Finance And Accounting

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
Question: If a bank account does not reconcile, what's the best thing to do?
A
Book the difference as an adjustment regardless of the magnitude

B
Let it remain unreconciled and hope it will clear up in the following month

C
Start from scratch to see if the discrepancy can be found

Note: answer not sure
1. Report
Question: The purpose of Accrued Expenses is:
A
to accurately reflect expenses in the periods during which they are incurred

B
to keep account of the vendors who never send invoices

C
to make the financial statements more complicated

D
to reflect the amounts owed to the company

Note: answer not sure
1. Report

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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:

Question: If a bank account does not reconcile, what's the best thing to do?

Question: The purpose of Accrued Expenses is: