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External link to Question : 116.Craigmont uses the allowance method to account for uncollectible accounts. : 1237028
Accounting

Question : 116.Craigmont uses the allowance method to account for uncollectible accounts. : 1237028

  116.Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 0.5% of sales, what is the amount of the bad debts expense adjusting entry?    A.$4,625 B.$3,960 C.$5,290 D.$4,750 E.$4,825 117.On July 9, Mifflin Company receives a […]

External link to Question : 45.Lila Harrison’s the sole employee of ABC Grocers. Her gross : 1168908
Accounting

Question : 45.Lila Harrison’s the sole employee of ABC Grocers. Her gross : 1168908

    45.Lila Harrison’s is the sole employee of ABC Grocers. Her gross pay for the week was $400. She had deductions of $50 for federal income tax, $25 for social security tax, and $5.80 for Medicare tax. The journal entry to record her salary would include:    A. a debit to Salaries Expense for $319.20   B. a debit to Salaries Expense for $400   C. a debit […]

External link to Question : 81.Which of the following not an objective of generally accepted : 1237409
Accounting

Question : 81.Which of the following not an objective of generally accepted : 1237409

    81.Which of the following is not an objective of generally accepted accounting principles?    A.To minimize the amount of income taxes owed.   B.To ensure that both preparers and users of financial statements understand the concepts and assumptions used in presenting information within these statements.   C.To enhance the relevance and verifiability of information contained in financial statements.   D.To increase the comparability of […]

External link to Question : 91. The following the adjusted trial balance for Steely Company. Steely Company Adjusted : 1234027
Accounting

Question : 91. The following the adjusted trial balance for Steely Company. Steely Company Adjusted : 1234027

  91. The following is the adjusted trial balance for Steely Company.  Steely Company Adjusted Trial Balance For the Year ended December 31, 2008       Cash 6,130   Accounts Receivable 2,300   Prepaid Expenses    750   Equipment 13,400   Accumulated Depreciation   1,200 Accounts Payable   1,700 Notes Payable   5,000 Capital Stock   12,000 Dividends 870   Fees Earned   6,600 Wages […]

External link to Question : 31) A system that relies electronic communications, not paper documents, : 1212728
Accounting

Question : 31) A system that relies electronic communications, not paper documents, : 1212728

31) A system that relies on electronic communications, not paper documents, to transfer cash is known as: A) electronic remittance. B) electronic funds transfer. C) electronic mail. D) electronic imaging.   32) Internal and external auditors are part of which of the following components of internal control? A) monitoring controls B) information systems C) control procedures D) control environment 33) A pharmaceutical company testing drugs […]

External link to Question : 79. The management of Arkansas Corporation considering the purchase of a : 1227062
Accounting

Question : 79. The management of Arkansas Corporation considering the purchase of a : 1227062

    79. The management of Arkansas Corporation is considering the purchase of a new machine costing $490,000. The company’s desired rate of return is 10%. The present value factors for $1 at compound interest of 10% for 1 through 5 years are 0.909, 0.826, 0.751, 0.683, and 0.621, respectively. In addition to the foregoing information, use the following data in determining the acceptability in this […]

External link to Question : 107.A company has 500 shares of $50 par value preferred : 1258358
Accounting

Question : 107.A company has 500 shares of $50 par value preferred : 1258358

  107.A company has 500 shares of $50 par value preferred stock outstanding, and the call price of its preferred stock is $60 per share. It also has 20,000 shares of common stock outstanding, and the total value of its stockholders’ equity is $680,000. The company’s book value per common share equals:     A.$31.71. B.$32.50. C.$32.75. D.$33.17. E.$60.00. 108.The Discount on Common Stock account reflects: […]

External link to Question : 117. A company issued 60 shares of $100 par value common : 1257673
Accounting

Question : 117. A company issued 60 shares of $100 par value common : 1257673

  117. A company issued 60 shares of $100 par value common stock for $7,000 cash. The total amount of paid-in capital in excess of par is:  A. $ 100. B. $ 600. C. $1,000. D. $6,000. E. $7,000.   118. A corporation issued 5,000 shares of $10 par value common stock in exchange for some land with a market value of $70,000. The entry to record this exchange is:  A. Debit Land […]

External link to Question : 43. In a responsibility accounting system, the recording of revenue and : 1229607
Accounting

Question : 43. In a responsibility accounting system, the recording of revenue and : 1229607

    43. In a responsibility accounting system, the recording of revenue and costs begins with the:  A. Most profitable segments of the business. B. Least profitable segments of the business. C. Broadest areas of managerial responsibility. D. Smallest areas of managerial responsibility.     44. Sloan Sporting Goods has stores in four geographic regions. Each region has at least 20 stores. In the company’s responsibility accounting system, sales are recorded […]

External link to Question : 67.A change in an accounting estimate is: A.Reflected in past financial : 1236357
Accounting

Question : 67.A change in an accounting estimate is: A.Reflected in past financial : 1236357

  67.A change in an accounting estimate is:    A.Reflected in past financial statements. B.Reflected in future financial statements and also requires modification of past statements. C.Reflected in current and future years’ financial statements, not in prior statements. D.Not allowed under current accounting rules. E.Considered an error in the financial statements. 68.When originally purchased, a vehicle costing $23,000 had an estimated useful life of 8 and […]

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July 1, 2023
    

 

71. Which of the following entities would probably use a process costing system? A. A custom boat builderB. A custom furniture manufacturerC. A one of a kind jewelry creatorD. An oil refinery

72. Which of the following is not a characteristic of a process cost system? A. Manufacturing costs are grouped by departments.B. The system may use several Work-in-Process accounts.C. The system measures costs for each completed job.D. The system allocates costs between completed and partially completed units within a department.

73. If a company uses a process costing system to account for the costs in its four production departments, how many Work-in-Process accounts will it use? A. 3B. 4C. 1D. 2

74. The four steps necessary to determine the cost of goods completed and the ending inventory valuation in a process cost system are: 

 

 

 

 

 

 

 

 

 

 

75. Which of the following costs incurred by a paper manufacturer would be included in the group of costs referred to as conversion costs? A. Advertising costsB. Raw lumber (direct materials)C. Machine operator's wages (direct labor)D. Sales salaries

76. Which of the following costs incurred by a paper manufacturer would NOT be included in the group of costs referred to as conversion costs? A. Factory supervisor's salaryB. Machine operator's wages (direct labor)C. Raw lumber (direct materials)D. Factory maintenance personnel supplies

77. In the manufacture of 10,000 units of a product, direct materials cost incurred was $165,000, direct labor cost incurred was $95,000, and applied factory overhead was $53,500. What is the total conversion cost? A. $260,000B. $148,500C. $313,500D. $53,500

78. If Department H had 500 units, 60% completed, in process at the beginning of the period, 6,000 units were completed during the period, and 600 units were 30% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories? A. 7,100B. 5,980C. 6,380D. 5,880

79. If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories? A. 11,580B. 11,280C. 13,680D. 10,000

80. Department G had 3,600 units, 25% completed at the beginning of the period, 11,000 units were completed during the period, 3,000 units were one-fifth completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: 

Work in process, beginning of period

$40,000

Costs added during period:

 

  Direct materials (10,400 at $8)

83,200

  Direct labor

63,000

  Factory overhead

25,000

 

 

Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? A. $16,163B. $21,432C. $35,670D. $28,935

 

 

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July 1, 2023
    

 

71. Which of the following entities would probably use a process costing system? A. A custom boat builderB. A custom furniture manufacturerC. A one of a kind jewelry creatorD. An oil refinery

72. Which of the following is not a characteristic of a process cost system? A. Manufacturing costs are grouped by departments.B. The system may use several Work-in-Process accounts.C. The system measures costs for each completed job.D. The system allocates costs between completed and partially completed units within a department.

73. If a company uses a process costing system to account for the costs in its four production departments, how many Work-in-Process accounts will it use? A. 3B. 4C. 1D. 2

74. The four steps necessary to determine the cost of goods completed and the ending inventory valuation in a process cost system are: 

 

 

 

 

 

 

 

 

 

 

75. Which of the following costs incurred by a paper manufacturer would be included in the group of costs referred to as conversion costs? A. Advertising costsB. Raw lumber (direct materials)C. Machine operator's wages (direct labor)D. Sales salaries

76. Which of the following costs incurred by a paper manufacturer would NOT be included in the group of costs referred to as conversion costs? A. Factory supervisor's salaryB. Machine operator's wages (direct labor)C. Raw lumber (direct materials)D. Factory maintenance personnel supplies

77. In the manufacture of 10,000 units of a product, direct materials cost incurred was $165,000, direct labor cost incurred was $95,000, and applied factory overhead was $53,500. What is the total conversion cost? A. $260,000B. $148,500C. $313,500D. $53,500

78. If Department H had 500 units, 60% completed, in process at the beginning of the period, 6,000 units were completed during the period, and 600 units were 30% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories? A. 7,100B. 5,980C. 6,380D. 5,880

79. If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories? A. 11,580B. 11,280C. 13,680D. 10,000

80. Department G had 3,600 units, 25% completed at the beginning of the period, 11,000 units were completed during the period, 3,000 units were one-fifth completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: 

Work in process, beginning of period

$40,000

Costs added during period:

 

  Direct materials (10,400 at $8)

83,200

  Direct labor

63,000

  Factory overhead

25,000

 

 

Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? A. $16,163B. $21,432C. $35,670D. $28,935

 

 

default image
July 1, 2023
    

 

71. Which of the following entities would probably use a process costing system? A. A custom boat builderB. A custom furniture manufacturerC. A one of a kind jewelry creatorD. An oil refinery

72. Which of the following is not a characteristic of a process cost system? A. Manufacturing costs are grouped by departments.B. The system may use several Work-in-Process accounts.C. The system measures costs for each completed job.D. The system allocates costs between completed and partially completed units within a department.

73. If a company uses a process costing system to account for the costs in its four production departments, how many Work-in-Process accounts will it use? A. 3B. 4C. 1D. 2

74. The four steps necessary to determine the cost of goods completed and the ending inventory valuation in a process cost system are: 

 

 

 

 

 

 

 

 

 

 

75. Which of the following costs incurred by a paper manufacturer would be included in the group of costs referred to as conversion costs? A. Advertising costsB. Raw lumber (direct materials)C. Machine operator's wages (direct labor)D. Sales salaries

76. Which of the following costs incurred by a paper manufacturer would NOT be included in the group of costs referred to as conversion costs? A. Factory supervisor's salaryB. Machine operator's wages (direct labor)C. Raw lumber (direct materials)D. Factory maintenance personnel supplies

77. In the manufacture of 10,000 units of a product, direct materials cost incurred was $165,000, direct labor cost incurred was $95,000, and applied factory overhead was $53,500. What is the total conversion cost? A. $260,000B. $148,500C. $313,500D. $53,500

78. If Department H had 500 units, 60% completed, in process at the beginning of the period, 6,000 units were completed during the period, and 600 units were 30% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories? A. 7,100B. 5,980C. 6,380D. 5,880

79. If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of production for the period if the first-in, first-out method is used to cost inventories? A. 11,580B. 11,280C. 13,680D. 10,000

80. Department G had 3,600 units, 25% completed at the beginning of the period, 11,000 units were completed during the period, 3,000 units were one-fifth completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: 

Work in process, beginning of period

$40,000

Costs added during period:

 

  Direct materials (10,400 at $8)

83,200

  Direct labor

63,000

  Factory overhead

25,000

 

 

Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? A. $16,163B. $21,432C. $35,670D. $28,935

 

 

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