🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Accounting
1
answer
0
watching
137
views

1. The budget informationprepared by a company must be a part of financial statementsincluded in form 10-k.

A. True B. False

2. MD&A ( included in form 10-k) stands for:

A. Minor disclosure and Analysis

B. Management's disclosure and Analysis

C. Management's discussion and Analysis

3. The statement of cash flows can provide statement users withinformation about which of the following:

A. how a company is generating its cash

B. whether the income reported on the income statement isrealized as cash

C. how the company used its cash resources.

D. All of the above

4. A process cost accounting system is best suited to accumlatethe manfacturing costs for which of the following products?

A. Construction of an electric power generation facility

B. a house

C. Paper clips

D. an automobile

5. The statement of cash flows focuses only on what happenedto:

A. revenues and expenses

B. fixed asset purchases

C. the issuance of stock and bonds

D. cash

6. The balance sheet equation ( the accounting equation) can bedefined as which of the following:

A. Assets - liabilities = stock holder equity

B. Assets + liabilities = stockholders equity

C. Assets= liabilities - stockholders equity

D. Assets + stockholders equity= Liabilities

7. One of the major criticisms aimed at financial accountants isthat their information is not

A. accurate

B. timely

C.proper

D. Added correctly

8. Which of the following provides the greatest level ofdetail?

A. general ledger system

B. balance sheet

C. income statement

D. cost accounting system

9. Which audit opinion states " The financial statements followGAAP except in the following sentences..."?

A. Unqualifed

B. Qualified

C. Adverse

D. Disclaimer of Opinion

10. Which of the following management functions orcharacteristics are most enhanced by the budget process?

A. timeliness and responsiveness

B. planning and accuracy

C. control and accountability

D. focus and accountability

Watch
1
answer
0
watching
137
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Jean Keeling
Jean KeelingLv2
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

1. In addition to the financial statements andthe accompanying notes, corporate annual reports normally includewhich of the following?

a. Management Discussion and Analysis

b. Report on Internal Control

c. Report on Fairness of the Financial Statements

d. All of these choices are correct.

2. Typical items included in the MD&A wouldinclude all the following except

a. management's analysis and explanations of any significantchanges between the current and prior years' financialstatements.

b. important accounting principles or policies that could affectinterpretation of the financial statements, including the effect ofchanges in accounting principles or the adoption of new accountingprinciples.

c. management's assessment of the company's liquidity and theavailability of capital to the company.

d. a worksheet.

3. An extraordinary item is defined as an eventor transaction that is

a. unusual in nature.

b. infrequent in occurrence.

c. both unusual in nature and infrequent in occurrence.

d. None of these choices are correct.

4. Generally accepted accounting principlesrequire that unusual items

a. be reported within operating income on the incomestatement.

b. be reported separately on the income statement.

c. not be reported on the income statement.

d. None of these choices are correct.

1.Accounting standards in the United States have been developedby all except: Select one: a. American Institute of CPAs b.Financial Accounting Standards board c. Independent AccountingCorporation d. Securities and Exchange Commission (SEC) e. InternalRevenue Service (IRs)

2.accounting Standards and concepts used in preparation offinancial statements include all except: Select one: a. usage andcontribution b. historical costs c. conservatism d. consistency e.comparability

3.

Financial statements include the following concepts except:

Select one:

a. assets

b. liabilities

c. own

e. pro bono activity

d. financial position

4.

The income statement shows all except:

Select one:

a. revenue

b. expenses

c. net income

d. cash flows

e. net loss

5.

Assets on the balance sheet include all except:

Select one:

a. cash

b. accounts receivable

c. specialized personnel

d. office supplies

e. office equipment

6.

Statement of cash flows and cash flows analysis answers allexcept:

Select one:

a. is the company growing

b. will the company be able to meet its financialobligations

c. where did the company obtain its funds

d. what use was made of net income

e. who benefited from excess profits

8.

The statement of cash flows classifies all except:

Select one:

a. cash receipts

b. cash payments into illegal activities

c. cash payments into operating activities

d. cash payments into investing activities

e. cash payments into financing activitie

e. pro bono activity

1.A company had net cash flows fromoperations of $140,000, total cash flows of $600,000, and averagetotal assets of $2,400,000. The cash flow on total assets ratioequals(rounded): <?xml:namespace prefix = o ns ="urn:schemas-microsoft-com:office:office" />

A. 9.3%.

B. 17.1%.

C. 25.0%.

D. 4.3%.

E. 5.8%.

2. Use the following information and theindirect method to calculate the net cash provided or used byoperating activities:

Net income $12,800

Depreciation expense 11,600

Payment on mortgage payable 14,400

Gain on sale of land 7,900

Increase in merchandise inventory 2,100

Increase in accounts payable 6,500

Proceeds from sale of land 8,500

A. $35,300.

B. $12,400.

C. $20,900.

D. $7,900.

E. $40,900.

3. The statement of cash flows reports:

A. Assets,liabilities and equity

B. Revenues,gains, expenses and losses

C. Cashinflows and outflows for an accounting period

D. Equity,net income and dividends

E. Changes inequity

4. The statement of cash flows is:

A. Anothername for the statement of financial position

B. Afinancial statement that presents information about changes inequity during a period

C. Afinancial statement that reports the cash inflows and outflows foran accounting period and that classifies those cash flows asoperating activities, investing activities or financingactivities

D. Afinancial statement that lists the types and amounts of assets,liabilities and equity of a business on a specific date

E. A financialstatement that lists the types and amounts of the revenues andexpenses of a business for an accounting period

5.

A company had a profit margin of 15%. Ifnet income equaled $44,000 and average total assets equaled$335,000, how much were net sales? (Rounded to the nearest wholedollar.)

A. $293,333

B. $6,600

C. $223

D. $50,250

E. $291,000

6. A company has sales of $2,418,422, agross profit ratio of 25%, a days' sales in inventory ratio of13.8, and total current assets of $535,600. What is the endinginventory for the year?

A. $69,006

B. $328,640

C. $68,577

D. $133,900

E. $38,812

7. Net income divided by average totalassets is equal to the:

A. Profitmargin

B. Totalasset turnover

C. Return ontotal assets

D. Days'income in assets

E. Currentratio

8. The three most common tools of financialanalysis are:

A. Financialreporting, ratio analysis, vertical analysis

B. Ratioanalysis, horizontal analysis, financial reporting

C. Horizontal analysis, vertical analysis, ratio analysis

D. Trendanalysis, financial reporting, ratio analysis

E. Verticalanalysis, political analysis, horizontal analysis

9. Financial statements with data for twoor more successive accounting periods placed in columns side byside, sometimes with changes shown in dollar amounts and percents,are referred to as:

A. Period-to-period statements

B. Controlling statements

C. Successive statements

D. Comparative statements

E. Serialstatements

10. A company produces work boots. Thecompany received and produced an order for 4,600 pairs of boots.The following information is available regarding this order.

Process time 5.6 days

Inspection time. 6.5 days

Move time 6.3 days

Wait time 9.6 days

What is this company's manufacturing cycleefficiency?

A. 28days

B. 7.0days

C. 23.21%

D. 20%

E. 22.5%

11. The following information is availablefor Talking Toys, Inc., for the current year:

Direct materials used $7,500

Goods in process, January 1 48,000

Goods in process, December 31 44,000

Total Factory overhead 6,200

Direct labor used 28,500

The total manufacturing costs incurredduring the year were:

A. $46,200.

B. $44,200.

C. $7,500.

D. $42,200.

E. $89,000.

12. Compute cost of goods manufactured forthis period given the following amounts.

Ending finished goods inventory $66,000

Cost of Goods Sold 54,000

Beginning finished goods inventory60,000

A. $72,000

B. $48,000

C. $60,000

D. $66,000

E. $180,000.

13. Which of the following is neverincluded in direct materials costs?

A. Invoicecosts of direct materials.

B. Outgoingdelivery charges.

C. Materialsstorage costs.

D. Materialshandling costs.

E. Insuranceon stored material.

14. Which of the following costs would notbe classified as factory overhead?

A. Propertytaxes on maintenance machinery.

B. Expiredinsurance on factory equipment.

C. Wages ofthe factory janitor.

D. Metaldoorknobs used on wood cabinets produced.

E. Small toolsused in production.

15.

The S&S Company's manufacturing costsfor August are: direct labor, $13,000; indirect labor, $8,100;direct materials, $14,400; taxes on raw materials and work inprocess, $800; heat, lights and power, $900; and insurance on plantand equipment, $400. S&S Company's factory overhead incurredfor August is:

A. $2,100.

B. $24,600.

C. $21,100.

D. $10,200.

E. $13,000

16. A company has an overhead applicationrate of 115% of direct labor costs. How much overhead would beallocated to a job if it required total labor costing $15,000?

A. $115,000

B. $2,250

C. $17,250

D. $230,000

E. $13,250

17. When factory payroll costs are recordedin a job cost accounting system:

A. FactoryPayroll is debited and Goods in Process is credited.

B. Goods inProcess Inventory and Factory Overhead are debited and FactoryPayroll is credited.

C. Cost ofGoods Manufactured is debited and Direct Labor is credited.

D. DirectLabor and Indirect Labor are debited and Factory Payroll iscredited.

E. Goods inProcess is debited and factory payroll is credited.

18. Job order costing systems normallyuse:

A. Periodicinventory systems.

B. Perpetualinventory systems.

C. Realinventory systems.

D. Generalinventory systems.

E. All of theabove.

19. A job order cost accounting systemwould best fit the needs of a company that makes:

A. Shoes andapparel.

B. Paint.

C. Cement.

D. Custommachinery.

E. Pencils anderasers.

20.

At the beginning of the recent period,there were 2,100 units of product in a department, 1/3 completed.These units were finished and an additional 9,000 units werestarted and completed during the period. 1,200 units were still inprocess at the end of the period, 1/4 completed. Using the FIFOvaluation method, the equivalent units produced by the departmentwere:

A. 16,500units.

B. 12,300units.

C. 11,100units.

D. 10,700units.

E. 10,900units.

21.

A department had 2,300 units which were 30%complete in beginning Goods in Process Inventory. During thecurrent period, 24,000 units were transferred out. Ending Goods inProcess Inventory was 2,500 units which were 30% complete. Usingthe FIFO method, what are the equivalent units produced if alldirect material and direct labor are added uniformly throughout theprocess?

A. 24,060

B. 23,970

C. 24,750

D. 26,360

E. 26,500

22. To compute an equivalent unit ofproduction, one must be able to reasonably estimate:

A. Thepercentage of completion.

B. Unitscompleted.

C. Unitsstarted and completed.

D. Directlabor cost.

E. Materialscost.

23. Which of the following five types ofproducts is least likely to be produced in a process manufacturingsystem?

A. Compactdisks.

B. Slacksfor casual wear.

C. Baseballhats.

D. Calculators.

E. Oilpaintings.

26. Ridley Company estimates that overheadcosts for the next year will be $6,870,000 for indirect labor and$450,000 for factory utilities. The company uses machine hours asits overhead allocation base. If 160,000 machine hours are plannedfor this next year, what is the company's plantwide overheadrate?

A. $.02186per machine hour.

B. $42.9375per machine hour.

C. $45.75per machine hour.

D. $2.8125per machine hour.

E. $.3555 permachine hour.

Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in