Accounting

Accounting

Question: At December 31, Hanes Company prepares an adjusting entry for a product warranty contract. Which of the following accounts is/are included in the entry?
A
Miscellaneous Expense.

B
Estimated warranty Liability.

C
Repair Parts/Wages Payable.

D
Both (a) and (b)

Note: Not available
1. Report
Question: The department that should pay the payroll is the:
A
timekeeping department.

B
human resources department.

C
payroll department.

D
treasurer's department.

Note: Not available
1. Report
Question: J. Bar earns $14 per hour for a 40-hour week and $21 per hour for any overtime work. If Barr works 45 hours in a week, gross earning are:
A
$560

B
$630

C
$650

D
$665

Note: Not available
1. Report
Question: Employer payroll taxes do not include:
A
federal unemployment taxes.

B
state unemployment taxes.

C
federal income taxes.

D
FICA taxes.

Note: Not available
1. Report
Question: Which of the following is not an additional fringe benefit?
A
Postretirements pensions.

B
Paid absence.

C
Paid vacations.

D
Salaries.

Note: Not available
1. Report
Question: Generally accepted accounting principles are:
A
a set of standards and rules that are recognized as a general guide for financial reporting.

B
usually established by the Internal Revenue Service.

C
the guidelines used to resolves ethical dilemmas.

D
fundamental truths that can be derived from the laws of natural.

Note: Not available
1. Report
Question: Which of the following is not an objective of financial reporting?
A
Provide information that is useful in investment and credit decisions.

B
Provide information about economic resources, claims to those resources and changes in them.

C
Provide information that is useful in assessing future cash flows.

D
Provide information on the liquidation value of a business.

Note: Not available
1. Report
Question: The primary criterion by which accounting information can be judged is:
A
consistency.

B
predictive value.

C
decision-usefulness.

D
comparability.

Note: Not available
1. Report
Question: Verifiability is an ingredient of: Reliability Relevance
A
Yes No

B
No Yes

C
Yes No

D
No Yes

Note: Not available
1. Report
Question: Valuing assets at their liquidation value rather than their cost is inconsistent with the:
A
time period assumption.

B
matching concern assumption.

C
going concern assumption.

D
materiality constraint.

Note: Not available
1. Report

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Question: At December 31, Hanes Company prepares an adjusting entry for a product warranty contract. Which of the following accounts is/are included in the entry?

Question: The department that should pay the payroll is the:

Question: J. Bar earns $14 per hour for a 40-hour week and $21 per hour for any overtime work. If Barr works 45 hours in a week, gross earning are:

Question: Employer payroll taxes do not include:

Question: Which of the following is not an additional fringe benefit?

Question: Generally accepted accounting principles are:

Question: Which of the following is not an objective of financial reporting?

Question: The primary criterion by which accounting information can be judged is:

Question: Verifiability is an ingredient of: Reliability Relevance

Question: Valuing assets at their liquidation value rather than their cost is inconsistent with the: