Financial Accounting Assets And Liabilities Multiple Choice Question Homework Help
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1.Merchandise inventory includes:
a. All goods owned by a company and held for sale.
b. All goods in transit.
c. All goods on consignment.
d. Only damaged goods.
e. All of these.
2.A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:
All sales are made on credit. Based on past experience, the company estimates 0.6% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?
a. Bad Debt Expense….1,275
Allowance for Doubtful Accounts…1,275
b. Bad Debt Expense…1,775
Allowance for Doubtful Accounts…1,775
c. Bad Debt Expense…4,500
Allowance for Doubtful Accounts…4,500
d. Bad Debt Expense…4,800
Allowance for Doubtful Accounts…4,800
e. Bad Debt Expense…5,500
Allowance for Doubtful Accounts…5,500
3.A company paid $150,000, plus a 6% commission and $4,000 in closing costs for a property. The property included land appraised at $87,500, land improvements appraised at $35,000, and a building appraised at $52,500. What should be the allocation of this property’s costs in the company’s accounting records?
a. Land $75,000; Land Improvements, $30,000; Building, $45,000.
b. Land $75,000; Land Improvements, $30,800; Building, $46,200.
c. Land $81,500; Land Improvements, $32,600; Building, $48,900.
d. Land $79,500; Land Improvements, $32,600; Building, $47,700.
e. Land $87,500; Land Improvements; $35,000; Building; $52,500.
4.The interest accrued on $6,500 at 6% for 60 days is:
a. $ 36.
b. $ 42.
c. $ 65.
5.The formula for computing annual straight-line depreciation is:
a. Depreciable cost divided by useful life in units.
b. Cost plus salvage value divided by the useful life in years.
c. Cost less salvage value divided by the useful life in years.
d. Cost multiplied by useful life in years.
e. Cost divided by useful life in units.
6.The consistency concept:
a. Requires a company to consistently apply the same accounting method of inventory valuation, an exception being when a change from one method to another will improve its financial reporting.
b. Requires a company to use one method of inventory valuation exclusively.
c. Requires that all companies in the same industry use the same accounting methods of inventory valuation.
d. Is also called the full disclosure principle.
e. Is also called the matching principle.
7.The matching principle requires that the inventory valuation method follow the physical flow of inventory. (True/false)
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8.Most companies use accelerated depreciation for tax purposes because it reduces taxable income due to higher depreciation expense in the early years of an asset’s life. (True/false)
9.When units are purchased at different costs over time, determining the cost per unit assigned to inventory items is simple. (True/false)
10.On December 31 of the current year, Hewett Company reported an ending inventory balance of $215,000. The following additional information is also available:
· Hewett sold goods costing $38,000 to Trump Enterprises on December 28 and shipped the goods on that date with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $215,000 because they were not in Hewett’s warehouse.
· Hewett purchased goods costing $44,000 on December 29. The goods were shipped FOB destination and were received by Hewett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $215,000.
· Hewett’s ending inventory balance of $215,000 included $15,000 of goods being held on consignment from Rumsfeld Company. (Hewett Company is the consignee.)
· Hewett’s ending inventory balance of $215,000 did not include goods costing $95,000 that were shipped to Hewett on December 27 with shipping terms of FOB destination and were still in transit at year-end.
Based on the above information, the correct balance for ending inventory on December 31 is:
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