51. Which of the following equations can be used to compute a labor usage variance? (A = Actual; S = Standard; Q = Quantity; P = Price)  A. (AQ ? SP) – (SQ ? SP) B. (SQ ? SP) – (SQ ? SP) C. (AQ ? AP) – (SQ ? SP) D. (AQ ? AP) – (AQ ? SP) 52. The following information is provided by the Atlantic Company:    […]

  83. Dandy, Inc. purchased molding machines at the beginning of 2011 for $10,000. The machines have an estimated salvage value of $2,000 and an estimated life of 5 years or 50,000 hours of operation. Dandy is looking at alternative depreciation methods for the equipment. Determine the following:  A) Accumulated depreciation at December 31, 2012, using the straight-line depreciation method.     B) Depreciation expense for […]

    131.The direct write-off method of recognizing uncollectible accounts expense:    A.Is acceptable only when most of the company’s sales are on credit.   B.Records uncollectible accounts expense when individual accounts receivable are determined to be worthless.   C.Records uncollectible accounts expense when customers exceed their credit limits.   D.Uses a valuation account to record specific customer accounts deemed uncollectible.         132.Joe […]

  121. The Stewart Cake Factory owns a building for its operations. Stewart uses only half of the building and is considering two options for the unused space. The Candy Store would like to purchase the half of the building that is not being used for $550,000. A 7% commission would have to be paid at the time of purchase. Ice Cream Delight would like to […]

    51. Firms typically borrow from banks, insurance companies, and other financial institutions by signing a note, which specifies the terms of the borrowing arrangement. The initial valuation of the loan equals _____.  A. the future value of the present cash payments discounted at the yield required by the borrower. B. the future value of the present cash payments discounted at the yield required by the lender. […]

  69.According to the FASB, plant acquired by colleges and universities with either unrestricted or restricted resources are recorded as: A)Restricted B)Unrestricted C)Initially as temporarily restricted and reclassified as unrestricted in accordance with the depreciation schedule D)Either B or C 70.When a private college or university has a foundation, and that foundation receives contributions specifically directed for the benefit of the college or university, A)The […]

  130. The following units of a particular item were available for sale during the year: Beginning inventory 150 units @ $755 Sale 120 units @ $925 First purchase 400 units @ $785 Sale 200 units @ $925 Second purchase 300 units @ $805 Sale 290 units @ $925     The firm uses the perpetual inventory system and there are 240 units of the item […]

  88.A debit is used to record which of the following:    A.A decrease in an asset account. B.A decrease in an expense account. C.An increase in a revenue account. D.An increase in the owner’s capital account. E.An increase in the owner’s withdrawals account. 89.A credit entry:    A.Increases asset and expense accounts, and decreases liability, owner’s capital, and revenue accounts. B.Is always a decrease in an […]

  124. The cost of direct materials transferred into the Bottling Department of the Desert Springs Water Company is $27,225. The conversion cost for the period in the Bottling Department is $7,596. The total equivalent units for direct materials and conversion are 60,500 and 63,300 respectively. Determine the direct materials and conversion cost per equivalent unit.  125. The cost of direct materials transferred into the Bottling Department […]

    51.Which of the following assessments is based on Carl Jung’s personality type theory?    A.The Strong-Campbell Interest Inventory   B.The Myers-Briggs Type Inventory   C.The Big Five personality test   D.The Rorschach inkblot test   E.The Eysenck Personality Questionnaire     52.The _____ is based on a theory that emphasizes that we have a fundamental personality type that shapes and influences how we understand […]