169. Highlight Hotel deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on December 31, its Cash account shows a $18,393, debit balance. Highlight Hotel’s June 30 bank statement shows $15,921 on deposit in the bank. Prepare a bank reconciliation for Highlight Hotel using the following information: […]
84. When using the product cost concept of applying the cost-plus approach to product pricing, what is included in the markup? A. Desired profitB. Total fixed manufacturing costs, total fixed selling and administrative expenses, and desired profitC. Total costs plus desired profitD. Total selling and administrative expenses plus desired profit 85. When using the variable cost concept of applying the cost-plus approach to product pricing, what is included in […]
63.Another name for a temporary account is a(n): A.Real account. B.Contra account. C.Accrued account. D.Balance column account. E.Nominal account. 64.Which of the following accounts are permanent (real) accounts? A.Fees earned. B.Office supplies expense. C.Interest revenue. D.Accounts payable. E.Salaries expense. 65.When closing entries are made: A.All ledger accounts are closed to start the new accounting period. B.All temporary accounts are closed but permanent accounts are […]
21. Which of the following is not a benefit of budgeting? A. Sets realistic standards that serve as benchmarks for evaluating performance B. Coordinates the activities of the company by integrating the plans of all departments C. Requires managers to plan ahead and to formalize their objectives D. Provides assurance that accounting records are in accordance with generally accepted accounting principles 22. One of the tasks that managers at Greensboro […]
91. Which of the following are guidelines for behaving ethically? I. Identify the consequences of a decision and its effect on others. II. Consider your obligations and responsibilities to those affected by the decision. III. Identify your decision based on personal standards of honesty and fairness. 92. Which of the following not a requirement for obtaining a CPA certificate? A. Passing […]
41. Which of the following best describes operating revenues? A. They are increases in net assets as a result of peripheral transactions. B. They are decreases in net assets as a result of ongoing operations. C. They are increases in net assets as a result of ongoing operations. D. They are decreases in net assets as a result of peripheral transactions. 42. Which of the following transactions will result in […]
207. George Butler owned a tugboat and was tired of his current job. He decided to open a business, Butler, Inc., that provides day tugboat tours to tourists along the Mississippi Rivernear his hometown. Prepare journal entries to record the following transactions. May 1 Butler invested $20,000 cash and his tugboat valued at $90,000 in the business. May 2 Butler paid $3,000 […]
31._____ refers to the relative pay of jobs in an organization. A.Pay level B.Pay grade C.Compa-ratio D.Range spread E.Job structure 32.According to the _____, a person compares her own ratio of perceived outcomes to perceived inputs to the ratio of a comparison other. A.reinforcement theory B.predicted outcome value theory C.social exchange theory D.equity theory […]
48.To record a return of merchandise purchased on credit on the books of the buyer, the accountant would A. debit Purchases Returns and Allowances and credit Accounts Receivable. B. debit Purchases Returns and Allowances and credit Purchases. C. debit Accounts Payable and credit Purchases Returns and Allowances. D. debit Purchases and credit Purchases Returns and Allowances. 49.Nice Guys Apparel received […]
51.The following information concerning the current assets and current liabilities of Mason Company at December 31, 2010, is presented below. Current Assets Cash $6,700 Accounts Receivable $7,900 Less Allowance (70) 7,830 Inventory 2,270 Prepaid expenses 500 Total $17,300 Current Liabilities Accounts payable $9,000 Wages payable […]
Review the federal government’s Office of Public Management, which broadly covers the issues of human resources, located at http://www.opm.gov/. Next, go to Agency Services and review the section on Telework Management, located at http://www.opm.gov/services-for-agencies/telework-management/. Be prepared to discuss.
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