Archives: Quiz
Accounting Chapter 11 Employers Are Required Report Fica Taxes And
81 Answer: E Explanation: A) B) C) D) E) Diff: 2 Topic: Known Liabilities Learning Objective: 11–C2 Identify and describe known current liabilities. Bloom’s: Apply AACSB: Communication AICPA: BB Industry; FN Measurement Copyright © McGraw-Hill Education.All rights reserved. No reproduction […]
Accounting Chapter 11 Cantrell Company is required by law to collect and remit
61 Answer: E Explanation: A) Sales Taxes Payable = Sales * Sales Tax Rate Sales Taxes Payable = $8,000 * 0.08 = $640 (Credit to Sales Taxes Payable) Cash Received = Sales + Sales Taxes Payable Cash Received = $8,000 […]
Accounting Chapter 11 The annual Federal Unemployment Tax Return is
41 Answer: A Explanation: A) Total Taxes = Federal Income Tax + FICA-SS Tax + FICA-Medicare Tax Total Taxes = $680.70 + $281.36* + $65.80** = $1,027.86 *FICA-SS Tax $4,538.00 * 0.062 = $281.36 **FICA-Medicare Tax $4,538.00 * 0.0145 = […]
Accounting Chapter 11 If a company has advance ticket sales totaling
21 Answer: E Explanation: A) B) C) D) E) Diff: 1 Topic: Contingent Liabilities Learning Objective: 11–C3 Explain how to account for contingent liabilities. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Risk Analysis Copyright © McGraw-Hill Education.All rights reserved. […]
Accounting Chapter 11 A liability is a probable future payment of assets
1 Answer: B Explanation: Diff: 2 Topic: Defining Liabilities Learning Objective: 11–C1 Describe current and long-term liabilities and their characteristics. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution […]
Accounting Chapter 10 A company purchased mining property for $1,560,000.
156 Answer: $1,837,500/7,350,000 tons = $0.25 per ton Year 1: 857,000 tons * $0.25 per ton = $214,250 Diff: 3 Depletion Expense 214,250 Accumulated Depletion 214,500 Topic: Natural Resources Learning Objective: 10–P3 Bloom’s: Apply AACSB: Analytic AICPA: BB Industry; FN […]
Accounting Chapter 10 Schwartz Co. paid $780,000 cash to buy the plant
141 Answer: Land 452,400 Building 210,600 Equipment Cash 117,000 780,000 Appraisal Value % Total Cost Allocated Land $522,000 /$900,000 = 58% $780,000 $452,400 Building 243,000 /$900,000 = 27% 780,000 210,600 Equipment 135,000 /$900,000 = 15% 780,000 117,000 Total $900,000 $780,000 […]
Accounting Chapter 10 Compare the different depreciation methods
121 Answer: Plant assets should be recorded at cost when acquired. Cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. The cost of a lump-sum purchase is allocated among […]
Accounting Chapter 10 Cost Accumulated Depreciation book Value End Year 60000
101 Answer: A Explanation: A) Percent Allocated to Land = $35,000/($105,000 + $35,000 + $210,000) = 0.10 Cost Allocated to Land = ($310,000 + $15,000) * 0.10 = $32,500 B) Percent Allocated to Land = $35,000/($105,000 + $35,000 + $210,000) […]
Accounting Chapter 10 Explanation Market Value New System 42000 Cost
81 Explanation: A) Market value of new system $42,000 Cost of old system $37,000 Accumulated depreciation (34,000) Book value of old system $ 3,000 Plus cash paid in exchange 40,000 43,000 Loss on exchange ($1,000) Since the transaction has commercial […]
Accounting Chapter 10 A company purchased a tract of land for its natural resources
61 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. B) Annual depreciation is $5,000 [($45,000 – $5,000)/8 years]. On July 1, Year 5, the asset will have been depreciated for […]
Accounting Chapter 10 The formula to compute annual straight-line depreciation
41 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. C) Total cost to allocate = $150,000 + ($150,000 * .07) + 5,000 = $165,500 Value % Land $ 87,500 /$175,000 […]
Accounting Chapter 10 accordingly The Assets Book Value The End
21 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. Answer: B Explanation: Diff: 1 Topic: Intangible Assets Learning Objective: 10–P4 Account for intangible assets. Bloom’s: Remember AACSB: Communication AICPA: BB […]
Accounting Chapter 10 The phrase capital-intensive refers to companies with large
1 Answer: B Explanation: Diff: 1 Topic: Cost Determination Learning Objective: 10–C1 Explain the cost principle for computing the cost of plant assets. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making Copyright © McGraw-Hill Education.All rights reserved. No […]
Accounting Appendix C Naples Corporation has provided the following data from
75 Answer: C Explanation: A) The overhead cost charged to Product XL91 is: Activity Rate Activity ABC Cost Processing customer orders $ 92.86 /order 2 orders $ 185.72 Assembling products $ 1.78 /hour 434 hours 772.52 Setting up batches $ […]
Accounting Appendix C How much total cost would be assigned to the 4,000 units
57 Activity Cost Pool T Answer: E Explanation: A) The activity rates for each activity cost pool are computed as follows: otal Cost Total Activity Activity Rate Assembly $ 942,480 66,000 machine hours $ 14.28 /machine hour Processing orders $ […]
Accounting Appendix C Product 60 Per Setup Setups 10000 Units
37 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. B) The activity rates for each activity cost pool are computed as follows: Activity Cost Pool Overhead Cost Total Activity Activity […]
Accounting Appendix C No reproduction or distribution without the prior
21 Answer: D Explanation: A) The activity rates for each activity cost pool are computed as follows: Activity Cost Pool Overhead Cost Total Activity Activity Rate Assembly $ 1,114,920 57,000 machine hours $ 19.56 /machine hour Processing orders $ 47,016 […]
Accounting Appendix C Compute The Total Amount Rent Utilities And depreciation
1 Answer: B Explanation: Diff: 1 Topic: Cost Flows under Activity-Based Costing Learning Objective: C-C1 Explain cost flows for activity-based costing. Bloom’s: Remember AACSB: Communication AICPA: BB Resource Management; FN Measurement Copyright © McGraw-Hill Education.All rights reserved. No reproduction or […]
Accounting Appendix B Jackson has a loan that requires a $17,000 lump sum payment
35 Answer: D Explanation: A) Two years = 8 semiannual periods and a 12% annual interest rate = 3% semiannually The FV factor on the Future Value of an Annuity table when n = 8; i = 3% is 8.8923 […]
Accounting Appendix B Present Value Annuity d Present Value Annuity Annuity
21 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. E) Present Value = Future Value * PV Factor $5,000 = $15,529 * PV Factor PV Factor = 0.3220 0.3220 is […]
Accounting Appendix B The number of periods in a present value calculation
1 Answer: A Explanation: Diff: 1 Topic: Present Value of a Single Amount Learning Objective: B–P1 Apply present value concepts to a single amount by using interest tables. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Measurement Copyright © McGraw-Hill […]
Accounting Chapter 9 Each December 31, Kimura Company ages its accounts
100 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. c. Prepare the adjusting entry to record bad debts expense on December 31 of the current year. d. Show how Accounts […]
Accounting Chapter 9 A method of accounting for bad debts that records
81 Answer: A note receivable is a promissory note, which is a written promise to pay a specified amount of money either on demand or at a definite future date. Interest on a note receivable that matures in less than […]
Accounting Chapter 9 Match Each The Following Terms With
61 Answer: D Explanation: A) $7,800 * 0.10 * 60/360 = $130 + $7,800 = $7,930 B) $7,800 * 0.10 * 60/360 = $130 + $7,800 = $7,930 C) $7,800 * 0.10 * 60/360 = $130 + $7,800 = $7,930 […]
Accounting Chapter 9 Objective 09c2 Describe Note Receivable The Computation
41 Answer: C Explanation: A) B) C) D) E) Diff: 1 Topic: Estimate uncollectible accounts receivable – based on receivables Learning Objective: 09–P3 Estimate uncollectibles based on sales and accounts receivable. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision […]
Accounting Chapter 9 Gideon Company Uses The Direct Write off
21 Answer: B Explanation: Diff: 2 Topic: Valuing and Settling Notes Learning Objective: 09–P4 Record the honoring and dishonoring of a note and adjustments for interest. Bloom’s: Understand AACSB: Communication AICPA: BB Industry; FN Measurement Copyright © McGraw-Hill Education.All rights […]
Accounting Chapter 9 A receivable is an amount due from another party
1 Answer: B Explanation: Diff: 2 Topic: Accounts Receivable Learning Objective: 09–C1 Describe accounts receivable and how they occur and are recorded. Bloom’s: Understand AACSB: Communication AICPA: BB Industry; FN Reporting Copyright © McGraw-Hill Education.All rights reserved. No reproduction or […]
Accounting Chapter 8 Prepared Company Check Replenish The Fund For
Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. Answer: Cash 875 Collection expense 25 Notes receivable 900 Accounts receivable 125 Cash 125 Service charge expense 15 Cash 15 Diff: 2 […]
Accounting Chapter 8 Control Cash Receipts learning Objective Apply Internal
81 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. Answer: Bank reconciliation 9 Voucher system 7 Principles of internal control 1 Days’ sales uncollected 5 Liquidity 10 Gross method 2 […]
Accounting Chapter 8 The Journal Entry To record The Establishment The
61 Answer: E Explanation: A) B) C) D) E) Diff: 1 Topic: Documentation and Verification Learning Objective: 08–P4 Appendix 8A–Describe use of documentation and verification to control cash disbursements. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making Copyright […]
Accounting Chapter 8 A voucher is an internal document or file
41 Answer: A Explanation: A) B) C) D) E) Diff: 2 Topic: Control of Cash Receipts Learning Objective: 08–P1 Apply internal control to cash receipts and disbursements. Bloom’s: Understand AACSB: Technology AICPA: BB Leveraging Technology; FN Leveraging Technology Copyright © […]
Accounting Chapter 8 Money Market Fund 10400 Treasury Bills 10000
21 Answer: B Explanation: A) B) C) D) E) Diff: 2 Topic: Internal Control Learning Objective: 08–C1 Define internal control and identify its purpose and principles. Bloom’s: Understand AACSB: Technology AICPA: BB Industry; BB Leveraging Technology; FN Leveraging Technology Copyright […]
Accounting Chapter 8 A properly designed internal control system is a key part
1 Answer: A Explanation: Diff: 1 Topic: Internal Control Learning Objective: 08–C1 Define internal control and identify its purpose and principles. Bloom’s: Remember AACSB: Technology AICPA: BB Industry; FN Leveraging Technology Copyright © McGraw-Hill Education.All rights reserved. No reproduction or […]
Accounting Chapter 7 Identify The Principles And Components Accounting Information
98 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. Answer: a. Cash disbursements b. Purchases c. Cash disbursements d. Sales e. Cash receipts f. Cash disbursements g. Cash receipts h. […]
Accounting Chapter 7 Paid Amount Owed Wexler Co From December
81 Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. Answer: Diff: 2 Topic: Special Journals in Accounting Learning Objective: 07–P1 Journalize and post transactions using special journals. Bloom’s: Analytical Thinking […]
Accounting Chapter 7 A journal used to record sales of merchandise on credit
61 Answer: 1. E; 2. H; 3. C; 4. J; 5. A; 6. G; 7. D; 8. I; 9. B; 10. F Explanation: Diff: 2 Topic: Special Journals in Accounting; Segment Return on Assets; Subsidiary Ledgers Learning Objective: 07–A1 Compute […]
Accounting Chapter 7 Match The Following Terms With The
41 Answer: B Explanation: A) B) C) D) E) Diff: 1 Topic: System Principles Learning Objective: 07–C1 Identify the principles and components of accounting information systems. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making Copyright © McGraw-Hill Education.All […]
Accounting Chapter 7 Help With Division Labor Recordkeeping Tasks b Aid
21 Answer: E Explanation: A) B) C) D) E) Diff: 2 Topic: System Principles Learning Objective: 07–C1 Identify the principles and components of accounting information systems. Bloom’s: Understand AACSB: Communication AICPA: BB Industry; FN Decision Making Copyright © McGraw-Hill Education.All […]
Accounting Chapter 7 Accounting information systems collect and process data
1 Answer: B Explanation: Diff: 2 Topic: System Principles Learning Objective: 07–C1 Identify the principles and components of accounting information systems. Bloom’s: Remember AACSB: Communication AICPA: BB Industry; FN Decision Making Copyright © McGraw-Hill Education.All rights reserved. No reproduction or […]
Accounting Chapter 6 Prepare A calculation Showing The Company’s Loss From
Answer: Ending Inventory: 30 units @ $3 = $90 5 units @ $4 = 20 35 units $110 Cost of goods sold: Goods available $895 -End. Inv. 110 COGS $785 Diff: 2 Topic: Inventory Costing under a Periodic System Learning […]
Electrical Engineering Chapter 60 Voltmeter Basics The Total Applied Voltage Series
1. Plunger-type voltage testers are high-impedance devices and require several milliamperes to operate. a. True b. False ANSWER: False POINTS: 1 REFERENCES: Introduction 2. It is often necessary to troubleshoot a circuit with power applied to the circuit. a. True […]
Accounting Chapter 6 What advantages does a perpetual inventory system have over
Copyright © McGraw-Hill Education.All rights reserved. No reproduction or distribution without the prior written consent of McGraw–Hill Education. Carolina Company Income Statement For the year ended December 31 Sales $60,000 Cost of goods sold 23,000 Gross profit $37,000 Expenses 13,000 […]
Electrical Engineering Chapter 59 How Find Intermittent Fault For Resistor Failure
1. After new motors and controls are installed, they should be checked for operation under load for an initial period of at least one hour. a. True b. False ANSWER: True POINTS: 1 REFERENCES: Motor Startup 2. Ball-bearing motors can […]
Accounting Chapter 6 Salmone Company reported the following purchases and sales
159) Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May […]
Electrical Engineering Chapter 58 The self-synchronous transmission system is a
1. If you set your alarm clock or clock radio to wake your household in the morning, you have programmed a controller. a. True b. False ANSWER: True POINTS: 1 REFERENCES: Programmable Controllers 2. Input modules sense whether the input […]
Accounting Chapter 6 Health Defense sells first aid kits and uses the periodic inventory
Under the lower of cost or market method, the total value of this company’s ending inventory is: A) $1,112.50. B) $1,217.50. C) $1,180.00. D) $1,075.00. E) $1,137.50. 135) A company has beginning inventory of 10 units at a cost of […]
Electrical Engineering Chapter 57 Answer Points References Introduction The Motor generator Set
1. Packaged variable speed drives generally operate on AC. a. True b. False ANSWER: True POINTS: 1 REFERENCES: Introduction 2. The AC service in industrial plants can not be converted to direct current for use with DC variable-speed controls. a. […]
Accounting Chapter 6 Compute inventory in a perpetual system using the methods
E) Cost of goods sold: Total cost of goods available for sale = $84 ($40 purchased on January 1 + $44 purchased on January 17) Total units available for sale = 18 (10 purchased on January 1 + 8 purchased […]
Electrical Engineering Chapter 56 Electrically Controlled Magnetic Clutches7 Double face Clutch Both
1. Machinery clutches were originally designed to engage very large motors to their loads after the motors had reached running speeds. a. True b. False ANSWER: True POINTS: 1 REFERENCES: Electrically Controlled Magnetic Clutches 2. The single-face clutch consists of […]