Archives: Quiz
978-1337398169 Test Bank Chapter 6 Part 7
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 61 DIFFICULTY: Moderate Bloom’s: Applying 10 Purchase 1 36 24 Purchase 1 37 Total 3 $108 Average cost per unit $36 Assume one unit sells on July 28 for […]
978-1337398169 Test Bank Chapter 6 Part 6
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 51 120. Stevens Company started the year with an inventory cost of $145,000. During the month of January, Stevens purchased inventory that cost $53,000. January sales totaled $140,000. Estimated […]
978-1337398169 Test Bank Chapter 6 Part 5
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 41 ANSWER: c POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.06-07 – LO: 06–07 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 […]
978-1337398169 Test Bank Chapter 6 Part 4
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 31 b. $1,263 c. $1,375 d. $1,150 ANSWER: b RATIONALE: Average cost per unit = [($55 × 10 units) + ($60 × 25 units) + ($65 × 30 units) […]
978-1337398169 Test Bank Chapter 6 Part 3
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 21 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:20 PM DATE MODIFIED: 10/16/2017 5:09 PM 56. Cost flow is in the order […]
978-1337398169 Test Bank Chapter 6 Part 2
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 11 a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.06-07 – LO: 06–07 ACCREDITING STANDARDS: […]
978-1337398169 Test Bank Chapter 6 Part 1
Chapter 06 – Inventories Copyright Cengage Learning. Powered by Cognero. Page 1 1. One of the two internal control procedures over inventory is to properly report inventory on the financial statements. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: […]
978-1337398169 Test Bank Chapter 5 Part 14
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 129 balances given above for Cerelat Co. a. $886,000 b. $832,500 c. $822,000 d. $825,000 ANSWER: c RATIONALE: Beg. inventory + Purchases – Purchases Returns and […]
978-1337398169 Test Bank Chapter 5 Part 13
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 121 DATE CREATED: 10/2/2017 6:27 PM DATE MODIFIED: 10/16/2017 4:50 PM 253. What is Fernandez Company’s income from operations for the year? a. $1,335,000 b. $2,162,000 […]
978-1337398169 Test Bank Chapter 5 Part 12
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 111 235. Details of invoices for purchases of merchandise are as follows: Invoice Merchandise Freight Freight Terms Returns and Allowances Invoice A $2,800 $45 FOB shipping […]
978-1337398169 Test Bank Chapter 5 Part 11
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 101 Rent revenue 17,500 Total revenues $383,000 Expenses: Cost of goods sold $121,700 Selling expenses 41,500 Administrative expenses 56,500 Interest expense 12,000 Total expenses 231,700 Net […]
978-1337398169 Test Bank Chapter 5 Part 10
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 91 ANSWER: Abbott Co. Dalton Co. Date Description Debit Credit Description Debit Credit July 3 Accounts Receivable 7,500 Inventory 7,500 Sales 7,500 Accounts Payable 7,500 3 […]
978-1337398169 Test Bank Chapter 5 Part 9
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 81 Accounts Receivable 4,044 Cash 4,044 POINTS: 1 DIFFICULTY: Challenging Bloom’s: Applying QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 […]
978-1337398169 Test Bank Chapter 5 Part 8
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 71 LEARNING OBJECTIVES: FNMN.WAJO.19.05–01 – LO: 05–01 FNMN.WAJO.19.05–04 – LO: 05–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 […]
978-1337398169 Test Bank Chapter 5 Part 7
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 61 LEARNING OBJECTIVES: FNMN.WAJO.19.05–04 – LO: 05–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.08 – Closing Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 PM DATE MODIFIED: 10/16/2017 […]
978-1337398169 Test Bank Chapter 5 Part 6
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 51 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 PM […]
978-1337398169 Test Bank Chapter 5 Part 5
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 41 LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 […]
978-1337398169 Test Bank Chapter 5 Part 4
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 31 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.17 – Inventories Reporting ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:19 PM […]
978-1337398169 Test Bank Chapter 5 Part 3
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 21 Moderate QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–04 – LO: 05–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: […]
978-1337398169 Test Bank Chapter 5 Part 2
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 11 Bloom’s: Remembering QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.05–02 – LO: 05–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.ACBSP.APC.17 – Inventories […]
978-1337398169 Test Bank Chapter 5 Part 1
Chapter 05 – Accounting for Retail Businesses Copyright Cengage Learning. Powered by Cognero. Page 1 1. The most important differences between a service business and a retail business are reflected in their operating cycles and financial statements. a. True b. […]
978-1337398169 Test Bank Chapter 4 Part 11
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 100 references. 2. If Zeta Company does not use reversing entries, journalize the entry made when payroll is paid in cash on June 2. 202. Journalize the […]
978-1337398169 Test Bank Chapter 4 Part 10
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 91 Debit Credit Debit Credit Debit Credit Cash 36,000 Prepaid Insurance 12,000 Accounts Receivable 56,000 Supplies 12,000 Equipment 60,000 Accumulated Depreciation 12,000 Unearned Revenue 20,000 Accounts Payable […]
978-1337398169 Test Bank Chapter 4 Part 9
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 81 Wages Expense 29,000 Rent Expense 43,000 Supplies Expense 7,300 Miscellaneous Expense 5,700 Journalize the two entries required to close the accounts ANSWER: Jan.31 Fees Earned 124,600 […]
978-1337398169 Test Bank Chapter 4 Part 8
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 71 plant, and equipment. (4) Accumulated depreciation should be deducted from the related fixed asset in the property, plant, and equipment section. (5) An adding error was […]
978-1337398169 Test Bank Chapter 4 Part 7
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 61 DATE MODIFIED: 10/16/2017 4:41 PM 144. After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals […]
978-1337398169 Test Bank Chapter 4 Part 6
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 51 journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger c. analyze and record transactions, post transactions to the […]
978-1337398169 Test Bank Chapter 4 Part 5
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 41 POINTS: 1 DIFFICULTY: Moderate Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.04-03 – LO: 04–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.08 – Closing Entries ACCT.AICPA.FN.03 […]
978-1337398169 Test Bank Chapter 4 Part 4
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 31 LEARNING OBJECTIVES: FNMN.WAJO.19.04-02 – LO: 04–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 6:18 PM […]
978-1337398169 Test Bank Chapter 4 Part 3
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 21 ANSWER: True POINTS: 1 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.04-APP1 – LO: 04–APP1 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – […]
978-1337398169 Test Bank Chapter 4 Part 2
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 11 QUESTION TYPE: True / False HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.04-03 – LO: 04–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.08 – Closing Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE […]
978-1337398169 Test Bank Chapter 4 Part 1
Chapter 04 – The Accounting Cycle Copyright Cengage Learning. Powered by Cognero. Page 1 1. Cross-referencing is useful in assuring that the debits and credits are in balance. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Bloom’s: Remembering Moderate […]
978-1337398169 Test Bank Chapter 3 Part 11
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 97 ???????????????? a. Record accrual of interest on loan. b. Record payment of interest on loan. c. Record interest due on account. d. Record interest expense […]
978-1337398169 Test Bank Chapter 3 Part 10
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 91 Operating expenses 472,045 70% 338,390 65% HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–06 – LO: 03–06 ACCREDITING STANDARDS: ACCT.ACBSP.APC.07 – Adjusting Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: […]
978-1337398169 Test Bank Chapter 3 Part 9
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 81 Bloom’s: Applying QUESTION TYPE: Subjective Short Answer HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–02 – LO: 03–02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.07 – Adjusting Entries ACCT.AICPA.FN.03 – Measurement […]
978-1337398169 Test Bank Chapter 3 Part 8
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 71 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 – Recording Transactions ACCT.ACBSP.APC.07 – Adjusting Entries ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM […]
978-1337398169 Test Bank Chapter 3 Part 7
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 61 BUSPROG: Analytic DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM 159. For each of the following, journalize the necessary adjusting entry: (a) A […]
978-1337398169 Test Bank Chapter 3 Part 6
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 51 DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM 123. The net income reported on the income statement is $58,000. However, adjusting entries have […]
978-1337398169 Test Bank Chapter 3 Part 5
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 41 DIFFICULTY: Bloom’s: Remembering Easy QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–03 – LO: 03–03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 – Financial Statements ACCT.ACBSP.APC.16 – […]
978-1337398169 Test Bank Chapter 3 Part 4
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 31 DATE CREATED: 7/22/2017 5:31 PM DATE MODIFIED: 10/16/2017 4:29 PM 79. Which account would normally not require an adjusting entry? a. Wages Expense b. Accounts […]
978-1337398169 Test Bank Chapter 3 Part 3
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 21 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.03–01 – LO: 03–01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 – GAAP ACCT.ACBSP.APC.04 – Cash vs. Accrual ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic DATE […]
978-1337398169 Test Bank Chapter 3 Part 2
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 11 29. Depreciation Expense is reported on the balance sheet as an addition to the related asset. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: […]
978-1337398169 Test Bank Chapter 3 Part 1
Chapter 03 – Adjustments: Accruals and Deferrals Copyright Cengage Learning. Powered by Cognero. Page 1 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: True […]
978-1337398169 Test Bank Chapter 2 Part 12
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 109 HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.02-04 – LO: 02–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – Measurement BUSPROG: – Analytic DATE CREATED: […]
978-1337398169 Test Bank Chapter 2 Part 11
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 101 Dawson Designs Co. Unadjusted Trial Balance January 31 Debits Credits Cash 23,000 Accounts Receivable 49,700 Prepaid Insurance 11,300 Equipment 150,500 Accounts Payable 6,050 Salaries Payable 4,250 Common […]
978-1337398169 Test Bank Chapter 2 Part 10
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 91 15 Accounts Payable 1,220 Cash 1,220 23 Electricity Expense 430 Accounts Payable 430 31 Salaries Expense 850 Cash 850 POINTS: 1 DIFFICULTY: Moderate Bloom’s: Applying QUESTION TYPE: […]
978-1337398169 Test Bank Chapter 2 Part 9
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 81 placing the account number(s) in the appropriate box. 1. Cash 2. Accounts Receivable 3. Supplies 4. Prepaid Insurance 5. Equipment 6. Truck 7. Notes Payable 8. Accounts […]
978-1337398169 Test Bank Chapter 2 Part 8
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 71 Bloom’s: Remembering QUESTION TYPE: Multiple Choice HAS VARIABLES: False LEARNING OBJECTIVES: FNMN.WAJO.19.02-04 – LO: 02–04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 – Accounting Cycle ACCT.ACBSP.APC.09 – Financial Statements ACCT.AICPA.FN.03 – […]
978-1337398169 Test Bank Chapter 2 Part 7
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 61 The chart of accounts for the Corning Company includes the following: Account Name Account Number Cash 11 Accounts Receivable 13 Prepaid Insurance 15 Accounts Payable 21 Unearned […]
978-1337398169 Test Bank Chapter 2 Part 6
Chapter 02 – Double-Entry Accounting Copyright Cengage Learning. Powered by Cognero. Page 51 124. Gently Laser Clinic purchased laser equipment for $8,500 and paid $2,250 down, with the remainder to be paid later. The correct entry would be a. Equipment […]