154.In the process of preparing department income statements, a company uses there are three steps before the statements can be completed. Describe those steps.      155.What is the cycle time for a manufacturer? What does it reveal about the manufacturing process?      156.Riu Corporation has a Parts Division that does work for other Divisions in the company as well as for outside […]

    21.During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers’ wages. Lease payments and utilities on the production facilities amounted to $17,000 while general, selling, and administrative expenses totaled $8,000. The company produced 5,000 units and sold 3,000 units at a price of $15.00 a unit.What is Silverman’s cost of goods sold for the year?    […]

    51.Which of the following is human resource accounting likely to include?    A.Turnover costs   B.Absenteeism   C.Capitalization of salary   D.Impact of positive employee attitude   E.Gains from selection programs     52.Tim works at Ante Inc. He is responsible for conducting cost-benefit analyses of different functions performed at Ante. If Tim’s current task is to conduct a utility analysis, which of the […]

    41. Which of the following statements is correct? A. If partners consider their cash withdrawals to be compensation for the work they do for the partnership, the amounts of the withdrawals should be charged to Salaries Expense. B. If there is no specific agreement on the division of partnership profits and losses, they are divided equally among the partners. C. If a salary is allowed to one […]

  13.2   Learning Objective 13-2   1) Gross Accounts Receivable is $10,000. Allowance for Doubtful Accounts has a credit balance of $200. Net sales for the year are $150,000. In the past, 2% of sales had proved uncollectible. What would be the adjusted balance of the Allowance account under the income statement approach? A) $3,200 B) $2,800 C) $1,400 D) $3,000   2) Gross Accounts […]

    136. All of the following statements related to current liabilities for U.S. GAAP and IFRS are true except: A. The definitions and characteristics of current liabilities are broadly similar for both U.S. GAAP and IFRS. B. The term provision is typically used under IRFS to refer to what is titled liability under U.S. GAAP. C. Because tax regulatory systems of countries are different, the approach to recording […]

  81) Longview Golf Company sells a special putter for $20 each. In March it sold 28,000 putters while manufacturing 30,000. There was no beginning inventory on March 1. Production information for March was:   Direct manufacturing labour per unit15 minutes Fixed selling and administrative costs $ 40,000 Fixed manufacturing overhead132,000 Direct materials cost per unit 2 Direct manufacturing labour per hour24 Variable manufacturing overhead […]

    91. Accounting for just-in-time operations requires fewer transactions because A. large batches of inventory are combined in a smaller number of transactions.B. costs are accumulated in one department and then transferred to the next department.C. combined material and conversion costs are transferred to finished goods.D. costs are transferred from department to department allowing for better controls in costs.   92. Just-In-Time accounting has fewer transactions because A. all manufacturing costs are combined […]

  202.  1) Bowen Company is completing its first year of operations on April 30, 2012.  Reconstruct the entries for the year ended April 30, 2012 from the T accounts below.  Record them as follows:     A – L   Journal Entries     M- R   Adjusting Journal Entries 2) Prepare the income statement, retained earnings statement, and classified balance sheet from the T accounts. […]

71.A company recorded office supplies in an asset account when the supplies were purchased. Failure to take inventory and make an adjusting entry will result in an   a. overstatement of stockholders’ equity. b. understatement of liabilities. c. understatement of stockholders’ equity. d. understatement of assets.       72.A company’s five-day weekly payroll of $680 is paid on Fridays. Assume that the last day […]