External link to Question : 31. Firms account for material errors in previously issued financial statements : 1230485

Question : 31. Firms account for material errors in previously issued financial statements : 1230485

    31. Firms account for material errors in previously issued financial statements by retrospectively restating net income of prior periods and adjusting the beginning balance in Retained Earnings of the current period.   32. If practical, firms account for voluntary changes in accounting principles, such as from a LIFO to a FIFO cost-flow assumption for inventories, by retrospectively restating net income of prior periods and adjusting the […]

External link to Question : 41) The logic of an ABC system includes all of : 1196247

Question : 41) The logic of an ABC system includes all of : 1196247

  41) The logic of an ABC system includes all of the following statements, EXCEPT 41) ______ A) activity-specific cost-allocation bases are the drivers of costs in the cost pools. B) the overhead used by different products is not important, as it is a fixed cost. C) a strong cause-and-effect relationship with between overhead costs and the cost allocation base is essential. D) a greater […]

External link to Question : 41. Merchandise sold credit for $600 plus 5 percent sales tax. : 1197860

Question : 41. Merchandise sold credit for $600 plus 5 percent sales tax. : 1197860

  41. Merchandise is sold on credit for $600 plus 5 percent sales tax. The entry in the sales journal will include a debit to Accounts Receivable for  A. $600.00. B. $603.50. C. $605.50. D. $630.00. 42. In a sales journal used to record taxable sales, the total of the Accounts Receivable column should equal  A. the sum of the totals of the Sales Tax Payable column and the Sales column. B. the […]

External link to Question : 81. Although the guidance in U.S. GAAP and IFRS states a : 1245933

Question : 81. Although the guidance in U.S. GAAP and IFRS states a : 1245933

    81. Although the guidance in U.S. GAAP and IFRS states a preference that companies present cash flows from operations using the _____, most companies present cash flows from operations as _____.   A. a reconciliation of net income to operating cash flow (the direct method); direct method B. direct method; a reconciliation of net income to operating cash flow (the indirect method) C. cash method; accrual method […]

External link to Question : 61) On August 1 of the current year, Jamie Simmons : 1230111

Question : 61) On August 1 of the current year, Jamie Simmons : 1230111

  61) On August 1 of the current year, Jamie Simmons received $5,400 for legal services to be performed evenly throughout the next six months. The adjusting entry on December 31 of the current year would include a: A) credit to Unearned Service Revenue of $4,500. B) debit to Unearned Service Revenue of $900. C) debit to Service Revenue of $900. D) credit to Service […]

External link to Question : 77.Which of the following a governmental audit type that has : 1255365

Question : 77.Which of the following a governmental audit type that has : 1255365

  77.Which of the following is a governmental audit type that has a primary concern with providing reasonable assurance about whether financial statements are presented fairly? A)Attestation Engagement. B)Performance Audit. C)Financial Audit. D)Nonaudit services. 78.              Government Auditing Standards, published in a document called the Yellow Book, incorporate the AICPA standards and provide extensions that are necessary due to the unique nature of public entities.  Which […]

External link to Question : 11. Cost objects may be: A. Products.B. Processes.C. Departments.D. All of the other answers correct. 12. Cost accumulation : 1208191

Question : 11. Cost objects may be: A. Products.B. Processes.C. Departments.D. All of the other answers correct. 12. Cost accumulation : 1208191

  11. Cost objects may be:  A. Products. B. Processes. C. Departments. D. All of the other answers are correct. 12. Cost accumulation is used to:  A. Identify fixed and variable costs. B. Identify and estimate opportunity costs. C. Determine the cost of a particular cost object. D. Set the selling price for a service. 13. Select the true statement from the following.  A. Only direct costs are assigned to cost objects. B. The same cost may be […]

External link to Question : 61) In an Economic Value Added calculation, the measure of : 1217132

Question : 61) In an Economic Value Added calculation, the measure of : 1217132

  61) In an Economic Value Added calculation, the measure of the invested capital for a division would be that division’s assets minus that division’s liabilities.   62) In an Economic Value Added calculation, the appropriate measure of a division’s profit would be that division’s pre-tax operating income. 63) Museum Corporation uses the investment center concept for the museums that it manages. Select operating data […]

External link to Question : 61. An anticipated purchase of equipment for $580,000, with a useful : 1246983

Question : 61. An anticipated purchase of equipment for $580,000, with a useful : 1246983

    61. An anticipated purchase of equipment for $580,000, with a useful life of 8 years and no residual value, is expected to yield the following annual net incomes and net cash flows:  Year Net Income Net Cash Flow 1 $60,000 $110,000 2 50,000 100,000 3 50,000 100,000 4 40,000 90,000 5 40,000 90,000 6 40,000 90,000 7 40,000 90,000 8 40,000 90,000     […]

External link to Question : 157. At the end of April, the first month of the : 1247032

Question : 157. At the end of April, the first month of the : 1247032

  157. At the end of April, the first month of the year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted.  Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for April and (b) the balance sheet as of April 30.  Also indicate whether the items in error will […]

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