Accounting Issues Multiple Choice Questions Homework Help
- November 14, 2017
- Posted by:
- Category: Accounting QA
Best UK USA UAE Australia Canada China Accounting Issues Multiple Choice Questions Homework Help Service Online
1. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
Reduced legal liability for investors.
Harder to transfer ownership.
Lower taxes.
Most common form of organization.
2. Buying assets needed to operate a business is an example of a(n)
delivering activity.
financing activity.
investing activity.
operating activity.
3. For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share?
$4.66
$0.20
$66.67
$5.00
4. Free cash flow provides an indication of a company s ability to
generate cash to invest in new capital expenditures.
generate net income.
generate cash to pay dividends.
both a and c.
5. The dividend account
is increased with a debit.
is decreased with a credit.
is not an expense account.
all of the above
6. Kerner Company showed the following balances at the end of its first year:
Cash $10,000
Prepaid insurance 1,000
Accounts receivable 5,000
Accounts payable 4,000
Notes payable 6,000
Common stock 2,000
Dividends 1,000
Revenues 30,000
Expenses 25,000
What did Kerner Company show as total credits on its trial balance?
$43,000
$41,000
$42,000
$44,000
7. Under the accrual basis of accounting
cash must be received before revenue is recognized.
net income is calculated by matching cash outflows against cash inflows.
events that change a company’s financial statements are recognized in the period they occur rather than in the period in which cash is paid or received.
the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles.
8. Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
Debit Office Supplies Expense, $1,600; Credit Office Supplies, $1,600.
Debit Office Supplies, $2,400; Credit Office Supplies Expense, $2,400.
Debit Office Supplies Expense, $2,400; Credit Office Supplies, $2,400.
Debit Office Supplies, $1,600; Credit Office Supplies Expense, $1,600.
9. Baxtor Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Baxtor Company pays within the discount period?
$5,000
$4,920
$4,900
$4,000
How it Works?
How it Works?
Step 1:- Want to buy solution for this. Please click on submit your assignment here and then fill all details and please mentioned product code at the end of the case. Product code is extremely important to locate your assignment. You can also mail us by keeping product code as mail subject to besthomewrokhelpers@gmail.com
Step 2:- As soon as we received your details, we will inform you with through email about quotations of the given assignment. Requesting you to please mention your budget. Also ensure our email besthomeworkhelpers@gmail.com should not go into your spam folder.
Step 3:- Once you agree with our price, click on pay now and pay the agreed amount and once we received the payment assignment will be delivered before agreed deadline.
Step 4:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
Features
Our Features for Assignment Help Services
Plagiarism Free Solution
The first and foremost things that we promise to our customer is plagiarism free solution i.e. a complete and unique solution as per customer’s university requirements.
Excellent Customer Care Services
You can feel our responsiveness once you use our service. Our team of excellent and dedicated customer service representatives are always ready to provide best customer care service 24X7 . Just drop a mail to besthomeworkhelpers@gmail.com and you can receive response in just no time.
Multiple Stage Quality Assurance
We design a unique multiple stage quality assurance team to ensure plagiarism free, original, relevant and as per customer’s requirements. We not only give importance to accurate solutions or writing but also we give equal importance to references style too.
Privacy and Confidentiality
We believe in maintaining complete privacy and confidentiality of all our clients. None of the information furnished to us is shared with anyone else.
Our Clients
We receive requests from clients all over the World. Most of our customers are from USA, UK, Australia, Canada, UAE, Muscat, Oman, Qatar, UAE, New-Zealand, France Germany etc.
Related Services
- Accounting Homework Help
- Accounting Assignment Help
- Computer Science Homework Help
- Management Homework Help
- Finance Assignment Help
- Online Essay Writing Help
- Strategic management case study help
- Case Study Assignment Help
- Dissertation Writing Help
- Trade finance case study help
- Project Management Assignment Help
- Mechanical Engineering Homework Help
- Online Quiz Help
- Maths homework Help
- Online Exam Help
- Economics Assignment Help
- Economics Homework Help
- English Homework Help
- Macroeconomics Homework Help
- Microeconomics Homework Help
- Statistics Assignment Help
- Australia Taxation Homework Help
- Supply chain management homework help
- Taxation homework help
- USA taxation assignment help
- Advanced accounting homework help online
- Auditing homework writing help
- Human resource management homework help
- Nursing homework help online
- Psychology homework help online
- Sociology homework help online
- Ratio analysis homework help online
- Strategic Management Homework Help Online
- Mba operations management homework help
- Human resource management homework help
- Operations management homework help
10. At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate must be
$1,000,000 and 50%
$1,400,000 and 30%
$1,000,000 and 30%
$1,400,000 and 70%
11. In a period of increasing prices, which inventory flow assumption will result in the lowest amount of income tax expense?
FIFO
LIFO
Average Cost Method
Income tax expense for the period will be the same under all assumptions.
12. An aircraft company would most likely have a
high inventory turnover.
low profit margin.
high volume.
low inventory turnover.
13. A very small company would have the most difficulty in implementing which of the following internal control activities?
Separation of duties
Limited access to assets
Periodic independent verification by and external auditor.
Sound personnel procedures
14. Which of the following is not a suggested procedure to establish internal control over cash disbursements?
Anyone can sign the checks.
Different individuals approve and make the payments.
Blank checks are stored with limited access.
The bank statement is reconciled monthly.
15. An aging of a company’s accounts receivable indicates that $4,000 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 debit balance, the adjustment to record bad debts for the period will require a
debit to Bad Debts Expense for $4,000.
debit to Allowance for Doubtful Accounts for $5,200.
debit to Bad Debts Expense for $5,200.
credit to Allowance for Doubtful Accounts for $4,000.
Product Code: ACC660
Looking for Accounting Issues Multiple Choice Questions Homework Help, please submit your details here with product code mentioned above.