31) Indirect costs such as rent, telephone, and depreciation are always costs of the period in which they are incurred and are not associated with inventories. Objective 2.7 1) Which of the following is a manufacturing overhead cost? A) cost of conversion of direct materials to finished goods B) labor cost that can be traced to individual products C) cost of materials […]
131. How does the purchase of equipment by signing a note affect the accounting equation? A. assets increase; assets decrease B. assets increase; liabilities decrease C. assets increase; liabilities increase D. assets increase; stockholders’ equity increases 132. Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the sale on the accounting equation? A. assets increase $75,000; stockholders’ equity increases $75,000 B. assets increase $55,000; stockholders’ […]
105.A prior period adjustment is a correction made to: A. Retained earnings of the beginning of the period. B. Retained earnings at the end of the period. C. Net income of the current year. D. Only to last years’ financial statements. 106.If a material accounting error was made in a prior year, that error: A. Should be reflected on the current […]
97.Marlow Company purchased a point of sale system on January 1 for $3,400. This system has a useful life of 10 years and a salvage value of $400. What would be the accumulated depreciation at the end of the second year of its useful life using the double-declining-balance method? A.$2,176. B.$544. C.$1,200. D.$600. E.$1,224. 98.Marlow Company purchased a point of sale system on January […]
31. Bolt CorporationThe following data concern Bolt Corporation for 2012. Accounts receivable–January 1, 2012 $455,000 Credit sales during 2012 900,000 Collections from credit customers during 2012 825,000 Allowance for bad debts before adjustment for the year 2,100 Estimated uncollected accounts based on an aging analysis 29,200 Refer to information provided for Bolt Corporation. If the aging approach is used to estimate bad […]
201. The current price of a share of common stock reflects current economic conditions, not the requirements of authoritative guidance. Market-to-book-value ratios tend to be large for firms that A. make substantial expenditures on internally developed assets. B. have a favorable competitive position. C. have a favorable growth potential. D. All of the above are correct. E. None of these answer choices is correct. 202. U.S. GAAP and […]
41. Product A requires five machine hours per unit to be produced, Product B requires only three machine hours per unit, and the company’s productive capacity is limited to 240,000 machine hours. Product A sells for $16 per unit and has variable costs of $6 per unit. Product B sells for $12 per unit and has variable costs of $5 per unit. Assuming […]
41. When a payment is due is determined by the invoice date and A. credit terms. B. accounting cycle. C. delivery date. D. transportation schedule. 42. Which of the following statements is correct? A. Purchases should be made only after proper authorization has been given in writing. B. The person who ordered the goods should also authorize payment. C. Computations on an invoice are assumed to be correct if computer generated. D. Purchase requisitions […]
16) The president of the Gulf Coast Refining Corporation wants to know why his golfing partner, who is the chief financial officer of a large construction company, calculates his costs by the job, but his own corporation calculates costs by large units rather than by individual barrel of oil. 17) Describe the differences between process costing and job costing. Discuss some typical products […]
94. The costs of services charged to a profit center on the basis of its use of those services are called: A. operating expensesB. noncontrollable chargesC. service department chargesD. activity charges 95. Division X reported income from operations of $975,000 and total service department charges of $575,000. Therefore: A. net income was $400,000B. the gross profit margin was $400,000C. income from operations before service department charges was $1,550,000D. consolidated net income was $400,000 […]
Review the federal government’s Office of Public Management, which broadly covers the issues of human resources, located at http://www.opm.gov/. Next, go to Agency Services and review the section on Telework Management, located at http://www.opm.gov/services-for-agencies/telework-management/. Be prepared to discuss.
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