56) Put an X in the appropriate box to indicate the financial statement(s) where the following line items would appear. Some items may appear on more than one statement. Income Statement Statement of Changes in Shareholders’ Equity Statement of Cash Flows Balance Sheet 1. Supplies 2. Supplies expense 3. Cash paid for supplies […]
81. Which of the following is not true? A. Gains (losses) are increases (decreases) in net assets from peripheral or incidental transactions of an entity and from other transactions and events affecting the entity except those that result from revenues (expenses) or investments by (distributions to) owners. B. Firms usually report gains and losses from sales of assets or settlements of liabilities at a net amount; that […]
75.A subsidiary ledger: A.Includes transactions not covered by special journals. B.Is a listing of all of the accounts of a business. C.Is a listing of individual accounts and amounts with a common characteristic. D.Is also called a general ledger. E.Is also called a special journal. 76.A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is a(n): A.Controlling account. […]
21) Using the step-down method, what amount of Data Center Department cost will be allocated to Department Music if the service department with the highest percentage of interdepartmental support service is allocated first? (Round up) A) $117,342 B) $66,667 C) $92,592 D) $83,333 Answer the following questions using the information below: Alfred, owner of Hi-Tech Fiberglass Fabricators, Inc., is interested in using […]
64.Master Equipment has a $17,400 liability to Arrow Paint Co. When Master Equipment makes a partial payment of $7,600 on this liability, which of following occurs? A. Retained earnings are debited $9,800. B. The Accounts Payable account is credited $9,800. C. The Cash account is debited $7,600. D. The Accounts Payable account is debited $7,600. 65.Eagle News has a $6,000 […]
115. Thompson Company developed the following reconciling information in preparing its October bank reconciliation: Cash balance per bank, 10/31 $17,000 Note receivable collected by bank 4,800 Outstanding checks 6,500 Deposits-in-transit 3,000 Bank service charge 50 NSF check 2,300 Using the above information, determine the cash balance per books (before adjustments) for the Thompson Company. A. $11,050 B. $19,450 C. $15,950 D. $11,150 116. During a […]
86. The level of inventory of a manufactured product has increased by 8,000 units during a period. The following data are also available: Variable Fixed Unit manufacturing costs of the period $24.00 $10.00 Unit operating expenses of the period 8.00 3.00 What would be the effect on income from operations if absorption costing is used rather than variable costing? A. $80,000 decreaseB. $80,000 […]
121. The unfavorable volume variance may be due to all but the following factors: A. failure to maintain an even flow of workB. machine breakdownsC. unexpected increases in the cost of utilitiesD. failure to obtain enough sales orders 122. Favorable volume variances may be harmful when: A. machine repairs cause work stoppagesB. supervisors fail to maintain an even flow of workC. production in excess of normal capacity cannot be soldD. there are insufficient sales orders to […]
Learning Objective 3-6 1) Which of the following risks is NOT associated with financial information? A) errors in recording and updating the financial accounting information B) unauthorized access to the financial accounting records C) loss of the data in the financial accounting records D) loss of product quality 2) A computerized accounting system requires users to type in a password before they […]
105.When standard manufacturing costs are recorded in the accounts and the cost variances are immaterial at the end of the accounting period, the cost variances should be: A.Carried forward to the next accounting period. B.Allocated between cost of goods sold, finished goods, and work in process. C.Closed to cost of goods sold. D.Written off as a selling expense. E.Ignored. 106.Seafarer Company established a […]
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