Book keeping, Finance And Accounting

Question: Of the following account types, which would be increased by a debit?
A
Liabilities and expenses.

B
Assets and equity.

C
Assets and expenses.

D
Equity and revenues.

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 the information about the opening inventory and purchases for the current year. Sales during the year were 2,700 units at $5.00. If they used the weighted-average method, the gross profit would be:
A
$3,255

B
$3,415

C
$10,245

D
$13,500

Note: answer not sure
1. Report
Question: Why would a company choose to invoice customers weekly rather than monthly?
A
It keeps the accounting staff busy

B
It increases cash flow

C
Customers expect it

D
It is required by law

Note: answer not sure
1. Report
Question: The accounting profession can be divided into three major categories; specifically, the public accounting, private accounting, and governmental accounting. A somewhat unique and important service of public accountants is _____.
A
financial accounting.

B
managerial accounting.

C
auditing.

D
cost accounting.

Note: answer not sure
1. Report
Question: Wilson & Co. owns land which has cost it $100,000. If a "quick sale" of the land were necessary to generate cash, the Co. feels it would receive only $80,000. The Co. continues to report the asset on the balance sheet at $100,000. Under which of the following concepts is it justified?
A
The historical-cost principle.

B
The objectivity principle.

C
Neither of the above.

D
The historical-cost principle and The objectivity principle.

Note: answer not sure
1. Report
Question: Which of the following transactions would have no impact on the stockholders' equity?
A
Purchase of land from the proceeds of a bank loan.

B
Dividends to stockholders.

C
Net loss.

D
Investments of cash by stockholders.

Note: answer not sure
1. Report
Question: Home Depot. Inc. had net purchases of $50,000, closing inventory of $25,000, net sales of $100,000, and gross profit of $32,000. How much was their opening inventory?
A
$7,000

B
$43,000

C
$93,000

D
$143,000

Note: answer not sure
1. Report
Question: Gerber Departmental Store uses the retail inventory method. Their opening inventory had cost $140,000 and its retail price was fixed at $280,000. Purchases for the period amounted to $390,000 and were priced to sell at twice that amount. Sales for the period, all at the normal retail price, were $600,000. How much is the estimated cost of their closing inventory?
A
$115,000

B
$150,000

C
$230,000

D
$300,000

Note: answer not sure
1. Report
Question: How does a company ensure that their physical inventory matches what is there in the account books?
A
It assumes it to be correct if it has been received properly in the system

B
It holds the warehouse manager accountable

C
It counts every item daily

D
It uses some form of physical inventory count - either annual or cyclical

Note: answer not sure
1. Report
Question: The theoretically correct method of allocating under or over applied overhead is to:
A
allocate the amount to cost of goods sold.

B
allocate the amount to finished goods.

C
allocate the amount to work in process and finished goods.

D
allocate the amount among work in process, finished goods, and cost of goods sold.

Note: answer not sure
1. Report

First Prev 2 3 4 5 6 Next Last

Question: Of the following account types, which would be increased by a debit?

Question: Why would a company choose to invoice customers weekly rather than monthly?

Question: The accounting profession can be divided into three major categories; specifically, the public accounting, private accounting, and governmental accounting. A somewhat unique and important service of public accountants is _____.

Question: Wilson & Co. owns land which has cost it $100,000. If a "quick sale" of the land were necessary to generate cash, the Co. feels it would receive only $80,000. The Co. continues to report the asset on the balance sheet at $100,000. Under which of the following concepts is it justified?

Question: Which of the following transactions would have no impact on the stockholders' equity?

Question: Home Depot. Inc. had net purchases of $50,000, closing inventory of $25,000, net sales of $100,000, and gross profit of $32,000. How much was their opening inventory?

Question: How does a company ensure that their physical inventory matches what is there in the account books?

Question: The theoretically correct method of allocating under or over applied overhead is to: