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Homework Help for Accounting (page 5)

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Accounting

An owner who wants to have limited liability should form which type of business enterprise?

 

  1. Partnership

  2. Corporation

  3. Proprietorship

  4. sole proprietorship

Answered
21 Feb 2020
Accounting

A common-size balance sheet helps financial managers determine which customers are paying on a timely basis. True or False?

Answered
21 Feb 2020
Accounting

On a CVP​ graph, the total cost line intersects the vertical​ (dollars) axis at the break-even point. True or False?

Answered
21 Feb 2020
Accounting

The specific identification method of costing inventories is used when the company sells large quantities of relatively low-cost heterogeneous items. True or False?

Answered
21 Feb 2020
Accounting

The preparation of adjusting entries is:

 

 

  1. straightforward because the accounts that need adjustment will be out of balance.

  2. optional when financial statements are prepared.

  3. needed to ensure that the expense recognition principle is followed.

  4. only required for accounts that do not have a normal balance.

Answered
21 Feb 2020
Accounting

Closing entries and a post-closing trial balance are steps in the accounting cycle that occur after preparing financial statements. True or False?

Answered
21 Feb 2020
Accounting

Which of the following is not an external user of a business's financial information ?

 

  1. Employees

  2. Investors

  3. Taxing Authorities

  4. Customers

Answered
21 Feb 2020
Accounting

Which of the following statements is true regarding product and period costs?

 

  1. Office salaries expense is product cost and factory maintenance is a period cost

  2. Office rent is product cost and supervisors’ salaries expense is a period cost

  3. Factory Rent is a product cost and advertising expense is a period cost

  4. Delivery Expense is a product cost and indirect material is a period cost

Answered
21 Feb 2020
Accounting

The normal balance of any account is the side of the account that is decreased. True or False?

Answered
21 Feb 2020
Accounting

If a plant asset is retired before it is fully depreciated and no salvage value is received, a gain on disposal occurs. True or False?

Answered
21 Feb 2020
Accounting

The operating cycle of a business is comprised of

 

  1. Purchase activity.

  2. Sales activity.

  3. Collection activity.

  4. All of the above.

Answered
21 Feb 2020
Accounting

The two main sources of stockholders' equity are

 

 

  1. Common stock and bonds

  2. Common stock and preferred stock

  3. Pain-in Capital and Retained Earnings

  4. No-par and stated value stock

Answered
21 Feb 2020
Accounting

The discount on a bond payable becomes a reduction in interest expense over the life of the bonds. True or False?

Answered
21 Feb 2020
Accounting

Managers may intentionally build slack into the budget 

 

  1. to acquire the resources they need in the event the organization implements a budget cut.

  2. to make their performance appear better.

  3. because they are uncertain about the future.

  4. all of the above

Answered
21 Feb 2020
Accounting

Non-financial information that management might evaluate in making a decision would not include contribution margin. True or False?

Answered
21 Feb 2020
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