Accounting

The quality of information that allows users to substantiate or amend prior expectations is known ...

The quality of information that allows users to substantiate or amend prior expectations is known ...

The quality of information that allows users to substantiate or amend prior expectations is known as
A) timeliness.
B) feedback value.
C) predictive value.
D) representational faithfulness.

LiChan   69   2 Replies

LiChan

When the accounting policies and procedures are in conformity from period to period this is known ...

When the accounting policies and procedures are in conformity from period to period this is known ...

When the accounting policies and procedures are in conformity from period to period this is known as
A) consistency.
B) verifiability.
C) predictability.
D) comparability.

LiChan   101   2 Replies

LiChan

According to the FASB, the two secondary qualitative characteristics that make accounting ...

According to the FASB, the two secondary qualitative characteristics that make accounting ...

According to the FASB, the two secondary qualitative characteristics that make accounting information useful are
A) verifiability and neutrality.
B) comparability and consistency.
C) predictive value and feedback value.
D) relevan

LiChan   80   2 Replies

LiChan

The conceptual framework of accounting was developed by the

The conceptual framework of accounting was developed by the

The conceptual framework of accounting was developed by the
A) American Institute of Certified Public Accountants.
B) Financial Accounting Standards Board.
C) Securities and Exchange Commission.
D) Governmental Accounting Standard

LiChan   101   2 Replies

LiChan

The raw results of economic transactions and events are

The raw results of economic transactions and events are

The raw results of economic transactions and events are
A) financial information.
B) accounting information.
C) financial statements.
D) accounting data.

LiChan   225   2 Replies

LiChan

Industry practices sometimes warrant the treatment of financial information different from GAAP.

Industry practices sometimes warrant the treatment of financial information different from GAAP.

Industry practices sometimes warrant the treatment of financial information different from GAAP.
A) True
B) False

LiChan   86   2 Replies

LiChan

The periodicity assumption measures economic activity over the life of the business entity.

The periodicity assumption measures economic activity over the life of the business entity.

The periodicity assumption measures economic activity over the life of the business entity.
A) True
B) False

LiChan   148   2 Replies

LiChan

A stakeholder is any person or entity that is affected by the way a company conducts its business.

A stakeholder is any person or entity that is affected by the way a company conducts its business.

A stakeholder is any person or entity that is affected by the way a company conducts its business.
A) True
B) False

LiChan   77   2 Replies

LiChan

The Unearned Revenue is the amount of cash received for services to be rendered in​ January, 2017. ...

The Unearned Revenue is the amount of cash received for services to be rendered in​ January, 2017. ...

The Unearned Revenue is the amount of cash received for services to be rendered in​ January, 2017. The Interest Payable is due on February​ 15, 2017. What are the total current liabilities shown on the balance​ sheet?

skimber;y04   106   1 Reply

bio_man

Eric K. Construction is considering the purchase of a new tunnel boring machine. He has two ...

Eric K. Construction is considering the purchase of a new tunnel boring machine. He has two ...

Eric K. Construction is considering the purchase of a new tunnel boring machine. He has two options:
   Option A:   The cost is $1,450,000, with a useful life of 4 years and an estimated residual value of $350,000.
   Option B:   The cost is $2,000

KarenSmith   95   2 Replies

KarenSmith

Present Value of an Annuity of ...

Present Value of an Annuity of ...

Present Value of an Annuity of 1
Periods   8%   9%   10%
6   4.6229   4.4860   4.3553
7   5.2064   5.0330   4.8685
8   5.7467   5.5349   5.3350
9   6.2469   5.9953   5.7591
10   6.7101   6.4177   6.1446

Present Value of 1
Periods   8%   9%   10%

KarenSmith   69   2 Replies

KarenSmith

Future Value of ...

Future Value of ...

Future Value of 1
Periods   2%   4%   8%   12%
1   1.0200   1.0400   1.0800   1.1200
2   1.0404   1.0816   1.1664   1.2544
3   1.0612   1.1249   1.2597   1.4049
4   1.0824   1.1699   1.3605   1.5735
5   1.1041   1.2167   1.4693   1.7623
6   1.1262   1.2653   1.5869   1.9

KarenSmith   77   2 Replies

KarenSmith

What amount of interest is earned on $1,000 at 4% interest compounded semi-annually for three ...

What amount of interest is earned on $1,000 at 4% interest compounded semi-annually for three ...

What amount of interest is earned on $1,000 at 4% interest compounded semi-annually for three years?
A) $124.86
B) $126.16
C) $265.32
D) $120.00

KarenSmith   108   2 Replies

KarenSmith

Present value of 1Periods4%5%6%1.9615.9524.94342.9246.9070.89003.8890.8638.8396A company has a 4% ...

Present value of 1Periods4%5%6%1.9615.9524.94342.9246.9070.89003.8890.8638.8396A company has a 4% ...

Present value of 1
   Periods   4%   5%   6%
   1   .9615   .9524   .9434
   2   .9246   .9070   .8900
   3   .8890   .8638   .8396
A company has a 4% blended cost of capital and is considering investing in a project that requires an initial cash outlay of

KarenSmith   80   2 Replies

KarenSmith

Present value of an Annuity of ...

Present value of an Annuity of ...

Present value of an Annuity of 1
   Periods   8%   9%   10%
   1   .9259   .9174   .9091
   2   1.7833   1.7591   1.7355
   3   2.5771   2.5313   2.4869
A company has a 10% blended cost of capital and is considering investing in a project that requires an i

KarenSmith   104   2 Replies

KarenSmith

Assume that a project's initial outlay is $25,000 and the project is expected to generate a net ...

Assume that a project's initial outlay is $25,000 and the project is expected to generate a net ...

Assume that a project's initial outlay is $25,000 and the project is expected to generate a net cash inflow of $3,000 the first year, $5,000 the second year, $8,000 the third year and all subsequent years. What is the company's payback peri

KarenSmith   111   2 Replies

KarenSmith

Capitalizing an asset means to

Capitalizing an asset means to

Capitalizing an asset means to
A) depreciate it over its estimated useful life.
B) record it as a liability.
C) expense it when purchased.
D) record it as capital equity.

KarenSmith   67   2 Replies

KarenSmith

The compounding period is the frequency that interest is calculated.

The compounding period is the frequency that interest is calculated.

The compounding period is the frequency that interest is calculated.
A) True
B) False

KarenSmith   74   2 Replies

KarenSmith

The net present value method and the internal rate of return method are based on accounting ...

The net present value method and the internal rate of return method are based on accounting ...

The net present value method and the internal rate of return method are based on accounting income.
A) True
B) False

KarenSmith   148   2 Replies

KarenSmith

The funding of a company's capital projects usually comes from a combination of debt and asset ...

The funding of a company's capital projects usually comes from a combination of debt and asset ...

The funding of a company's capital projects usually comes from a combination of debt and asset financing.
A) True
B) False

KarenSmith   94   2 Replies

KarenSmith

Steel Manufacturing applies variable manufacturing overhead to production on the basis of $18 per ...

Steel Manufacturing applies variable manufacturing overhead to production on the basis of $18 per ...

Steel Manufacturing applies variable manufacturing overhead to production on the basis of $18 per direct labor hour. The labor efficiency standard is 2 hours per finished unit. Last month the company produced 12,000 units and used 23,400 direct labor

KarenSmith   218   2 Replies

KarenSmith

The Ceramic Place purchased 12,000 pounds of direct material at $4.25 per pound. It used 11,800 ...

The Ceramic Place purchased 12,000 pounds of direct material at $4.25 per pound. It used 11,800 ...

The Ceramic Place purchased 12,000 pounds of direct material at $4.25 per pound. It used 11,800 pounds to make 5,000 finished units. The standard cost for direct material is $4.00 per pound and the quantity standard is 2.5 pounds per finished unit. T

KarenSmith   163   2 Replies

KarenSmith

Alarms, Inc. has prepared the following budgets for the second quarter of 2007.Alarms, Inc.Selling ...

Alarms, Inc. has prepared the following budgets for the second quarter of 2007.Alarms, Inc.Selling ...

Alarms, Inc. has prepared the following budgets for the second quarter of 2007.
   Alarms, Inc.
   Selling and Administrative Expense Budget
   For the Quarter Ended June 30, 2007
   April   May   June   Total
Salaries and wages   $   4

KarenSmith   111   2 Replies

KarenSmith

The Heating Company is preparing a budgeted cash receipts schedule for the first quarter of 2006. ...

The Heating Company is preparing a budgeted cash receipts schedule for the first quarter of 2006. ...

The Heating Company is preparing a budgeted cash receipts schedule for the first quarter of 2006. Sales for November and December of 2005 are expected to be $245,000 and $300,000 respectively. Budgeted sales for the first quarter of 2006 are presente

KarenSmith   106   2 Replies

KarenSmith

Hydraulic Manufacturing has prepared the following budgeted information for September, ...

Hydraulic Manufacturing has prepared the following budgeted information for September, ...

Hydraulic Manufacturing has prepared the following budgeted information for September, 2006.
   Hydraulic Manufacturing
   Sales Budget
   For September 30, 2006

   Budgeted Sales in Units   450
   Budgeted Sales Price   $  &nbs

KarenSmith   99   2 Replies

KarenSmith

For the first quarter of 2006, Jackie O'Shea's Beauty Supply Store expects to sell the following ...

For the first quarter of 2006, Jackie O'Shea's Beauty Supply Store expects to sell the following ...

For the first quarter of 2006, Jackie O'Shea's Beauty Supply Store expects to sell the following number of curling irons:
   January   February   March   Total
   1,000   1,300   1,245   3,545
The curling irons sell for $50 each with a 20% p

KarenSmith   89   2 Replies

KarenSmith

The variance that measures whether production consumed more or less than the standard direct labor ...

The variance that measures whether production consumed more or less than the standard direct labor ...

The variance that measures whether production consumed more or less than the standard direct labor hours to manufacture the actual quantity produced during the month is the direct labor
A) spending variance.
B) efficiency variance.
C)

KarenSmith   74   2 Replies

KarenSmith

The difference between the amount the company expected to pay for direct material and the amount it ...

The difference between the amount the company expected to pay for direct material and the amount it ...

The difference between the amount the company expected to pay for direct material and the amount it actually paid is the direct material
A) price variance.
B) efficiency variance.
C) spending variance.
D) quantity variance.

KarenSmith   90   2 Replies

KarenSmith

The following standard cost information was provided for Tables, Inc.:QuantityPriceDirect ...

The following standard cost information was provided for Tables, Inc.:QuantityPriceDirect ...

The following standard cost information was provided for Tables, Inc.:

   Quantity   Price
Direct materials:
   Wood   15 sq. ft.   $7 per sq. ft.
   Hardware   15 pieces   $1 per piece
Direct labor   10 hours   $15 per hour
Budgeted

KarenSmith   67   2 Replies

KarenSmith

The following sales forecast in dollars was provided for Lotions, Inc. a seller of various bath ...

The following sales forecast in dollars was provided for Lotions, Inc. a seller of various bath ...

The following sales forecast in dollars was provided for Lotions, Inc. a seller of various bath products:
   First   Second   Third   Fourth
Forecasted   Quarter   Quarter   Quarter   Quarter   Total
Sales   $34,450   $28,400   $30,000   $45,750   $138,600
I

KarenSmith   68   2 Replies

KarenSmith

The following sales forecast in dollars was provided for Lotions, Inc. a seller of various bath ...

The following sales forecast in dollars was provided for Lotions, Inc. a seller of various bath ...

The following sales forecast in dollars was provided for Lotions, Inc. a seller of various bath products:
   First   Second   Third   Fourth
Forecasted   Quarter   Quarter   Quarter   Quarter   Total
Sales   $34,450   $28,400   $30,000   $45,750   $138,600
I

KarenSmith   63   2 Replies

KarenSmith

In which budget do you calculate the total cost of the product, a company estimates it will sell ...

In which budget do you calculate the total cost of the product, a company estimates it will sell ...

In which budget do you calculate the total cost of the product, a company estimates it will sell during the budget period?
A) Cash budget.
B) Production budget.
C) Purchases budget.
D) Cost of goods sold budget.

KarenSmith   71   2 Replies

KarenSmith

The details of a company's expected sales revenue from its primary operating activities during the ...

The details of a company's expected sales revenue from its primary operating activities during the ...

The details of a company's expected sales revenue from its primary operating activities during the budget period is shown in the
A) budgeted income statement.
B) cash budget.
C) sales forecast.
D) sales budget.

KarenSmith   42   2 Replies

KarenSmith

The cash budget may reveal whether a company should expect to need short-term external financing ...

The cash budget may reveal whether a company should expect to need short-term external financing ...

The cash budget may reveal whether a company should expect to need short-term external financing during a budget period.
A) True
B) False

KarenSmith   50   2 Replies

KarenSmith

To empower employees means to take authority away from them when it comes to making decisions ...

To empower employees means to take authority away from them when it comes to making decisions ...

To empower employees means to take authority away from them when it comes to making decisions concerning their job responsibilities.
A) True
B) False

KarenSmith   81   2 Replies

KarenSmith

When deciding whether to replace an old piece of equipment with a new piece of equipment, the cost ...

When deciding whether to replace an old piece of equipment with a new piece of equipment, the cost ...

When deciding whether to replace an old piece of equipment with a new piece of equipment, the cost of the old equipment would be considered a(an)
A) variable cost.
B) fixed cost.
C) opportunity cost.
D) sunk cost.

KarenSmith   164   2 Replies

KarenSmith

A future revenue that differs between two decision alternatives is known as a(an)

A future revenue that differs between two decision alternatives is known as a(an)

A future revenue that differs between two decision alternatives is known as a(an)
A) sunk revenue.
B) opportunity revenue.
C) relevant revenue.
D) sales revenue.

KarenSmith   87   2 Replies

KarenSmith

The process of determining which dollar inflows and outflows pertain to a particular management ...

The process of determining which dollar inflows and outflows pertain to a particular management ...

The process of determining which dollar inflows and outflows pertain to a particular management decision is known as
A) relevant revenue.
B) relevant costing.
C) relevant cost.
D) sunk cost.

KarenSmith   61   2 Replies

KarenSmith

When performing regression analysis utilizing a computer program - the intercept output is the

When performing regression analysis utilizing a computer program - the intercept output is the

When performing regression analysis utilizing a computer program - the intercept output is the
A) total cost.
B) fixed cost.
C) unit variable cost.
D) summary output

KarenSmith   96   2 Replies

KarenSmith

The following data is provided for Oak, Inc.:UnitsCost ofStoreYearSoldRentGoods ...

The following data is provided for Oak, Inc.:UnitsCost ofStoreYearSoldRentGoods ...

The following data is provided for Oak, Inc.:
   Units   Cost of   Store
   Year   Sold   Rent   Goods Sold   Supplies
   2000   740   $7,000   $148,000   $23,000
   2001   720   7,000   144,000   25,000
   2002   700   7,000   140,000   24,000
   2003   800   7,000   160,0

KarenSmith   75   2 Replies

KarenSmith