Question GRECO RESORT     TRIAL BALANCE     AUGUST 31, 2017                 Debit   Credit     Cash           $19,600         Prepaid Insurance         4,500         Supplies           2,600         Land           20,000 […]

  115.The following information relates to the manufacturing operations of the Abbra Publishing Company for the year:  BeginningEnding Raw materials inventory$547,000$610,000 The raw materials used in manufacturing during the year totaled $1,018,000. Raw materials purchased during the year amount to:  A. $955,000. B. $892,000. C. $1,565,000. D. $408,000. E. $1,081,000. 116.Comet Company accumulated the following account information for the year:  Beginning raw materials inventory$6,000 Indirect materials cost2,000 Indirect labor cost5,000 […]

  53.George’s Gameroom had two employees with the following earnings information:  Use the table above and calculate how much of Barbara’s December 15 paycheck is still subject to state unemployment tax given that the rate is 4% and federal unemployment tax is .6% and both taxes are levied on only the first $7,000 of each employee’s annual earnings.   A.$700 B.$5,900 C.$1,800 D.$1,100 54.George’s Gameroom had two […]

  MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 23) CVP analysis is useful for all of the following reasons EXCEPT 23) ______ A) for long-range planning. B) for strategic planning. C) to illustrate decision outcomes. D) helping managers to answer “what-if” questions. E) eliminating uncertainty about external factors, such as interest rates. 24) A revenue driver is […]

  91. Journal entries based on the bank reconciliation are required in the depositor’s accounts for   A. outstanding checks B. deposits in transit C. bank errors D. book errors 92. Accompanying the bank statement was a debit memorandum for bank service charges. On the bank reconciliation, the item is   A. a deduction from the balance per depositor’s records B. an addition to the balance per bank statement C. a deduction from the […]

  11) If the cost of goods sold is understated for the year, then: A) ending inventory is understated for the year. B) ending inventory is overstated for the year. C) there is no effect on ending inventory for the year. D) none of the above is true.   12) If ending inventory is understated for Year 1, then in Year 2: A) cost of […]

    31.The basic purpose of bookkeeping is to:    A.Provide financial information about an economic entity.   B.Develop the types of information best-suited to specific managerial decisions.   C.Record the financial transactions of an economic entity.   D.Determine the taxable income of individuals and business entities.         32.Which of the following is not characteristic of financial accounting?    A.Information used in financial statements […]

  19) If a company has a degree of operating leverage of 4.0, that means a 10% increase in sales will result in a 40% increase in variable costs.   20) When a company has at least some fixed costs, the degree of operating leverage is different at different levels of sales. 21) Query Company sells pillows for $25.00 each. The manufacturing cost, all variable, […]

  Short Questions     123. The following information is available for some of a company’s segments (all amounts are in millions):    North America   Africa Latin America Segment sales $6,264 $694 $2,089 Segment operating income 1,494 224 1,033 Segment average assets 4,869 541 1,443 a. Determine the segment return on assets for each geographic segment b. Comment on the results. How do the segments […]

    41. Activity-based costing is determined by charging products for only the services (activities) they used during production.     42. Cost plus methods determine the normal selling price by estimating a cost amount per unit and adding a markup.     43. Under the total cost concept, manufacturing cost plus desired profit is included in the total cost per unit.     44. Under the variable cost concept, only variable […]