51. On a worksheet, the adjusted balance of the Supplies account is extended to:  A. the Income Statement Debit column. B. the Income Statement Credit column. C. the Balance Sheet Debit column. D. the Balance Sheet Credit column. 52. On a worksheet, the adjusted balance of the Supplies Expense account is extended to:  A. the Income Statement Debit column. B. the Income Statement Credit column. C. the Balance Sheet Debit column. D. the Balance […]

  11) Which of the following is true of a civil proceeding? A) The pleading stage is followed by the trial stage. B) The evidence is evaluated by the judge in order to reach a verdict. C) Failure on the part of the defendant to file a timely response can result in a declaratory judgment. D) The discovery process is governed by the Federal Rules […]

    41. Which of the following is NOT a step in two-way linkage?  A. The strategic planning team informs the HRM function of the various strategies the company is considering. B. HRM executives analyze the HR implications of the various strategies, presenting the results of this analysis to the strategic planning team. C. After a strategic planning decision has been made, the strategic plan is passed on to […]

  71. Photo Finish Corporation bought a 40% interest in the voting stock of Click It Corporation’s $1 par value common stock for $20 million (2 million shares at a $10 market price) on March 31, 2011. On December 31, 2011, Click It paid a $1 million cash dividend declared earlier in 2011 and reported net income for the year ended 2011 of $10 million. On […]

  17) The following information is available for Row, Inc.     2011 2012 2013 Net sales for the year ended December 31   $500,000 $600,000 Cost of goods sold for the year ended Dec. 31   $300,000 $360,000 Interest expense for the year ended Dec. 31   $   2,000 $   3,000 Net income for the year ended December 31   $  52,500 $  60,000 […]

    76.Beginning inventory plus net purchases is:    A.Cost of goods sold.   B.Merchandise (goods) available for sale.   C.Ending inventory.   D.Sales.   E.Shown on the balance sheet.         77.The acid-test ratio:    A.Is also called the quick ratio.   B.Measures profitability.   C.Measures inventory turnover.   D.Is generally greater than the current ratio.   E.Measures return on assets.       […]

  61. When shares of stock held as an investment are sold, the difference between the proceeds and the carrying amount of the investment is recorded as a(n)   A. prior period adjustment B. extraordinary gain or loss C. paid-in capital addition D. gain or loss 62. Temporary investments are   A. recorded at cost but reported at fair market value B. recorded at cost and reported at cost C. recorded at cost but […]

  173. On January 2nd, Newsprint Manufacturing purchases 5 rolls of paper on account at $125.00 per roll for use within the production process. On January 5th 4 rolls of this paper are issued to Job 010507A in the Printing Department. The Printing Department records $675.00 in direct labor and $1,150.00 of factory overhead to Job 010507A. On January 8th Printing transfers Job 010507A to the […]

Multiple Choice Questions   1. Which of the following is not a reason why a company might prefer to report a liability as long-term rather than current?  A. It may cause the firm to appear less risky to investors and creditors. B. It may increase interest rates on borrowing. C. It may cause the company to appear more stable commanding a higher stock price for new stock listings. D. It […]

  81. Which of the following is correct when recording the disposal of equipment for a gain?  A. A debit to a gain account. B. A credit to the equipment account for the asset’s book value. C. A debit to accumulated depreciation for the depreciation accumulated to the date of disposal. D. A decrease in total assets occurs. 82. Which of the following statements is incorrect with respect to the sale […]