External link to Question : 21. The statement that “the financial statements were prepared in : 1242734

Question : 21. The statement that “the financial statements were prepared in : 1242734

  21. The statement that “the financial statements were prepared in accordance with generally accepted accounting principles” is found in the a. Management letter b. Management discussion and analysis c. Footnotes to the balance sheet. d.Auditor’s report. 22.According to the disclosure requirements outlined in Statement of Accounting Concepts No. 5, the following is an example of supplementary information that should be disclosed because it affects […]

External link to Question : 41) What the allocated cost to the two departments, respectively, if : 1196097

Question : 41) What the allocated cost to the two departments, respectively, if : 1196097

  41) What is the allocated cost to the two departments, respectively, if budgeted usage is the base for fixed costs and actual usage is the base for variable costs? (Use dual-rate method.) Assume that the Cassette and CD Departments used 1,750 and 200 hours, respectively. 41) ______ A) $1,787,240; $204,256 B) $1,815,957; $254,043 C) $1,050,000; $120,000 D) $2,000,126; $294,112 E) $1,787,240; $254,043 42) When […]

External link to Question : Multiple Choice Questions 46.All of the following statements regarding liabilities true : 1258986

Question : Multiple Choice Questions 46.All of the following statements regarding liabilities true : 1258986

  Multiple Choice Questions  46.All of the following statements regarding liabilities are true except:    A. A liability is a probable future payment of assets or services.   B. Unearned future wages to be paid to employees should be recorded as liabilities.   C. For a liability to be reported, it must be a present obligation that results from a past transaction or event, and requires a future payment […]

External link to Question : 174. The following information available for the Brookstone Company: Brookstone Company Balance : 1257720

Question : 174. The following information available for the Brookstone Company: Brookstone Company Balance : 1257720

  174. The following information is available for the Brookstone Company:   Brookstone Company Balance Sheets At December 31   2015   2014   Assets:            Cash…………………………….. $  29,568   $  27,648      Accounts receivable……………………. 38,616   35,280      Merchandise inventory…………………. 87,750   74,052      Long-term investments…………………. 67,080   67,680      Machinery…………………………. 210,600   174,600      Accumulated […]

External link to Question : 151. If sales $400,000, variable costs 80% of sales, and operating : 1239480

Question : 151. If sales $400,000, variable costs 80% of sales, and operating : 1239480

    151. If sales are $400,000, variable costs are 80% of sales, and operating income is $40,000, what is the operating leverage? A. 0B. 7.500C. 2.0D. 1.333   152. The difference between the current sales revenue and the sales at the break-even point is called the: A. contribution marginB. margin of safetyC. price factorD. operating leverage   153. Cost-volume-profit analysis cannot be used if which of the following occurs? A. Costs cannot be properly classified into fixed and variable […]

External link to Question : 199. Use the following financial statements and additional informationto (1) prepare : 1257733

Question : 199. Use the following financial statements and additional informationto (1) prepare : 1257733

  199. Use the following financial statements and additional informationto (1) prepare astatement of cash flows for the year ended December 31, 2015 using the indirect method, and (2) compute the company’s cash flow on total assets ratio for 2015. Derby Company Balance Sheets At December 31   2015   2014   Assets:            Cash…………………………….. $  85,600   $  65,200      […]

External link to Question : Objective 3.1 1) Cost-volume-profit analysis used primarily by management: A) as : 1217148

Question : Objective 3.1 1) Cost-volume-profit analysis used primarily by management: A) as : 1217148

      Objective 3.1   1) Cost-volume-profit analysis is used primarily by management: A) as a planning tool B) for control purposes C) to prepare external financial statements D) to attain accurate financial results   2) One of the first steps to take when using CVP analysis to help make decisions is: A) finding out where the total costs line intersects with the total […]

External link to Question : 114.Assume the indirect method used to compute net cash flows : 1244227

Question : 114.Assume the indirect method used to compute net cash flows : 1244227

114.Assume the indirect method is used to compute net cash flows from operating activities. For this item extracted from the financial statements — Interest Expense (assume that cash payments are equal to amount reported) — indicate the effect on net income in arriving at net cash flows from operating activities by choosing one of the following:   a. Not used to adjust net income to […]

External link to Question : 121. Estimated cash payments planned reductions in cash from all of : 1239555

Question : 121. Estimated cash payments planned reductions in cash from all of : 1239555

    121. Estimated cash payments are planned reductions in cash from all of the following except: A. manufacturing and operating expensesB. capital expendituresC. notes and accounts receivable collectionsD. payments for interest or dividends   122. Management accountants usually provide for a minimum cash balance in their cash budgets for which of the following reasons: A. stockholders demand a minimum cash balanceB. to comply with U.S. GAAPC. it provides a safety buffer for variations in estimatesD. to […]

External link to Question : 115.If a company issues a check for $2,900 in payment : 1236965

Question : 115.If a company issues a check for $2,900 in payment : 1236965

  115.If a company issues a check for $2,900 in payment of merchandise, identify the journal the transaction would be recorded in.    A.Cash disbursements journal. B.Sales journal. C.Cash receipts journal. D.Purchases journal. E.General journal. 116.Barrier Scuba Equipment purchased supplies costing $3,000 on credit. Identify the journal the transaction would be recorded in.    A.Cash disbursements journal. B.Sales journal. C.Cash receipts journal. D.Purchases journal. E.General journal. 117.If […]

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