165. Listed below are accounts to use for transactions (a) through (j), each identified by a number. Following this list are the transactions. You are to indicate for each transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box. 1. Cash 2. Accounts Receivable 3. Office Supplies 4. Land 5. Interest Receivable 6. Building 7. Accumulated […]
21) The adjusted trial balance proves that: A) all adjusting entries have been recorded correctly. B) debit totals equal credit totals. C) no adjusting entry has been entered twice. D) the balance of the adjusted trial balance is correct. 22) The unadjusted trial balance for Supplies shows a $434 balance. If $132 of supplies were used during the period, the adjusted balance for Supplies […]
Multiple Choice Questions 1.Cost objects may be: A. Products. B. Services. C. Departments. D. All of these answers are correct. 2.Cost accumulation is used to: A. Determine the cost of a particular cost object. B. Identify and estimate opportunity costs. C. Identify fixed and variable costs. D. Set the selling price for a service. 3.Select the false statement from the following. A. Only direct […]
41.Consistency, bias suppression, information accuracy, correctability, representativeness, and ethicality are the six determinants of _____. A.perceptual justice B.interactional justice C.procedural justice D.outcome justice E.income justice 42.Which of the following determinants of procedural justice requires that the procedure is applied by a person who has no vested interest in the outcome? A.Bias suppression B.Correctability C.Representativeness […]
87. Which of the following items would cause cash per the bank statement to be smaller than the balance of cash shown in the accounting records? A. Outstanding checks. B. Interest earned on the average balance of the checking account. C. Check no. 824, in the amount of $620.30, is recorded by the bank as $602.30. D. Deposits in transit. 88. Which of the following items would […]
103.A company is considering a 5-year project. The company plans to invest $60,000 now and it forecasts cash flows for each year of $16,200. The company requires a hurdle rate of 12%. Calculate the internal rate of return to determine whether it should accept this project. Selected factors for a present value of an annuity of 1 for five years are shown below: 10%3.7908 […]
108. Mary Martin, the owner of Martin Consulting, Inc., started the business by investing $40,000 cash. Identify the general journal entry below that Martin Consulting, Inc. will make to record the transaction. A. Cash 40,000 Common Stock 40,000 B. Common Stock 40,000 Cash 40,000 C. Investments 40,000 Cash 40,000 D. Investments 40,000 Common Stock […]
81.Refer to the information above. If the Cash balance at December 31, 2014 is $67,500, the Notes Payable balance is: A.$118,750. B.$47,500. C.$137,500. D.$140,000. Cash ($67,500) + A/R ($18,750) + Land ($30,000) + Building ($31,250) + Equipment ($40,000) = $187,500A/P ($2,500) + N/P (?) + Capital Stock ($12,500) + R.E. ($125,000) = $187,500Notes Payable = $47,500 82.Refer […]
101. Which of the following would most likely not be classified as Investment in Securities appearing between the Current Assets and the Property, Plant and Equipment sections of the balance sheet? A. United States Treasury Notes that the firm expects to hold for less than one yearB. investments in securities for the purpose of exerting significant influence over the investee’s dividend payout policyC. investments in securities for the […]
21) What costs would be associated with normal and abnormal spoilage, respectively, using the FIFO method of process costing? A) $5,890; $9,133 B) $1,440; $4,800 C) $4,800; $2,640 D) $10,560; $2,640 22) What costs are allocated to the ending work-in-process inventory for direct materials and conversion costs, respectively, using the FIFO method of process costing? A) $28,250; $24,850 B) $27,000; $25,920 C) $40,000; $25,590 […]
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SweetumsAssignment 1001
3 years ago
20.12.2021
10
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