Three terms used in the chapter to refer to when a control plan is exercised are _____________________________
_, _____________________________
_, and corrective control plans.
Fill in the blank(s) with correct word
(
Q. 2) Definitely determinable liabilities are ________.
A) obligations of an exact amount
B) obligations of an uncertain amount
C) always current liabilities
D) always long-term liabilities
(
Q. 3) The account that is credited with amounts withheld from an employee's earnings for any pension plan contribution is
a. Pension Plan Expense.
b. Pension Plan Taxes Payable.
c. Miscellaneous Expense.
d. Pension Plan Deductions Payable.
(
Q. 4) KayCo began business January 1, 2012. During 2012, sales were 650,000. The year-end accounts receivable balance was 104,000. The company estimates that 1.5 of sales will become bad debts.
The financial statements for the year ended December 31, 2012 will show ________.
A) bad debts expense of 1,560 on the income statement
B) bad debts expense of 9,750 on the income statement
C) net accounts receivable of 94,250 on the income statement
D) bad debts expense of 1,560 on the balance sheet
(
Q. 5) The inventory costing method that reports the most current prices in ending inventory is
a. FIFO
b. specific identification
c. LIFO
d. average cost
(
Q. 6) On April 1, Spring Floral, Inc has a balance of 300 in Supplies. During April, the company buys 900 more of the supplies. On April 30, the company counts the supplies and finds 200 of supplies remaining.
What will the company report on its month ended April 30 income statement?
A) Supplies expense of 1,000
B) Supplies of 1,000
C) Supplies of 200
D) Supplies expense of 200
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