Survey of Accounting 8th Edition

A qualitative characteristic that influences capital investment analysis is manufacturing productivity. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of the transaction? a. Increase

If the standard to produce a given amount of product is 2,000 units of direct materials at $12 and the actual was 1,600 units at $13, the direct materials quantity variance was $4,800 favorable. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States

Allowance for Doubtful Accounts has an unadjusted balance of $400 at the end of the year, and uncollectible accounts expense is estimated at 1% of net sales. If net sales are $300,000, compute the amount of the adjustment to record the provision for doubtful accounts. a. $400. b. $3,400. c. $3,000. d. $2,600. cNATIONAL STANDARDS:

Fixed costs are costs that vary in total dollar amount as the level of activity changes. a. True b. False FalseNATIONAL STANDARDS: United States BUSPROG: Analytic FalseNATIONAL STANDARDS: United States BUSPROG: Analytic False NATIONAL STANDARDS: United States BUSPROG: Analytic The payback period is determined using which of the following formulas? a. Amount to be

Based on the following information, calculate the overall process yield. Process M: Units passing inspection 7,755 units Units entering process 11,750 units Process N: Units passing inspection 5,762 units Units entering process 6,700 units a. 80.93% b. 60.82% c. 66.00% d. 56.76% dNATIONAL STANDARDS: United States BUSPROG: Analytic dNATIONAL STANDARDS: United States BUSPROG: Analytic d NATIONAL STANDARDS: United States BUSPROG: Analytic

In computing the return on total assets, interest expense is added to net income before dividing by average total assets. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic The accounts receivable turnover is computed by dividing: a. total assets

Identify each of the following expenditures as chargeable to (a) Land, (b) Land Improvements, (c) Buildings, (d) Machinery and Equipment, or (e) Other accounts. (1)Cost of paving parking area for employees and customers. (2)Insurance during construction of building. (3)Interest incurred on money borrowed for construction of building. (4)Fee paid for installation of equipment. (5)Special foundation

Amortization refers to systematic periodic transfer of the cost of a fixed asset to an expense account. a. True b. False FalseNATIONAL STANDARDS: United States BUSPROG: Analytic FalseNATIONAL STANDARDS: United States BUSPROG: Analytic False NATIONAL STANDARDS: United States BUSPROG: Analytic Robbson Manufacturers has estimated total factory overhead costs of $184,000 and 25,000 direct

The SarbanesOxley Act of 2002 requires companies to maintain strong and effective internal controls over recording transactions and preparing financial statements. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic The standard factory overhead rate is $7.50 per machine

Which of the following is an example of a capital expenditure? a. Cleaning the carpet in the frontoffice room b. Regular tuneup for a company truck c. Replacing an engine in a company car d. Replacing all burnedout light bulbs in the factory cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic

Which of the following warning signs could mean receipts are being pocketed before being deposited? a. Missing documents or gaps in transaction numbers b. An unusual increase in customer refunds c. A sudden increase in cash payments d. A difference between daily bank and cash balance dNATIONAL STANDARDS: United States BUSPROG: Analytic dNATIONAL STANDARDS: United

Cook Co. incurred the following costs related to the office building used in operating its sports supply company: (a)Replaced a broken window. (b)Replaced the roof that had been on the building for 23 years. (c)Serviced all the air conditioners before summer started. (d)Replaced the air conditioners with refrigerated air conditioners in the customer service areas. (e)Added

The investment turnover is calculated as the ratio of sales to: a. operating income. b. invested assets. c. marketable investments. d. profit margin. bNATIONAL STANDARDS: United States BUSPROG: Analytic bNATIONAL STANDARDS: United States BUSPROG: Analytic b NATIONAL STANDARDS: United States BUSPROG: Analytic Following is the information about Standard Inc. The standard costs and actual costs for

The following units are available for sale during the year: January 1Beginning Inventory10 units at $18 each April 3Purchase30 units at $20 each August 31Purchase28 units at $25 each September 29Purchase17 units at $30 each December 31Ending Inventory21 units Determine ending inventory cost by (a) FIFO method, (b) LIFO method, and (c) average cost method. (a)FIFO: $610(b)LIFO:

Internal control is enhanced by combining the control of a transaction with the recordkeeping function. a. True b. False FalseNATIONAL STANDARDS: United States BUSPROG: Analytic FalseNATIONAL STANDARDS: United States BUSPROG: Analytic False NATIONAL STANDARDS: United States BUSPROG: Analytic Costs incurred to earn revenue are referred to as _____. a. common stock b. expenses c. liabilities d. retained

The profit margin is calculated as the ratio of operating income to: a. invested assets. b. investment turnover. c. sales. d. residual income. cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic c NATIONAL STANDARDS: United States BUSPROG: Analytic Separation of businesses into more manageable operating units is termed centralization. a. True b. False FalseNATIONAL

Which of the following is true of rate of return on assets? a. It is a measure of a company's profitability. b. It is used to evaluate a company's ability to pay off its shortterm debts. c. It is used to determine the financial leverage of a company. d. It is a measure of

Losses on discarding fixed assets are _____. a. opportunity costs b. nonoperating items c. capital expenditures d. accumulated depreciation cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic c NATIONAL STANDARDS: United States BUSPROG: Analytic Which of the following statements is true? a. The revenue activities of a service business involve providing services

The net income reported on the income statement for the current year was $310,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are

A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the Materials account to: a. WorkinProcess and Cost of Goods Sold. b. WorkinProcess and Factory Overhead. c. Finished Goods and Cost of Goods Sold. d. WorkinProcess and Finished Goods. bNATIONAL STANDARDS: United States

Production and sales estimates for June are as follows: Estimated inventory (units), June 18,000 Desired inventory (units), June 309,000 Expected sales volume (units): Area X3,000 Area Y4,000 Area Z5,500 Unit sales price$25 The budgeted total sales for June is: a. $300,000. b. $337,500. c. $312,500. d. $287,500. cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic c NATIONAL STANDARDS: United States

The anticipated purchase of a fixed asset for $400,000, with a useful life of 5 years and no residual value, is expected to yield total net income of $200,000 for 5 years. The expected average rate of return on investment computed is 20%. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic

If variable costs per unit increased because of an increase in hourly wage rates, the breakeven point would: a. decrease. b. increase. c. remain the same. d. increase or decrease, depending upon the percentage increase in wage rates. bNATIONAL STANDARDS: United States BUSPROG: Analytic bNATIONAL STANDARDS: United States BUSPROG: Analytic b NATIONAL STANDARDS: United States BUSPROG:

In capital rationing, alternative proposals that survive initial screening and further analysis using present value methods are normally evaluated in terms of: a. net income. b. qualitative factors. c. maximum cost. d. net cash flow. bNATIONAL STANDARDS: United States BUSPROG: Analytic bNATIONAL STANDARDS: United States BUSPROG: Analytic b NATIONAL STANDARDS: United States BUSPROG: Analytic If

Electrodo Co. purchased land for $55,000 with $20,000 paid in cash and $35,000 in notes payable. What effect does this transaction have on the accounts under the accrual basis of accounting? a. Net increase in assets and liabilities of $55,000 b. Net increase in assets of $35,000 and a net increase in

A customer's check received in settlement of an account receivable is considered cash. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic The excess of cash flowing in from revenues over the cash flowing out for expenses is termed

Sales commissions expense for a department store is an example of a direct expense. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic The budgeted direct materials purchases are based on the sum of (1) the materials needed for

Chapter 1 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 QUESTION GLOBAL ID: GCID-E7BW-1TBP-CP1G-CQJA-CR5U-QQBU-CCA1-4AUF-CWH1-4CMN-CW4N-4CTW-GPO1-43T1-8Y3U-CPMF-CTDI-GWN8-EPRW-EMMB-GT1S-NPBZ-GH5D-YCBZ-CESS-GPMB-CRSS-CATO-GOSU-K3TT-COSU-RA3Z-GB1S-KPMD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION GLOBAL ID: GCID-E7BW-1TBP-CP1G-CQJA-CR5U-QQBU-CCA1-4AUF-CWH1-4CMN-CW4N-4CTW-GPO1-43T1-8Y3U-CPMF-CTDI-GWN8-EPRW-EMMB-GT1S-NPBZ-GH5D-YCBZ-CESS-GPMB-CRSS-CATO-GOSU-K3TT-COSU-RA3Z-GB1S-KPMD-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION GLOBAL ID: GCID-E7BW-1TBP-CP1G-CQJA-CR5U-QQBU-CCA1-4AUF-CWH1-4CMN-CW4N- 4CTW-GPO1-43T1-8Y3U-CPMF-CTDI-GWN8-EPRW-EMMB-GT1S-NPBZ-GH5D- YCBZ-CESS-GPMB-CRSS-CATO-GOSU-K3TT-COSU-RA3Z-GB1S-KPMD-E7JI-YT4D- JFNN-4OTI-GO4W-NQNBEE 42. Revenues received from providing services are referred

Chapter 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. The objective of most businesses is to maximize profits. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy

Chapter 1 GYSS-NP3I-CESS-G3DR-GOSS-NPJA-GWSU-KP5R-CWAS-NC3S-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE GYSS-NP3I-CESS-G3DR-GOSS-NPJA-GWSU-KP5R-CWAS-NC3S-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE GYSS-NP3I-CESS-G3DR-GOSS-NPJA-GWSU-KP5R-CWAS-NC3S-E7JI-YT4D-JFNN- 4OTI-GO4W-NQNBEE Copyright Cengage Learning. Powered by Cognero. Page 40 Copyright Cengage Learning. Powered by Cognero. Page 40 Copyright Cengage Learning. Powered by Cognero. Page 40 77. According to which of the following concepts should the expenses incurred when generating revenue

Chapter 10 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. Managerial accounting reports information primarily for stakeholders that are external to the company. a. True b. False ANSWER: False

Chapter 10 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 STATE STANDARDS: United States - DISC: - ACBSP: APC-27 - Managerial Accounting Features/Costs United States - AK - AICPA: FN-Measurement United States

Chapter 10 Copyright Cengage Learning. Powered by Cognero. Page 54 Copyright Cengage Learning. Powered by Cognero. Page 54 Copyright Cengage Learning. Powered by Cognero. Page 54 HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.10-4 - LO: 10.04 NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC:

Chapter 10 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 STATE STANDARDS: United States - DISC: - ACBSP: APC-27 - Managerial Accounting Features/Costs United States - AK - AICPA: FN-Measurement United States

Chapter 11 Copyright Cengage Learning. Powered by Cognero. Page 60 Copyright Cengage Learning. Powered by Cognero. Page 60 Copyright Cengage Learning. Powered by Cognero. Page 60 STATE STANDARDS: United States - DISC: - ACBSP: APC-29 - CVP Analysis United States - AK - DISC: AICPA: FN-Measurement United States

Chapter 11 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.11-1 - LO: 11.01 NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS:

Chapter 11 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. Cost behavior refers to the manner in which a cost changes as a related activity changes. a. True b.

Chapter 11 N3JT-8RSS-ECB1-GOSS-CCMB-GCSU-KQB1-GY3U-1CUB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE N3JT-8RSS-ECB1-GOSS-CCMB-GCSU-KQB1-GY3U-1CUB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE N3JT-8RSS-ECB1-GOSS-CCMB-GCSU-KQB1-GY3U-1CUB-E7JI-YT4D-JFNN-4OTI- GO4W-NQNBEE Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 42. Only a single line, which represents the difference between total sales revenues and total

Chapter 12 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. If the total unit cost of manufacturing Product Y is currently $40 and the total unit cost after modifying the style

Chapter 12 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 QUESTION ID: JFND-GO3A-EW4D-NCKR QUESTION GLOBAL ID: GCID-E7BW-1TBP-GRHS-RATS-CI1S-NPUF-GR31-4C3Z-GBO1-4P3I-GY4N-4ATU-GH3N-4A3U-GEHD-EC5D-G3DI-GWN8-EPRW-EMJW-GOHD-1ATA-GWHD-1PUD-8RSU-KAJZ-8YSS-GPJ3-GOSU-GCDN-CESU-OCMB-GE5D-NQMB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-NCKR QUESTION GLOBAL ID: GCID-E7BW-1TBP-GRHS-RATS-CI1S-NPUF-GR31-4C3Z-GBO1-4P3I-GY4N-4ATU-GH3N-4A3U-GEHD-EC5D-G3DI-GWN8-EPRW-EMJW-GOHD-1ATA-GWHD-1PUD-8RSU-KAJZ-8YSS-GPJ3-GOSU-GCDN-CESU-OCMB-GE5D-NQMB-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-NCKR QUESTION GLOBAL ID: GCID-E7BW-1TBP-GRHS-RATS-CI1S-NPUF-GR31-4C3Z-GBO1-4P3I-GY4N-4ATU- GH3N-4A3U-GEHD-EC5D-G3DI-GWN8-EPRW-EMJW-GOHD-1ATA-GWHD-1PUD- 8RSU-KAJZ-8YSS-GPJ3-GOSU-GCDN-CESU-OCMB-GE5D-NQMB-E7JI-YT4D-JFNN- 4OTI-GO4W-NQNBEE

Chapter 12 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Variable direct labor cost per unit 150 Variable factory overhead cost per unit 50 Variable selling and administrative cost per unit 30

Chapter 12 Copyright Cengage Learning. Powered by Cognero. Page 52 Copyright Cengage Learning. Powered by Cognero. Page 52 Copyright Cengage Learning. Powered by Cognero. Page 52 QUESTION GLOBAL ID: GCID-E7BW-1TBP-GRHS-RATS-CI1S-NPUF-GR31-4C3Z-GBO1-4P3I-GY4N-4ATU-GH3N-4A3U-GEHD-EC5D-G3DI-GWN8-EPRW-EMMR-CCAD-RQJT-GH5D-QQBA-CRSS-N3UN-8RSS-E3T1-GOSS-NC5F-8YSS-CPDR-GAHU-OA31-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION GLOBAL ID: GCID-E7BW-1TBP-GRHS-RATS-CI1S-NPUF-GR31-4C3Z-GBO1-4P3I-GY4N-4ATU-GH3N-4A3U-GEHD-EC5D-G3DI-GWN8-EPRW-EMMR-CCAD-RQJT-GH5D-QQBA-CRSS-N3UN-8RSS-E3T1-GOSS-NC5F-8YSS-CPDR-GAHU-OA31-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION GLOBAL ID: GCID-E7BW-1TBP-GRHS-RATS-CI1S-NPUF-GR31-4C3Z-GBO1-4P3I-GY4N-4ATU- GH3N-4A3U-GEHD-EC5D-G3DI-GWN8-EPRW-EMMR-CCAD-RQJT-GH5D-QQBA- CRSS-N3UN-8RSS-E3T1-GOSS-NC5F-8YSS-CPDR-GAHU-OA31-E7JI-YT4D-JFNN- 4OTI-GO4W-NQNBEE 92. Wyandott Co. produces two products. Both products

Chapter 13 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. A formal written statement of management's plans for the future, expressed in financial terms, is called a budget. a. True

Chapter 13 Copyright Cengage Learning. Powered by Cognero. Page 61 Copyright Cengage Learning. Powered by Cognero. Page 61 Copyright Cengage Learning. Powered by Cognero. Page 61 Variable cost @ $2 per hour Total variable cost, $18,000 Fixed cost @ $0.80 per hour Total fixed cost, $8,000 The

Chapter 13 Copyright Cengage Learning. Powered by Cognero. Page 95 Copyright Cengage Learning. Powered by Cognero. Page 95 Copyright Cengage Learning. Powered by Cognero. Page 95 QUESTION ID: JFND-GO3A-EW4D-RCTI QUESTION GLOBAL ID: GCID-E7BW-1TBP-GPTU-RPDR-CR5U-OCUG-CP11-4AMB-GFO1-4QDB-GH4N-43TA-GOA1-4AT1-GIUD-QP33-CTDI-GWN8-EPRW-EMJ3-CAHU-1C3W-CE4D-YQJZ-8RSS-N3UG-CESS-NP3O-GOSU-KCBZ-GYSS-EQBA-GBTG-NPBT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-RCTI QUESTION GLOBAL ID: GCID-E7BW-1TBP-GPTU-RPDR-CR5U-OCUG-CP11-4AMB-GFO1-4QDB-GH4N-43TA-GOA1-4AT1-GIUD-QP33-CTDI-GWN8-EPRW-EMJ3-CAHU-1C3W-CE4D-YQJZ-8RSS-N3UG-CESS-NP3O-GOSU-KCBZ-GYSS-EQBA-GBTG-NPBT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-RCTI QUESTION GLOBAL ID: GCID-E7BW-1TBP-GPTU-RPDR-CR5U-OCUG-CP11-4AMB-GFO1-4QDB-GH4N-43TA- GOA1-4AT1-GIUD-QP33-CTDI-GWN8-EPRW-EMJ3-CAHU-1C3W-CE4D-YQJZ-8RSS- N3UG-CESS-NP3O-GOSU-KCBZ-GYSS-EQBA-GBTG-NPBT-E7JI-YT4D-JFNN-4OTI- GO4W-NQNBEE

Chapter 13 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 QUESTION GLOBAL ID: GCID-E7BW-1TBP-GPTU-RPDR-CR5U-OCUG-CP11-4AMB-GFO1-4QDB-GH4N-43TA-GOA1-4AT1-GIUD-QP33-CTDI-GWN8-EPRW-EMJZ-GTTU-RAMD-GY5D-GATZ-CASU-GAMD-CESU-YAJW-GOSU-EPMR-COSU-13BS-8FUG-KCJO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION GLOBAL ID: GCID-E7BW-1TBP-GPTU-RPDR-CR5U-OCUG-CP11-4AMB-GFO1-4QDB-GH4N-43TA-GOA1-4AT1-GIUD-QP33-CTDI-GWN8-EPRW-EMJZ-GTTU-RAMD-GY5D-GATZ-CASU-GAMD-CESU-YAJW-GOSU-EPMR-COSU-13BS-8FUG-KCJO-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION GLOBAL ID: GCID-E7BW-1TBP-GPTU-RPDR-CR5U-OCUG-CP11-4AMB-GFO1-4QDB-GH4N-43TA- GOA1-4AT1-GIUD-QP33-CTDI-GWN8-EPRW-EMJZ-GTTU-RAMD-GY5D-GATZ- CASU-GAMD-CESU-YAJW-GOSU-EPMR-COSU-13BS-8FUG-KCJO-E7JI-YT4D-JFNN- 4OTI-GO4W-NQNBEE 42. The difference between the standard cost of

Chapter 13 Copyright Cengage Learning. Powered by Cognero. Page 81 Copyright Cengage Learning. Powered by Cognero. Page 81 Copyright Cengage Learning. Powered by Cognero. Page 81 ANSWER: b POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.13-6 - LO: 13.06 NATIONAL STANDARDS: United

Chapter 13 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Aluminum Tin Estimated beginning inventory 12,000 units 6,000 units Desired ending inventory 15,000 units 4,000 units Region I,

Chapter 14 Copyright Cengage Learning. Powered by Cognero. Page 59 Copyright Cengage Learning. Powered by Cognero. Page 59 Copyright Cengage Learning. Powered by Cognero. Page 59 112. The best measure of managerial efficiency in the use of investments in assets is: a. rate of return on stockholders'

Chapter 14 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 United States - AK - DISC: AICPA: FN-Measurement United States - AK - IMA: Performance Measurement KEYWORDS: Bloom's: Applying DATE CREATED: 7/19/2016

Chapter 14 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. Separation of businesses into more manageable operating units is termed centralization. a. True b. False ANSWER: False POINTS: 1

Chapter 14 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-27 - Managerial Accounting Features/Costs United States

Chapter 15 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 QUESTION ID: JFND-GO3A-EW4D-GTJS QUESTION GLOBAL ID: GCID-E7BW-1TBP-GWHU-EAJO-GJOS-KPJZ-CWH1-4CJA-GCHN-4AJI-CW4N-43JO-GEHN-4PT1-GR3D-QCTW-GTDI-GWN8-EPRW-EMMF-CC4U-YQJO-CTTD-1ATT-GWSU-K3MR-8RSU-RAUD-GOSU-QCTW-CESU-GQJI-GW4U-1PDG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-GTJS QUESTION GLOBAL ID: GCID-E7BW-1TBP-GWHU-EAJO-GJOS-KPJZ-CWH1-4CJA-GCHN-4AJI-CW4N-43JO-GEHN-4PT1-GR3D-QCTW-GTDI-GWN8-EPRW-EMMF-CC4U-YQJO-CTTD-1ATT-GWSU-K3MR-8RSU-RAUD-GOSU-QCTW-CESU-GQJI-GW4U-1PDG-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-GTJS QUESTION GLOBAL ID: GCID-E7BW-1TBP-GWHU-EAJO-GJOS-KPJZ-CWH1-4CJA-GCHN-4AJI-CW4N-43JO- GEHN-4PT1-GR3D-QCTW-GTDI-GWN8-EPRW-EMMF-CC4U-YQJO-CTTD-1ATT- GWSU-K3MR-8RSU-RAUD-GOSU-QCTW-CESU-GQJI-GW4U-1PDG-E7JI-YT4D-JFNN- 4OTI-GO4W-NQNBEE

Chapter 15 Copyright Cengage Learning. Powered by Cognero. Page 53 Copyright Cengage Learning. Powered by Cognero. Page 53 Copyright Cengage Learning. Powered by Cognero. Page 53 QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.15-5 - LO: 15.05 NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS:

Chapter 15 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 QUESTION ID: JFND-GO3A-EW4D-GO3A QUESTION GLOBAL ID: GCID-E7BW-1TBP-GWHU-EAJO-GJOS-KPJZ-CWH1-4CJA-GCHN-4AJI-CW4N-43JO-GEHN-4PT1-GR3D-QCTW-GTDI-GWN8-EPRW-EMJS-8R4U-1PDD-G3OS-GA5R-GOSU-NCBS-8YSS-CPB1-GOSS-KPUB-CESU-OPUN-CC3G-E3BA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-GO3A QUESTION GLOBAL ID: GCID-E7BW-1TBP-GWHU-EAJO-GJOS-KPJZ-CWH1-4CJA-GCHN-4AJI-CW4N-43JO-GEHN-4PT1-GR3D-QCTW-GTDI-GWN8-EPRW-EMJS-8R4U-1PDD-G3OS-GA5R-GOSU-NCBS-8YSS-CPB1-GOSS-KPUB-CESU-OPUN-CC3G-E3BA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-GO3A QUESTION GLOBAL ID: GCID-E7BW-1TBP-GWHU-EAJO-GJOS-KPJZ-CWH1-4CJA-GCHN-4AJI-CW4N-43JO- GEHN-4PT1-GR3D-QCTW-GTDI-GWN8-EPRW-EMJS-8R4U-1PDD-G3OS-GA5R-GOSU- NCBS-8YSS-CPB1-GOSS-KPUB-CESU-OPUN-CC3G-E3BA-E7JI-YT4D-JFNN-4OTI- GO4W-NQNBEE

Chapter 15 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. The process by which management plans, evaluates, and controls long-term investment decisions involving fixed assets is called capital investment analysis.

Chapter 2 C3JT-8RSS-EQJA-GOSU-OATU-CASS-E3TA-GFOU-RPJW-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE C3JT-8RSS-EQJA-GOSU-OATU-CASS-E3TA-GFOU-RPJW-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE C3JT-8RSS-EQJA-GOSU-OATU-CASS-E3TA-GFOU-RPJW-E7JI-YT4D-JFNN-4OTI- GO4W-NQNBEE Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 79. The income statement for August indicates net income of $100,000. The corporation also paid

Chapter 2 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. The basic elements of a financial accounting system include a framework for preparing financial statements. a. True b. False

Chapter 2 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 b. Increase in cash $3,500 and decrease in retained earnings $3,500 c. Decrease in cash $3,500 and decrease in retained

Chapter 3 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. Receiving cash in advance of performing a service creates a liability for the company. a. True b. False ANSWER:

Chapter 3 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 d. All of these ANSWER: d POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.3-4 -

Chapter 3 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 d. decrease unearned revenue and increase revenue. ANSWER: d POINTS: 1 DIFFICULTY: Moderate QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING

Chapter 3 Copyright Cengage Learning. Powered by Cognero. Page 55 Copyright Cengage Learning. Powered by Cognero. Page 55 Copyright Cengage Learning. Powered by Cognero. Page 55 ANSWER: Using the accrual basis of accounting requires the accounting records to be updated before preparing the financial statements. This is necessary

Chapter 4 GASU-G3JI-8RSS-R3JS-GOSS-CP3S-GESU-NAJZ-COAD-NAJZ-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE GASU-G3JI-8RSS-R3JS-GOSS-CP3S-GESU-NAJZ-COAD-NAJZ-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE GASU-G3JI-8RSS-R3JS-GOSS-CP3S-GESU-NAJZ-COAD-NAJZ-E7JI-YT4D-JFNN-4OTI- GO4W-NQNBEE Copyright Cengage Learning. Powered by Cognero. Page 61 Copyright Cengage Learning. Powered by Cognero. Page 61 Copyright Cengage Learning. Powered by Cognero. Page 61 120. For a retail firm, the inventory sold is shown on the income statement as:

Chapter 4 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.4-7 - LO:

Chapter 4 Copyright Cengage Learning. Powered by Cognero. Page 74 Copyright Cengage Learning. Powered by Cognero. Page 74 Copyright Cengage Learning. Powered by Cognero. Page 74 HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.4-8 - LO: 04.08 NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC:

Chapter 4 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. Operating expenses are subtracted from fees earned for a service business and from gross profit for a merchandising business. a.

Chapter 4 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 DATE MODIFIED: 11/2/2016 6:40 AM QUESTION ID: JFND-GO3A-EW4R-ETJ3 QUESTION GLOBAL ID: GCID-E7BW-1TBP-CITD-G3J1-GRHS-GAMN-GRA1-43MN-GRH1-4P5F-CW4N-43JW-GY4N-4QJW-CW3U-OCJS-G7DI-GWN8-EPRW-EMJ1-GOAS-KQDR-GR4D-R3TS-CWSU-CAUN-CESS-RCUF-GOSU-KPJT-GOSU-EC3O-CO4U-CQB3-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE DATE MODIFIED: 11/2/2016 6:40 AM QUESTION ID: JFND-GO3A-EW4R-ETJ3 QUESTION GLOBAL

Chapter 5 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 ANSWER: False POINTS: 1 DIFFICULTY: Moderate QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.5-5 - LO: 05.05 NATIONAL STANDARDS:

Chapter 5 GOSS-EQDG-CRSU-GC3T-GOSU-QCT3-GYSU-N3MG-CO3D-YAJT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE GOSS-EQDG-CRSU-GC3T-GOSU-QCT3-GYSU-N3MG-CO3D-YAJT-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE GOSS-EQDG-CRSU-GC3T-GOSU-QCT3-GYSU-N3MG-CO3D-YAJT-E7JI-YT4D-JFNN- 4OTI-GO4W-NQNBEE Copyright Cengage Learning. Powered by Cognero. Page 40 Copyright Cengage Learning. Powered by Cognero. Page 40 Copyright Cengage Learning. Powered by Cognero. Page 40 80. A check drawn by a depositor for $810 in payment of a liability was

Chapter 5 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. The Sarbanes-Oxley Act of 2002 applies to all publicly held companies. a. True b. False ANSWER: True POINTS: 1

Chapter 6 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. All receivables that are expected to be realized in cash within a year are presented in the current assets section of

Chapter 6 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 LEARNING OBJECTIVES: SACC.WARR.18.6-1 - LO: 06.01 NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC: - ACBSP: APC-12

Chapter 6 Copyright Cengage Learning. Powered by Cognero. Page 40 Copyright Cengage Learning. Powered by Cognero. Page 40 Copyright Cengage Learning. Powered by Cognero. Page 40 77. Days' sales in inventory estimates the average number of days it takes to: a. convert inventory to sales.

Chapter 7 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 KEYWORDS: Bloom's: Understanding DATE CREATED: 7/19/2016 9:51 AM DATE MODIFIED: 7/19/2016 9:51 AM QUESTION ID: JFND-GO3A-EW4R-KCT1 QUESTION GLOBAL ID: GCID-E7BW-1TBP-GBTD-KQMB-CCAS-CCMF-8R51-43J3-GPTN-43MF-CR4N-4A3S-CFUN-4AJI-GFUG-NA5D-CTDI-GWN8-EPRW-EMMR-G3UG-E3JI-CA3U-EC3W-GWSU-CPMR-CRSU-Y3TU-GOSS-EQDB-GRSS-GAUF-CR5D-GATA-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE KEYWORDS: Bloom's:

Chapter 7 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. The acquisition costs of property, plant, and equipment should include all costs necessary to get the asset in place and ready

Chapter 7 Copyright Cengage Learning. Powered by Cognero. Page 38 Copyright Cengage Learning. Powered by Cognero. Page 38 Copyright Cengage Learning. Powered by Cognero. Page 38 b. Both profitability and liquidity will decrease. c. Profitability will increase, whereas liquidity will remain unaffected. d. Liquidity will

Chapter 8 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.8-5 - LO: 08.05 NATIONAL STANDARDS: United States - BUSPROG: Analytic STATE STANDARDS: United States - DISC:

Chapter 8 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. Earnings per common share is one factor that influences the decision to use debt financing or equity financing. a. True

Chapter 8 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 Copyright Cengage Learning. Powered by Cognero. Page 41 a. stated interest rate b. effective interest rate c. internal interest rate d. straight-line rate ANSWER: b POINTS:

Chapter 8 Copyright Cengage Learning. Powered by Cognero. Page 57 Copyright Cengage Learning. Powered by Cognero. Page 57 Copyright Cengage Learning. Powered by Cognero. Page 57 QUESTION ID: JFND-GO3A-EW4D-YOTZ QUESTION GLOBAL ID: GCID-E7BW-1TBP-8FTS-NCUR-GPTD-K3TZ-GO31-43DD-GHHN-4CJS-8Y4N-43DF-GEA1-43J1-G7TS-R3DN-GPDI-GWN8-EPRW-EMMR-CWAD-EQDF-8BUG-GP3O-CCSS-KQDD-8YSS-N3DR-GOSS-N3MR-GASU-OP3T-CTTU-CC3U-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-YOTZ QUESTION GLOBAL ID: GCID-E7BW-1TBP-8FTS-NCUR-GPTD-K3TZ-GO31-43DD-GHHN-4CJS-8Y4N-43DF-GEA1-43J1-G7TS-R3DN-GPDI-GWN8-EPRW-EMMR-CWAD-EQDF-8BUG-GP3O-CCSS-KQDD-8YSS-N3DR-GOSS-N3MR-GASU-OP3T-CTTU-CC3U-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE QUESTION ID: JFND-GO3A-EW4D-YOTZ QUESTION GLOBAL ID: GCID-E7BW-1TBP-8FTS-NCUR-GPTD-K3TZ-GO31-43DD-GHHN-4CJS-8Y4N-43DF- GEA1-43J1-G7TS-R3DN-GPDI-GWN8-EPRW-EMMR-CWAD-EQDF-8BUG-GP3O-CCSS- KQDD-8YSS-N3DR-GOSS-N3MR-GASU-OP3T-CTTU-CC3U-E7JI-YT4D-JFNN-4OTI- GO4W-NQNBEE

Chapter 9 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 Copyright Cengage Learning. Powered by Cognero. Page 21 DATE MODIFIED: 11/21/2016 5:20 AM QUESTION ID: JFND-GO3A-EW4D-YTT1 QUESTION GLOBAL ID: GCID-E7BW-1TBP-8RAD-CCBA-GRAU-NCUN-GPT1-4A3O-8BTN-4C3U-GE4N-4CT1-GYAN-4QB3-GWAG-RQBI-8BDI-GWN8-EPRW-EMJ1-COAG-RC31-CC3D-CCUB-8YSS-G3B3-8RSS-C3MB-GOSU-RAMG-8RSU-EPMG-GBUD-KPT3-E7JI-YT4D-JFNN-4OTI-GO4W-NQNBEE DATE MODIFIED: 11/21/2016 5:20 AM QUESTION ID: JFND-GO3A-EW4D-YTT1 QUESTION GLOBAL

Chapter 9 Copyright Cengage Learning. Powered by Cognero. Page 35 Copyright Cengage Learning. Powered by Cognero. Page 35 Copyright Cengage Learning. Powered by Cognero. Page 35 DIFFICULTY: Moderate QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: SACC.WARR.18.9-3 - LO: 09.03 NATIONAL STANDARDS: United States - BUSPROG: Analytic

Chapter 9 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 Copyright Cengage Learning. Powered by Cognero. Page 1 1. Solvency analysis focuses on the ability of a business to make a profit. a. True b. False ANSWER: False

Stockholders' equity will be reduced by: a. payment of dividends. b. increase in revenues. c. owners' investments. d. issuance of bonds. aNATIONAL STANDARDS: United States BUSPROG: Analytic aNATIONAL STANDARDS: United States BUSPROG: Analytic a NATIONAL STANDARDS: United States BUSPROG: Analytic On the statement of cash flows prepared by the indirect method, a $50,000 gain on

The document issued by the seller that informs the buyer of the details of customer refund is called a debit memorandum. a. True b. False FalseNATIONAL STANDARDS: United States BUSPROG: Analytic FalseNATIONAL STANDARDS: United States BUSPROG: Analytic False NATIONAL STANDARDS: United States BUSPROG: Analytic Net income or loss may appear on the income

Which of the following accounts will not be found in the Cost of Goods Sold section on the income statement? a. Purchases b. Transportation In c. Customer Refunds and Allowances d. Merchandise Inventory cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic c NATIONAL STANDARDS: United States BUSPROG: Analytic For an automobile company,

Flyer Co. billed a client for flying lessons given in January. The payment was received in February. Under the accrual basis of accounting, when should Flyer Co. record the revenue? a. January b. February c. Some in January and some in February d. Flyer Co. should not record any revenue aNATIONAL STANDARDS: United States BUSPROG:

The amount of time spent by each employee and the labor costs incurred for each individual job or for factory overhead are recorded on the: a. employees earnings records. b. inandout board. c. time tickets. d. receiving order cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic c NATIONAL STANDARDS: United States BUSPROG:

The amount of details presented in a budget performance report for a cost center depends upon the level of management to which the report is directed. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic For EFG Co., the

Every company must use the cash basis of accounting. a. True b. False FalseNATIONAL STANDARDS: United States BUSPROG: Analytic FalseNATIONAL STANDARDS: United States BUSPROG: Analytic False NATIONAL STANDARDS: United States BUSPROG: Analytic On the income statement in the singlestep form, the total of all expenses is deducted from the total of all revenues. a.

The following information is given for a company: Process AProcess B Units passing inspection 8,800 units3,000 units Units entering process10,000 units5,000 units Calculate the (a) process yield for Process A, (b) process yield for Process B, and (c) overall process yield. Process yieldProcess A = Units passing inspection / Units entering process = 8,800 units

The profit center income statement should include only those revenues and expenses that can be controlled by the manager. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic _____ occurs due to obsolescence that causes an asset to no

If a company has an accounts receivable turnover ratio of 15, the company: a. is converting its accounts receivable to cash 15 times per year. b. is selling its inventory on 15 days credit terms. c. is converting its inventory to accounts receivable in 15 days of production. d. collects it receivables 15 times

Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n): a. deduction from the cash balance per books. b. addition to the cash balance per bank. c. deduction from the cash balance per bank. d. addition to

Assume in analyzing alternative proposals that Proposal F has a useful life of six years and Proposal J has a useful life of nine years. What is one widely used method that makes the proposals comparable? a. Adjust the life of Proposal F to a time period that is equal to

A company sold 200 shares of common stock with a par value of $5 at a price of $12 per share. Which section of the statement of cash flows will contain this transaction? a. Operating activities b. Investing activities c. Financing activities d. Sale of stock will not appear on the statement of cash

If $500,000 of 8% bonds are issued at 102, the amount of cash received from the sale is: a. $540,000 b. $510,000 c. $500,000 d. $530,000 bNATIONAL STANDARDS: United States BUSPROG: Analytic bNATIONAL STANDARDS: United States BUSPROG: Analytic b NATIONAL STANDARDS: United States BUSPROG: Analytic Which financial statement reconciles net income with net cash flows

One of the weaknesses of the direct writeoff method is that it: a. understates accounts receivable on the balance sheet. b. violates the matching principle. c. adjusts allowance account the end of the year. d. is based on estimates. bNATIONAL STANDARDS: United States BUSPROG: Analytic bNATIONAL STANDARDS: United States BUSPROG: Analytic b NATIONAL STANDARDS: United States

Leasing assets may be a favorable alternative to purchasing assets if the asset has a high risk of becoming obsolete. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic When a corporation issues bonds, it executes a contract with the

The declaration of a cash dividend decreases a corporation's stockholders' equity and decreases its assets. a. True b. False FalseNATIONAL STANDARDS: United States BUSPROG: Analytic FalseNATIONAL STANDARDS: United States BUSPROG: Analytic False NATIONAL STANDARDS: United States BUSPROG: Analytic The accounting term depreciation measures: a. the decline in an asset's market value. b. the amount of

529 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

537 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

551 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

545 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 545 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or

8 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

23 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

1 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

323 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in

315 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in

297 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

306 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in

331 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

340 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

349 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

357 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

375 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 2018 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole

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Georgia Inc. reported operating income of $156,000 and sales of $1,300,000 for the current year end. Determine the company's return on sales. a. 10% b. 8% c. 15% d. 12% dNATIONAL STANDARDS: United States BUSPROG: Analytic dNATIONAL STANDARDS: United States BUSPROG: Analytic d NATIONAL STANDARDS: United States BUSPROG: Analytic Credit purchase is taken into account

Total fixed costs remain constant as the level of activity changes within the relevant range. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic If the cost of materials is not a significant portion of the total product cost,

If $4,000,000 of 12% bonds are issued at 103 1/4, the amount of cash received from the sale is: a. $4,040,000. b. $4,000,000. c. $4,130,000. d. $3,520,000. cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic c NATIONAL STANDARDS: United States BUSPROG: Analytic The purchase of factory equipment would be an example of

A bond is simply a form of an interestbearing note. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS: United States BUSPROG: Analytic True NATIONAL STANDARDS: United States BUSPROG: Analytic Costvolumeprofit analysis can be presented in both graphically and equation form. a. True b. False TrueNATIONAL STANDARDS: United States BUSPROG: Analytic TrueNATIONAL STANDARDS:

A drilling company purchased a mining site for $450,000 on July 1, 2016. The company expects to mine ore for the next 10 years and anticipates that a total of 80,000 tons will be recovered. During 2016, the company extracted 5,800 tons of ore. The depletion expense for the year 2016

Which of the following is necessary for a corporation to pay cash dividends? a. Market value in excess of par value per share b. Order by the court of law c. Sufficient retained earnings d. Prior declaration of stock dividends cNATIONAL STANDARDS: United States BUSPROG: Analytic cNATIONAL STANDARDS: United States BUSPROG: Analytic c NATIONAL STANDARDS: United

Cash receipts from interest and dividends are classified as: a. investing activities. b. operating activities. c. either financing or investing activities. d. financing activities. bNATIONAL STANDARDS: United States BUSPROG: Analytic bNATIONAL STANDARDS: United States BUSPROG: Analytic b NATIONAL STANDARDS: United States BUSPROG: Analytic Subtracting operating expenses from gross profit gives us ____. a. net sales b. total

Denominator in the ratio of cash to monthly cash expense is calculated as _____. a. total revenues divided by 12 b. net cash flows from investing activities divided by 12 c. earnings before taxes divided by 12 d. net cash flows from operations divided by 12 dNATIONAL STANDARDS: United States BUSPROG: Analytic dNATIONAL STANDARDS: United

Many service businesses use process yield for assessing performance and the efficient use of assets. a. True b. False FalseNATIONAL STANDARDS: United States BUSPROG: Analytic FalseNATIONAL STANDARDS: United States BUSPROG: Analytic False NATIONAL STANDARDS: United States BUSPROG: Analytic XYZ Co.'s petty cash receipts indicate the following expenditures for the end of October: Office supplies