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

Question 1the production manager of rordan corporation has

Question 1: The production manager of Rordan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year:                                             1st Quarter      ...

Fifteen years ago dan bought a home and financed 150000

Fifteen years ago Dan bought a home and financed $150,000 with a 30-years mortgage at 8.2%. (a) find his monthly payment, the total amount of his payments, and the total amount of interest he will pay over the life of th ...

Problem -the stay healthy medical clinics balance sheet on

Problem - The Stay Healthy Medical Clinic's Balance sheet on December 31, 2014 showed an owner's equity of $1,280,000. The December 31, 2015 balance sheet showed an owner's equity of $1,520,000. During the year, the owne ...

Question 1 owners of business firms are the only people who

Question 1 Owners of business firms are the only people who need accounting information. Question 2  Requiring employees to take vacations is a weakness in the system of internal controls because it does not promote oper ...

Accounting theory and contemporary issues individual case

Accounting Theory and Contemporary Issues Individual case study Assignment Learning Outcomes-  Research and argue a position in regard to a contemporary issue in the accounting profession Evaluate the different areas of ...

Transfer pricing is the pricing of assets funds services

Transfer pricing is the pricing of assets, funds, services, etc., transferred among related organizations. Using online library resources, and the Internet, conduct research to discuss the transfer pricing regulations an ...

Fasb ongoing projectproject objectivedescribe the history

FASB Ongoing Project Project Objective Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project. Requirements The FASB has several ongoing projects that in ...

Accounting assignmentflorida sunshine real estate

Accounting Assignment Florida Sunshine Real Estate Properties, Inc. is a real estate firm located in southwest Florida. The company, which advertises itself as "expert in the real estate market", monitors condominium sal ...

Exercise recording receivables and identifying their effect

Exercise: Recording receivables and identifying their effect on financial statements Davos Company performed services on account for $160,000 in 2016. Davos collected $120,000 cash from accounts receivable during 2016, a ...

Accountingflexible budgets and cost variances please

Accounting Flexible Budgets and Cost Variances: Please respond to one of the following: Option 1 Suggest how management can use the real-time variance data analysis to improve operations. Evaluate the potential risk that ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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