Accounting

What are three limitations associated with the balance sheet?

What are three limitations associated with the balance sheet?

What are three limitations associated with the balance sheet?

blazingferrai   16   2 Replies

blazingferrai

The statement of comprehensive income is the first financial statement prepared.

The statement of comprehensive income is the first financial statement prepared.

The statement of comprehensive income is the first financial statement prepared.
[True or False]

tori.warner   16   3 Replies

LindseyE123

How is the effective interest rate determined?

How is the effective interest rate determined?

How is the effective interest rate determined?

kodan   16   3 Replies

Securo

The general rule is that the transaction price should be allocated on the relative standalone ...

The general rule is that the transaction price should be allocated on the relative standalone ...

The general rule is that the transaction price should be allocated on the relative standalone selling prices prices unless a discount is ________.
A) not related to all of the contracts performance obligations
B) related to all of the contracts per

hello there   16   2 Replies

hello there

Fare Jewelry Company is holding goods on consignment from Tomko with a selling price of $2,000,000. ...

Fare Jewelry Company is holding goods on consignment from Tomko with a selling price of $2,000,000. ...

Fare Jewelry Company is holding goods on consignment from Tomko with a selling price of $2,000,000. Fare is promised a commission of 25% for goods sold.  By the end of 2017 Fare has sold $500,000 of goods. Refer to Fare Jewelry. How much revenue shou

werstlingbum   16   1 Reply

dalililah1

Which of the following is not a requirement for recognizing that a transaction can be recorded as a ...

Which of the following is not a requirement for recognizing that a transaction can be recorded as a ...

Which of the following is not a requirement for recognizing that a transaction can be recorded as a sale of receivables?
A) The factor discounts the amount remitted to the seller.
B) The selling company does not maintain effective control over the

damnitdiane   16   2 Replies

damnitdiane

The amount of capitalizable interest for a constructed asset is the lesser of actual interest ...

The amount of capitalizable interest for a constructed asset is the lesser of actual interest ...

The amount of capitalizable interest for a constructed asset is the lesser of actual interest incurred and avoidable interest.
[True or False]

sorandomkay13   16   2 Replies

sorandomkay13

Which of the following is the legal life of a patent?

Which of the following is the legal life of a patent?

Which of the following is the legal life of a patent?
A) 17 years
B) 20 years
C) life of the inventor plus 20 years
D) life of the inventor plus 70 years

lodidodiclaudie   16   3 Replies

destiny_singer

Refer to Superbyte Corporation.

Refer to Superbyte Corporation.

Refer to Superbyte Corporation.
Record the journal entries that SuperByte will make at the inception of the lease and on July 1.

improvegrades   16   2 Replies

improvegrades

List the three additional indicators that IFRS recognizes individually or in combination that could ...

List the three additional indicators that IFRS recognizes individually or in combination that could ...

List the three additional indicators that IFRS recognizes individually or in combination that could lead to classifying a lease as a finance lease.

hellothere2   16   1 Reply

jayfo05

Amortizing a net loss for pensions will ________.

Amortizing a net loss for pensions will ________.

Amortizing a net loss for pensions will ________.
A) increase retained earnings and increase accumulated other comprehensive income
B) increase retained earnings and decrease accumulated other comprehensive income
C) decrease retained earnings and

sarah963   16   2 Replies

sarah963

Amortizing a net gain for pensions will ________.

Amortizing a net gain for pensions will ________.

Amortizing a net gain for pensions will ________.
A) increase retained earnings and increase accumulated other comprehensive income
B) increase retained earnings and decrease accumulated other comprehensive income
C) decrease retained earnings and

jboutdy   16   2 Replies

jboutdy

Charlotte Engineering experienced net income of $425,000 for the year. It declared $45,000 in ...

Charlotte Engineering experienced net income of $425,000 for the year. It declared $45,000 in ...

Charlotte Engineering experienced net income of $425,000 for the year.  It declared $45,000 in preferred dividends on December 23.  It began the year with 600,000 common shares outstanding.  On July 1, Charlotte declared a 5% common stock dividend.  

ldill01   16   1 Reply

choih94

Why should shareholders pay attention to the diluted EPS?

Why should shareholders pay attention to the diluted EPS?

Why should shareholders pay attention to the diluted EPS?

TheFulcan   16   2 Replies

TheFulcan

When an income statement error that does not affect the balance sheet is not found until after the ...

When an income statement error that does not affect the balance sheet is not found until after the ...

When an income statement error that does not affect the balance sheet is not found until after the books are closed, an entry ________.
A) must be made to correct the error during the next year
B) must be made to correct the error by reopening the

k9ikiki   16   2 Replies

k9ikiki

Unearned Revenue is classified as a(n) ________ account.

Unearned Revenue is classified as a(n) ________ account.

Unearned Revenue is classified as a(n) ________ account.
A) liability
B) asset
C) revenue
D) equity

redesace90   16   2 Replies

redesace90

Which of the following is an example of a storage device in an accounting information system?

Which of the following is an example of a storage device in an accounting information system?

Which of the following is an example of a storage device in an accounting information system?
A) monitor
B) network
C) printer
D) server

bunbun11   16   2 Replies

bunbun11

MultiMet Corporation sold merchandise for $4,450 to Simpsons, Inc. on account. The cost of goods ...

MultiMet Corporation sold merchandise for $4,450 to Simpsons, Inc. on account. The cost of goods ...

MultiMet Corporation sold merchandise for $4,450 to Simpsons, Inc. on account.  The cost of goods sold was $1,185. MultiMet uses a perpetual inventory system and special journals. The $4,450 is recorded as ________.
A) an entry in the general journa

nuppy   16   2 Replies

nuppy

Seidner, Inc. provides the following data:

Seidner, Inc. provides the following data:

Seidner, Inc. provides the following data:

20172016
Assets
Current Assets:
     Cash and Cash Equivalents$29,000$25,000
     Accounts Receivable, Net33,00062,000
     Merchandise Inventory53,00050,000
Total Current Assets$115,000137,000
Pro

tori.warner   16   1 Reply

hnm123

Define direct cost.

Define direct cost.

Define direct cost.

christyjames   16   3 Replies

jcarter

Which of the following statements about ABC is not true?

Which of the following statements about ABC is not true?

Which of the following statements about ABC is not true?
A) A byproduct of ABC implementation can improve the efficiency of operations
B) ABC should be implemented solely by the accountants as they are the guardians of the accounting information sy

SethHuddleston   16   2 Replies

SethHuddleston

Dividends are paid when declared.

Dividends are paid when declared.

Dividends are paid when declared.
[True or False?]

ryansul   16   1 Reply

dont Panic

In a stock split, only the content of contributed capital is changed, whereas in a stock dividend the

In a stock split, only the content of contributed capital is changed, whereas in a stock dividend the

In a stock split, only the content of contributed capital is changed, whereas in a stock dividend the
amount of contributed capital is changed.
[True or False?]

KingCoobie   16   2 Replies

KingCoobie

Treasury shares are said to be:

Treasury shares are said to be:

Treasury shares are said to be:
A) Issued.
B) Outstanding.
C) A and B.
D) A or B.

dri   16   3 Replies

hmonier

BX had the following shares outstanding:

BX had the following shares outstanding:

BX had the following shares outstanding:
Preferred shares, $6, 2,000 shares $100,000
Common shares, 2,000 shares $200,000
(Matching dividend, if applicable, $12)
The preferred shares are cumulative, fully participating; dividends are three years

hnm123   16   2 Replies

hnm123

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   16   2 Replies

Jslemin

EGR Company provided you with the following information:

EGR Company provided you with the following information:

EGR Company provided you with the following information:
2009 Net Income: $1,500,000
2010 Net Income: $900,000
2009 Tax rate: 35%
2010 Tax rate: 40%
In addition, the only difference between accounting and tax are warranty costs accrued of
$100,

Sharell   16   1 Reply

blo23

Contingent rent is one of three common methods used to avoid capitalization.

Contingent rent is one of three common methods used to avoid capitalization.

Contingent rent is one of three common methods used to avoid capitalization.
[True or False?]

laurenmazzant   16   2 Replies

laurenmazzant

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   16   2 Replies

Stevea26

Pension related estimates (not funding data) are provided by the:

Pension related estimates (not funding data) are provided by the:

Pension related estimates (not funding data) are provided by the:
A) employer company.
B) independent actuary.
C) pension fund trustee.
D) employee union.

scavanger411   16   2 Replies

scavanger411

Funding a pension plan may be handled as follows:

Funding a pension plan may be handled as follows:

Funding a pension plan may be handled as follows:
independent retirement internally
pension fund annuity managed
1 *
2 * *
3 * * *
4 * *
A) Choice 1
B) Choice 2
C) Choice 3
D) Choice 4

Brownr40   16   3 Replies

msee1021

The treasury stock method is only used for options, and only the denominator is affected..

The treasury stock method is only used for options, and only the denominator is affected..

The treasury stock method is only used for options, and only the denominator is affected..
[True or False?]

Jojo2you   16   2 Replies

Jojo2you

You are given the following information about KER Ltd.:

You are given the following information about KER Ltd.:

You are given the following information about KER Ltd.:
30,000 common shares outstanding on January 1, 20x1
2,000 shares sold on March 1, 20x1
1,000 shares sold on September 1, 20x1
2 for 1 Stock split recorded on October 1, 20x1
Net Income for

beccachristy   16   2 Replies

beccachristy

Which of the following is characteristic of a change in accounting estimate?

Which of the following is characteristic of a change in accounting estimate?

Which of the following is characteristic of a change in accounting estimate?
A) Requires the reporting of income statements amounts for prior periods
B) Does not affect the financial statements of prior periods
C) Never needs to be disclosed
D) S

mguti   16   1 Reply

TArisorev

In reporting the effect of an accounting change on comparative financial statements,

In reporting the effect of an accounting change on comparative financial statements,

In reporting the effect of an accounting change on comparative financial statements,
recommended accounting procedure requires that the following be used for correcting an
accounting error:
A) Prospective application.
B) Future application.
C) R

RoxBox11   16   1 Reply

RobotLava

All of the following items are deductionsforadjusted gross incomeexcept

All of the following items are deductionsforadjusted gross incomeexcept

[html]All of the following items are deductions for adjusted gross income except

▸ moving expenses.

▸ unreimbursed employee business expenses.

▸ qualifying contributions to individual retirement accounts.

▸ one-half of self-employme

Olivia Grant   16   1 Reply

jmarie

Which of the following bonds donotgenerate tax-exempt federal income?

Which of the following bonds donotgenerate tax-exempt federal income?

Which of the following bonds do not generate tax-exempt federal income?

▸ U.S. Treasury bonds

▸ bonds issued by fire districts

▸ school district bonds

▸ bonds issued by cities

cliff313342   16   1 Reply

uyencong

Adam purchased stock in 2006 for $100,000. He is considering selling it in 2016. It is currently ...

Adam purchased stock in 2006 for $100,000. He is considering selling it in 2016. It is currently ...

[html]Adam purchased stock in 2006 for $100,000. He is considering selling it in 2016.  It is currently worth $2,100,000 so he would realize a $2,000,000 gain. Adam is in the top tax bracket. Determine the taxes due under the following independent si

abc123   16   1 Reply

college98

Employers must report the value of nontaxable meals and lodging provided to employees on the ...

Employers must report the value of nontaxable meals and lodging provided to employees on the ...

Employers must report the value of nontaxable meals and lodging provided to employees on the employees' W-2s at year-end.

▸ true

▸ false

jaylyn   16   1 Reply

Jessie19950607

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   16   1 Reply

flylegends