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ACCt300 - [Emergency]
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Jellyfish
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Quote

For a more comfortable homework help experience, try HomeworkClinic.com.
Course Title / Course Code: ACCt300

Textbook: Warren C.S Survey of Accounting

School: AMU

Price: Trade. Have all classes in BA in business

Extra Information: need quiz 6 and week 7 comprehensive quiz.




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ACCt300 - [Emergency]
A year ago
Question 1 of 20
5.0/ 5.0 Points
Which of the following is not a cost concept commonly used in applying the cost-plus approach to product pricing?
 A.Total cost concept   
 B.Product cost concept   
 C.Variable cost concept   
Correct    D.Fixed cost concept   

Answer Key: D
Question 2 of 20
5.0/ 5.0 Points
Only a single line, which represents the difference between total sales revenues and total costs, is plotted on the profit-volume chart.
Correct
 A. True
 B. False


Answer Key: True
Question 3 of 20
5.0/ 5.0 Points
A cost that will not be affected by later decisions is termed:
 A.historical cost.   
 B.differential cost.   
Correct    C.sunk cost.   
 D.replacement cost.   

Answer Key: C
Question 4 of 20
5.0/ 5.0 Points
The product cost concept includes the selling and administrative expenses in the cost amount to which the markup is added to determine product price.
Correct   
 A. True
 B. False


Answer Key: False
Question 5 of 20
5.0/ 5.0 Points
Only a single line, which represents the difference between total sales revenues and total costs, is plotted on the profit-volume chart.
Correct
 A. True
 B. False


Answer Key: True
Question 6 of 20
5.0/ 5.0 Points
A low operating leverage is normal for highly automated industries.
Correct   
 A. True
 B. False


Answer Key: False
Question 7 of 20
5.0/ 5.0 Points
Cost behavior refers to the manner in which a cost changes as a related activity changes.
Correct
 A. True
 B. False


Answer Key: True
Question 8 of 20
5.0/ 5.0 Points
Which of the following activity bases would be the most appropriate for food costs of a hospital?
 A.Number of cooks scheduled to work   
 B.Number of x-rays taken   
Correct    C.Number of patients who are admitted in the hospital   
 D.Number of scheduled surgeries   

Answer Key: C
Question 9 of 20
5.0/ 5.0 Points
The point where the sales line and the total costs line intersect on the cost-volume-profit chart represents:
 A.the maximum possible operating loss.   
 B.the maximum possible operating income.   
 C.the total fixed costs.   
Correct    D.the break-even point.   

Answer Key: D
Question 10 of 20
5.0/ 5.0 Points
In attempting to improve profitability when faced with a bottleneck related to hours that is involved in the production of two or more products, which of the following is most important for management to consider?
 A.Contribution margin per unit for each product   
 B.Time required for each different product passing through the bottleneck   
 C.Selling price or sales revenue generated by each product produced through the bottleneck   
Correct    D.Contribution margin per bottleneck hour for each product   

Answer Key: D
Question 11 of 20
5.0/ 5.0 Points
The amount of increase or decrease in cost that is expected from a particular course of action as compared to an alternative is termed:
 A.period cost.   
 B.product cost.   
Correct    C.differential cost.   
 D.discretionary cost.   

Answer Key: C
Question 12 of 20
5.0/ 5.0 Points
The theory of constraints is a manufacturing strategy that focuses on reducing the influence of bottlenecks on production processes.
Correct
 A. True
 B. False


Answer Key: True
Question 13 of 20
5.0/ 5.0 Points
What is a bottleneck?
 A.A narrow area in the plant layout often causing the production process to slow due to the inability of production workers to move the product from station to station   
 B.A manufacturing strategy used to control the production process by minimizing or eliminating excess inventory   
Correct    C.The point in the manufacturing process where demand for the product exceeds the ability to produce the product   
 D.All of these describe a bottleneck in the production process   

Answer Key: C
Question 14 of 20
0.0/ 5.0 Points
If fixed costs are $750,000 and variable costs are 60% of sales, what is the break-even point (in dollars)?
 A.$1,875,000   
Incorrect    B.$1,250,000   
 C.$1,666,667   
 D.$1,350,000   

Answer Key: A
Question 15 of 20
5.0/ 5.0 Points
A firm operated at 90% of capacity for the past year during which fixed costs were $320,000, variable costs were 60% of sales, and sales were $1,200,000. Operating profit was:
 A.$480,000.   
 B.$112,000.   
 C.$144,000.   
Correct    D.$160,000.   

Answer Key: D
Question 16 of 20
0.0/ 5.0 Points
If employees accept a wage contract that decreases the unit contribution margin, the break-even point will decrease.
Incorrect
 A. True
 B. False


Answer Key: False
Question 17 of 20
5.0/ 5.0 Points
The product cost concept includes the selling and administrative expenses in the cost amount to which the markup is added to determine product price.
Correct   
 A. True
 B. False


Answer Key: False
Question 18 of 20
5.0/ 5.0 Points
The theory of constraints is a manufacturing strategy that focuses on reducing the influence of bottlenecks on production processes.
Correct
 A. True
 B. False


Answer Key: True
Question 19 of 20
5.0/ 5.0 Points
A practical approach that is frequently used by managers when setting normal selling price is the cost-plus approach.
Correct
 A. True
 B. False


Answer Key: True
Question 20 of 20
5.0/ 5.0 Points
The amount of income that would result from an alternative use of cash is called:
 A.differential income.   
 B.sunk cost.   
 C.differential revenue.   
Correct    D.opportunity cost.   

Answer Key: D

Post Merge: A year ago

I got two wrong for a 95 / 100: 
Question 1 of 40
2.5 Points
UNI Co. received $1,000 advance from Newbie as rent for the use of a building owned by UNI. How does this transaction affect UNI’s accounts if UNI recognizes a liability?
 A.Cash is increased and revenue is increased.   
 B.Cash is increased and revenue is decreased.   
 C.Cash is increased and unearned revenue is increased.   
 D.It is not recorded.   

Question 2 of 40
2.5 Points
What is the effect of a stock dividend on the balance sheet?
 A.Decrease total assets and decrease total stockholders’ equity   
 B.Decrease total assets and increase total stockholders’ equity   
 C.Increase total liabilities and decrease total stockholders’ equity   
 D.No effect on total assets, total liabilities, or total stockholders’ equity   

Question 3 of 40
2.5 Points
Which of the following would not be classified as direct materials for an auto manufacturer?
 A.Steel   
 B.Upholstery fabric   
 C.Cost of the engine of the car   
 D.Material used for door panels   

Question 4 of 40
2.5 Points
If the proceeds from a sale of equipment is greater than the book value of the equipment as on the date of sale, a loss is recorded.
 A. True
 B. False


Question 5 of 40
2.5 Points
The ability of a business to earn a reasonable amount of income is referred to as the factor of:
 A.leverage.   
 B.profitability.   
 C.wealth.   
 D.solvency.   

Question 6 of 40
2.5 Points
The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:
 A.Internal Control – Integrated Framework by the Committee of Sponsoring Organizations.   
 B.Internal Control – Integrated Framework by the Congress of Special Offerings.   
 C.Internal Control Localized Structure by the Committee of Sponsoring Organizations.   
 D.Internal Control Localized Structure by the Congress of Special Offerings.   

Question 7 of 40
2.5 Points
The basic elements of a financial accounting system include a framework for preparing financial statements.
 A. True
 B. False


Question 8 of 40
2.5 Points
The basic financial statements do not include the:
 A.income statement.   
 B.tax return.   
 C.balance sheet.   
 D.statement of cash flows.   

Question 9 of 40
2.5 Points
Goodwill refers to the excess of purchase price of a business over the fair value of its net assets.
 A. True
 B. False


Question 10 of 40
2.5 Points
If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is:
 A.average cost.   
 B.LIFO.   
 C.FIFO.   
 D.All methods will generate the same net income.   

Question 11 of 40
2.5 Points
Anthony, Inc. buys land for $50,000 cash. The net effect on assets is:
 A.$50,000 increase.   
 B.$0.   
 C.$50,000 decrease.   
 D.$25,000 increase.   

Question 12 of 40
2.5 Points
The percent of fixed assets to total assets is an example of:
 A.vertical analysis.   
 B.solvency analysis.   
 C.profitability analysis.   
 D.horizontal analysis.   

Question 13 of 40
2.5 Points
Equality of the accounting equation means that no errors have occurred.
 A. True
 B. False


Question 14 of 40
2.5 Points
Land is an example of a current asset.
 A. True
 B. False


Question 15 of 40
2.5 Points
If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest semiannually would sell at an amount:
 A.less than face value.   
 B.equal to the face value.   
 C.greater than face value.   
 D.that cannot be determined.   

Question 16 of 40
2.5 Points
A company sold office furniture costing $16,500 with accumulated depreciation of $14,000 for $1,800 cash. The entry to record the sale would include:
 A.a loss for $700.   
 B.an increase in accumulated depreciation for $14,000.   
 C.a total decrease in office furniture for $2,500.   
 D.a decrease in cash for $1,800.   

Question 17 of 40
2.5 Points
Employee fraud is the intentional act of deceiving an employer for personal gain.
 A. True
 B. False


Question 18 of 40
2.5 Points
A bond is simply a form of an interest-bearing note.
 A. True
 B. False


Question 19 of 40
2.5 Points
The two methods of accounting for uncollectible receivables are the allowance method and the:
 A.equity method.   
 B.direct write-off method.   
 C.interest method.   
 D.cost method.   

Question 20 of 40
2.5 Points
Costs that remain constant on a per-unit level as the level of activity changes are called:
 A.fixed costs   
 B.mixed costs.   
 C.opportunity costs.   
 D.variable costs.   

Question 21 of 40
2.5 Points
The bank reconciliation:
 A.should be prepared by an employee who records cash transactions.   
 B.is part of the internal control system.   
 C.is for information purposes only.   
 D.is sent to the bank for verification.   

Question 22 of 40
2.5 Points
Under which method of inventory costing is the cost flow assumed to be in the reverse order in which the expenditures were made?
 A.Average cost   
 B.Last-in, first-out   
 C.First-in, first-out   
 D.Specific identification method   

Question 23 of 40
2.5 Points
Depreciation Expense and Accumulated Depreciation are classified, respectively, as:
 A.expense and contra asset.   
 B.asset and contra liability.   
 C.revenue and asset.   
 D.contra asset and expense.   

Question 24 of 40
2.5 Points
Eagle Eye, Inc., a corporation, received an additional investment of $6,000 cash in exchange for shares of capital stock. How does this transaction affect Eagle Eye’s accounts?
 A.Increase in stock expense and decrease cash by $6,000 each   
 B.Increase capital stock and increase cash by $6,000 each   
 C.Increase capital stock and increase revenue by $6,000 each   
 D.Increase capital stock and decrease retained earnings by $6,000 each   

Question 25 of 40
2.5 Points
Which of the following activity bases would be the most appropriate for food costs of a hospital?
 A.Number of cooks scheduled to work   
 B.Number of x-rays taken   
 C.Number of patients who are admitted in the hospital   
 D.Number of scheduled surgeries   

Question 26 of 40
2.5 Points
A voucher:
 A.is received from customers to explain the purpose of a payment.   
 B.is normally prepared in the Accounting Department.   
 C.system is used to control cash receipts.   
 D.system is an internal control procedure to verify that the assets in the records are the ones the company owns.   

Question 27 of 40
2.5 Points
Since merchandise inventory is normally sold within a year, how is it reported on the balance sheet?
 A.As a revenue   
 B.As the cost of merchandise sold   
 C.It does not appear on the balance sheet   
 D.As a current asset   

Question 28 of 40
2.5 Points
The first month of operation showed the net cash from operating activities to be $3,760, the net cash from investing activities to be ($5,415), and the ending cash balance to be $3,425. The net cash from financing activities must be:
 A.$1,770.   
 B.$5,080.   
 C.$5,750.   
 D.$12,600.   

Question 29 of 40
2.5 Points
Ratios and various other analytical measures are not a substitute for sound judgment, nor do they provide definitive guides for action.
 A. True
 B. False


Question 30 of 40
2.5 Points
Which of the following measures the liquidity position of a corporation?
 A.Earnings per share   
 B.Inventory turnover   
 C.Current ratio   
 D.Number of times interest charges earned   

Question 31 of 40
2.5 Points
The exclusive right to use a certain name or symbol is called a:
 A.franchise.   
 B.patent.   
 C.trademark.   
 D.copyright.   

Question 32 of 40
2.5 Points
A drilling company purchased a mining site for $500,000 on July, 1 2012. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered. During 2012 the company extracted 6,500 tons of ore. The depletion expense for the year 2012 is:
 A.$37,700.   
 B.$42,000.   
 C.$32,500.   
 D.$27,300.   

Question 33 of 40
2.5 Points
Target costing is arrived at by:
 A.taking the selling price and subtracting desired profit.   
 B.taking the selling price and adding desired profit.   
 C.taking the selling price and subtracting the budget standard cost.   
 D.taking the budget standard cost and reducing it by 10%.   

Question 34 of 40
2.5 Points
A difference in quantity of materials used on two comparable jobs may be caused by:
 A.inadequately trained employees.   
 B.poor quality materials.   
 C.employee carelessness.   
 D.all of these.   

Question 35 of 40
2.5 Points
Which of the following accounts would likely be included in a deferral adjusting entry?
 A.Interest Revenue   
 B.Unearned Revenue   
 C.Salaries Payable   
 D.Accounts Receivable   

Question 36 of 40
2.5 Points
Paying expenses affects which financial statement elements?
 A.Assets only   
 B.Stockholders’ equity only   
 C.Assets and stockholders’ equity   
 D.Assets and liabilities   

Question 37 of 40
2.5 Points
The theory of constraints is a manufacturing strategy that focuses on reducing the influence of bottlenecks on production processes.
 A. True
 B. False


Question 38 of 40
2.5 Points
Liabilities that will not be due for more than one year are called long-term liabilities.
 A. True
 B. False


Question 39 of 40
2.5 Points
Recording revenue when a sale is made most directly relates to which concept?
 A.Going concern concept   
 B.Periodicity concept   
 C.Matching concept   
 D.Adequate disclosure concept   

Question 40 of 40
2.5 Points
The percentage analysis of increases and decreases in related items in comparative financial statements is called:
 A.vertical analysis.   
 B.solvency analysis.   
 C.profitability analysis.   
 D.horizontal analysis.   


Last Edit: A year ago by jfsimg3 Report this PostReport AbuseLike this PostLike
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ACCt300 - [Emergency]
A year ago
Thanks so much
Post Merge: A year ago

do you have an answer key for quiz 7?


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ACCt300 - [Emergency]
A year ago
Crap - sorry I just noticed that although I can see my grade the instructor has not released the answers Sad.  I forget that this classroom waits a few days.  I checked again today and still not released.  I will check again tomorrow.


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ACCt300 - [Emergency]
A year ago
Any word on answer key?

Also do you have or can you give me any assistance on the assignment #8 paper... Solid pointers would be helpful.

Thanks


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ACCt300 - [Emergency]
A year ago
Do any of you guys have any of the homework assignments for ACCT 300? I have taken several other courses under the business program that I share. 


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ACCt300 - [Emergency]
A year ago
what do you need?


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ACCt300 - [Emergency]
A year ago
Homework assignment #4 and any others that you are willing to share thanks


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ACCt300 - [Emergency]
A year ago
ACCT300 Week 2 Quiz Submission


Part 1 of 1 -   90.0/ 100.0 Points

Question 1 of 20
5.0/ 5.0 Points
Under the accrual basis of accounting, net cash flows from operating activities on the statement of cash flows will normally be the same as net income.
Correct   
 A. True
 B. False


Answer Key: False


Question 2 of 20
5.0/ 5.0 Points
When someone purchases merchandise and incurs the cost of transportation, these costs of purchasing inventory are added to the cost of the inventory.
Correct
 A. True
 B. False


Answer Key: True


Question 3 of 20
5.0/ 5.0 Points
UNI Co. received $1,000 advance from Newbie as rent for the use of a building owned by UNI. How does this transaction affect UNI’s accounts if UNI recognizes a liability?
 A.Cash is increased and revenue is increased.   
 B.Cash is increased and revenue is decreased.   
Correct    C.Cash is increased and unearned revenue is increased.   
 D.It is not recorded.   

Answer Key: C


Question 4 of 20
5.0/ 5.0 Points
Merchandise is ordered on November 12; the merchandise is shipped by the seller and the invoice in prepared, dated, and mailed by the seller on November 15; the merchandise is received by the buyer on November 17; the transaction is recorded in the seller’s accounts on November 15. If the credit terms are 1/10, n/30, the discount period begins with what date?
 A.November 12   
Correct    B.November 15   
 C.November 17   
 D.November 22   

Answer Key: B


Question 5 of 20
5.0/ 5.0 Points
Sales discounts are granted by the seller to customers for payment at the end of the month.
Correct   
 A. True
 B. False


Answer Key: False
Question 6 of 20
0.0/ 5.0 Points
The credit terms of a sale are normally indicated on a(n):
Incorrect    A.purchase order.   
 B.invoice.   
 C.bill of lading.   
 D.check.   

Answer Key: B


Question 7 of 20
5.0/ 5.0 Points
In a transaction where purchased merchandise has been returned, the buyer will increase the Sales Returns and Allowances account and the seller will increase the Purchases Returns and Allowances account.
Correct   
 A. True
 B. False


Answer Key: False


Question 8 of 20
5.0/ 5.0 Points
Accrued expenses are expenses that have been incurred and paid.
Correct   
 A. True
 B. False


Answer Key: False


Question 9 of 20
5.0/ 5.0 Points
The accrual basis of accounting requires revenue to be recorded when the service is performed.
Correct
 A. True
 B. False


Answer Key: True


Question 10 of 20
5.0/ 5.0 Points
Inventory shortage is recorded when:
 A.merchandise is returned by a buyer.   
 B.merchandise purchased from a seller is incomplete or short.   
 C.merchandise is returned to a seller.   
Correct    D.there is a difference between a physical count of inventory and inventory records.   

Answer Key: D


Question 11 of 20
5.0/ 5.0 Points
Which of the following statements is true?
Correct    A.The revenue activities of a service business involve providing services to customers.   
 B.The revenue activities of a merchandising business involve the building of a product.   
 C.The revenue activities of a service business involve the building of a product.   
 D.The revenue activities of a merchandising business involve providing services to customers.   

Answer Key: A


Question 12 of 20
5.0/ 5.0 Points
An adjusting entry would adjust revenue so that it is reported when earned and not when cash is received.
Correct
 A. True
 B. False


Answer Key: True


Question 13 of 20
5.0/ 5.0 Points
Land is an example of a current asset.
Correct   
 A. True
 B. False


Answer Key: False


Question 14 of 20
5.0/ 5.0 Points
Which expenses are subtracted from gross profit to arrive at income from operations?
 A.All expenses   
 B.Cost of merchandise sold   
Correct    C.Operating expenses   
 D.Sales discounts   

Answer Key: C


Question 15 of 20
5.0/ 5.0 Points
Unearned revenue is what type of an account?
 A.Asset   
 B.Revenue   
 C.Stockholders’ equity   
Correct    D.Liability   

Answer Key: D


Question 16 of 20
5.0/ 5.0 Points
The merchandise inventory account is found on the balance sheet.
Correct
 A. True
 B. False


Answer Key: True


Question 17 of 20
5.0/ 5.0 Points
The liabilities that are due to be paid usually within a year of less are called:
 A.long-term liabilities.   
 B.deferred liabilities.   
Correct    C.current liabilities.   
 D.contingent liabilities.   

Answer Key: C


Question 18 of 20
5.0/ 5.0 Points
Merchandise inventory shrinkage will increase Merchandise Inventory.
Correct   
 A. True
 B. False


Answer Key: False


Question 19 of 20
0.0/ 5.0 Points
Cost of Merchandise Sold is used in accounting for transactions by sellers of merchandise.
 A. True
 B. False


Answer Key: True


Question 20 of 20
5.0/ 5.0 Points
The amount of the total cash paid to the seller for merchandise purchased would normally include:
 A.only the list price.   
 B.only the sales tax.   
Correct    C.the list price plus the sales tax.   
 D.the list price less the sales tax.   

Answer Key: C

**********************************************************************************
ACCT300 Week 3 Quiz Submission


Question 1 of 20
5.0/ 5.0 Points
Inventory refers to the:
Correct    A.merchandise held for sale in the normal course of business.   
 B.materials sold during the year.   
 C.assets purchased to assist the production process.   
 D.claims arising from the purchase of raw material.   

Answer Key: A


Question 2 of 20
0.0/ 5.0 Points
Inventory costing methods place primary emphasis on assumptions about:
 A.flow of goods.   
 B.flow of costs.   
Incorrect    C.flow of goods or costs depending on the method.   
 D.flow of values.   

Answer Key: B


Question 3 of 20
5.0/ 5.0 Points
If the cost of an item of inventory is $60 and the current replacement cost is $65, the amount included in inventory according to the lower-of-cost-or-market method is:
 A.$5   
Correct    B.$60   
 C.$65   
 D.$125   

Answer Key: B


Question 4 of 20
5.0/ 5.0 Points
Money market funds, commercial paper, and U.S. Treasury Bills are examples of cash equivalents.
Correct
 A. True
 B. False


Answer Key: True


Question 5 of 20
5.0/ 5.0 Points
The use of the lower-of-cost-or-market method of inventory valuation increases the gross profit for the period in which the inventory replacement price declined.
Correct   
 A. True
 B. False


Answer Key: False


Question 6 of 20
0.0/ 5.0 Points
Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the customer. What adjustment is required in the depositor’s accounts?
Incorrect    A.Increase Notes Receivable; decrease Cash   
 B.Increase Cash; increase Miscellaneous Income   
 C.Increase Cash; decrease Notes Receivable   
 D.Increase Accounts Receivable, decrease Cash   

Answer Key: C


Question 7 of 20
5.0/ 5.0 Points
Cash equivalents include:
 A.checks.   
 B.coins and currency.   
Correct    C.money market funds and commercial paper.   
 D.stocks and short-term bonds.   

Answer Key: C


Question 8 of 20
5.0/ 5.0 Points
A special cash fund used to make small payments that occur frequently is called a(n):
 A.operating expenses fund.   
 B.change fund.   
 C.market fund.   
Correct    D.petty cash fund.   

Answer Key: D


Question 9 of 20
5.0/ 5.0 Points
Money market funds, commercial paper, and U.S. Treasury Bills are examples of cash equivalents.
Correct
 A. True
 B. False


Answer Key: True


Question 10 of 20
5.0/ 5.0 Points
Of the three widely used inventory costing methods (FIFO, LIFO, and average), the FIFO method of costing inventory is based on the assumption that costs are charged against revenues in the order in which they were incurred.
Correct
 A. True
 B. False


Answer Key: True
Question 11 of 20
5.0/ 5.0 Points
When companies sell their receivables to other companies, the transaction is called factoring.
Correct
 A. True
 B. False


Answer Key: True


Question 12 of 20
5.0/ 5.0 Points
Cash equivalents include:
 A.checks.   
 B.coins and currency.   
Correct    C.money market funds and commercial paper.   
 D.stocks and short-term bonds.   

Answer Key: C


Question 13 of 20
5.0/ 5.0 Points
The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:
Correct    A.Internal Control – Integrated Framework by the Committee of Sponsoring Organizations.   
 B.Internal Control – Integrated Framework by the Congress of Special Offerings.   
 C.Internal Control Localized Structure by the Committee of Sponsoring Organizations.   
 D.Internal Control Localized Structure by the Congress of Special Offerings.   

Answer Key: A


Question 14 of 20
5.0/ 5.0 Points
The direct write-off method records uncollectible accounts expense in the year the specific account receivable is determined to be uncollectible.
Correct
 A. True
 B. False


Answer Key: True


Question 15 of 20
5.0/ 5.0 Points
The framework that has become widely accepted as the standard by which companies design, analyze, and evaluate internal controls is the:
Correct    A.Internal Control – Integrated Framework by the Committee of Sponsoring Organizations.   
 B.Internal Control – Integrated Framework by the Congress of Special Offerings.   
 C.Internal Control Localized Structure by the Committee of Sponsoring Organizations.   
 D.Internal Control Localized Structure by the Congress of Special Offerings.   

Answer Key: A


Question 16 of 20
5.0/ 5.0 Points
On the bank’s accounting records, customers’ accounts are normally shown as a(n):
 A.revenue.   
Correct    B.liability.   
 C.asset.   
 D.expenses.   

Answer Key: B


Question 17 of 20
5.0/ 5.0 Points
The difference between the total receivables and the balance in Allowance for Doubtful Accounts at the end of a period is referred to as the net realizable value of the receivables.
Correct
 A. True
 B. False


Answer Key: True


Question 18 of 20
0.0/ 5.0 Points
Allowance for Doubtful Accounts has an unadjusted balance of $500 at the end of the year, and an analysis of accounts in the customers’ ledger indicates doubtful accounts of $15,000. Compute the adjusted balance in the allowance for doubtful accounts.
 A.$15,000   
    B.$14,500   
 C.$14,000   
 D.$15,500   

Answer Key: A


Question 19 of 20
5.0/ 5.0 Points
Which of the following is not considered as cash?
Correct    A.Commercial paper   
 B.Checks   
 C.Money orders   
 D.Coins   

Answer Key: A


Question 20 of 20
0.0/ 5.0 Points
Inventory costing methods place primary emphasis on assumptions about:
 A.flow of goods.   
 B.flow of costs.   
    C.flow of goods or costs depending on the method.   
 D.flow of values.   

Answer Key: B

************************************************************************

ACCT300 Week 4 Quiz Submission
Return to Assessment List

Part 1 of 1 -   95.0/ 100.0 Points

Question 1 of 20
5.0/ 5.0 Points
The market interest rate related to a bond is also called the:
 A.stated interest rate.   
Correct    B.effective interest rate.   
 C.contract interest rate.   
 D.straight-line rate.   

Answer Key: B


Question 2 of 20
5.0/ 5.0 Points
What are current liabilities?
 A.Liabilities that are due and payable within two years.   
Correct    B.Liabilities that are due and to be paid out of the current assets within one year.   
 C.Liabilities that are due but not payable for more than one year.   
 D.Liabilities that are payable if a possible subsequent event occurs.   

Answer Key: B


Question 3 of 20
5.0/ 5.0 Points
A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for $3,500. What is the amount of gain or loss on disposal of the fixed asset?
 A.$2,500 loss   
Correct    B.$1,500 loss   
 C.$2,500 gain   
 D.$1,500 gain   

Answer Key: B


Question 4 of 20
5.0/ 5.0 Points
Which of the following is a characteristic of fixed assets?
 A.Fixed assets are offered for sale as part of normal operations.   
 B.Fixed assets do not exist physically.   
Correct    C.Fixed assets are long-term or relatively permanent assets.   
 D.Fixed assets that are no longer used in operations are still classified as fixed assets.   

Answer Key: C


Question 5 of 20
5.0/ 5.0 Points
If a corporation issues only one class of stock, it is called:
Correct    A.common stock.   
 B.treasury stock.   
 C.no-par stock.   
 D.preferred stock.   

Answer Key: A


Question 6 of 20
5.0/ 5.0 Points
If paid-in capital in excess of par-preferred stock is $80,000, preferred stock is $500,000, paid-in capital in excel of par-common stock is $50,000, common stock is $1,000,000, and retained earnings is $230,000, the total stockholders’ equity is $1,860,000.
Correct
 A. True
 B. False


Answer Key: True


Question 7 of 20
5.0/ 5.0 Points
A fixed asset with a cost of $30,000 and accumulated depreciation of $25,000 is sold for $3,500. What is the amount of gain or loss on disposal of the fixed asset?
 A.$2,500 loss   
Correct    B.$1,500 loss   
 C.$2,500 gain   
 D.$1,500 gain   

Answer Key: B


Question 8 of 20
5.0/ 5.0 Points
Earnings per common share is one factor that influences the decision to use debt financing or equity financing.
Correct
 A. True
 B. False


Answer Key: True


Question 9 of 20
5.0/ 5.0 Points
Fixed assets are reported at their book value on the balance sheet.
Correct
 A. True
 B. False


Answer Key: True


Question 10 of 20
5.0/ 5.0 Points
Fixed assets are reported at their book value on the balance sheet.
Correct
 A. True
 B. False


Answer Key: True


Question 11 of 20
0.0/ 5.0 Points
A company sold office furniture costing $16,500 with accumulated depreciation of $14,000 for $1,800 cash. The entry to record the sale would include:
 A.a loss for $700.   
Incorrect    B.an increase in accumulated depreciation for $14,000.   
 C.a total decrease in office furniture for $2,500.   
 D.a decrease in cash for $1,800.   

Answer Key: A


Question 12 of 20
5.0/ 5.0 Points
A drilling company purchased a mining site for $500,000 on July, 1 2012. The company expects to mine ore for the next 10 years and anticipates that a total of 100,000 tons will be recovered. During 2012 the company extracted 6,500 tons of ore. The depletion expense for the year 2012 is:
 A.$37,700.   
 B.$42,000.   
Correct    C.$32,500.   
 D.$27,300.   

Answer Key: C


Question 13 of 20
5.0/ 5.0 Points
Which of the following accounts is reported in the noncurrent liabilities section of the corporate balance sheet?
Correct    A.Bonds Payable   
 B.Common Stock   
 C.Dividends Payable   
 D.Cash   

Answer Key: A


Question 14 of 20
5.0/ 5.0 Points
For the year that just ended, a company reports net income of $1,500,000. There are 500,000 shares authorized, 300,000 shares issued, and 250,000 shares of common stock outstanding. What is the earnings per share?
 A.$5.00   
 B.$2.50   
Correct    C.$6.00   
 D.$3.00   

Answer Key: C


Question 15 of 20
5.0/ 5.0 Points
The total earnings of an employee for a payroll period is referred to as the net pay.
Correct   
 A. True
 B. False


Answer Key: False


Question 16 of 20
5.0/ 5.0 Points
Expenditures made to extend an asset’s life are called revenue expenditures.
Correct   
 A. True
 B. False


Answer Key: False


Question 17 of 20
5.0/ 5.0 Points
A corporation has 50,000 shares of $100 par value stock outstanding. If the corporation issues a 4-for1 stock split, the number of shares outstanding after the split will be:
Correct    A.200,000 shares.   
 B.50,000 shares.   
 C.250,000 shares.   
 D.12,500 shares.   

Answer Key: A


Question 18 of 20
5.0/ 5.0 Points
What options does a business have while financing its operations?
 A.Debt financing   
 B.Equity financing   
 C.Asset financing   
Correct    D.Both debt financing and equity financing   

Answer Key: D


Question 19 of 20
5.0/ 5.0 Points
A current liability is a debt that is reasonable expected to be paid:
 A.between 6 months and 18 months.   
 B.out of currently recognized revenues.   
Correct    C.within one year.   
 D.out of cash currently on hand.   

Answer Key: C


Question 20 of 20
5.0/ 5.0 Points
Which of the following expenditures would not be included in the cost of a fixed asset?
 A.Freight costs   
Correct    B.Vandalism   
 C.Sales taxes   
 D.Surveying fees   

Answer Key: B
************************************************************
Thats all i can do for right now. Still don't have the last one (week 7) since the feedback is locked.  I have to tend to my kids but if you need the other quizzes send me a message as a reminder!


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Reply# 9 Quote
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Points: 35
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ACCt300 - [Emergency]
11 months ago
Hi does anyone have quiz5 for acct300? Thanks


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ACCt300 - [Emergency]
11 months ago
Question 1 of 20
5.0/ 5.0 Points
If a company has current assets totaling $56,000 and current liabilities totaling $40,500, then the company’s working capital totals $15,500.
Correct
 A. True
 B. False


Answer Key: True
Question 2 of 20
5.0/ 5.0 Points
Which of the following information is not provided by job cost sheets?
 A.Cost impact of materials changes   
 B.Cost impact of continuous improvement in the manufacturing process   
 C.Change in materials price or direct labor rate over time   
Correct    D.Utilities, managerial salaries, and depreciation of computers in the corporate office   

Answer Key: D
Question 3 of 20
5.0/ 5.0 Points
The percentage analysis of increases and decreases in related items in comparative financial statements is called:
 A.vertical analysis.   
 B.solvency analysis.   
 C.profitability analysis.   
Correct    D.horizontal analysis.   

Answer Key: D
Question 4 of 20
0.0/ 5.0 Points
Reporting under managerial accounting is not restricted by specific rules such as generally accepted accounting principles (GAAP).
Incorrect   
 A. True
 B. False


Answer Key: True
Question 5 of 20
5.0/ 5.0 Points
The purpose of an audit is to:
 A.determine whether or not a company is a good investment.   
Correct    B.render an opinion on the fairness of the statements.   
 C.determine whether or not a company complies with income tax regulations.   
 D.determine whether or not a company has a good credit risk.   

Answer Key: B
Question 6 of 20
5.0/ 5.0 Points
Which of the following statements is true of financial accounting?
Correct    A.Under financial accounting, reports are prepared using generally accepted accounting principles.   
 B.Financial accounting focuses on providing information primarily for internal use.   
 C.Financial accounting includes more subjective data like possibility of competitors’ reactions to a company’s new sales prices.   
 D.Information reported by financial accounting is not shared with those outside the company.   

Answer Key: A
Question 7 of 20
5.0/ 5.0 Points
The percentage analysis of increases and decreases in related items in comparative financial statements is called:
 A.vertical analysis.   
 B.solvency analysis.   
 C.profitability analysis.   
Correct    D.horizontal analysis.   

Answer Key: D
Question 8 of 20
5.0/ 5.0 Points
Which of the following are the two main types of cost accounting systems for manufacturing operations?
 A.Process cost and general accounting systems   
Correct    B.Job order cost and process cost systems   
 C.Job order cost and general accounting systems   
 D.Process cost and replacement cost systems   

Answer Key: B
Question 9 of 20
0.0/ 5.0 Points
Activity-based costing is a method of accumulating and allocating costs by department.
Incorrect
 A. True
 B. False


Answer Key: False
Question 10 of 20
5.0/ 5.0 Points
Ratios and various other analytical measures are not a substitute for sound judgment, nor do they provide definitive guides for action.
Correct
 A. True
 B. False


Answer Key: True
Question 11 of 20
5.0/ 5.0 Points
The document authorizing the issuance of materials from the storeroom for use in manufacturing is called:
Correct    A.materials requisition.   
 B.purchase requisition.   
 C.receiving report.   
 D.purchase order.   

Answer Key: A
Question 12 of 20
0.0/ 5.0 Points
The relationship of $225,000 to $100,000, expressed as a ratio, is:
 A.2.0 to 1.   
Incorrect    B.1.8 to 1.   
 C.1.5 to 1.   
 D.2.25 to 1.   

Answer Key: D
Question 13 of 20
5.0/ 5.0 Points
If a company has current assets totaling $56,000 and current liabilities totaling $40,500, then the company’s working capital totals $15,500.
Correct
 A. True
 B. False


Answer Key: True
Question 14 of 20
5.0/ 5.0 Points
The document authorizing the issuance of materials from the storeroom for use in manufacturing is called:
Correct    A.materials requisition.   
 B.purchase requisition.   
 C.receiving report.   
 D.purchase order.   

Answer Key: A
Question 15 of 20
0.0/ 5.0 Points
Which of the following would not be classified as direct materials for an auto manufacturer?
 A.Steel   
Incorrect    B.Upholstery fabric   
 C.Cost of the engine of the car   
 D.Material used for door panels   

Answer Key: D
Question 16 of 20
5.0/ 5.0 Points
An activity-based costing system allocates factory overhead rates to products or services using:
 A.a single plantwide overhead rate.   
Correct    B.the cost of activities based on an activity rate times the number of activity-based usage quantities.   
 C.an allocation of budgeted revenues produced by a product or service.   
 D.an end-of-year allocation of costs to products or services.   

Answer Key: B
Question 17 of 20
5.0/ 5.0 Points
If the cost of direct materials is not a significant portion of the total product cost, it may be classified as:
 A.direct labor costs.   
 B.selling and administrative costs.   
 C.miscellaneous costs.   
Correct    D.factory overhead costs.   

Answer Key: D
Question 18 of 20
5.0/ 5.0 Points
If the actual overhead incurred is less than the applied factory overhead, it is called overapplied factory overhead.
Correct
 A. True
 B. False


Answer Key: True
Question 19 of 20
0.0/ 5.0 Points
In computing the rate earned on total assets, interest expense is added to net income before dividing by average total assets.
Incorrect   
 A. True
 B. False


Answer Key: True
Question 20 of 20
0.0/ 5.0 Points
Which of the following statements is true of managerial accounting?
 A.Reporting under managerial accounting is constrained by rules such as generally accepted accounting principles.   
 B.Managerial accounting is required to be reported annually, also may be reported monthly or quarterly.   
Incorrect    C.Managerial accounting provides information to the external stakeholders of the company.   
 D.Managerial accounting is primarily concerned with generating information for use by managers.   

Answer Key: D


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Reply# 11 Quote
Posts: 13
Points: 102
Rep:  +0  -0 
ACCt300 - [Emergency]
11 months ago
I need quizzes for ACCT300 week 5, week 6, and the answer key to week 7. Thanks


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Reply# 12 Quote
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ACCt300 - [Emergency]
11 months ago
bren_rhs81 I have those but week 7 you do not get the answer with the final


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Reply# 13 Quote
hi
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ACCt300 - [Emergency]
11 months ago
Could you post week 5 and 6 then, thanks!


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