Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

problem 1: If the total fixed cost reduces, the sales volume at the break-even point will (supposing all else constant):

a. Decrease
b. Remain the same
c. Increase
d. Not possible to determine

problem 2: The report listing the balances and titles of the accounts in the ledger on a given date is the:

a. Balance sheet
b. Income statement
c. Statement of shareholders’ equity
d. Trial balance

problem 3: XYZ Company sold $400 of services and the customer utilized a credit card to pay for the services. The credit card company charges XYZ Company 2% for its services. How much did the company record as a deposit to cash as an outcome of this transaction:

a. $392
b. $400
c. $408
d. Nothing

problem 4: XYZ Company paid cash for the purchase of a machine with a list price of $100,000 and received a 5% discount. The machine was shipped FOB shipping point at a cost of $1,000 and installed through XYZ at a cost of $3,000. What is the recorded acquisition cost of the machine?

a. $95,000
b. $98,000
c. $99,000
d. $104,000

problem 5: A company projects production of 10,000 units which will need 3 hours of direct labor to generate each item. Direct labor costs are $15 per hour (standard rate). The actual job needs 32,000 hours to generate 9,500 units at a labor cost of $528,000. Find out the labor rate variance:

a. $42,750 unfavorable
b. $45,000 unfavorable
c. $48,000 unfavorable
d. $57,750 unfavorable

problem 6: Merchandise is sold on account to a customer for $3,000 with the given terms: FOB destination, 2/10, n/30. The seller pays $150 in transportation costs and the customer returns $400 of the merchandise prior to payment. Determine the amount of the discount for early payment:

a. $0
b. $49
c. $52
d. $55

problem 7: The surplus of gross profit over operating expenses is termed as:

a. Gross profit
b. Operating income
c. Merchandise income
d. Net income

problem 8: A sale of merchandise on account must be recorded in the:

a. Cash payments journal
b. Cash receipts journal
c. Purchases journal
d. Sales journal

problem 9: Journal entries based on the bank reconciliation are needed for:

a. Additions to the cash balance according to the depositor’s records
b. Deductions from the cash balance according to the depositor’s records
c. Both A and B
d. Neither A nor B

problem 10: At the end of the fiscal year, before the accounts are adjusted, Accounts Receivable consists of a balance of $100,000 and Allowance for Doubtful Accounts has a credit balance of $5,000. The estimate of the uncollectible accounts is found out to be $12,000. The present provision to be made for uncollectible accounts expense is:

a. $5,000
b. $7,000
c. $12,000
d. $17,000

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92833

Have any Question? 


Related Questions in Accounting Basics

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

Assignment accounting qualitybased on the requirements of

Assignment: Accounting Quality Based on the requirements of the Sarbanes-Oxley Act and SEC reporting requirements for publically traded companies, Write a five page paper in which you: 1. Assess the roles of the Board of ...

Capital budgeting analyzing project cash flows alexandria

Capital Budgeting: Analyzing Project Cash Flows (Alexandria Chemical Products Company) In early 1980s Alexandria Chemical Products started as a small firm between two friends to produce detergent products. By the end of ...

Accounting paper1each person will write a 3 page paper

Accounting Paper 1. Each person will write a 3 page paper, single spaced, one inch margins, 12 pt font with double space between paragraphs. 2. You will also be required to include the Income Statement, Balance Sheet and ...

Question 1with respect to transferability of ownership

Question 1 With respect to transferability of ownership interests, a sole proprietor may: not transfer her interests may only transfer her interest with approval of the state freely transfer her interests transfer her in ...

International accounting1 when discussing foreign currency

International Accounting 1. When discussing foreign currency exchange, there are several arrangements. List two of these. 2. A _________ is a contract between two or more parties. 3. What are the timelines for the new re ...

Intermediate accounting assignment1 the nail company paid

Intermediate Accounting Assignment 1) The Nail Company paid $1,200,000 to purchase 35% of the outstanding stock of the Toe Corporation. Toe Corporation reports $450,000 of net income and paid a cash dividend of $150,000. ...

Accountingbullwatch a mursaus video titled accounts

Accounting • Watch A. Mursau's video titled "Accounts Receivable Bad Debt Expense (Direct Write Off Method Vs Allowance Method)": https://www.youtube.com/watch?v=r3YPSwFsIps&feature=youtu.be • Based on the information in ...

Incorporation of plummet companyplummet company is created

Incorporation of Plummet Company Plummet Company is created with the following asset contributions. John and Jill are equal owners in this new business venture. Shareholder Assets Basis Fair Market Value John Cash Servic ...

Company annual report study -choose any company and make a

COMPANY ANNUAL REPORT STUDY - Choose any company and make a report: Introduction (about 100 words) Conceptual framework (300 words) Ethics (not more than 150 words) Corporate governance (not more than 150 words) Legitima ...

  • 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