575 Answered Questions for the topic accounting

Accounting

03/01/15

The disadvantages of the corporate form of business include:
The disadvantages of the corporate form of business include:   A. Lack of mutual agency.   B. Additional taxes.   C. Limited liability.   D. Ability to raise capital.
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Accounting

03/01/15

Which of the following statements regarding the corporate form of business is correct?
Which of the following statements regarding the corporate form of business is correct?   A. The disadvantages are that generating capital is difficult and that owners have limited... more
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Accounting

03/01/15

The Statement of Cash Flows:
The Statement of Cash Flows:   A. lists all cash flows over the life of a company.   B. breaks down all cash transactions into Investing and Financing cash flows.   C. shows that the change... more
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Accounting

02/28/15

A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?
A company issued 1,000 shares of $1 par value preferred stock for $5 per share. What is true about the journal entry to record the issuance?   A. Debit Preferred Stock $5,000.   B. Credit Cash... more
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Accounting

02/15/15

Using the allowance method, writing off an actual bad debts would include a:
Using the allowance method, writing off an actual bad debts would include a:   A. Debit to Bad Debt Expense.   B. Credit to Accounts Receivable.   C. Debit to Accounts Receivable.   D.... more
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02/11/15

Tough Cost Accounting Question Need Help
Assume selling price per unit is $30, the contribution margin ratio is 40%, and the break even point is 5,000 units. What is total amount of fixed costs ?   a) 20,000 b) 30,000 c) 50,000 d)... more
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02/08/15

desperately need help managerial accounting question, will give best rating immediately
The Raleigh Company is located in North Carolina and uses predetermined overhead rates to apply manufacturing overhead costs to jobs. The predetermined overhead rate is based on machine hours in... more
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Accounting

02/03/15

Fraudulent reporting by management could include:
Fraudulent reporting by management could include:   A. Fictitious revenues from a fake customer. B. Improper asset valuation. C. Mismatching revenues and expenses. D. All of the above.
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Accounting

02/03/15

Which of the following is NOT a design feature of effective internal controls?
Which of the following is NOT a design feature of effective internal controls?     A. Allow greater reliance by investors on reported financial statements. B. Prevent fraudulent or errant... more
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Accounting

02/03/15

For each company, calculate the missing amount
For each company, calculate the missing amount Company - Sales - Cost of Goods Sold - Gross Profit - Operating Expenses - Net IncomeLennon       $8,000      -      (a)             -         $4,000... more
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Accounting

01/31/15

Which of the following is not a current liability?
Which of the following is not a current liability?   A. Accounts payable. B. A note payable due in 2 years. C. Current portion of long-term debt. D. Sales tax payable.
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Accounting

01/31/15

Kansas Enterprises purchased equipment for $60,000 on January 1, 2012. The equipment is expected to have a five-year life, with a residual value of $5,000 at th
Kansas Enterprises purchased equipment for $60,000 on January 1, 2012. The equipment is expected to have a five-year life, with a residual value of $5,000 at the end of five years. Using the... more
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Accounting

01/29/15

Managerial accounting and managers chpt 2 problem 2-19
Sebolt wire company heat copper ingots. Management needs to know the variable cost of power involved in heating and the fixed cost.     Month    Number of Ingots          Power... more
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01/28/15

Relevant Range Question Accounting Need Help
A company's variable cost per unit is $2. It sold 20,000 units and earned $15,000 operating income after a total cost of $55,000. What would be the total operating income the company can earn at a... more
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01/28/15

Net Operating Income Question Accounting Need Help
Mehmet Company sold 60,000 units and earned $40,000 operating income in the current month. Margin of safety in the current month was 20,000 units. The firm's marketing manager suggests that, if the... more
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01/28/15

Total Budgeted Factory Overhead Question , Will Give Best Rating Immediately
The following data are budgeted for Culver Company : April : Sales Units : 12,000 Production Units : 15,000 May : Sales Units : 17,000 Production Units : 16,000 June : Sales Units : 15,000... more
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Accounting

01/27/15

Accounting Help
A company purchased 260 units of inventory for $8 then, 360 units of inventory for $9 and 300 units for $10 andat the end of month 330 units remained. Compute the amount of phantom profit that... more
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Accounting

01/25/15

I need help working this problem. Please help!
Service Revenue  Cost of Goods Sold  Gross Profit  Operating Expenses  Net Income $72,820                 A.                           $31,130         B.                          ... more
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01/21/15

Managerial Accounting Variance Question Need Help Today!!
Teana Corporation uses machine hours as its denominator activity for fixed manufacturing overhead. For the most recent year, the company showed the following data:At the beginning of the year... more
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Accounting

01/20/15

Which of the following would not be shown on the statement of retained earnings?
A. Purchase of treasury stock B. Appropriations for plant expansion C. Declaration of a stock dividend D. Declaration of a cash dividend
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Accounting

01/20/15

Appropriations to retained earnings are A. recorded as an contra-asset C. recorded as a contra-liability. D. a contra-stockholders’ equity.
Appropriations to retained earnings are A. recorded as an contra-asset. B. disclosed in the notes to the financial statements. C. recorded as a contra-liability. D. a contra-stockholders’ equity.
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Accounting

01/20/15

Appropriations to retained earnings are
Appropriations to retained earnings are A. recorded as an contra-asset. B. disclosed in the notes to the financial statements. C. recorded as a contra-liability. D. a contra-stockholders’ equity.
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Accounting

01/20/15

ABC Corporation offered a four-for-one stock split. The number of outstanding shares before the split was 15,000, and the par value was $20 per share. After the
ABC Corporation offered a four-for-one stock split. The number of outstanding shares before the split was 15,000, and the par value was $20 per share. After the split, what was the par value and... more
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01/19/15

Job Order Costing Question Managerial Accounting
Lavender Corporation uses a job order costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. The following data are available for August... more
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Accounting

01/18/15

Make appropriate adjusting entries based on the information provided:
Make appropriate adjusting entries based on the information provided: a. At the beginning of May, Golden Gopher Company reports a balance in Supplies of $400. On May 15, Golden Gopher purchases an... more
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