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

Practice questionscalculate and suggest possible reasons

Practice questions: Calculate and suggest possible reasons for the materials usage variance from the following data: • Standard price per tonne is £50 • Standard usage is 1.000 tonnes • Actual price per tonne is £50 • Ac ...

Practice questionsconsider a business where you have had

Practice questions: Consider a business where you have had work experience or any other organisation with which you are familiar. What aspects of the business do you think are important which are not shown in the financi ...

Practice questionsdescribe what is meant by the term cost

Practice questions: Describe what is meant by the term cost of goods sold and the importance of the calculation in arriving at a figure of gross profit. Answer should be illustrated with a worked example.

Questionsummative discussion boardreview and reflect on the

Question: Summative Discussion Board Review and reflect on the knowledge you have gained from this course. Based on your review and reflection, write at least 3 paragraphs on the following: What were the most compelling ...

During the year mr ashok sold his private car for 50000 and

During the year mr. ashok sold his private car for 50000 and this amount invested in business he withdraw from business 1500 per month up to july 31st 2011 and thereafter 4500 per month as Drawing you are required to pre ...

International accountingjust need answer1 the new lease

International accounting Just need answer. 1. The new lease standard requires that leases will be included on the Balance Sheet. There is an exemption to this new rule. What obligations will be exempt from inclusion on t ...

Lamp light company maintains and repairs warning lights

Lamp Light Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Lamp Light Company prepared the following end-of-period spreadsheet at December 31, 2016, the end of the fisca ...

Discussionpart 1please respond the following question no

DISCUSSION PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference "Financial Statement Analysis" Please respond to the following: • Evaluate at least factors that m ...

Problem - selected account balances for hulse company at

Problem - Selected account balances for Hulse Company at January 1, 2014, are presented below. Accounts payable $13,376 Accounts Receivable 21,288 Cash 17,093 Inventory 12,796 Hulse's sales journal for January shows a to ...

Practice questionsdescribe a situation in which two of the

Practice questions: Describe a situation in which two of the main accounting concepts might be in conflict. Explain what you consider the correct accounting treatment should be.

  • 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