Accounting

The right of return represents a separate performance obligation.

The right of return represents a separate performance obligation.

The right of return represents a separate performance obligation.
[True or False]

demerska   14   2 Replies

demerska

Fare Jewelry

Fare Jewelry

Fare Jewelry

Fare Jewelry Company is holding goods on consignment from Tomko with a selling price of $1,100,000. Fare is promised a commission of 25% for goods sold.  By the end of 2017 Fare has sold $220,000 of goods. Refer to Fare Jewelry. How m

samilee   14   3 Replies

dlarose

When more than one different type of asset is acquired in one purchase transaction, the total ...

When more than one different type of asset is acquired in one purchase transaction, the total ...

When more than one different type of asset is acquired in one purchase transaction, the total purchase price is allocated among the assets in proportion to their fair values.
[True or False]

kwillywilly   14   1 Reply

jimjones445

Gift card breakage is never redeemed.

Gift card breakage is never redeemed.

Gift card breakage is never redeemed.
[True or False]

Miche   14   2 Replies

Miche

If the warranty is required by law, it is more likely to be an base warranty.

If the warranty is required by law, it is more likely to be an base warranty.

If the warranty is required by law, it is more likely to be an base warranty.
[True or False]

ShanitaD220   14   2 Replies

ShanitaD220

Companies report securities based on a fair value hierarchy in which Level 3 is the most reliable ...

Companies report securities based on a fair value hierarchy in which Level 3 is the most reliable ...

Companies report securities based on a fair value hierarchy in which Level 3 is the most reliable estimates of inputs used and Level 1 fair value input estimates require the most judgment.
[True or False]

mkama   14   2 Replies

mkama

In 2015, its first year of operations, Neuro Inc. experienced a $204,000 net operating loss and ...

In 2015, its first year of operations, Neuro Inc. experienced a $204,000 net operating loss and ...

In 2015, its first year of operations, Neuro Inc. experienced a $204,000 net operating loss and recorded a deferred tax asset of $65,280. Neuro decides that it is more likely than not that it will only be able to generate $195,000 of taxable income d

billyd1996   14   2 Replies

billyd1996

Net pension liability is decreased by ________.

Net pension liability is decreased by ________.

Net pension liability is decreased by ________.
A) amortization of prior service costs
B) service costs
C) expected return on plan assets
D) amortization of net gain in other comprehensive net income

kodan   14   2 Replies

kodan

There are four types of accounting changes principles, estimates, entities and errors.

There are four types of accounting changes principles, estimates, entities and errors.

There are four types of accounting changes  principles, estimates, entities and errors.
[True or False]

kieraahern   14   2 Replies

kieraahern

Firms account for material error corrections ________.

Firms account for material error corrections ________.

Firms account for material error corrections ________.
A) with the retrospective method
B) using the prospective method
C) only after they self correct
D) only when both the income statement and balance sheet are affected

Luikennoah   14   1 Reply

mcraver1

Company B had depreciation of $13,000 and CCA of $18,000. At the end of the year, they have:

Company B had depreciation of $13,000 and CCA of $18,000. At the end of the year, they have:

Company B had depreciation of $13,000 and CCA of $18,000. At the end of the year, they have:
A) Deferred income tax asset of $13,000
B) Deferred income tax liability of $18,000
C) Deferred income tax liability of $5,000
D) Deferred income tax ass

fabuleux_liz   14   3 Replies

ediblefruitz

The following information is available to you: Income before tax; $80,000; depreciation,

The following information is available to you: Income before tax; $80,000; depreciation,

The following information is available to you: Income before tax; $80,000; depreciation,
$15,000; CCA, $13,500; tax rate, 44%. Calculate the Deferred income tax asset (liability).

Jslemin   14   2 Replies

Jslemin

Define the effective tax rate.

Define the effective tax rate.

Define the effective tax rate.

meggsnbacon   14   2 Replies

meggsnbacon

A pension fund may be:

A pension fund may be:

A pension fund may be:
Fully funded Over funded Under funded
1 *
2 * *
3 * * *
4 * *
A) Choice 1
B) Choice 2
C) Choice 3
D) Choice 4

Stevea26   14   2 Replies

Stevea26

With respect to the computation of earnings per share, which of the following would be most

With respect to the computation of earnings per share, which of the following would be most

With respect to the computation of earnings per share, which of the following would be most
indicative of a simple capital structure?
A) Ownership interests consisting only of common shares
B) Equity represented only by common and convertible pref

LurkeryBerry   14   2 Replies

LurkeryBerry

Which of the following combinations of errors would cause a $2,000 overstatement of pretax

Which of the following combinations of errors would cause a $2,000 overstatement of pretax

Which of the following combinations of errors would cause a $2,000 overstatement of pretax
income?
A) $4,000 overstated beginning inventory and $2,000 understated ending inventory
B) $4,000 understated beginning inventory and $2,000 understated en

9ty9   14   2 Replies

9ty9

Under both the accounting and tax law concepts of income, income must be "realized."

Under both the accounting and tax law concepts of income, income must be "realized."

Under both the accounting and tax law concepts of income, income must be "realized."

▸ true

▸ false

pjmierek92   14   1 Reply

alegna1001

In common law states, all income is split evenly between the two spouses.

In common law states, all income is split evenly between the two spouses.

In common law states, all income is split evenly between the two spouses.

▸ true

▸ false

Thomasvep   14   1 Reply

adwoa60

Cafeteria plans are valuable to employers because

Cafeteria plans are valuable to employers because

[html]Cafeteria plans are valuable to employers because

▸ they allow employees to eat their meals quickly and stay on the premises to be available for work.

▸ they allow employers to avoid paying for benefits that are not needed or desired by emplo

justin762   14   1 Reply

mnadfufufa

A taxpayer purchased an asset for $50,000 several years ago. He is now planning to sell it. Under ...

A taxpayer purchased an asset for $50,000 several years ago. He is now planning to sell it. Under ...

[html]A taxpayer purchased an asset for $50,000 several years ago.  He is now planning to sell it.  Under the recovery of basis doctrine the taxpayer will not recognize any gain or pay any related taxes unless he sells the asset for more than $50,000

abc123   14   1 Reply

R231

Bev has one daughter and three grandchildren. Bev owns approximately $6 million of assets primarily ...

Bev has one daughter and three grandchildren. Bev owns approximately $6 million of assets primarily ...

[html]Bev has one daughter and three grandchildren. Bev owns approximately $6 million of assets primarily composed of a very valuable parcel of real estate and a savings account of $500,000. Bev can gift $56,000 in total in 2016 to her family members

obinlemadim   14   1 Reply

flylegends

Which of the following may represent the biggest challenge smaller public companies and nonpublic ...

Which of the following may represent the biggest challenge smaller public companies and nonpublic ...

[html]Which of the following may represent the biggest challenge smaller public companies and nonpublic companies face in implementing effective internal control?

▸ a lack of competent, trustworthy personnel

▸ no clear lines of authority

▸ no adeq

salonijainnn   14   1 Reply

realistpnoy

When auditors evaluate sales returns and allowances, a primary emphasis is on the objective of occurrence.

When auditors evaluate sales returns and allowances, a primary emphasis is on the objective of occurrence.

When auditors evaluate sales returns and allowances, a primary emphasis is on the objective of occurrence.

▸ true

▸ false

momoluv25   14   1 Reply

michaelfidanza

Favorable results from analytical procedures may reduce the extent to which the auditor needs to ...

Favorable results from analytical procedures may reduce the extent to which the auditor needs to ...

Favorable results from analytical procedures may reduce the extent to which the auditor needs to test details of balances.

▸ true

▸ false

Melly767   14   1 Reply

patriciakim08

Which of the following tests are typicallynotnecessary when auditing a client's schedule of ...

Which of the following tests are typicallynotnecessary when auditing a client's schedule of ...

[html]Which of the following tests are typically not necessary when auditing a client's schedule of recorded disposals?

▸ footing the schedule

▸ tracing the totals on the schedule to the recorded disposals in

kickergb40   14   1 Reply

moqamoqa

Describe the two tests auditors can perform to test for the existence and completeness of insurance ...

Describe the two tests auditors can perform to test for the existence and completeness of insurance ...

Describe the two tests auditors can perform to test for the existence and completeness of insurance policies in force.

Blittle5   14   1 Reply

browntown345

Auditors can test whether dividend payments have been made to shareholders by selecting a sample of ...

Auditors can test whether dividend payments have been made to shareholders by selecting a sample of ...

Auditors can test whether dividend payments have been made to shareholders by selecting a sample of recorded dividend payments and agreeing payee information to the records produced by the stock transfer agent.

▸ true

▸ false

Baradar   14   1 Reply

marksonbol

Which of the following items that appeared on the bank reconciliation did notrequire a journal ...

Which of the following items that appeared on the bank reconciliation did notrequire a journal ...

Which of the following items that appeared on the bank reconciliation did notrequire a journal entry?
 a. bank service charges
  b. deposits in transit
  c. NSF checks
  d. a check for 630, recorded in the check register for 360[

jouranngreen108   15   3 Replies

Aopok

An actual cost is the cost incurreda historical or past cost.

An actual cost is the cost incurreda historical or past cost.

An actual cost is the cost incurreda historical or past cost.
[True or False]

Mellokkhaos   15   3 Replies

pmiller12

Which of the following is the mathematical expression of contribution margin ratio?

Which of the following is the mathematical expression of contribution margin ratio?

Which of the following is the mathematical expression of contribution margin ratio?
A) Contribution margin ratio = Contribution margin percentage  Revenues (in dollars)
B) Contribution margin ratio = Contribution margin percentage  Fixed costs (in

tftc4e   15   2 Replies

tftc4e

Explain net income and what implications can tax have on it that influences a manager's decision?

Explain net income and what implications can tax have on it that influences a manager's decision?

Explain net income and what implications can tax have on it that influences a manager's decision?

AdamPG14   15   1 Reply

rosepolzin

The bid price for this special order is ________.

The bid price for this special order is ________.

The bid price for this special order is ________.
A) $66,000
B) $106,600
C) $86,600
D) $116,600

edilsondiaz318   15   1 Reply

kdemond

The Japanese use the term kaizen when referring to________.

The Japanese use the term kaizen when referring to________.

The Japanese use the term kaizen when referring to________.
A) scarce resources
B) pro forma financial statements
C) continuous improvement
D) the sales forecast

jhester60   15   2 Replies

jhester60

Possible reasons for the larger actual materials-handling labor-hours per batch include the ...

Possible reasons for the larger actual materials-handling labor-hours per batch include the ...

Possible reasons for the larger actual materials-handling labor-hours per batch include the possibility of unmotivated, inexperienced, and underskilled employees
[True or False]

hellothere2   15   2 Replies

hellothere2

How can a company's revenues and costs differ across customers?

How can a company's revenues and costs differ across customers?

How can a company's revenues and costs differ across customers?

sm.r1   15   2 Replies

sm.r1

When calculating the equivalent units, we should only focus on dollar amounts of inventory.

When calculating the equivalent units, we should only focus on dollar amounts of inventory.

When calculating the equivalent units, we should only focus on dollar amounts of inventory.
[True or False]

kellz33   15   3 Replies

katiemcclain1

There is no difference between scrap which can be sold for relatively small amount and a byproduct.

There is no difference between scrap which can be sold for relatively small amount and a byproduct.

There is no difference between scrap which can be sold for relatively small amount and a byproduct.
[True or False]

tori.warner   15   2 Replies

tori.warner

Line operators and other plant personnel generally can decrease or eliminate normal spoilage by ...

Line operators and other plant personnel generally can decrease or eliminate normal spoilage by ...

Line operators and other plant personnel generally can decrease or eliminate normal spoilage by identifying the reasons for machine breakdowns, operator errors.
[True or False]

RaviPatel001   15   1 Reply

karissam

If Martin's makes an order (1/12 of annual demand) once per month, what are the relevant total costs?

If Martin's makes an order (1/12 of annual demand) once per month, what are the relevant total costs?

If Martin's makes an order (1/12 of annual demand) once per month, what are the relevant total costs?
A) $1,500.00
B) $652.50
C) $2,152.50
D) $3,000.00

kourtni   15   2 Replies

kourtni

Hybrid transfer prices can be arrived at through negotiations.

Hybrid transfer prices can be arrived at through negotiations.

Hybrid transfer prices can be arrived at through negotiations.
[True or False]

janderson2000   15   2 Replies

janderson2000