Book keeping, Finance And Accounting

Question: Which of the following is a liability?
A
Creditors for Goods

B
Machinery

C
Cash at Bank

D
Motor Vehicles

Note: answer not sure
1. Report
Question: Refer to the given image: Hefty Co. wants to know the effect of different inventory methods on financial statements. Given below is information about beginning inventory and purchases for the current year. Sales during the year were 2,700 units at $5.00. If Hefty used the periodic LIFO method, cost of goods sold would be:
A
$2,780

B
$3,960

C
$9,700

D
$10,880

Note: answer not sure
1. Report
Question: Of the following manufacturing operations, which is best suited to the utilization of a job order system?
A
Helicopter manufacturing.

B
Soft drink bottling operation.

C
Crude oil refining.

D
Plastic molding operation.

Note: answer not sure
1. Report
Question: What is the purpose of applying overhead costs to work in process?
A
To meet the legal requirements of the IRS

B
To reduce the Expense line on the profit & loss statement

C
To accurately apply costs to WIP so that the cost of the finished product reflects all the costs incurred to produce it

D
To hide costs from the auditors

Note: answer not sure
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Question: Refer to the given image: On March 1, Zekew & Co. purchased $1,000 worth of merchandise, terms 1%10 net 30 days. They use the net method of recording purchases. Payment of the accounts payable was made on March 4. Which of the following journal entries would be appropriate for the March 4 transaction?
A
1

B
2

C
3

D
4

Note: answer not sure
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Question: Under normal circumstances, the Work in Process account used in a job costing system:
A
will include charges for direct labor, direct materials, and applied overhead.

B
will include only charges for direct materials and applied overhead. The labor is charged to expense as incurred.

C
will include charges for direct labor, direct materials, and actual overhead.

D
will include only charges for direct labor and direct materials.

Note: answer not sure
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Question: An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the final inventory valuation is:
A
FIFO

B
LIFO

C
Retail

D
Weighted-average

Note: answer not sure
1. Report
Question: By which of the following formulas should interest on a loan be computed?
A
(principal x rate)/time

B
(principal x rate x time)

C
(principal x time)/rate

D
(principal x time)/time

Note: answer not sure
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Question: Which of the following inventory methods will always produce the same results under both a periodic and a perpetual system?
A
FIFO

B
LIFO

C
Average

D
All of these

Note: answer not sure
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Question: The correct journal entry to reconcile the interest earned on a bank balance is:
A
Debit Cash, Credit Interest Revenue

B
Debit Cash, Credit Accounts Payable

C
Debit Cash, Credit Accounts Receivable

D
Debit Accounts Receivable, Credit Cash

Note: answer not sure
1. Report

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Question: Which of the following is a liability?

Question: Of the following manufacturing operations, which is best suited to the utilization of a job order system?

Question: What is the purpose of applying overhead costs to work in process?

Question: Under normal circumstances, the Work in Process account used in a job costing system:

Question: An inventory pricing procedure in which the oldest costs incurred rarely have an effect on the final inventory valuation is:

Question: By which of the following formulas should interest on a loan be computed?

Question: Which of the following inventory methods will always produce the same results under both a periodic and a perpetual system?

Question: The correct journal entry to reconcile the interest earned on a bank balance is: