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Other Fields Homework Help Accounting Topic started by: Lasko on Feb 22, 2018



Title: A(n) ______________________________ is a series of actions or operations leading to a particular and ...
Post by: Lasko on Feb 22, 2018
A(n) _____________________________ _ is a series of actions or operations leading to a particular and usually desirable result.
 Fill in the blank(s) with correct word



(Q. 2) Prepaid insurance had a balance of 1,000 on the company's December 31, 2011 balance sheet. On June 1, 2012, the company paid an additional insurance premium of 3,000.
 
  Prepaid insurance had a balance of 1,250 on the company's December 31, 2012 balance sheet. How much cash paid for insurance will be reported on the company's statement of cash flows for the year ended December 31, 2012?
  A) (1,000)
  B) (3,000)
  C) (1,250)
  D) (4,000)



(Q. 3) Base and rate changes in payroll taxes such as FICA affect the accounting principles and procedures for payroll.
 a. True
   b. False
   Indicate whether the statement is true or false



(Q. 4) The statement of cash flows is divided into three sections: assets, liabilities, and shareholders' equity.
 
  Indicate whether the statement is true or false



(Q. 5) The lower-of-cost-or-market method of determining the value of ending inventory can be applied on an item byitem, by major classification of inventory, or by the total inventory.
 a. True
  b. False
 
   Indicate whether the statement is true or false



(Q. 6) Perfuncto, Inc. built a machine. The costs for the new machine were:
 
  Parts for the machine 80,000
  Delivery costs for the machine parts 2,000
  Labor costs to build the machine 20,000
  Maintenance cost incurred to keep the machine running 10,000
 
  What should Perfuncto, Inc. record as the cost of the machine?


Title: A(n) ______________________________ is a series of actions or operations leading to a particular and ...
Post by: brittcamp12 on Feb 22, 2018
1)  process

2)  B

3)  FALSE

4)  FALSE

5)  TRUE

6)  80,000 + 2,000 + 20,000 = 102,000