MULTIPLE CHOICE
1. The cost of inventory reported on the balance sheet may include the cost of all the following EXCEPT: (Points : 2)
2. The one cost that would be classified as part of both prime cost and conversion cost would be: (Points : 2)
3. Which of the following is NOT one of the three major customer value propositions discussed in the text? (Points : 2)
4. Which of the following is NOT a period cost? (Points : 2)
5. A plant manufactures several different products. The wages of the maintenance staff in the plant can be classified as a (an): (Points : 2)
6. Consider the following costs incurred in a recent period:
Direct materials $33,000
Depreciation on factory equipment $12,000
Factory janitor's salary $23,000
Direct labor $28,000
Utilities for factory $9,000
Selling expense $16,000
Production supervisor's salary $34,000
Administrative expenses $21,000
What was the total amount of the period costs listed above for the period?
(Points : 2)
7. Which of the following statements refers to management accounting information? (Points : 2)
8. The Institute of Management Accountants (IMA): (Points : 2)
9. Financial accounting: (Points : 2)
10. All of the following are characteristics of a pull production system EXCEPT: (Points : 2)
11. Conversion costs consist of: (Points : 2)
12. ____________ is an example of a line position. (Points : 2)
13. The accounting process is constrained by mandated reporting requirements by all of the following organizations EXCEPT the: (Points : 2)
14. The person MOST likely to use management accounting information is a(n): (Points : 2)
15. Which of the following types of information are used in management accounting? (Points : 2)
16. The Institute of Management Accountants' Standards of Ethical Conduct contains a policy regarding confidentiality that requires that management accountants: (Points : 2)
17. Manufacturing costs include: (Points : 2)
18. Which of the following groups would be LEAST likely to receive detailed management accounting reports? (Points : 2)
19. Which of the following is NOT one of the Institute of Management Accountants' five Standards of Ethical Conduct? (Points : 2)
20. Management accounting information can be used for all of the following except: (Points : 2)
Click here for the solution: The cost of inventory reported on the balance sheet may include the cost of all the following EXCEPT
Showing posts with label except. Show all posts
Showing posts with label except. Show all posts
Friday, August 21, 2015
Saturday, August 15, 2015
E14-5 Assume the same information as in E14-4, except that Foreman Company uses the effective-interest method of amortization for bond premium or discount
E14-5 (Entries for Bond Transactions—Effective-Interest) Assume the same information as in E14-4, except that Foreman Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.7705%.
Instructions
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a) The issuance of the bonds.
(b) The payment of interest and related amortization on July 1, 2011.
(c) The accrual of interest and the related amortization on December 31, 2011.
Click here for the solution: Assume the same information as in E14-4, except that Foreman Company uses the effective-interest method of amortization for bond premium or discount
Instructions
Prepare the journal entries to record the following. (Round to the nearest dollar.)
(a) The issuance of the bonds.
(b) The payment of interest and related amortization on July 1, 2011.
(c) The accrual of interest and the related amortization on December 31, 2011.
Click here for the solution: Assume the same information as in E14-4, except that Foreman Company uses the effective-interest method of amortization for bond premium or discount
Thursday, August 13, 2015
Corporations invest in other companies for all of the following reasons except to
1) Corporations invest in other companies for all of the following reasons except to
2) A typical investment to house excess cash until needed is
3) Pension funds and mutual funds regularly invest in debt and stock securities to
4) On January 1, 2008, Turner Company purchased at face value, a $1,000, 7% bond that pays interest on January 1 and July 1. Turner Company has a calendar year end.
The entry for the receipt of interest on July 1, 2008, is
5) If a short-term debt investment is sold, the Investment account is
6) Steven Co. purchased 30, 6% Johnston Company bonds for $30,000 cash plus brokerage fees of $300. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest accrual would include a
7) If an investor owns less than 20% of the common stock of another corporation as a long-term investment,
8) If the equity method is being used, cash dividends received
9) If one company owns more than 50% of the common stock of another company,
10) The contra-account, Market Adjustment, is also called a(n)
11) The balance in the Unrealized Loss—Equity account will
12) If the cost of an available-for-sale security exceeds its fair value by $40,000, the entry to recognize the loss
13) Which of the following is a major difference when accounting for long-term debt investments versus short-term debt investments?
14) A company that acquires less than 20% ownership interest in another company should account for the stock investment in that company using
15) Securities bought and held primarily for sale in the near term to generate income on short-term price differences are
Click here for the solution: Corporations invest in other companies for all of the following reasons except to
2) A typical investment to house excess cash until needed is
3) Pension funds and mutual funds regularly invest in debt and stock securities to
4) On January 1, 2008, Turner Company purchased at face value, a $1,000, 7% bond that pays interest on January 1 and July 1. Turner Company has a calendar year end.
The entry for the receipt of interest on July 1, 2008, is
5) If a short-term debt investment is sold, the Investment account is
6) Steven Co. purchased 30, 6% Johnston Company bonds for $30,000 cash plus brokerage fees of $300. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest accrual would include a
7) If an investor owns less than 20% of the common stock of another corporation as a long-term investment,
8) If the equity method is being used, cash dividends received
9) If one company owns more than 50% of the common stock of another company,
10) The contra-account, Market Adjustment, is also called a(n)
11) The balance in the Unrealized Loss—Equity account will
12) If the cost of an available-for-sale security exceeds its fair value by $40,000, the entry to recognize the loss
13) Which of the following is a major difference when accounting for long-term debt investments versus short-term debt investments?
14) A company that acquires less than 20% ownership interest in another company should account for the stock investment in that company using
15) Securities bought and held primarily for sale in the near term to generate income on short-term price differences are
Click here for the solution: Corporations invest in other companies for all of the following reasons except to
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