53.St. David’s is a not-for-profit business-oriented hospital.   What is the journal entry for the following transaction: Cash was received for pledges made in the prior year in the amount of $85,000.  That amount has been recorded as temporarily restricted net assets, based on time restrictions. A)Cash85,000 Contributions receivable85,000 Reclassification from Temporarily Restricted Net Assets- Expiration of Time Restrictions85,000 Reclassification to Unrestricted Net Assets – […]

    101. Ramer Company and Matson CompanyAssume the following information for Ramer Company, Matson Company, and for their common industry for a recent year.   Ramer Matson Industry Average Current ratio 3.50 2.80 3.00 Accounts receivable turnover 5.00 8.10 6.00 Inventory turnover 6.20 8.00 6.10 Interest coverage ratio 9.00 12.30 10.40 Debt-equity ratio 0.70 0.40 0.55 Return on investment 0.15 0.12 0.15 Dividend payout ratio […]

  11.A company uses the indirect method of preparing the statement of cash flows. Current year depreciation expense can be found on the a.income statement and statement of cash flows. b.balance sheet and income statement. c.statement of cash flows and balance sheet. d.income statement and statement of comprehensive income. 12.A company uses the direct method of preparing the statement of cash flows. Current year depreciation […]

  81. The objectivity concept requires that  A. business transactions must be consistent with the objectives of the entity B. the Financial Accounting Standards Board must be fair and unbiased in its deliberations over new accounting standards C. accounting principles must meet the objectives of the Security and Exchange Commission D. amounts recorded in the financial statements must be based on independently verifiable evidence 82. Denzel Jones is the major stockholder […]

    88.The measures used by an organization to provide reasonable assurance that the organization produces reliable financial reports, complies with applicable laws and regulations, and conducts its operations in an efficient and effective manner are collectively referred to as:    A. Generally accepted accounting principles.   B. Financial accounting standards.   C. Securities and exchange regulations.   D. The internal control structure.         89.In 2012 the […]

  51) What is the fixed manufacturing overhead spending variance? 51) ______ A) $10,000 unfavourable B) $13,500 unfavourable C) $13,500 favourable D) $10,000 favourable E) $14,625 favourable 52) What are the fixed efficiency and the production volume variances, respectively, using 4-variance analysis? 52) ______ A) 0, $200,000 unfavourable B) $50,500 favourable, $199,998 unfavourable C) $50,500 unfavourable, $199,998 favourable D) 0, $200,000 favourable E) There is […]

  Objective 17.A   1) Emerging Dock Company manufactures boat docks on an assembly line. Its standard costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the Assembly Department and the Finishing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production.   Data for the Assembly Department for […]

  91. A corporation issues for cash $15,000,000 of 8%, 30-year bonds, interest payable annually, at a time when the market rate of interest is 9%.  The straight-line method is adopted for the amortization of bond discount or premium.  Which of the following statements is true?  A. The amount of annual interest paid to bondholders remains the same over the life of the bonds. B. The amount of […]

  118.If an issuer sells bonds at a date other than an interest payment date:    A.This means the bonds sell at a premium. B.This means the bonds sell at a discount. C.The issuing company will report a loss on the sale of the bonds. D.The issuing company will report a gain on the sale of the bonds. E.The buyers normally pay the issuer the purchase […]

  36. Why do Deming and other quality experts think PFP is a bad idea? A) Performance appraisal diverts attention away from the systems related to the quality of the product or service. B) PFP places too much emphasis on getting employees to do their jobs right the first time. C) PFP links rewards valued by the employee to organizational outcomes valued by the employer. […]