External link to Question : 91. The primary difference between a periodic and perpetual inventory system : 1247101

Question : 91. The primary difference between a periodic and perpetual inventory system : 1247101

  91. The primary difference between a periodic and perpetual inventory system is that a  A. periodic system determines the inventory on hand only at the end of the accounting periodB. periodic system keeps a record showing the inventory on hand at all timesC. periodic system provides an easy means to determine inventory shrinkageD. periodic system records the cost of the sale on the date the sale is made 92. The […]

External link to Question : 101. At the beginning of the year, a company’s balance sheet : 1225769

Question : 101. At the beginning of the year, a company’s balance sheet : 1225769

  101. At the beginning of the year, a company’s balance sheet reported the following balances: Total Assets = $125,000; Total Liabilities = $75,000; and Owner’s Capital = $50,000. During the year, the company reported revenues of $46,000 and expenses of $30,000. In addition, owner’s withdrawals for the year totaled $20,000. Assuming no other changes to owner’s capital, the balance in the owner’s capital account at […]

External link to Question : 114. Refer to the information above. If Vision did not pay : 1229375

Question : 114. Refer to the information above. If Vision did not pay : 1229375

    114. Refer to the information above. If Vision did not pay a dividend for the last two years, but declared a dividend this year, how much will they have to declare in order for the common stockholders to receive $.45 per share?  A. $189,000. B. $306,000. C. $108,000. D. $162,000.     115. Refer to the information above. If Vision decided to purchase 50,000 shares of its common stock […]

External link to Question : 21. A company records a sales return from a credit customer. : 1236171

Question : 21. A company records a sales return from a credit customer. : 1236171

  21. A company records a sales return from a credit customer. Indicate how this transaction would affect the following five financial statement items.      A. Option a B. Option b C. Option c D. Option d 22. Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. The price reduction is an example […]

External link to Question : Fill in the Blank Questions 16. A partnership has a(n) ____________________ life : 1197645

Question : Fill in the Blank Questions 16. A partnership has a(n) ____________________ life : 1197645

  Fill in the Blank Questions   16. A partnership has a(n) ____________________ life because it ends with the death or withdrawal of any partner. ________________________________________   17. Each general partner has ____________________ liability for the debts of a partnership. ________________________________________   18. The characteristic of a partnership that means that any partner can make valid contracts for the partnership is known as ___________________. ________________________________________   19. An association […]

External link to Question : 135.On June 1, 20×6, Sterling Corporation had 40,000 shares of : 1244200

Question : 135.On June 1, 20×6, Sterling Corporation had 40,000 shares of : 1244200

135.On June 1, 20×6, Sterling Corporation had 40,000 shares of $10 par value common stock outstanding. On June 2, 20×6, Sterling declared a 40 percent stock dividend to be distributed on July 5, 20×6, to shareholders of record on June 15, 20×6. What amount of retained earnings should be transferred to contributed capital because of this dividend?   a. Par value per share multiplied by […]

External link to Question : Multiple Choice Questions 1.The practice of delegating authority and responsibility referred : 1257199

Question : Multiple Choice Questions 1.The practice of delegating authority and responsibility referred : 1257199

Multiple Choice Questions  1.The practice of delegating authority and responsibility is referred to as:    A. Centralization of authority.   B. Standard costing.   C. Management by exception.   D. Decentralization.     2.A major benefit of a decentralized organization is that:    A. Lower level managers are more motivated to improve productivity.   B. Upper level managers are more involved in routine decisions.   C. It avoids the necessity for a managerial accounting […]

External link to Question : 211.Acton Corporation had the following stock outstanding for years 20×5 : 1244186

Question : 211.Acton Corporation had the following stock outstanding for years 20×5 : 1244186

  211.Acton Corporation had the following stock outstanding for years 20×5 through 20×8:   Preferred Stock—$100 par value, 7 percent cumulative, 10,000 shares authorized, 5,000 shares issued and outstanding Common Stock—$20 par value, 10,000 shares authorized, 7,000 shares issued and outstanding   Acton paid $20,000, $30,000, $100,000, and $15,000 in cash dividends during 20×5, 20×6, 20×7, and 20×8, respectively.   a. Calculate the total cash […]

External link to Question : 11.In financial reporting for segments of a business enterprise, the : 1242723

Question : 11.In financial reporting for segments of a business enterprise, the : 1242723

  11.In financial reporting for segments of a business enterprise, the operating profit or loss of a segment should include Reasonably allocated CommonTraceable Operating costsoperating costs a.No                                                          No b.No                                                          Yes c.Yes                                                         No d.Yes                                                         Yes 12.The profitability information that should be reported for each reportable segment of a business enterprise consists of a.An operating profit-or-loss figure consisting of segment revenues less traceable costs and allocated common […]

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