Financial Accounting Assets And Liability MCQs Homework Help
Best UK USA UAE Australia Canada China Financial Accounting Assets And Liability MCQs Homework Help Service Online
1.Extraordinary repairs are expenditures extending the asset’s useful life beyond its original estimate, and are capital expenditures because they benefit future periods. (True/false)
2.TechCom’s customer, RDA, paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA and a credit to Cash. (True/false)
3.A company received a $1,000, 90-day, 10% note receivable. The journal entry to record receipt of the note includes a debit to Notes Receivable. (True/false)
4.Credit card expense may be classified as:
a. A “discount” deducted from sales to get net sales.
b. A selling expense.
c. An administrative expense.
d. All of these.
e. Only A and B.
5.The inventory turnover ratio is computed by dividing average merchandise inventory by cost of goods sold. (True/false)
6.A company can change its inventory costing method without mentioning this change in its financial statements because it is an internal management decision. (True/false)
7. The matching principle requires:
a. That expenses be ignored if their effect on the financial statements is unimportant to users’ business decisions.
b. The use of the direct write-off method for bad debts.
c. The use of the allowance method of accounting for bad debts.
d. That bad debts be disclosed in the financial statements.
e. That bad debts not be written off
8.Total asset turnover is used to evaluate:
a. The efficiency of management’s use of assets to generate sales.
b. The necessity for asset replacement.
c. The number of times operating assets were sold during the year.
d. The cash flows used to acquire assets.
e. The relation between asset cost and book value
9.The advantage of the allowance method of accounting for bad debts is that it identifies the specific customers who will not pay their bills. (True/false)
10.A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
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 email@example.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 firstname.lastname@example.org 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.
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 email@example.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.
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.
- 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
a. Are expenditures making a plant asset more efficient or productive.
b. Are also called improvements.
c. Do not always increase an asset’s life.
d. Are capital expenditures.
e. All of these.
12.If an asset is sold above its book value, the selling company records a loss. (True/false)
13.Revenue expenditures are additional costs of plant assets that materially increase the assets’ life or productive capabilities. (True/false)
14.A company purchased property for a building site. The costs associated with the property were: What portion of these costs should be allocated to the cost of the land and what portion should be allocated to the cost of the new building?
a. $175,800 to Land; $18,800 to Building.
b. $190,000 to Land; $3,800 to Building.
c. $190,800 to Land; $1,000 to Building.
d. $192,800 to Land; $0 to Building.
e. $193,800 to Land; $0 to Building.
15.The accounts receivable method to estimate bad debts obtains the estimated balance in the Allowance for Doubtful Accounts in one of two ways:
(1) computing the percent uncollectible from the total accounts receivable or
(2) aging accounts receivable. (True/false)
Looking for Financial Accounting Assets And Liability MCQs Homework Help , please submit your details here with product code mentioned above.