Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1) Costs become expenses:

a. when they are purchased.
b. when they are charged against revenues.
c. when they are paid.
d. at the end of the accounting period.

2) Working capital is:

a. Net income divided by sales.
b. Current assets minus current liabilities.
c. Current assets divided by current liabilities.
d. Total debt divided by total assets.

3) Sarbanes-Oxley Act of 2002 needs that all U.S. corporations under jurisdiction of Securities and Exchange Commission

a. have at least one foreign subsidiary.
b. maintain accounting records of foreign branches and subsidiaries in local foreign currency.
c. maintain an adequate system of internal control.
d. must file reports with National Commission on Fraudulent Financial Reporting.

4) Having one person post entries to accounts receivable subsidiary ledger and different person post to Accounts Receivable Control account in general ledger is an ex of:

a. inadequate internal control.
b. duplication of effort.
c. external verification.
d. segregation of duties.

5) Suppose the following cost of goods sold data for company:

 

2009 $1, 500,000
2008 1, 200,000
2007 900,000

If 2007 is base year, determine the percentage increase in cost of goods sold from 2007 to 2009?

a. 167%
b. 67%
c. 60%
d. 40%

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922026

Have any Question? 


Related Questions in Accounting Basics

Garner company began operations on january 1 2010 and uses

Garner Company began operations on January 1, 2010, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2013. The following information is available for th ...

Review the short list of account balances from data below

Review the short list of account balances from data below. From the account balances, generate an income statement, a statement of owner's equity and a balance sheet for a hypothetical small business. The adjusted trial ...

Discussionpart 1 please respond the following question no

Discussion Part 1 please respond the following question no less then 350 words (original work, no plagiarism, 1 reference "learning experience and application of knowledge" please respond to the following: • Assume you h ...

Standard prices for medicineread the article magic pill

Standard Prices for Medicine Read the article, "Magic Pill, Magical Accounting." Based on the content presented in the article, describe some of the issues with not having an industry-wide standard price for a medicine. ...

Accountingbulluse the internet to research an annual report

Accounting • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most imp ...

1 which of the following statements about equity is

1. Which of the following statements about equity is correct? A. If equity is negative, debt exceeds total assets B. If equity is negative, total assets exceed debt C. If equity is negative, equity exceeds assets D. If e ...

Project - case 1davis dry goods distributes silk ties you

Project - Case 1 Davis Dry Goods distributes silk ties. You are in charge of creating Davis' master budget for the upcoming second quarter, April - June 2015. Davis desires a minimum ending cash balance each month of $11 ...

Accounting paper assignment start-up budgetingfor this

Accounting Paper Assignment: Start-up Budgeting For this assignment, you will decide what type of budget to implement for a start-up company. Write a three to four page paper in which you: 1. Summarize the type of manufa ...

Assignment - you are an investment analystas the cfo of

Assignment - You Are an Investment Analyst As the CFO of your corporation, you are in charge of preparing and analyzing financial statements that will be presented to potential investors and creditors. However, before yo ...

Intercompany debt both long term and short term arises

Intercompany debt, both long term and short term, arises frequently. In some cases, intercorporate borrowings may arise because one affiliate can borrow at a cheaper rate than others, and lending to other affiliates may ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen