Book keeping, Finance And Accounting

Question: Purchasers of merchandise may be dissatisfied with the quality of goods purchased on account, and return the goods to the seller with an indication that payment will not be forthcoming. In such a case, the document prepared by the purchaser is called:
A
a debit memorandum.

B
a credit memorandum.

C
a receiving report.

D
an invoice.

Note: answer not sure
1. Report
Question: Why is cyclical counting a better method of inventory taking than the annual count?
A
It results in accurate ongoing inventory

B
It lets the company incur adjustment costs on a monthly rather than annual basis

C
It allows the company to look for and correct ongoing discrepancies

D
All of these

Note: answer not sure
1. Report
Question: Which of the following statements concerning job costing systems is incorrect?
A
Cost drivers are those items which cause actual overhead to exceed applied overhead.

B
Job costing systems are appropriate to both manufacturing and service businesses.

C
Traditionally, direct labor has been a very popular overhead application base.

D
In a service business, indirect costs of providing a service are treated as overhead and applied in a manner similar to that for factory overhead.

Note: answer not sure
1. Report
Question: What does Accounts Payable show?
A
Credit Balance

B
Debit Balance

C
No Balance

D
None of these

Note: answer not sure
1. Report
Question: The appropriate journal entry to record the application of overhead in a job costing system involves a debit to Work in Process and a credit to:
A
Cost of Goods Sold

B
Factory Overhead

C
Cash

D
Income Summary

Note: answer not sure
1. Report
Question: The entry to record the declaration of dividends is:
A
debit Cash, credit Dividend Expense

B
debit Dividend Expense, credit Cash

C
debit Dividends, credit Dividend Payable

D
debit Retained Earnings, credit Dividend Payable

Note: answer not sure
1. Report
Question: Mike is the payee of a $20,000, 180-day, 8% note. On maturity, the note maker fails to pay. How much interest income should Mike receive on the dishonored note?
A
$0

B
$800

C
$1,600

D
$10,800

Note: answer not sure
1. Report
Question: The overhead application rate is calculated by:
A
dividing the estimated factory overhead by the estimated application base.

B
dividing estimated per unit factory overhead by the sum of the per unit cost for direct labor and direct materials.

C
multiplying the estimated factory overhead by the estimated application base.

D
dividing the estimated application base by the estimated factory overhead.

Note: answer not sure
1. Report
Question: The primary private sector agency that oversees external financial reporting standards is the______.
A
Financial Accounting Standards Board

B
Federal Bureau of Investigation.

C
General Accounting Office.

D
Internal Revenue Service.

Note: answer not sure
1. Report
Question: If you want to make sure that your money should remain safe when checks sent are lost in the post, you should:
A
cross your checks 'Account Payee only, Not Negotiable'

B
not use the postal service in future

C
always pay by cash

D
always take the money in person

Note: answer not sure
1. Report

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Question: Purchasers of merchandise may be dissatisfied with the quality of goods purchased on account, and return the goods to the seller with an indication that payment will not be forthcoming. In such a case, the document prepared by the purchaser is called:

Question: Why is cyclical counting a better method of inventory taking than the annual count?

Question: Which of the following statements concerning job costing systems is incorrect?

Question: What does Accounts Payable show?

Question: The appropriate journal entry to record the application of overhead in a job costing system involves a debit to Work in Process and a credit to:

Question: The entry to record the declaration of dividends is:

Question: Mike is the payee of a $20,000, 180-day, 8% note. On maturity, the note maker fails to pay. How much interest income should Mike receive on the dishonored note?

Question: The overhead application rate is calculated by:

Question: The primary private sector agency that oversees external financial reporting standards is the______.

Question: If you want to make sure that your money should remain safe when checks sent are lost in the post, you should: