91. Which of the following characteristics applies to process cost accounting and not to job order cost accounting?A.  Use of a predetermined overhead rate.B.  Identifiable lots of production.C.  Equivalent units of production.D.  Labor time ticket for each employee.E.  Use of a single Goods in Process account.     92. A company that applies process costing is most frequently characterized by:A.  Low standardization and […]

  17.2   Contrast the journal entries for a process-costing system when there is and when there is not ending work-in-process inventory using the weighted-average method of inventory valuation.   1) Production costs are divided into three classifications: administrative costs, direct materials, and conversion costs in process costing.   2) Process-costing journal entries and job-costing journal entries are similar with respect to direct materials and conversion […]

  11) The following information is from ABC, Inc.’s December 31, 2011 annual report:     Income statement Balance sheet     12/31/11 12/31/10 Sales revenue $800,000     Unearned revenue   $8,000 $10,000 Interest expense $30,000     Interest payable   $1,000 $3,000 Note: ABC, Inc. does not sell to its customers on account; it collects cash from its customers in advance.   Cash […]

    81. Recruiting advertisements in newspapers and periodicals:  A. are exempt from the requirements of Title VII. B. are most effective in attracting applicants who are currently employed. C. are generally not needed. D. typically generate less desirable recruits than direct applications or referrals. Advertisements to recruit personnel are ubiquitous, even though they typically generate less desirable recruits than direct applications or referrals—and do so at greater expense. However, […]

  90.Giorgio had cost of goods sold of $9,421 million, ending inventory of $2,089 million, and average inventory of $1,965 million. Its inventory turnover equals:     A.0.21. B.4.51. C.4.79. D.76.1 days. E.80.9 days. 91.Perfection Company had cost of goods sold of $853,000, ending inventory of $70,500, and average inventory of $71,600. Its inventory turnover equals:     A.11.9. B.1.0. C.6.0. D.30.6. E.12.0. 92.Beckenworth had cost of […]

    61. When a firm constructs its own buildings or equipment:  A.  it recognizes the labor, material, and overhead costs incurred as an asset. B. U.S. GAAP and IFRS require firms to include, or capitalize, interest costs during construction in the cost of a self-constructed asset. C.  it recognizes the labor, material, and overhead costs incurred as a period expense. D. U.S. GAAP and IFRS require firms […]

    61.The _____ is an index of the correspondence between actual and intended pay.    A.pay grade   B.pay midpoint   C.compa-ratio   D.range spread   E.pay range     62.According to the study by Peter Cappelli and Peter Sherer, which of the following is true of two-tier wage plans?    A.The plans are characterized by instances where two employees doing different level of jobs get […]

    123.Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company, Inc.:  Account TitleDr.Cr. Cash23,000 Accounts receivable16,000 Prepaid insurance6,600 Equipment100,000 Accumulated Depreciation—Equipment50,000 Land95,000 Accounts payable17,000 Interest payable2,400 Unearned revenue5,000 Long-term notes payable30,000 Common stock1,000 Retained earnings135,200 Totals240,600240,600    1.87.   B..54.   C.3.92.   D.1.77.   E.1.60. Current Ratio = Current Assets/Current LiabilitiesCurrent Ratio = ($23,000 […]

  186.A company sells sofas with a 6-month warranty. In January, the company sold 100,000 sofas at $1,750 each; and 500 sofas needed repairs during that same month. The total repairs amounted to $85,000 costs from the upholstery materials inventory. It is estimated that 2% of all units sold will need repairs under warranty at an estimated cost of $200 per unit. Prepare the journal […]

Multiple Choice Questions  11.Before you begin Chapter 4, you could restore which of the following backups:    A.Exercise 3-2.ptb   B.Exercise 3-1.ptb   C.Chapter 3.ptb   D.Exercise 2-2.ptb   E.Bgs.ptb         12.On the Navigation Bar, make the following selections to set up payroll default information:    A.Employees & Payroll Navigation Center, click on the Pay Employees icon and select Enter Payroll for Multiple Employees […]