Archives: Quiz
Finance Chapter 14 depreciation on printing machines direct labor
Managerial Accounting 14 – 41 Solution 167 (10–12 min.) Ex. 168 For each item listed below, indicate in the space to the left whether the item would be considered a product cost or a period cost for a manufacturing company. […]
Finance Chapter 14 Penner Company reported total manufacturing costs
Managerial Accounting 14 – 21 113. Ogleby Inc.’s accounting records reflect the following inventories: Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $120,000 $ 96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2013, Ogleby […]
Finance Chapter 14 Explain the distinguishing features of managerial
CHAPTER 14 MANAGERIAL 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 C 9. 2 K 17. 4 C 25. […]
Finance Chapter 14 which of the following capital budgeting
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 […]
Finance Chapter 13 Sustainable income is defined as the most likely
Financial Analysis: The Big Picture FOR INSTRUCTOR USE ONLY 13–79 Ex. 252 (Cont.) Additional information: 1. Common stock outstanding January 1, 2014, was 30,000 shares, and 40,000 shares were outstanding at December 31, 2014. 2. The market price of Gillman, […]
Finance Chapter 13 What conclusion can an analyst draw about the
Financial Analysis: The Big Picture FOR INSTRUCTOR USE ONLY 13–61 Solution 230 (5-10 min.) Be. 231 Horizontal analysis (trend analysis) percentages for Omega Company’s sales, cost of goods sold, and expenses are listed here. Horizontal Analysis 2015 2014 2013 Sales […]
Finance Chapter 13 What is the current cash debt coverage for this company
Financial Analysis: The Big Picture FOR INSTRUCTOR USE ONLY 13–41 186. The following information pertains to Unique Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash […]
Finance Chapter 13 Vertical analysis is a technique that expresses
Financial Analysis: The Big Picture 13–21 100. Assume the following sales data for a company: 2015 $960,000 2014 720,000 2013 600,000 If 2013 is the base year, what is the percentage increase in sales from 2013 to 2014? a. 60% […]
Finance Chapter 13 if an item has a negative amount in the base year
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 […]
Finance Chapter 12 Beneteau Corporation Statement Cash Flows For The
Statement of Cash Flows FOR INSTRUCTOR USE ONLY 12–59 Solution 205 (22-27 min.) 1. BENETEAU CORPORATION Statement of Cash Flows For the Year Ended December 31, 2014 ___________________________________________________________________________ Cash flows from operating activities Net loss …………………………………………………………………………. $(12,000) Adjustments to reconcile […]
Finance Chapter 12 current cash debt coverage cash debt coverage
Statement of Cash Flows 12–41 Be. 187 Lake Norman Company reported net income of $225,000 for the current year. Depreciation recorded on buildings and equipment amounted to $75,000 for the year. Balances of the current asset and current liability accounts […]
Finance Chapter 12 selected transactions for the Hamiliton company
Statement of Cash Flows 12–21 102. Accounts receivable arising from sales to customers amounted to $120,000 and $105,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $407,000. Exclusive of […]
Finance Chapter 12 The statement of cash flows shows the effects
FOR INSTRUCTOR USE ONLY CHAPTER 12 STATEMENT OF CASH FLOWS 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 10. […]
Finance Chapter 12 and considers qualitative issues as well
Achievement Test 12: Chapters 23–24 Name __________________________ Accounting, 5e Instructor _______________________ Section # _______ Date _________ Part I II III IV V Total Points 30 10 30 20 10 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate […]
Finance Chapter 11 Giraldi Corporations Stock Was Selling For
Reporting and Analyzing Stockholders’ Equity FOR INSTRUCTOR USE ONLY 11–61 Ex. 235 On January 1 Weiss Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, […]
Finance Chapter 11 non-cumulative preferred stock that have not
Reporting and Analyzing Stockholders’ Equity 11–21 108. Treasury shares plus outstanding shares equal a. authorized stock. b. issued stock. c. unissued stock. d. distributable stock. Ans: B, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory […]
Finance Chapter 11 A corporation acts under its own name
FOR INSTRUCTOR USE ONLY CHAPTER 11 REPORTING AND ANALYZING STOCKHOLDERS’ EQUITY SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXONOMY Item LO BT Ite m LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 […]
Finance Chapter 11 which of the following is true with regard to
Achievement Test 11: Chapters 21–22 Name __________________________ Accounting, 5e Instructor _______________________ Section # _______ Date _________ Part I II III IV Total Points 26 32 22 20 100 Score PART I — MULTIPLE CHOICE (26 points) Instructions: Designate the best […]
Finance Chapter 10 Prepare the entry to record the company’s
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition FOR INSTRUCTOR USE ONLY 10–60 Ex. 264 On May 15, Holt’s Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. […]
Finance Chapter 10 how much bond interest expense is recorded
Reporting and Analyzing Liabilities 10–41 207. In a recent year Hart Corporation had net income of $125,000, interest expense of $30,000, and tax expense of $40,000. What was Hart Corporation’s times interest earned for the year? a. 6.50 b. 4.17 […]
Finance Chapter 10 The entry to record the accrual of federal
Reporting and Analyzing Liabilities 10–21 111. Tina’s Boutique has total receipts for the month of $24,255 including sales taxes. If the sales tax rate is 5%, what are Tina’s sales for the month? a. $23,043 b. $23,100 c. $24,255 d. […]
Finance Chapter 10 Explain Current Liability And Identify The Major
FOR INSTRUCTOR USE ONLY CHAPTER 10 REPORTING AND ANALYZING LIABILITIES 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 15. […]
Finance Chapter 10 the tires can be sold without further processing
Achievement Test 10: Chapter 20 Name __________________________ Accounting, 5e Instructor _______________________ Section # _______ Date _________ Part I II III Total Points 20 20 60 100 Score PART I — MULTIPLE CHOICE (20 points) Instructions: Designate the best answer for […]
Finance Appendix J Calculate The Appropriate Transfer Price And Indicate
Pricing J – 39 Ex. 163 Joey’s Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipated annual volume […]
Finance Appendix J what will be the effect on the company’s overall
Pricing J – 21 95. Assume the Thread Division has excess capacity. The Garment Division wants the Thread Division to furnish them additional spools of thread that could be made using the excess capacity. In a negotiated transfer price, the […]
Finance Appendix J Compute a target cost when the market determines
APPENDIX J PRICING 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 C 6. 2 C 11. 3 K 16. 4 […]
Finance Appendix I Leaves Total Assets Unchanged d Decreases Assets And
APPENDIX I ACCOUNTING FOR SOLE PROPRIETORSHIPS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 5. 2 K 9. 3 K 13. 4 […]
Finance Appendix H Identify The Characteristics The Partnership Form Business
APPENDIX H ACCOUNTING FOR PARTNERSHIPS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 5. 1 K 9. 2 K 13. 3 C […]
Finance Appendix G The Numbers Parentheses Under The Bottom
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition G – 18 Ex. 72 (Cont.) The balance in the Accounts Payable control account of $41,580 has been verified as correct. Also assume that the journals references in the […]
Finance Appendix G Indicate How Multicolumn Journal Posted Posting Multicolumn
APPENDIX G SUBSIDIARY LEDGERS AND SPECIAL JOURNALS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES True-False Statements Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K 5. 1 K 9. 2 […]
Finance Appendix F An employee earnings record is a cumulative
APPENDIX F PAYROLL ACCOUNTING 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 3. 1 K 5. 2 K 7. 3 […]
Finance Appendix E the individual items appearing on the separate
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition FOR INSTRUCTOR USE ONLY E-52 Solution 186 (15-20 min.) Ex. 187 On January 5, 2012, JBC Company purchased the following stock investments: 300 shares Getz Corporation common stock for […]
Finance Appendix E the available-for-sale securities portfolio held
Reporting and Analyzing Investments FOR INSTRUCTOR USE ONLY E-41 Solution 173 (8–12 minutes) Be. 174 At January 1, 2014, the available-for-sale securities portfolio held by Darma Corporation consisted of the following investments: 1. 2,500 shares of H2 common stock purchased […]
Finance Appendix E Hardin Park Company had these transactions pertaining
Reporting and Analyzing Investments E-21 90. Hardin Park Company had these transactions pertaining to stock investments Feb. 1 Purchased 2,500 shares of Raley Company (10%) for $44,500 cash. June 1 Received cash dividends of $1 per share on Raley stock. […]
Finance Appendix E they view investment income as a significant revenue
FOR INSTRUCTOR USE ONLY APPENDIX E REPORTING AND ANALYZING INVESTMENTS 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 9. […]
Finance Appendix D Wiggins Company is considering purchasing equipment
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition D – 14 60. Dodd Company is considering an investment, which will return a lump sum of $675,000 four years from now. Below is some of the time value […]
Finance Appendix D Prepare a time diagram of the problem
FOR INSTRUCTOR USE ONLY APPENDIX D TIME VALUE OF MONEY 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 5. […]
Finance Chapter 9 Milner Company purchased a franchise from the
Reporting and Analyzing Long-Lived Assets 9-61 Ex. 243 (Cont.) Instructions Journalize all entries required as a result of the above transactions. Tinker Company uses the straight-line method of depreciation and has recorded depreciation through December 31, 2014. Ans: N/A, LO: […]
Finance Chapter 9 Which of the following is not an intangible asset
Reporting and Analyzing Long-Lived Assets 9-41 194. Goodwill a. may be expensed upon purchase if desired. b. can be sold by itself to another company. c. can be purchased and charged directly to stockholders’ equity. d. is only recorded when […]
Finance Chapter 9 Mann Company places a new asset into service
Reporting and Analyzing Long-Lived Assets 9-21 102. Which of the following methods of computing depreciation is production based? a. Straight-line. b. Declining-balance. c. Units-of-activity. d. None of these answer choices are correct. Ans: C, LO: 3, Bloom: K, Difficulty: Easy, […]
Finance Chapter 9 Explain How Account For The Disposal Plant
FOR INSTRUCTOR USE ONLY CHAPTER 9 REPORTING AND ANALYZING LONG-LIVED ASSETS SUMMARY OF QUESTIONS BY LEARNING OBJECTIVE AND BLOOM’S TAXOMONY Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT True-False Statements 1. 1 K […]
Finance Chapter 9 product should be manufactured because it results
Achievement Test 9: Chapters 18–19 Name __________________________ Accounting, 5e Instructor _______________________ Section # _______ Date _________ Part I II III IV V VI Total Points 28 10 12 14 24 12 100 Score PART I — MULTIPLE CHOICE (28 points) […]
Finance Chapter 8 Match the items below by entering the appropriate
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition 8-60 Solution 233 (Cont.) (c) Allowance for Doubtful Accounts ………………………………………….. 1,000 Accounts Receivable—A. Myers …………………………………. 1,000 Before Write-off After Write-off Accounts Receivable $145,000 $144,000 Less: Allowance for Doubtful Accounts […]
Finance Chapter 8 a finance company that is owned by individuals
Reporting and Analyzing Receivables 8-41 198. The sale of receivables by a business a. indicates that the business is in financial difficulty. b. is generally the major revenue item on its income statement. c. is an indication that the business […]
Finance Chapter 8 debit before adjustment what is the balance
Reporting and Analyzing Receivables 8-21 110. Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $45,000. If the balance of the Allowance for Doubtful Accounts is $11,000 debit before adjustment what is the amount of bad […]
Finance Chapter 8 evaluate the liquidity of receivables
FOR INSTRUCTOR USE ONLY CHAPTER 8 REPORTING AND ANALYZING RECEIVABLES 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 12. […]
Finance Chapter 8 when there is beginning work in process
Achievement Test 8: Chapters 16–17 Name __________________________ Accounting, 5e Instructor _______________________ Section # _______ Date _________ Part I II III IV V Total Points 30 10 25 20 15 100 Score PART I — MULTIPLE CHOICE (30 points) Instructions: Designate […]
Finance Chapter 7 Match The Items Below Entering The
Fraud, Internal Control, and Cash 7-61 Solution 228 (10 min.) REMINGTON COMPANY Bank Reconciliation September 30 Cash balance per bank statement …………………………………………… $24,635 Add: Deposits in transit ………………………………………………………….. 7,195 31,830 Less: Outstanding checks ………………………………………………………. 2,575 Adjusted cash balance per bank […]
Finance Chapter 7 deducted from the book balance in a bank
Fraud, Internal Control, and Cash FOR INSTRUCTOR USE ONLY 7-41 *199. A petty cash fund should be replenished a. every day. b. at the end of every accounting period. c. once a year. d. as soon as an expense is […]
Finance Chapter 7 The Amount Offset Against Other Current Assets
Fraud, Internal Control, and Cash 7-21 111. Which of the following would be deducted from the balance per bank on a bank reconciliation? a. Outstanding checks. b. Deposits in transit. c. Notes collected by the bank. d. Service charges. Ans: […]