36. __________ means a company’s pay practices are similar to the practices of other organizations competing for the same talent. A) Externally equitable B) Internally equitable C) Market pricing D) Benchmarking E) Relevant salary market 37. Which of the following law has a provision that workers employed in construction industry must be paid at the prevailing local pay rate when working on government contracts? […]

  81. Which of the following is considered a part of factory overhead cost? A. Sales commissionsB. Depreciation of factory buildingsC. Depreciation of office equipmentD. Direct materials used 82. Which of the following manufacturing costs is an indirect cost of producing a product? A. Oil lubricants used for factory machineryB. Commissions for sales personnelC. Hourly wages of an assembly workerD. Memory chips for a microcomputer manufacturer 83. Prime costs are A. direct materials and factory overheadB. direct materials and direct laborC. direct […]

  81. The entry to adjust for the cost of supplies used during the accounting period is  A. Supplies Expense, debit; Supplies, credit B. Capital Stock, debit; Supplies, credit C. Accounts Payable, debit; Supplies, credit D. Supplies, debit; credit Capital Stock 82. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending […]

Question Given the following information, calculate the amount by which net income would differ between FIFO and LIFO: Assume the periodic system. Beginning inventory 2,600units at$98per unit Purchases 8,100units at$127per unit Units sold 5,600units at$223per unit Calculate the cost of goods sold using the FIFO periodic cost flow assumption. FIFO Units x Cost per Unit = Total Cost Units from beginning inventory x = Units […]

  41. Collections of accounts receivable that previously have been written off are credited to:  A. A Gain account. B. Accounts Receivable. C. Bad Debt Expense. D. Retained Earnings. 42. Lail Inc. accounts for bad debts using the allowance method. On June 1, Lail Inc. wrote off Andrew Green’s $2,500 account. Based on Lail’s estimation, Andrew Green will never pay any portion of the balance in his account. What effect will […]

  138.Zhang Industries budgets production of 300 units in June and 310 units in July. Each unit requires 1.5 hours of direct labor. The direct labor rate if $14 per hour. The indirect labor rate is $21.00 per hour. Compute the budgeted direct labor cost for July.    A.$6,300. B.$6,510. C.$9,450. D.$9,765. E.$16,275. 310 * 1.5 * $14 = $6,510 139.Zhang Industries is preparing a cash […]

  101. The entry necessary to establish a petty cash fund should include:  A. A debit to Cash and a credit to Petty Cash. B. A debit to Cash and a credit to Cash Over and Short. C. A debit to Petty Cash and a credit to Cash. D. A debit to Petty Cash and a credit to Accounts Receivable. E. A debit to Cash and a credit to Petty Cash […]

    21. Which of the following ratios is most useful in indicating a company’s profitability? A. Operating cash flow ratioB. Profit margin ratioC. Dividend payout ratioD. Dividend yield ratio   22. The return on assets ratio: A. considers the investments made by all creditors and stockholders of the company.B. reflects investments made only by creditors of the company.C. is based on average stockholders’ equity as compared to net income for the period.D. is a measure of […]

  136.A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $800 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:    A.$8,924. B.$9,700. C.$10,000. D.$9,800. E.$8,724. 137.A company purchased $10,000 of merchandise on June 15 with terms […]

  31) Which of the following results of net present value analyses is the least acceptable? A) $(15,000) B) $(1,000) C) $12,000 D) $0 E) $20,000   Use the information below to answer the following question(s).   Wet Water Company drills residential and commercial wells. The company is in the process of analyzing the purchase of a new drill. Information on the proposal is provided […]