Accounting

Accounting

Question: Gonzalez's Construction Company began a long-term construction contract on January 1,2002. The contract is expected to be completed in 2003 at a total cost of $20,000,000. Gonzalez's revenue for the project is $24,000,000. Gonzalez incurred contract costs of $4,000,000 in 2002. What gross profit should be recognized in 2002?
A
$800,000

B
$1,000,000

C
$2,000,000

D
$4,000,000

Note: Not available
1. Report
Question: Dunlop Company had installment sales of $1,000,000 in its first year of operations. The cost of goods sold on installment was $650,000. Dunlop collected a total of $500,000 on the installment sales. Using the installment method, how much gross profit should be recognized in the first year?
A
$140,000.

B
$175,000.

C
$350,000.

D
$500,000.

Note: Not available
1. Report
Question: The full disclosure principle dictates that:
A
financial statements should disclose all assets at their cost.

B
financial statements should disclose only those events that can be measured in dollars.

C
financial statements should disclose all events and circumstances that would matter to users of financial statements.

D
financial statements should not be relied on unless an auditor has expressed an unqualified opinion on them.

Note: Not available
1. Report
Question: The accounting constraint that means that when in doubt that accountant should choose the method that will be least likely to overstate assets and income is called:
A
the matching principle.

B
materiality

C
conservatism

D
the monetary unit assumption.

Note: Not available
1. Report
Question: The organization that issues international accounting standards is the:
A
Financial Accounting Standard Board.

B
International Accounting Standards Committee.

C
International Auditing Standards.

D
None of the above

Note: Not available
1. Report
Question: Which of the following is not a characteristic of a partnership?
A
Taxable entry

B
Co-ownership of property.

C
Mutual agency.

D
Limited life.

Note: Not available
1. Report
Question: The advantages of a partnership do not include:
A
ease of formation.

B
unlimited liability.

C
freedom from government regulation.

D
ease of decision making.

Note: Not available
1. Report
Question: Upon formation of a partnership, each partner's initial investment of assets should be recorded at their:
A
book values.

B
cost.

C
market values.

D
appraised values.

Note: Not available
1. Report
Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively, C's share of the net income is:
A
$30,000

B
$12,000

C
$18,000

D
$15,000

Note: Not available
1. Report
Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively. What is B's share of net income if the percentages are applicable after each partner receives a $10000 salary allowance?
A
$12000

B
$20000

C
$19000

D
$21000

Note: Not available
1. Report

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Question: Dunlop Company had installment sales of $1,000,000 in its first year of operations. The cost of goods sold on installment was $650,000. Dunlop collected a total of $500,000 on the installment sales. Using the installment method, how much gross profit should be recognized in the first year?

Question: The full disclosure principle dictates that:

Question: The accounting constraint that means that when in doubt that accountant should choose the method that will be least likely to overstate assets and income is called:

Question: The organization that issues international accounting standards is the:

Question: Which of the following is not a characteristic of a partnership?

Question: The advantages of a partnership do not include:

Question: Upon formation of a partnership, each partner's initial investment of assets should be recorded at their:

Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively, C's share of the net income is:

Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively. What is B's share of net income if the percentages are applicable after each partner receives a $10000 salary allowance?