Archives: Quiz
Achievement Test 2 which of the following describes the timing of when revenue
Achievement Test 2: Chapters 3 and 4 Name _________________________ Accounting Instructor ______________________ Kimmel, Weygandt, and Kieso Section # _______ Date _________ Part I II III IV V Total Points 33 24 24 10 9 100 Score PART I — MULTIPLE […]
Chapter 5 2 Inventories And Cost Goods Sold124 Under The
Chapter 5: Inventories and Cost of Goods Sold 86. A company fails to record one storeroom full of inventory in its year-end inventory records. As a result, this will cause: a. an overstatement of inventory on the year-end balance sheet. […]
Achievement Test 5 which of the following is included as part of property
Achievement Test 5: Chapters 9 and 10 Name _________________________ Accounting Instructor ______________________ Kimmel, Weygandt, & Kieso Section # _______ Date _________ Part I II III IV V V Total Points 26 6 28 9 16 15 100 Score PART I […]
Achievement Test 1 which of the following is meaningful comparison to assess
Achievement Test 1: Chapters 1 and 2 Name _________________________ Accounting Instructor ______________________ Kimmel, Weygandt, and Kieso Section # _______ Date _________ Part I II III IV V VI Total Points 42 8 10 10 18 12 100 Score PART I […]
Chapter 4 4 The Adjusting Entry Reduces The Asset And
Chapter 4: Income Measurement and Accrual Accounting 196. Quirin Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on hand has a balance of $1,850 on March 1. Purchases of supplies during […]
Final Exam 14-24 which of the following is a responsibility center that incurs
Final Exam: Chapters 14-24 Name _________________________ Kimmel Accounting, 5e Instructor ______________________ Section # _______ Date _________ Part I II III IV Total Points 54 18 19 14 105 Score PART I — MULTIPLE CHOICE (54 points) Instructions: Designate the best […]
Chapter 4 3 Income Measurement And Accrual Accounting The Diva
Chapter 4: Income Measurement and Accrual Accounting 180. Motor Repair Shop uses the accrual basis of accounting, and had the following account balances on its financial statements at December 31, 2014: Rent Revenue $34,000 Accounts Receivable 8,200 Utilities Payable 1,500 […]
Chapter 8 What is the value of ending inventory using the absorption
33. Refer to Figure 8-8. What is the January ending inventory for Steele Corporation using the variable costing method? a. $260,000 b. $78,000 c. $108,000 d. $90,000 34. Refer to Figure 8-8. What is the March ending inventory for Steele […]
Chapter 4 2 Users The Health Facility Can Pay Cash
Chapter 4: Income Measurement and Accrual Accounting 96. Which of the following accounts is not closed to Income Summary at the end of the accounting period? a. Rent Expense b. Service Revenue c. Unearned Revenue d. Supplies Expense ANSWER: c […]
Final Exam 1-13 the market rate of interest is higher than the stated rate
Final Exam: Chapters 1-13 Name _________________________ Accounting Instructor ______________________ Kimmel, Weygandt, & Kieso Section # _______ Date _________ Part I II III IV V VI VII VIII Total Points 76 20 8 18 15 12 21 30 200 Score PART […]
Examination G The Standard Number Hours That Should Have
COMPREHENSIVE EXAMINATION G (Chapters 22 – 24) Approximate Problem Topic Points Minutes G – I Multiple Choice …………………………………….. 16 16 G – II Variance Analysis …………………………………. 12 12 G – III Capital Budgeting………………………………….. 16 16 G – IV Flexible Overhead […]
Chapter 7 Armstrong Company uses activity-based costing to calculate
Maintenance ($27.50 6,000)/10,000 16.50 Setups ($2,800 32)/10,000 8.96 Purchasing ($43.50 1,500)/10,000 6.53 Unit cost of basic $111.99 PTS: 1 DIF: Difficulty: Moderate OBJ: LO: 7-1 | LO: 7-2 NAT: BUSPROG: Analytic STA: AICPA: FN-Measurement | IMA: Cost […]
Examination F Inc Sells Single Product With Contribution
COMPREHENSIVE EXAMINATION F (Chapters 18 – 21) Approximate Problem Topic Points Minutes F – I Multiple Choice …………………………………….. 22 22 F – II Cost-Volume-Profit ………………………………… 24 16 F – III Budgeting ……………………………………………. 18 15 F – IV Contribution Margin ……………………………….. […]
Chapter 3 2 Customers Paid Cash For Parties 2000may 30
Chapter 3: Processing Accounting Information 97. There is a universal chart of accounts that is applicable to all businesses. a. True b. False ANSWER: False 98. A T account for Cash cannot contain any credits. a. True b. False ANSWER: […]
Examination E Which One The Following Not Benefit Activity based
COMPREHENSIVE EXAMINATION E (Chapters 14 – 17) Approximate Problem Topic Points Minutes E – I Multiple Choice …………………………………….. 20 20 E – II Cost of Goods Manufactured and Sold …….. 20 15 E – III Job Order Cost Accounting …………………….. […]
Chapter 7 Resource drivers are factors that measure the consumption
Chapter 7—Activity-Based Costing and Management TRUE/FALSE 1. Unit-level activities are performed each time a unit is produced. 2. Factors that measure the consumption of activities by products and other cost objects are value-added costs. ANS: F PTS: 1 DIF: Difficulty: […]
Chapter 3 1 Inc. purchased office supplies for cash
CHAPTER 3: PROCESSING ACCOUNTING INFORMATION 1. Which one of the following statements is true? a. External events (transactions) involve interactions between an entity and a party outside the entity. b. Every event or transaction which affects an entity is identified […]
Examination D What Does Inventory Turnover Measure The Number
COMPREHENSIVE EXAMINATION D (Chapters 12 – 13) Approximate Problem Topic Points Minutes D – I Multiple Choice …………………………………….. 24 20 D – II Statement of Cash Flows ………………………. 36 30 D – III Comparative Analysis ……………………………. 10 10 D – […]
Chapter 6 Star Inc., manufactures a product that passes through two processes
ANS: A. Units completed 65,000 Units in ending work in process (7,000 x 80%) 3,200 Total equivalent units 68,200 B. Costs to account for: Conversion Materials Cost Total Beginning work in process $23,000 $52,000 $75,000 Incurred during the period $115,000 […]
Chapter 2 4 Current Assets Are Realized Cash Sold Consumed
Chapter 2: Financial Statements and the Annual Report 186. Mill Valley Corporation was organized on January 1, 2014, with the investment of $225,000 in cash by its stockholders. The company immediately purchased an office building for $300,000, paying $201,000 in […]
Examination C Which The Following Transactions Affects The Retained
COMPREHENSIVE EXAMINATION C (Chapters 9 – 11) Approximate Problem Topic Points Minutes C – I Multiple Choice ……………………………………. 18 18 C – II Ratios ………………………………………………… 18 12 C – III Corporation Entries ………………………………. 20 15 C – IV Bonds and […]
Chapter 6 Scott Inc Manufactures Product That Passes Through
Total equivalent units—conversion 18,600 PTS: 1 DIF: Difficulty: Easy OBJ: LO: 6-2 | LO: 6-4 NAT: BUSPROG: Analytic STA: AICPA: FN-Measurement | IMA: Cost Management | ACBSP: APC-35-Process Costing KEY: Bloom’s: Application NOT: 2 min. Figure 6-6. The Martin Company […]
Chapter 2 3 Financial Statements And The Annual Report 180 The
Chapter 2: Financial Statements and the Annual Report Eagle Corporation Presented below are all of the items from Eagle Corporation’s income statement for the years ending December 31, 2014 and 2013. December 31, 2014 December 31, 2013 Service fees $2,300,000 […]
Examination B Which One The Following Not Key Principle
COMPREHENSIVE EXAMINATION B (Chapters 6 – 8) Approximate Problem Topic Points Minutes B – I Multiple Choice …………………………………….. 20 17 B – II Ratios ………………………………………………… 12 10 B – III Bank Reconciliation ……………………………… 16 15 B – IV Periodic Inventories […]
Chapter 6 A production report contains information on costs
Chapter 6—Process Costing TRUE/FALSE 1. Process costing accumulates costs by individual jobs. 2. Process costing is most appropriate for manufacturers of homogeneous products. ANS: T PTS: 1 DIF: Difficulty: Easy OBJ: LO: 6-1 NAT: BUSPROG: Analytic STA: AICPA: BB-Industry | […]
Chapter 2 2 The concept of conservatism is the capacity of information
Chapter 2: Financial Statements and the Annual Report 88. Which one of the following is a financing activity of a business? a. Paying for purchases of inventory b. Issuing stock for cash c. Paying salaries d. Purchasing a manufacturing plant […]
Examination A Which One The Following Contra Account With
Comprehensive Examination A A-1 COMPREHENSIVE EXAMINATION A (Chapters 1 – 5) Approximate Problem Topic Points Minutes A – I Multiple Choice …………………………………….. 20 13 A – II Matching …………………………………………….. 12 8 A – III Adjusting Entries ………………………………….. 15 10 A […]
Chapter 5 The following information was taken from the job cost sheet
H. Actual overhead $61,000 Applied overhead ($12,000 + $21,000 + $27,000) = $60,000 Underapplied overhead $ 1,000 PTS: 1 DIF: Difficulty: Moderate OBJ: LO: 5-2 | LO: 5-4 | LO: 5-5 NAT: BUSPROG: Analytic STA: AICPA: FN-Measurement | IMA: Cost […]
Chapter 24 The shorter the payback period, the more attractive the investment
CHAPTER 24 PLANNING FOR CAPITAL INVESTMENTS SUMMARY OF QUESTIONS BY OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 6. 2 C 11. 4 C […]
Chapter 5 Which of the following accounts is debited when goods are sold
86. Which of the following accounts is debited when goods are sold? a. Finished Goods b. Overhead Control c. Raw Materials d. Cost of Goods Sold e. Sales Revenue ANS: D PTS: 1 DIF: Difficulty: Moderate OBJ: LO: 5-5 NAT: […]
Chapter 1 4 Identification Recognize Ethical Dilemma Resolution Select The
Chapter 1: Accounting as a Form of Communication 180. Presented below are condensed data from the financial statements of Snap Factory for 2015 and 2014. The figures are expressed in thousands. Use this information to answer the questions that follow. […]
Chapter 23 Identify The Advantages Standard Costs Standard Costs
FOR INSTRUCTOR USE ONLY CHAPTER 23 STANDARD COSTS AND BALANCED SCORECARD SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K […]
Chapter 5 June Had One Job Started with Beginning Work in process
26. The predetermined overhead rate is usually calculated a. at the end of each month. b. at the beginning of each month. c. at the beginning of the year. d. at the end of the year. 27. A normal job-order […]
Chapter 1 3 Classify The Following Items According The
Chapter 1: Accounting as a Form of Communication 162. Classify the following items according to the financial statement on which each belongs, either the income statement (IS) or the balance sheet (BS). Also indicate whether each is a revenue (R), […]
Chapter 22 Describe The Concept Budgetary Control Budgetary Control
FOR INSTRUCTOR USE ONLY CHAPTER 22 BUDGETARY CONTROL AND RESPONSIBILITY ACCOUNTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K […]
Chapter 5 The key feature of job-order costing is that the cost of
Chapter 5—Job-Order Costing TRUE/FALSE 1. Manufacturing and service firms producing unique products or services require job-order accounting systems. 2. The key feature of job-order costing is that the cost of one job differs from that of another job and must […]
Chapter 1 2 Corporation Had Net Income For The Period
Chapter 1: Accounting as a Form of Communication 91. All assets are tangible in nature. a. True b. False ANSWER: False 92. A liability is a future economic benefit to a business. a. True b. False ANSWER: False 93. An […]
Chapter 21 Identify The Benefits Budgeting The Primary Advantages
CHAPTER 21 BUDGETARY PLANNING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 9. 2 C 17. 3 K 25. […]
Chapter 4 By how much will operating income increase or decrease
PROBLEM 1. Dance Unlimited plans to sell 10,000 ballet shoes at $50 each in the coming year. Unit variable cost is $30 and total fixed cost equals $65,000. Required: A.) Calculate the break-even in ballet shoes. B.) Calculate the break-even […]
Chapter 1 1 Mortons Retained Earnings January
CHAPTER 1: ACCOUNTING AS A FORM OF COMMUNICATION 1. United Airlines is an example of a a. producer b. supplier c. retailer d. service provider ANSWER: d 2. All of the following are examples of retailers except: a. Sports Authority […]
Chapter 20 Identify The Steps Managements Decision making Process Managements
CHAPTER 20 INCREMENTAL ANALYSIS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 7. 2 C 13. 4 C 19. […]
Chapter 4 What is the break-even point in sales dollars?
35. Refer to Figure 4-2. What is the variable cost ratio? a. 50% b. 40% c. 33% d. 67% e. 60% 36. Refer to Figure 4-2. What is the budgeted operating income? a. $342,000 b. $174,000 c. $168,000 d. $90,000 […]
Chapter 19 inventory that results from units produced but not
CHAPTER 19 COST-VOLUME-PROFIT ANALYSIS: ADDITIONAL ISSUES SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY FOR INSTRUCTOR USE ONLY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 7. […]
Chapter 4 The contribution margin ratio can be calculated by subtracting
Chapter 4—Cost-Volume-Profit Analysis: A Managerial Planning Tool TRUE/FALSE 1. The break-even point is where total sales revenue equals total cost. 2. The contribution margin ratio can be calculated by subtracting the variable cost ratio from one. ANS: T PTS: 1 […]
Chapter 18 List The Five Components Cost volume profit Analysis The
CHAPTER 18 COST-VOLUME-PROFIT SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 9. 2 C 17. 4 K 25. 6 […]
Chapter 3 January The Number Deliveries Will 125 How
97. Refer to Figure 3-14. Using a regression program, the forecasted utility cost at 2,300 machine hours (rounded to the nearest dollar) is a. $30,940. b. $37,116. c. $25,945. d. $10,631. 98. Refer to Figure 3-14. Using a regression program, […]
Chapter 17 Know How Companies Identify And Use Cost
CHAPTER 17 ACTIVITY-BASED COSTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 7. 4 C 13. 5 K 19. […]
Chapter 3 If production volume increases from 8,000 to 10,000 units
200,000 $40,000 300,000 $60,000 23. Refer to Figure 3-2. The cost behavior of the materials cost is a. fixed b. variable c. committed d. discretionary ANS: B PTS: 1 DIF: Difficulty: Easy OBJ: LO: 3-1 NAT: BUSPROG: Analytic STA: AICPA: […]
Chapter 16 when inventory is sold, the system transfers costs to
CHAPTER 16 PROCESS COSTING SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 9. 4 K 17. 6 K 25. […]
Chapter 13 Vertical analysis is a technique that expresses
FOR INSTRUCTOR USE ONLY CHAPTER 13 FINANCIAL ANALYSIS: THE BIG PICTURE SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXONOMY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K […]