Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. For income statement purposes, depreciation is a variable expense if depreciation method used is:

a. units-of-production.

b. straight-line.

c. sum-of-the-years'-digits.

d. declining-balance.

2. Each year a company has been investing increasingly greater amount in machinery. As there is a large number of small items with relatively similar useful lives, the company has been applying straight-line depreciation at uniform rate to machinery as a group. Ratio of this group's total accumulated depreciation to total cost of machinery has been steadily increasing and now stands at .75 to 1.00. Most probabledescription for this increasing ratio is the

a. company must have been using one of the accelerated methods or depreciation.

b. estimated average life of machinery isles than the actual average useful life.

c. estimated average life of machinery is greater than the actual average useful life.

d. company has been retiring fully depreciated machinery that should have remained in service.

3. white Printing Company finds out that printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should

a. recognize an extraordinary loss for the period.

b. include a credit to the equipment accumulated depreciation account.

c. include a credit to the equipment account.

d. not be made if the equipment is still being used.

4. Depletion expense

a. is genof cost of goods sold.

b. includes tangible equipment costs in the depletion base.

c. excludes intangible development costs from the depletion base.

d. excludes restoration costs from the depletion base.

5. The asset turnover ratio is find outd by dividing:

a. net income by ending total assets.

b. net income average total assets.

c. net sales by ending total assets.

d. net sales by average total assets.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922568

Have any Question? 


Related Questions in Accounting Basics

Assignmentthis assignment has 2 parts 1000 10 word theory

Assignment This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory. The assignment must be typed, use Arial font, 12, to avoid plagiarism, make sur ...

Accounting information individual assignment- myob

Accounting Information Individual Assignment- MYOB Assignment 1. MYOB Assignment  uses the Case and the  Data of the  Wendy Pabst & Brian Perrin (2011), Accounting With MYOB 19, 1st Edition, Cengage Learning, Australia. ...

Assume the a corporation has the following balances before

Assume the a corporation has the following balances before the stock issuance indicated below. Stockholders Equity Before Transaction Common stock, 30,000 shares authorized, 2,200 shares issued, 1,980shares outstanding, ...

Paperprepare an 11- to 15-page paper not including the

Paper Prepare an 11- to 15-page paper (not including the title and reference pages) that assesses a legal/ethical issue or situation relating to a current, previous, or potential future work environment. Use at least 10 ...

Question 1you are a licensed cpa who is a member of both

Question #1 You are a licensed CPA who is a member of both the AICPA and the Oregon Society of CPAs. You work in the Tax Compliance Department of a major publicly traded supermarket chain. The company is considering whet ...

Financial statement fraud and other types of fraudread the

Financial Statement Fraud and Other Types of Fraud Read the following problems and respond according to the instructions at the end. 1. How is fraud committed on behalf of an organization (such as financial statement fra ...

Assignmentnbsp question 1consolidation of wholly owned

Assignment   Question 1 Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities Lisa Ltd acquired all the issued shares of Kam Ltd on 1 January 2016 for $88 000. At th ...

The balance of the 060 par common stock account for company

The balance of the $0.60 par Common Stock account for Company was $60,000 before its recent 3-for-1 stock split. The market price of the stock was $30 per share. What occurred as a result of the split? a. The par value p ...

Assignment- fraud in the accounting information systemfor

Assignment- Fraud in the Accounting Information System For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's acco ...

Accounting information individual assignment- a major

Accounting Information Individual Assignment- A major component of the ACC203 course is the MYOB assignment that is an individual assignment. MYOB Assignment 1. MYOB Assignment uses the Case and the  Data of the  Wendy P ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate