External link to Question : 71. Prepaid expenses eventually expected to A. become expenses when their future economic : 1247052

Question : 71. Prepaid expenses eventually expected to A. become expenses when their future economic : 1247052

  71. Prepaid expenses are eventually expected to  A. become expenses when their future economic value expires. B. become revenues when services are performed. C. become expenses in the period when they are paid. D. become revenues when the liability is no longer owed. 72. Which of the following is considered to be unearned revenue?  A. Concert tickets sold for tonight’s performance. B. Concert tickets sold yesterday on credit. C. Concert tickets that were […]

External link to Question : 61. The partnership agreement for Smith Wesson & Davis, a general : 1225252

Question : 61. The partnership agreement for Smith Wesson & Davis, a general : 1225252

  61. The partnership agreement for Smith Wesson & Davis, a general partnership, provided that profits be shared between the partners in the ratio of their financial contributions to the partnership. Smith contributed $100,000, Wesson contributed $60,000 and Davis contributed $20,000. In the partnership’s first year of operation, it incurred a loss of $210,000. What amount of the partnership’s loss, rounded to the nearest dollar, should […]

External link to Question : 56. Which of the following inventory valuation methods only an estimate : 1229807

Question : 56. Which of the following inventory valuation methods only an estimate : 1229807

    56. Which of the following inventory valuation methods is only an estimate of actual costs?  A. The retail method. B. The gross profit method. C. Both retail and gross profit methods are only estimations. D. Neither the retail nor the gross profit methods are estimations.     57. In a period of rising prices, a company is most likely to use the specific identification method of pricing inventory if:  […]

External link to Question : 41. Which of the following not true? A. Common and preferred stock usually : 1230427

Question : 41. Which of the following not true? A. Common and preferred stock usually : 1230427

    41. Which of the following is not true?  A. Common and preferred stock usually have a par or stated value. B. Firms report amounts received from issuing common stock in excess of the par or stated value as Additional Paid-In Capital or a similar account title. C. Firms report amounts received from issuing common stock in excess of the par or stated value as Additional Paid-In Capital, […]

External link to Question : 51. The three basic components that must be included in affirmative : 1250988

Question : 51. The three basic components that must be included in affirmative : 1250988

    51. The three basic components that must be included in affirmative action plans include all of the following EXCEPT:  A. utilization analysis. B. measurement tools. C. goals and timetables. D. action steps. The affirmative action plans have three basic components; namely – utilization analysis, goals and timetables, and action steps.     52. Which of the following is TRUE of goals and timetables?  A. They entail setting aside a specific […]

External link to Question : 61. Igor Corporation’s accounts receivable, net of allowance for uncollectibles, were : 1245982

Question : 61. Igor Corporation’s accounts receivable, net of allowance for uncollectibles, were : 1245982

    61. Igor Corporation’s accounts receivable, net of allowance for uncollectibles, were $250,000 at December 31, Year 3, and $350,000 at December 31, Year 4. Net cash sales for Year 4 were $300,000. The accounts receivable turnover was 6.0. Igor’s net sales for Year 4 were  A. $1,500,000 B. $1,800,000 C. $2,000,000 D. $2,100,000 E. $2,200,000   62. The capital structure leverage ratio  A. indicates the portion of total assets, or total […]

External link to Question : 71. A disadvantage of static budgets that they: A. are dependent previous year’s : 1239574

Question : 71. A disadvantage of static budgets that they: A. are dependent previous year’s : 1239574

    71. A disadvantage of static budgets is that they:  A. are dependent on previous year’s actual results B. cannot be used by service companies C. do not show possible changes in underlying activity levels D. show the expected results of a responsibility center for several levels of activity   72. A series of budgets for varying rates of activity is termed a(n):  A. flexible budget B. variable budget C. master budget D. activity […]

External link to Question : 61.The following information was taken from the annual report of : 1253498

Question : 61.The following information was taken from the annual report of : 1253498

  61.The following information was taken from the annual report of Jones Inc.     2010 2009 BALANCE SHEET     Deferred income tax liability $29,700 $28,300       INCOME STATEMENT     Income before taxes $88,000   Income tax expense (30,400)   Net income $57,600   Effective income tax rate 40%       What is Jones’s conservatism ratio? a. 1.02 b. 1.52 […]

External link to Question : 31) Godert Pharmaceutical Company has many scientists working in their : 1230216

Question : 31) Godert Pharmaceutical Company has many scientists working in their : 1230216

  31) Godert Pharmaceutical Company has many scientists working in their labs trying to develop an anti-aging drug. The cost of this research and development must be: A) expensed as incurred. B) set up as an intangible asset and amortized over 20 years. C) set up as an intangible and tested for impairment on a yearly basis D) not be handled in any of the […]

External link to Question : 101. Most employers required to withhold from employees for A. both federal and : 1233965

Question : 101. Most employers required to withhold from employees for A. both federal and : 1233965

  101. Most employers are required to withhold from employees for  A. both federal and state unemployment compensation B. only federal unemployment compensation tax C. only federal income tax D. only state unemployment compensation tax 102. Each year there is a ceiling for the amount that is subject to all of the following except  A. Social security tax B. Federal income tax C. federal unemployment tax D. state unemployment tax 103. Manning Company has the following […]

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