,000 and total liabilities of $200,000. The company collects an account receivable of $20,000. […]
91. Which of the following is a characteristic of a derivative? A. has one or more underlyings B. has one or more notional amounts C. exchanging of promises with a counterparty D. require or permit a net settlement E. all of the above 92. The U.S. GAAP and IASB require that firms record derivatives on the balance sheet date at A. historical cost. B. fair value. C. amortized acquisition cost. D. future value […]
121. In contribution margin analysis, the quantity factor is computed as: A. the increase or decrease in the number of units sold multiplied by the planned unit sales price or unit cost B. the increase or decrease in unit sales price or unit cost multiplied by the planned number of units to be sold C. the increase or decrease in the number of units sold multiplied by […]
139. (CMA adapted, Jun 94 #4) Spring Corporation, a public company, has prepared all of its year-end financial statements with the exception of the statement of cash flows. Presented below is condensed financial information for the years ended May 31, Year 3 and Year 4, as well as supplemental data on certain transactions that occurred during the year ended May 31, Year 4. Spring CorporationStatement […]
119. ALT Company, as tenant, acquired for $600,000, paid in a single amount, the right to use an entire office building for the next ten years. ALT expects to rent out the floors in the building to various commercial tenants. As tenant, ALT accounts for its lease as a capital lease amortizing the leasehold asset on a straight-line basis over ten years. ALT, as landlord, […]
111. If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. What is the effect of the sale on the accounting equation for the seller? A. Assets increase $52,000; owner’s equity increases $52,000. B. Assets increase $85,000; owner’s […]
Short Answer Questions 58. Janice Miller operates a sole proprietorship business that sells camping equipment. On January 1, 2013, Miller has agreed to transfer her assets and liabilities to a partnership that will operate The Camping Company. Miller will own a two-thirds interest in the capital of the partnership. The agreed upon values of assets and liabilities to be transferred follow. Accounts receivable […]
11) The principle of consistency states that: A) changes in accounting methods should occur from one fiscal period to the next. B) a company cannot change from one inventory valuation method to another. C) a company should switch from LIFO to FIFO every other period. D) by using the same method, the financial statements are more meaningful. 12) The full disclosure principle says that […]
121. Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. Work in process at the beginning of the period for Department 1 was $75,000, and work in process at the end of the period totaled $60,000. The records […]
Discussion 3
Do you think that air cargo revenue will ever exceed passenger revenue? Why or why not? Discuss several factors that will influence air cargo growth in the future ans share your thoughts with your classmates.
discussion 4
Discuss some of the problems faced by an airline scheduling department that are similar to problems of other industries and some problems that are unique to the airline industry. Discuss three marketing related problems. What is meant by traffic flow? Sensitivity of schedule salability? Share one example of the latter with your classmates.
Discussion 5
Discuss and share with your classmates the importance of the fleet-planning process to both short-term and long-term management decision making in an airline. How is this process in a sense betting on the future? What effect has deregulation had on the fleet-planning process?
discussion 6
Discuss with your classmates the difference between aircraft maintenance performed under Part 91 and Part 121, particularly in regards to the organization, structure, inspections, and training required. In addition, discuss the four maintenance efficiency goals and name several of the inspection and overhaul periods for a jet as it is routed throughout a system. Share your personal experience with the class in this arena whether you work in operations, or as a mechanic or pilot.
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