Accounting

The disclosure of earnings per share on the income statement is not required for a publicly traded ...

The disclosure of earnings per share on the income statement is not required for a publicly traded ...

The disclosure of earnings per share on the income statement is not required for a publicly traded company.
A) True
B) False

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The cost of items sold is transferred to the income statement through the Cost of Goods Sold ...

The cost of items sold is transferred to the income statement through the Cost of Goods Sold ...

The cost of items sold is transferred to the income statement through the Cost of Goods Sold account.
A) True
B) False

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In a manufacturing company, factory overhead is all other manufacturing costs that are not indirect ...

In a manufacturing company, factory overhead is all other manufacturing costs that are not indirect ...

In a manufacturing company, factory overhead is all other manufacturing costs that are not indirect materials and indirect labor.
A) True
B) False

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Material, labor and factory overhead are the components of manufacturing costs.

Material, labor and factory overhead are the components of manufacturing costs.

Material, labor and factory overhead are the components of manufacturing costs.
A) True
B) False

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The allowance for doubtful accounts is a contra liability account.

The allowance for doubtful accounts is a contra liability account.

The allowance for doubtful accounts is a contra liability account.
A) True
B) False

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On a bank reconciliation, the difference between the original cash balance and the corrected cash ...

On a bank reconciliation, the difference between the original cash balance and the corrected cash ...

On a bank reconciliation, the difference between the original cash balance and the corrected cash balance is recorded with an adjusting entry.
A) True
B) False

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On a bank statement, the bank records the cash balance as a liability.

On a bank statement, the bank records the cash balance as a liability.

On a bank statement, the bank records the cash balance as a liability.
A) True
B) False

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The cash in bank account is related to only one account.

The cash in bank account is related to only one account.

The cash in bank account is related to only one account.
A) True
B) False

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The following is a trial balance for Bear, Inc. at June 30, 2005.Bear, Inc.Trial BalanceJune 30, ...

The following is a trial balance for Bear, Inc. at June 30, 2005.Bear, Inc.Trial BalanceJune 30, ...

The following is a trial balance for Bear, Inc. at June 30, 2005.

   Bear, Inc.
   Trial Balance
   June 30, 2005

   Debit   Credit
   Cash   $478,250
   Accounts receivable   $120,350
   Inventory   325,000
   Production

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Miles Market began operations in June. Mary Ellen Cross the controller has put together a list of ...

Miles Market began operations in June. Mary Ellen Cross the controller has put together a list of ...

Miles Market began operations in June. Mary Ellen Cross the controller has put together a list of accounts that she feels will be necessary to process the month. She has given that list to you in alphabetical order and asked you to put together a cha

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Define the following terms. (Multiple Choice)

Define the following terms. (Multiple Choice)

Define the following terms.
a.)   Journal
b.)   Journalizing
c.)   General ledger
d.)   Trial balance
e.)   Accruals
f.)   Deferrals

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What are the steps in the accounting cycle? Are all of the steps performed every month? If not, why ...

What are the steps in the accounting cycle? Are all of the steps performed every month? If not, why ...

What are the steps in the accounting cycle? Are all of the steps performed every month? If not, why not. Can any of these steps be performed out of sequence? If so, which ones.

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On April 1, John Smith started a toy store, Tigger, Inc. Tigger's had the following transactions in ...

On April 1, John Smith started a toy store, Tigger, Inc. Tigger's had the following transactions in ...

On April 1, John Smith started a toy store, Tigger, Inc. Tigger's had the following transactions in the first month of business.

   April 1   John Smith invested $10,000 and received 1,000 shares $2.50 par value stock.
   1   Paid $1,500

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On August 1, Katie Portia started a nail salon business, Katie's Nails. Katie's had the following ...

On August 1, Katie Portia started a nail salon business, Katie's Nails. Katie's had the following ...

On August 1, Katie Portia started a nail salon business, Katie's Nails. Katie's had the following transactions in the first month of business.

   August 1   Katie Portia invested $10,000 and received 10,000 shares no par common stock

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Indicate in the space provided whether the following accounts are permanent or ...

Indicate in the space provided whether the following accounts are permanent or ...

Indicate in the space provided whether the following accounts are permanent or temporary.

   Account   Permanent   Temporary
0. Preferred stock (example)          X          ________
1. Cash   ________   ________

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Listed below are some accounts.

Listed below are some accounts.

Listed below are some accounts.
a.)   For each account indicate whether the normal balance is a debit or a credit.
b.)   For each account indicate if an increase is recorded with a debit or a credit

   (a)   (b)
   Increase
   Nor

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On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 ...

On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 ...

On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 days. The order shipped FOB shipping point, $150 freight included on the invoice. What is the journal entry to record payment of the invoice dated Au

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On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 ...

On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 ...

On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 days. The order shipped FOB shipping point, $150 freight included on the invoice. What is the journal entry to record payment of the invoice dated Au

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On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 ...

On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 ...

On August 7, AJ Construction purchased building materials for $10,000 on account, terms 2/10, net 30 days. The order shipped FOB destination, $150 freight. What is the journal entry to record payment of the invoice dated August 8 and paid on August 1

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On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 ...

On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 ...

On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 days. The order shipped FOB shipping point, $250 freight included on the invoice. How much will their payment be if it is made on September 7?
A) $15

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On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 ...

On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 ...

On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 days. The order shipped FOB shipping point, $250 freight included on the invoice. How much will their payment be if it is made on September 5?
A) $14

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On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 ...

On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 ...

On August 27, Sisters of Serenity purchased supplies for $15,000 on account, terms 2/10, net 30 days. The order shipped FOB destination, $250 freight. How much will their payment be if it is made on September 7?
A) $15,250
B) $14,950
C

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Who bears the expense for the freight if the terms are FOB destination?

Who bears the expense for the freight if the terms are FOB destination?

Who bears the expense for the freight if the terms are FOB destination?
A) The customer.
B) The freight company.
C) The seller.
D) The buyer.

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FOB destination indicates that title transfers when the merchandise

FOB destination indicates that title transfers when the merchandise

FOB destination indicates that title transfers when the merchandise
A) arrives at the purchasers loading dock.
B) leaves the sellers dock.
C) arrives at the port authority.
D) is in transit.

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FOB shipping point indicates that title transfers when the merchandise

FOB shipping point indicates that title transfers when the merchandise

FOB shipping point indicates that title transfers when the merchandise
A) arrives at the port authority.
B) is in transit.
C) arrives at the purchasers loading dock.
D) leaves the sellers dock.

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If management needs to borrow a very large sum of money for a short period of time, they could do it ...

If management needs to borrow a very large sum of money for a short period of time, they could do it ...

If management needs to borrow a very large sum of money for a short period of time, they could do it through the investing public by selling
A) promissory notes.
B) stocks.
C) bonds.
D) commercial paper.

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Oak, Inc. received $4,500 as the loan proceeds on a $5,000, 10% note due one year from today. What ...

Oak, Inc. received $4,500 as the loan proceeds on a $5,000, 10% note due one year from today. What ...

Oak, Inc. received $4,500 as the loan proceeds on a $5,000, 10% note due one year from today. What is the effective interest rate?
A) 10.00%
B) 11.50%
C) 11.00%
D) 11.11%

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Oak, Inc. received $9,000 as the loan proceeds on a $10,000, 10% note due one year from today. What ...

Oak, Inc. received $9,000 as the loan proceeds on a $10,000, 10% note due one year from today. What ...

Oak, Inc. received $9,000 as the loan proceeds on a $10,000, 10% note due one year from today. What type of note did Oak, Inc. sign?
A) Equity note.
B) Discounted note.
C) Long-term note.
D) Effective note.

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CBD, Inc. borrowed $15,000 by signing a 7%, 3-month note, principal and interest due at maturity. ...

CBD, Inc. borrowed $15,000 by signing a 7%, 3-month note, principal and interest due at maturity. ...

CBD, Inc. borrowed $15,000 by signing a 7%, 3-month note, principal and interest due at maturity. How much interest is owed at maturity?
A) $1,200.00
B) $   258.90
C) $     87.50
D) $   262.50

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What happens to the accounting equation when a person borrows cash by signing a note payable?

What happens to the accounting equation when a person borrows cash by signing a note payable?

What happens to the accounting equation when a person borrows cash by signing a note payable?
A) Assets and equity decrease.
B) Assets and liabilities increase.
C) Liabilities and equity increase.
D) Assets and liabilities decreas

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A written agreement or debt instrument between a lender and a borrower that creates a liability for ...

A written agreement or debt instrument between a lender and a borrower that creates a liability for ...

A written agreement or debt instrument between a lender and a borrower that creates a liability for the borrower to repay both principal and interest is known as
A) an interest payable.
B) interest financing.
C) equity financing.

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What is the cost of borrowing another's money?

What is the cost of borrowing another's money?

What is the cost of borrowing another's money?
A) Amortization.
B) Liabilities.
C) Interest.
D) Net income.

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What is the formula for computing the total cost of borrowing $500 for three months, with principal ...

What is the formula for computing the total cost of borrowing $500 for three months, with principal ...

What is the formula for computing the total cost of borrowing $500 for three months, with principal and interest due at the end of the three months?
A) Payment × Annual Rate × Time = Annual Interest
B) Principal × Annual Rate × Time = Annua

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What type of financing is being used if a company acquires funds for business operations by selling ...

What type of financing is being used if a company acquires funds for business operations by selling ...

What type of financing is being used if a company acquires funds for business operations by selling ownership interests in the company?
A) Unsecured financing.
B) Debt financing.
C) Equity financing.
D) Secured financing.

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Protecting proprietary information should be part of a good

Protecting proprietary information should be part of a good

Protecting proprietary information should be part of a good
A) insurance program.
B) government regulation.
C) external control system.
D) internal control system.

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Good internal control requires segregation of duties so that each employee has

Good internal control requires segregation of duties so that each employee has

Good internal control requires segregation of duties so that each employee has
A) access to assets and the records.
B) controlled access to the financial statements.
C) controlled access to assets.
D) access to the computers and t

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Locks, alarms, guards and other barriers help companies to secure

Locks, alarms, guards and other barriers help companies to secure

Locks, alarms, guards and other barriers help companies to secure
A) the environment.
B) financing.
C) physical assets.
D) clients.

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Which one of the following helps a business prevent losses and promote efficient operations by ...

Which one of the following helps a business prevent losses and promote efficient operations by ...

Which one of the following helps a business prevent losses and promote efficient operations by creating checks and balances within the accounting and operating processes?
A) Government controls.
B) External controls.
C) Internal contro

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A core competency is an

A core competency is an

A core competency is an
A) activity at the center of the organization's purpose, which it does not perform very well.
B) internal weakness of the organization's structure.
C) activity at the center of the organization's

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In the strategic planning process, goals describe

In the strategic planning process, goals describe

In the strategic planning process, goals describe
A) what the organization wishes to achieve.
B) how the organization plans to achieve its objectives.
C) what the organization wishes to buy.
D) what the organization plans to finan

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