Finance And Accounting

Question: Ritz & Co. agreed to purchase certain inventory items from Hostess Corporation. The Hostess shipped the goods F.O.B. destination. On December 31, the Ritz's accounting year-end, they were aware that the goods had been shipped and would be received any day.
A
TheRitz should include the goods in its inventory calculated on December 31.

B
TheRitz should include the goods in its inventory calculated on December 31 but should not record the obligation to pay for them.

C
TheRitz should not include the goods in its inventory calculated on December 31 but should include the related payable on its balance sheet on December 31.

D
TheRitz should not include the goods in its inventory calculated on December 31 and should not include the related payable on its balance sheet on December 31.

Note: answer not sure
1. Report
Question: Which of the following statements concerning job cost sheets is incorrect?
A
A job cost sheet would show the direct materials used on that specific job.

B
A job cost sheet would reveal the selling costs associated with a particular job.

C
The total costs recorded on a job cost sheet should also be reflected in the Work in Process account in the general ledger.

D
The amount of overhead on a job cost sheet is the applied factory overhead rather than the actual factory overhead.

Note: answer not sure
1. Report
Question: With the job order cost system, a credit balance in the Factory Overhead account at the end of an accounting period would indicate:
A
that an error in the job cost system has occurred.

B
that the company lost money during the period.

C
the presence of under-applied overhead.

D
the presence of over-applied overhead.

Note: answer not sure
1. Report
Question: The following statements are true regarding the Cash short and Over account except
A
"Cash Short and Over also acts as an internal control device."

B
"There is rarely a difference between actual cash receipts and that day's record of cash receipts."

C
"A large balance signals the accountant to investigate."

D
"Honest errors can result in an entry to this account."

Note: answer not sure
1. Report
Question: Using the following information, determine the adjusted bank balance: bank statement balance $5,000, bank service charges $15, NSF check $500, checks outstanding $1,000, deposits in transit $2,000.
A
$6,000

B
$5,000

C
$5,485

D
None of these

Note: answer not sure
1. Report
Question: Which of the following regulatory bodies would a publicly traded company be much more involved with than a private company?
A
SEC

B
GAAP

C
IRS

D
FCC

Note: answer not sure
1. Report
Question: Failure to record the receipt of a utility bill for services already received will result in _____.
A
an overstatement of assets.

B
an overstatement of liabilities.

C
an overstatement of equity.

D
an understatement of assets.

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

B
debit Dividend Expense, credit Cash

C
debit Dividends, credit Dividend Payable

D
debit Dividend Payable, credit Cash

Note: answer not sure
1. Report
Question: An increase in a firm's receivable turnover ratio means that:
A
it is collecting credit sales more quickly than before

B
cash sales have decreased

C
it has initiated more liberal credit terms

D
it's inventories have increased

Note: answer not sure
1. Report
Question: The amount of cash reported in the financial statements is the closing balance of cash reported in the ______________.
A
check register before Bank Reconcilation

B
Bank Reconcilation

C
bank statement before Bank Reconcilation

D
None of these

Note: answer not sure
1. Report

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Question: Ritz & Co. agreed to purchase certain inventory items from Hostess Corporation. The Hostess shipped the goods F.O.B. destination. On December 31, the Ritz's accounting year-end, they were aware that the goods had been shipped and would be received any day.

Question: Which of the following statements concerning job cost sheets is incorrect?

Question: With the job order cost system, a credit balance in the Factory Overhead account at the end of an accounting period would indicate:

Question: The following statements are true regarding the Cash short and Over account except

Question: Using the following information, determine the adjusted bank balance: bank statement balance $5,000, bank service charges $15, NSF check $500, checks outstanding $1,000, deposits in transit $2,000.

Question: Which of the following regulatory bodies would a publicly traded company be much more involved with than a private company?

Question: Failure to record the receipt of a utility bill for services already received will result in _____.

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

Question: An increase in a firm's receivable turnover ratio means that:

Question: The amount of cash reported in the financial statements is the closing balance of cash reported in the ______________.