Intermediate Accounting 1 Exam 1 Spring 2010 1. What are the statements of financial accounting concepts (sfac) intended to establish? a. Generally accepted accounting principles in financial reporting by businesses. b. Generally accepted accounting principles for businesses‚ not for profit c. The objectives and concepts for use in developing standards of financial accounting and reporting. d. The hierarchy of sources of generally accepted accounting principles. 2. During
Premium Balance sheet Income statement Generally Accepted Accounting Principles
2010 2009 Current Assets: Cash $ 9‚000 $ ? Accounts Receivable 14‚000 18‚000 Inventory 23‚000 20‚000 Total Current Assets 46‚000 45‚000 Fixed Assets 73‚000 66‚000 Less: Accum. Depreciation (28‚000) (26‚000) TOTAL ASSETS $ 91‚000 $ 85‚000 Current Liabilities: Accounts Payable $ 11‚000 $ 6‚000 Wages Payable 3‚000 4‚000 Income Tax Payable 5‚000 4‚500 Total Current Liabilities 19‚000 14‚500 Long Term Bonds Payable 20‚000 23‚000 TOTAL
Premium Generally Accepted Accounting Principles Balance sheet Asset
CH 1 | 1 CORRECT | | Managerial accounting is concerned with: | | | A) | reporting financial information to stockholders. | | | B) | reporting financial information to regulators. | | | C) | providing information for use within the organization. | | | D) | the financial consequences of past activities. | | | | | | Feedback:The correct answer is C: Managerial accounting is concerned with providing information to managers for use within the organization. | | 2
Premium Costs Variable cost Fixed cost
(1) Which of the following statement (s) is/are true? [pic]A)[pic]A manufacturer of paper would ordinarily use process costing rather than job-order costing. [pic]B)[pic]If a company uses a process costing system it accumulates costs by processing department rather than by job. [pic]C)[pic]The output of a processing department must be homogeneous in order to use process costing. [pic]D)[pic]All of the above are true statements. Feedback: The correct answer is D (Learning Objective 1):
Premium Manufacturing Cost Critical thinking
Vaneza Fadonougbo Professor Strickland Liberty University GRST 500 Practice 7.3 To identify and evaluate why a new venture would be less successful . What are the causes behind the chances of failure of a new enterprise? To explore what are the advantaged for the entrepreneur in the retail industry . To suggest the role of innovativeness in a success of the retail firm . To analysis the characteristics that would allow a retailer to use knowledge resources and convert
Premium Management Marketing Economics
Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: 1/16/2015 Time Spent: 1 h ‚ 45 min ‚ 15 secs Points Received: 73 / 90 (81.1%) Question Type: # Of Questions: # Correct: Multiple Choice 6 3 Essay 4 N/A Grade Details - All Questions Page: 1 2 Question 1. Question : (TCO F) Computing unit product costs involves averaging in Job-Order Costing
Premium Inventory Supply chain management terms Costs
1. | Question : | (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: | Student Answer: The same as the number of units put into production. | 2. | Question : | (TCO F) Process costing would be appropriate for each of the following except: | Student Answer: custom furniture
Premium Inventory Supply chain management terms Manufacturing
1.Inventec Corporation Case Study Q1: Despite its growth and size‚ why is Inventec not very profitable? It can be concluded into 3 main factors : 1. Rivalry existed In the existing ODM industry‚ there are lots of competitors such as Quanta‚ Mitac and Compal. Because of the fierce competition‚ there is increase difficulty for completing differentiation. Moreover‚ client companies tend to limit ODM use to highly commoditized products commoditized products. There is also inherent risk associated
Premium Profit Software development Profit margin
Question 1 (25 marks) Several accounting standards include ceiling tests (also called impairment tests). Required: a. What is a ceiling test? Identify two IASB accounting standards that contain a ceiling test and describe the test. (7 marks) The ceiling test is an accounting standard that stipulates that capital assets such as property‚ plant and equipment must be written down if their net carrying value exceeds the net recoverable amount. This is to prevent overvaluation of capital assets
Premium Generally Accepted Accounting Principles Finance Asset
Multiple choice When preparing a bank reconciliation‚ which of the following items should be added to the book balance? EFT receipts deposits in transit collection items both EFT receipts and collection items Which of the following must be added to beginning Retained Earnings to compute ending Retained Earnings? net income expenses dividends all of these answers are correct The use of the FIFO method increases taxable income: when prices are constant when prices are declining
Premium Generally Accepted Accounting Principles Balance sheet Depreciation