Finance And Accounting

Question: A manufacturing firm sells a parcel of land next to one of its warehouses. What type of activity is this?
A
Primary operating activity, which is recurring

B
Primary operating activity, which is nonrecurring

C
A recurring activity, which is peripheral to primary operations

D
A nonrecurring activity, which is peripheral to primary operations

Note: Not available
1. Report
Question: What level of detail should invoices contain?
A
Summary, only the total due

B
Totals by item

C
Totals by date

D
Specific details - dates, quantities, individual pricing

Note: Not available
1. Report
Question: Why do companies require deposits & advances?
A
They don't trust the customers to pay

B
It improves cash flow, especially for long duration projects

C
They want to make sure customers have money to pay

Note: Not available
1. Report
Question: Tax Accounting Services pays off $200 on account. To record this transaction for Tax Accounting Services, the cash account is credited. Which account is debited?
A
Accounts Receivable

B
Service Revenue

C
Cash

D
Accounts Payable

Note: Not available
1. Report
Question: On December 31, 2007, special insurance costs incurred but unpaid were not recorded. If these insurance costs were related to work-in-process, what will be the effect of the omission on accrued liabilities and retained earnings in the December 31, 2007 balance sheet? Accrued liabilities Retained Earnings
A
No effect No effect

B
No effect Overstated

C
Understated No effect

D
Understated Overstated

Note: Not available
1. Report
Question: Rush checks may also be called ____
A
emergency checks

B
ASAP checks

C
quick checks

D
All of the above.

Note: Not available
1. Report
Question: Who is to be covered by VAT (Value Added Tax)?
A
All business transactions carried on within a State by individuals

B
All business transactions carried on within a State by partnerships

C
All business transactions carried on within a State by Companies

D
All of the above

Note: Not available
1. Report
Question: What steps are taken before approving an invoice for payment?
A
Validating the invoice once it is matched for checking

B
If workflow is implemented, initiating approval for the invoice

C
Creating accounting after approval of invoice

D
Both a and b

E
a, b, and c

Note: Not available
1. Report
Question: Who typically calculates the tax liability to be paid?
A
The State government, which informs the company what is owed

B
The Accounts Payable staff

C
The CFO

D
The General or Tax Accountant within the company

Note: Not available
1. Report
Question: Among the items reported on Cord, Inc.'s income statement for the year ended December 31, 2007 were the following: Amortization of goodwill acquired in 1992 $10,000 Insurance premium on the life of an officer. $5,000 Cord is the owner and beneficiary. Temporary differences amount to:
A
$0

B
$5,000

C
$10,000

D
$15,000

Note: Not available
1. Report

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Question: A manufacturing firm sells a parcel of land next to one of its warehouses. What type of activity is this?

Question: What level of detail should invoices contain?

Question: Why do companies require deposits & advances?

Question: Tax Accounting Services pays off $200 on account. To record this transaction for Tax Accounting Services, the cash account is credited. Which account is debited?

Question: Rush checks may also be called ____

Question: Who is to be covered by VAT (Value Added Tax)?

Question: What steps are taken before approving an invoice for payment?

Question: Who typically calculates the tax liability to be paid?

Question: Among the items reported on Cord, Inc.'s income statement for the year ended December 31, 2007 were the following: Amortization of goodwill acquired in 1992 $10,000 Insurance premium on the life of an officer. $5,000 Cord is the owner and beneficiary. Temporary differences amount to: