Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Beginning inventory is 200 units @ $10/unit. During the year, the following purchases are made (in chronological order): 800 units @ $12/unit; 700 units @ $13/unit; and 100 units @ $15/unit. Ending inventory is 300 units. Compute the cost of ending inventory under the FIFO method.

a. $3,000.
b. $3,200.
c. $4,100.
d. $4,500.

2. The division of assets and liabilities into current and non-current categories is useful primarily for assessment of

a.Profitability.
b.Cash flow.
c.Efficiency.
d.Liquidity.

3.The ability of a firm to convert revenue into profit is best measured by:

a. Total revenue.
b. Return on equity.
c. Return on sales.
d. Gross margin percentage.

4. The quick ratio is an especially sensitive measure for assessing a firm's __________

a. Profitability.
b. Liquidity.
c. Market value.
d. Long-term risk.

5. The process of charging the cost of intangible assets such as patents or goodwill to expense over their useful lives is called:

a. Cost flow.
b. Depreciation.
c. Depletion.
d. Amortization.

6. Cost of goods sold appears in the numerator of which ratio?

a. Gross margin.
b. Inventory turnover.
c. Asset turnover.
d. Current ratio.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920693

Have any Question? 


Related Questions in Accounting Basics

1 you are the manager of a payroll system your company is

1. You are the manager of a payroll system. Your company is going to replace the legacy payroll system with a more robust, Web-based version. Suggest two approaches that would minimize downtime and interruption to the pa ...

1 prepare an answer to management application ma 13-31

1. Prepare an answer to Management Application MA 13-31, which can be found on page 13-24 of your text (the question concerns ExxonMobil). 2. Oregon Manufacturing had the following data for the past three months.   Janua ...

1 the manufacture of herbal health tonic is a competitive

1. The manufacture of herbal health tonic is a competitive industry. The manufacturing facilities have an annual output of 100,000 gallons. Operating costs are $2 per gallon. A 100,000 gallon capacity plant costs $500,00 ...

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 ...

Del gato clinic deposits all cash receipts on the day when

Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2015, its Cash account shows a(n) $14,287 debit balance. Del Gato ...

Accounting discussiona local movie theater owner explains

Accounting Discussion A local movie theater owner explains to you that ticket sales on weekends and evenings are strong, but attendance during the weekdays, Monday through Thursday, is poor. The owner proposes to offer a ...

Question 1under the allowance method bad debt expense is

Question 1 Under the allowance method, Bad Debt Expense is recorded A. as an estimate. B. when an individual account is written off. C. several times during the year as needed. D. None of the above Question 2 Which amoun ...

Accounting information systemsfor this assignment research

Accounting Information Systems 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 accounting information syste ...

What are the effects on equitiesfinancial statement effect

What are the effects on equities? Financial Statement Effect of Equity Securities Presented below is a situation involving equity securities: An equity security, whose fair value is currently less than cost, is classifie ...

Task -task covers the application of conceptual and

Task - Task covers the application of conceptual and technical aspects of accounting and the preparation of business financial statements, the appraisal of the use of information technology including spreadsheet software ...

  • 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