Accounting

Retained Earnings restrictions are usually imposed on a company by a third party.

Retained Earnings restrictions are usually imposed on a company by a third party.

Retained Earnings restrictions are usually imposed on a company by a third party.
[True or False?]

7.prime7105   29   1 Reply

ashleyr1819

When stock rights are issued to current shareholders, it may require more than one such right to

When stock rights are issued to current shareholders, it may require more than one such right to

When stock rights are issued to current shareholders, it may require more than one such right to
later acquire one additional share of the stock covered by the rights.
[True or False?]

7.prime7105   30   3 Replies

esnyder

Issuing a common stock dividend decreases common shares and increases retained earnings.

Issuing a common stock dividend decreases common shares and increases retained earnings.

Issuing a common stock dividend decreases common shares and increases retained earnings.
[True or False?]

7.prime7105   63   3 Replies

lvida

Gains and losses from plan settlements and curtailments should be:

Gains and losses from plan settlements and curtailments should be:

Gains and losses from plan settlements and curtailments should be:
A) amortized over the average remaining service period
B) amortized over a systematic and rational manner
C) recognized in income immediately
D) deferred to the balance sheet

7.prime7105   38   2 Replies

7.prime7105

A change in the salvage value of a depreciable asset should be accounted for as a:

A change in the salvage value of a depreciable asset should be accounted for as a:

A change in the salvage value of a depreciable asset should be accounted for as a:
A) Change in accounting entity.
B) Correction of an accounting error.
C) Change in accounting estimate.
D) Change in accounting principle.

7.prime7105   41   1 Reply

Carlospaposito

Reported income during the early years of the estimated life of a depreciable asset usually would

Reported income during the early years of the estimated life of a depreciable asset usually would

Reported income during the early years of the estimated life of a depreciable asset usually would
be understated the most as a result of:
A) High estimates of residual value and useful life.
B) Using actual residual value and actual useful life.

7.prime7105   19   1 Reply

StevenSpaghetti

A short accounts receivable turnover ratio may mean all of the following except:

A short accounts receivable turnover ratio may mean all of the following except:

A short accounts receivable turnover ratio may mean all of the following except:
A) That customers are dictating the payment terms
B) That the company is realizing cash from sales in a short time period
C) Fewer old receivables that may prove to b

7.prime7105   51   2 Replies

7.prime7105

Prepare closing entries from the following data.

Prepare closing entries from the following data.

Here I have the data and the solution, but I don't understand how they prepared the closing entries, I may need an explanation please. To prepare the closing entries I know you have to first close out the revenue account(s) to the capital accoun

755872   155   9 Replies

755872

Perpetual and Periodic inventory system Question

Perpetual and Periodic inventory system Question

1. why does the use of both perpetual and periodic inventory systems make sense for campus bookstores?

755872   139   3 Replies

duddy

Calculate cost of goods sold and ending inventory using 3 periodic cost flow methods.

Calculate cost of goods sold and ending inventory using 3 periodic cost flow methods.

In its first month of operations, Quilt Company made 3 purchases of merchandise in the following sequence: 300 units at $6, 400 units at $7, and 300 units at $8. There are 400 units on hand at the end of the period. Quilt uses a periodic inventory sy

755872   120   2 Replies

755872

FIFO AND LIFO method for a bookstore

FIFO AND LIFO method for a bookstore

1. Why wouldn't the use of the FIFO system make sense for the bookstore?
2. Why wouldn't the use of the LIFO system make sense for the bookstore?

755872   42   1 Reply

duddy

All casualty loss deductions, regardless of the type of asset, are allowed as itemized deductions.

All casualty loss deductions, regardless of the type of asset, are allowed as itemized deductions.

All casualty loss deductions, regardless of the type of asset, are allowed as itemized deductions.

▸ true

▸ false

88Meme   37   1 Reply

CBGCandra7

Before a company can issue a property dividend in shares of another company, it must

Before a company can issue a property dividend in shares of another company, it must

Before a company can issue a property dividend in shares of another company, it must
ensure that the shares are recorded at market value. The dividend is then paid out of the
companys contributed capital accounts rather than its retained earnings.

9ty9   64   3 Replies

Josh

At the date of the financial statements, common shares issued would exceed common shares

At the date of the financial statements, common shares issued would exceed common shares

At the date of the financial statements, common shares issued would exceed common shares
outstanding as a result of the:
A) Payment in full of subscribed shares.
B) Declaration of a stock split.
C) Declaration of a stock dividend.
D) Purchase of

9ty9   59   3 Replies

shy567

If a corporation incurs a taxable loss, they are entitled to carry the loss back for three years or

If a corporation incurs a taxable loss, they are entitled to carry the loss back for three years or

If a corporation incurs a taxable loss, they are entitled to carry the loss back for three years or
forward for twenty years.
[True or False?]

9ty9   68   2 Replies

9ty9

A reverse split may be used to increase the value per share of a company.

A reverse split may be used to increase the value per share of a company.

A reverse split may be used to increase the value per share of a company.
[True or False?]

9ty9   22   3 Replies

k9ikiki

The following accounting errors occurred in 20x3, but were not discovered until 20x4:

The following accounting errors occurred in 20x3, but were not discovered until 20x4:

The following accounting errors occurred in 20x3, but were not discovered until 20x4:
Purchases for 20x3 overstated by $400
Ending 20x3 inventory overstated by 400
Depreciation expense for 20x3 overstated by 400
The combined effect of these three

9ty9   57   3 Replies

wiliam789

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

Information about the significant accounting policies of an entity is not necessary because GAAP

Information about the significant accounting policies of an entity is not necessary because GAAP

Information about the significant accounting policies of an entity is not necessary because GAAP
prescribes uniform accounting treatment of all items, and it is widely understood.
[True or False?]

9ty9   53   1 Reply

smi3

A cost concept used for the purposes of external reporting will always be appropriate for internal reporting.

A cost concept used for the purposes of external reporting will always be appropriate for internal reporting.

A cost concept used for the purposes of external reporting will always be appropriate for internal reporting.
[True or False]

@Gabrielle   47   2 Replies

@Gabrielle

Activity-based costing systems use the quantitative analysis method exclusively for cost estimation ...

Activity-based costing systems use the quantitative analysis method exclusively for cost estimation ...

Activity-based costing systems use the quantitative analysis method exclusively for cost estimation because of its accuracy.
[True or False]

@Gabrielle   55   2 Replies

@Gabrielle

An experience curve is a function that measures the decline in cost per unit in various business ...

An experience curve is a function that measures the decline in cost per unit in various business ...

An experience curve is a function that measures the decline in cost per unit in various business functions of the value chain as the amount of these activities increases.
[True or False]

@Gabrielle   36   3 Replies

lmmoore1223

Favata Corporation manufactures two products, AA and CC. The following information was available:

Favata Corporation manufactures two products, AA and CC. The following information was available:

Favata Corporation manufactures two products, AA and CC.  The following information was available:
AACC
Selling price per unit$37$26
Variable cost per unit3222

Total fixed costs$18,000

If Favata Corporation could produce and sell either 10,0

@Gabrielle   62   2 Replies

@Gabrielle

An example of a bundled product is when a computer software manufacturer charges a single price for ...

An example of a bundled product is when a computer software manufacturer charges a single price for ...

An example of a bundled product is when a computer software manufacturer charges a single price for the spreadsheet, word processing, and presentation software on the same CD.
[True or False]

@Gabrielle   39   2 Replies

@Gabrielle

The production method for recognizing byproducts is simpler and is often used in practice, primarily ...

The production method for recognizing byproducts is simpler and is often used in practice, primarily ...

The production method for recognizing byproducts is simpler and is often used in practice, primarily because the dollar amounts of byproducts are immaterial.
[True or False]

@Gabrielle   39   2 Replies

@Gabrielle

IFRS and U.S. GAAP have the same disclosure requirements regarding the estimates made at the end of ...

IFRS and U.S. GAAP have the same disclosure requirements regarding the estimates made at the end of ...

IFRS and U.S. GAAP have the same disclosure requirements regarding the estimates made at the end of the accounting period.
[True or False]

@Gabrielle   66   3 Replies

girlinthebox

Mattox Corporation had a unadjusted balance of $6000 in Supplies. The actual balance was $190. The ...

Mattox Corporation had a unadjusted balance of $6000 in Supplies. The actual balance was $190. The ...

Mattox Corporation had a unadjusted balance of $6000 in Supplies. The actual balance was $190.  The accountant failed to make the adjusting entry. What is the effect on the current year financial statements?
A) Net income is understated by $5810.
B

@Gabrielle   70   3 Replies

CatHan

Derby Company sells season passes to its entertainment center. The passes sell for $85 each and are ...

Derby Company sells season passes to its entertainment center. The passes sell for $85 each and are ...

Derby Company sells season passes to its entertainment center.  The passes sell for $85 each and are good for the year.  On January 1, Derby sells 2000 passes and received cash. The amount of revenue to be recognized on January 1 is ________.
A) $0

@Gabrielle   94   2 Replies

@Gabrielle

List the five conditions specified by IFRS for revenue recognition from the sale of goods.

List the five conditions specified by IFRS for revenue recognition from the sale of goods.

List the five conditions specified by IFRS for revenue recognition from the sale of goods.

@Gabrielle   28   3 Replies

stillfa

StatMed Corporation leases medical equipment under a five year capital lease. The terms of the lease ...

StatMed Corporation leases medical equipment under a five year capital lease. The terms of the lease ...

StatMed Corporation leases medical equipment under a five year capital lease. The terms of the lease call for five equal payments of $21,000, with the first payment due at the inception. The interest rate implicit in the lease is 10%. At what value i

@Gabrielle   65   2 Replies

Brandon Dillingham

An accounting information system collects, records, stores, and processes accounting data to produce ...

An accounting information system collects, records, stores, and processes accounting data to produce ...

An accounting information system collects, records, stores, and processes accounting data to produce information that is useful for decision makers.

@Gabrielle   54   1 Reply

andreathomas03

Mary, Ann, and Beth are partners. Their capital balances are, $23,000; $41,000; and $30,000, ...

Mary, Ann, and Beth are partners. Their capital balances are, $23,000; $41,000; and $30,000, ...

Mary, Ann, and Beth are partners. Their capital balances are, $23,000; $41,000; and $30,000, respectively. As per the partnership agreement, Mary receives a profit share of 2/9; Ann has 4/9; and Beth has 3/9. Beth withdraws from the partnership by re

@Gabrielle   41   3 Replies

gmiannotti

Alexander Corp. has the following balances as of December 31, 2017:

Alexander Corp. has the following balances as of December 31, 2017:

Alexander Corp. has the following balances as of December 31, 2017:

Total Assets$110,000
Total Liabilities64,000
Total Equity46,000

Calculate the debt to equity ratio. (Round your answer to two decimal points.)
A) 0.72
B) 0.67
C) 1.39
D)

@Gabrielle   91   3 Replies

jada

Coast to Coast Bus Lines acquired the following data about the operating cost of three of its top competitors.

Coast to Coast Bus Lines acquired the following data about the operating cost of three of its top competitors.

Coast to Coast Bus Lines acquired the following data about the operating cost of three of its top competitors.

Operating cost per seat per mile
Competitor A  $.11
Competitor B  $.15
Competitor C $.16

Management decides to  use the average op

@Gabrielle   42   1 Reply

rockintictaco

Direct tracing of costs reduces the amount of costs classified as indirect costs.

Direct tracing of costs reduces the amount of costs classified as indirect costs.

Direct tracing of costs reduces the amount of costs classified as indirect costs.
[True or False]

A.Jay   37   2 Replies

A.Jay

Accounting standard setting began in the United States with the 1934 Securities Exchange Act.

Accounting standard setting began in the United States with the 1934 Securities Exchange Act.

Accounting standard setting began in the United States with the 1934 Securities Exchange Act.
[True or False]

A.Jay   17   2 Replies

A.Jay

A numerical listing of account names and numbers is called the ________.

A numerical listing of account names and numbers is called the ________.

A numerical listing of account names and numbers is called the ________.
A) chart of accounts
B) general journal
C) general ledger
D) chart of journals

A.Jay   27   2 Replies

A.Jay

What is a consignment sale?

What is a consignment sale?

What is a consignment sale?

A.Jay   36   1 Reply

pdpd

U.S. GAAP does not permit subsequent reversals of goodwill impairment losses.

U.S. GAAP does not permit subsequent reversals of goodwill impairment losses.

U.S. GAAP does not permit subsequent reversals of goodwill impairment losses.
[True or False]

A.Jay   47   1 Reply

jkirk45

Under U.S. GAAP, bond issue costs are capitalized and amortized over the life of the bonds.

Under U.S. GAAP, bond issue costs are capitalized and amortized over the life of the bonds.

Under U.S. GAAP, bond issue costs are capitalized and amortized over the life of the bonds.
[True or False]

A.Jay   50   1 Reply

acslammer