Finance And Accounting

Question: Which of the following costs would not be included as an element of manufacturing overhead?
A
Depreciation on factory machinery

B
Insurance on factory building

C
Supervisory labor

D
Raw materials

Note: Answer not sure
1. Report
Question: In cash flow statements, reductions in inventory _______.
A
are treated differently than other reductions in current assets

B
appear as an addition to net income in deriving cash flow from operations

C
appear in the financing section

D
appear in the investing section

Note: Answer not sure
1. Report
Question: Variable costing (direct costing) is acceptable for use in determining inventory cost by ________.
A
the Financial Accounting Standards Board

B
the Internal Revenue Service

C
either a or b

D
neither a nor b

Note: Answer not sure
1. Report
Question: Which of the following is NOT a characteristic of the LIFO method?
A
During periods of rising prices, LIFO produces higher balance-sheet valuation of inventory than FIFO.

B
During periods of rising prices, LIFO produces lower net income than FIFO.

C
LIFO allows managers to manipulate net income.

D
All of these are characteristics of the LIFO method.

Note: Answer not sure
1. Report
Question: At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000. What is the ending balance in the Work in Process Inventory account?
A
$240,000

B
$222,000

C
$102,000

D
$144,000

Note: Answer not sure
1. Report
Question: The difference between the current replacement cost of the ending inventory and its acquisition cost is the ______.
A
cost of goods sold

B
actual cost

C
average cost

D
unrealized holding gain

Note: Answer not sure
1. Report
Question: What is a 'custom loan repayment schedule'?
A
Payments which are large initially but become smaller over time

B
Paying interest only for several years, then increasing the payment to repay the principal as well

C
The making of the scheduled monthly payments to the lender by the borrower

D
One large payment at a predetermined time

Note: Answer not sure
1. Report
Question: What does the term "Flipping" denote?
A
A fee charged for the use of money

B
Buying expensive properties and renting them out

C
Buying undervalued properties and renting them out

D
The process of buying a property and then attempting to sell it relatively quickly for a profit

Note: Answer not sure
1. Report
Question: Why is interest paid by the borrower deductible on their tax return?
A
Because interest paid represents the cost of having a loan and is an expense to the borrower

B
Because it is revenue to the lender and should be income as well to the borrower

C
Because it is unfair for the borrower to have this deduction

D
Because the SEC requires it

Note: Answer not sure
1. Report
Question: What is meant by the term "Usury"?
A
Charging people a fair market interest rate based on their credit

B
Charging people zero interest rate

C
Financing a car using an auto loan

D
Charging interest rates in excess of what is standard and customary

Note: Answer not sure
1. Report

First Prev 94 95 96 97 98 Next Last

Question: Which of the following costs would not be included as an element of manufacturing overhead?

Question: In cash flow statements, reductions in inventory _______.

Question: Variable costing (direct costing) is acceptable for use in determining inventory cost by ________.

Question: Which of the following is NOT a characteristic of the LIFO method?

Question: The difference between the current replacement cost of the ending inventory and its acquisition cost is the ______.

Question: What is a 'custom loan repayment schedule'?

Question: What does the term "Flipping" denote?

Question: Why is interest paid by the borrower deductible on their tax return?

Question: What is meant by the term "Usury"?