60.GASB Statement 34 requires enterprise funds to be used under which of the following circumstances? A)When the legal requirement exists that the cost of providing services for an activity, including capital costs, be recovered through fees or charges. B)When debt is backed by the full faith and credit of the government issuing it. C)When a government is restricted by grant covenants to cover the […]
8.4 Integrate the fixed and variable overhead cost variance analyses to reconcile the actual overhead incurred with overhead allocated. 1) Identifying the reasons for variances is important because it helps managers plan for corrective action. 2) Effective planning of variable overhead costs means that a company performs those variable overhead costs that primarily add value A) for the current shareholders. B) for the […]
25) If Pope Inc. uses standard costing, the overhead allocated to work in process is recorded as a A) debit to Manufacturing Overhead Allocated and a credit to Work-in-Process. B) debit to Work-in-Process and credit to Manufacturing Overhead Control. C) debit to Manufacturing Overhead Allocated and a credit to Manufacturing Overhead Control. D) debit to Manufacturing Overhead Control and a credit to Manufacturing Overhead […]
38.A strong internal control structure: A. Contributes to the accuracy and verifiability of the accounting records. B. Will prevent a business from operating at a loss. C. Assures that a business will remain solvent. D. Will prevent fraud, theft, and embezzlement. 39.The best definition of an accounting system is: A. Journals, ledgers, and worksheets. B. Manual or computer-based records used in […]
58.Which of the following budgets is not an operating budget? A. Sales budget. B. Cash budget. C. General and administrative expense budget. D. Selling expenses budget. E. Merchandise purchases. 59.A budget system based on expected activities and their levels that enables management to plan for resources required to perform the activities is: A. Traditional budgeting. B. Management budgeting. C. Master budgeting. D. Activity-based budgeting. E. Cash budgeting. 60.A plan that lists the types and […]
101.Marketable securities are: A.Listed immediately after Inventory on the balance sheet. B.Almost as liquid as cash. C.Originally recorded at cost less any broker’s commission. D.Sold for a gain when cash received is less than the cost basis. 102.The financial statements of Baxter Corporation include an Unrealized Holding Gain on Investments. This item: A.Is included in the […]
71) On January 3, 2011, Hank’s Excavating Company purchased a bulldozer for $100,000. In addition to the basic purchase price, the company paid sales tax of $2,000 and freight charges of $6,000. The bulldozer will be used for 36,000 machine hours. Hank estimates that the bulldozer will have a useful life of 5 years and no residual value. Required: 1.Compute the cost of the […]
81. Romanzof Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to four separate activity pools. The budgeted activity cost and activity base information, along with the estimated activity-base information, is provided below. ActivityCost Activity Base Procurement $ 360,000 Number of purchase orders Scheduling 240,000 Number of production orders Materials handling […]
51.Which of the following statements is true about the Pension Benefit Guaranty Corporation (PBGC)? A.It was created by the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1985. B.It guarantees a complete pension benefit replacement. C.It does not guarantee healthcare benefits. D.It is not funded by an annual contribution per plan participant. E.It allows payouts to be adjusted for cost-of-living […]
61.Oregon Adventures purchased equipment at the beginning of 2012 for $80,000. They sold the equipment at the end of 2014 for $45,000. If the expected life of the equipment was seven years with a residual value of $10,000, and they use straight-line depreciation, which of the following is true regarding the entry to record the sale of the equipment? A.Debit Loss $5,000. B.Credit Gain […]
91. Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records
92. Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash
93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n)
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records
94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts?
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash
95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300. This item would be included on the bank reconciliation as a(n)
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records
96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300. What entry is required in the company's accounts?
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash
97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company. This item is a(n)
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records
98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash
99. The amount of deposits in transit is included on the bank reconciliation as a(n)
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books
100. The amount of the outstanding checks is included on the bank reconciliation as a(n)
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more