103.              Siler City receives a trust donation for the purpose of maintaining flower beds in city parks, but the donor does not specify that the principal must be maintained.  This type of trust would be most appropriately accounted for in a: A)Permanent Fund. B)Special Revenue Fund. C)Private Purpose Trust Fund. D)General Fund. 104.              Proceeds of tax supported bonds are recognized in a capital projects […]

  41. Which of the following does not support managerial decisions involving accurate product costing? A. product constraintsB. emphasis of a product lineC. product mixD. product price 42. Lasso Corp. budgeted $250,000 of overhead cost for 2008. Actual overhead costs for the year were $240,000. Lasso’s plant-wide allocation base, machine hours, was budgeted at 50,000 hours. Actual machine hours were 40,000. Budgeted units to be produced are 100,000 units. Lasso’s plant-wide factory […]

    61. Sales taxes payable:  A. Is an estimated liability. B. Is a contingent liability. C. Is a current liability for retailers. D. Is a business expense. E. Is a long-term liability.     62. Unearned revenue is initially recognized with a:  A. Credit to unearned revenue. B. Credit to revenue. C. Debit to revenue payable. D. Debit to revenue. E. Debit to unearned revenue.     63. Advance ticket sales totaling $6,000,000 cash would be recognized […]

    31. All of the following are counterproductive ways of restoring equity EXCEPT:  A. decreasing one’s outcomes. B. reducing one’s own inputs. C. leaving the situation that generates perceived inequity. D. refusing to cooperate with employees who are perceived as overrewarded. Increasing one’s outcomes is one of the counterproductive ways of restoring equity.     32. Which of the following is a consequence of external equity perceptions in making pay […]

  207. Several transactions are listed below, with the accounting equation stated to the right side of each. Use the following identification codes to indicate the effects of each transaction on the accounting equation. Write your answers in the space provided under the accounting equation. You need an identification code for each element of the accounting equation. An example is given before the first transaction.  I-Increase […]

  66.Present Value of 1  Periods3%4%5%6%7%8%9%10%12% 30.91510.88900.86380.83960.81630.79380.77220.75130.7118 40.88850.85480.82270.79210.76290.73500.70840.68300.6355 50.86260.82190.78350.74730.71300.68060.64990.62090.5674 60.83750.79030.74620.70500.66630.63020.59630.56450.5066 70.81310.75990.71070.66510.62270.58350.54700.51320.4523 80.78940.73070.67680.62740.58200.54030.50190.46650.4039 90.76640.70260.64460.59190.54390.50020.46040.42410.3606 100.74410.67560.61390.55840.50830.46320.42240.38550.3220 Future Value of 1  Periods3%4%5%6%7%8%9%10%12% 31.09271.12491.15761.19101.22501.25971.29501.33101.4049 41.12551.16991.21551.26251.31081.36051.41161.46411.5735 51.15931.21671.27631.33821.40261.46931.53861.61051.7623 61.19411.26531.34011.41851.50071.58691.67711.77161.9738 71.22991.31591.40711.50361.60581.71381.82801.94872.2107 81.26681.36861.47751.59381.71821.85091.99262.14362.4760 91.30481.42331.55131.68951.83851.99902.17192.35792.7731 101.34391.48021.62891.79081.96722.15892.36742.59373.1058 Present Value of an Annuity of 1  Periods3%4%5%6%7%8%9%10%12% 32.82862.77512.72322.67302.62432.57712.53132.48692.4018 43.71713.62993.54603.46513.38723.31213.23973.16993.0373 54.57974.45184.32954.21244.10023.99273.88973.79083.6048 65.41725.24215.07574.91734.76654.62294.48594.35534.1114 76.23036.00215.78645.58245.38935.20645.03304.86844.5638 87.01976.73276.46326.20985.97135.74665.53485.33494.9676 97.78617.43537.10786.80176.51526.24695.99525.79505.3282 108.53028.11097.72177.36017.02366.71016.41776.14465.6502 Future Value of an Annuity of 1  Periods3%4%5%6%7%8%9%10%12% 33.09093.12163.15253.18363.21493.24643.27813.31003.3744 44.18364.24654.31014.37464.43994.50614.57314.64104.7793 55.30915.41635.52565.63715.75075.86665.98476.10516.3528 66.46846.63306.80196.97537.15337.33597.52337.71568.1152 77.66257.89838.14208.39388.65408.92289.20049.487210.089 88.89239.21429.54919.897510.26010.63711.02911.43612.300 910.15910.58311.02711.49111.97812.48813.02113.58014.776 1011.46412.00612.57813.18113.81614.48715.19315.93717.549 City Peewee League borrowed $883,212, and […]

    108.The concept of materiality:    A. Involves only tangible assets and not intangible assets.   B. Relates only to the income statement and not the balance sheet.   C. Is always an exact percentage of a financial account balance.   D. Is measured as an item significant enough to influence the decisions of users of financial statements.         109.Which of the following statements concerning materiality […]

    51. The _____ method begins with net income for a period and then shows adjustments to net income to convert revenues to cash received from customers and to convert expenses to cash disbursed to various suppliers of goods and services. Most companies use this method.   A. direct B. indirect C. adjustment D. income E. free cash   52. A recent AICPA survey of 600 large companies reported in the […]

  51) For each of the following methods of allocating joint costs, give a positive or a negative aspect of selecting each one to allocate joint costs. a.sales value at splitoff b.estimated net realizable value method c.the constant gross margin method d.a physical measure such as volume 52) Sugar Cane Company processes sugar cane into three products. During May, the joint costs of processing were […]

  87. King CorporationSelected data and additional information from the records of King Corporation are presented below.  Balance Sheet Data 2012 2011 Accounts receivable $132,000 $165,000 Inventories 61,600 55,000 Accounts payable 41,800 77,000 Salaries payable 11,000 5,500 Equipment 121,000 77,000 Accumulated depreciation 30,800 35,200 Bonds payable 110,000 220,000 Common stock 330,000 220,000 Retained earnings 83,600 44,000       Income Statement Data   2012 Net sales […]