Info
Warning
Danger

Accounting Expert Answers, Study Resources & Learning Aids

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
1) Service companies must carry a large amount of inventory to meet consumer demand. 2) Manufacturing companies usually have three types of inventory. 3) Retailers sell their products to consumers. 4) Merchandising companies include both wholesalers and retailers. 5) All companies have the same types of inventories. 6) Only manufacturing companies have finished goods inventory. 7).
25 Views
View Answer
189) Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year: Utilities for the store $   9,500 Sales commissions 10,000 Sales revenue 164,000 Purchases of merchandise 85,000 January 1 inventory 27,000 Rent for store 13,500 December 31 inventory 23,000 What is operating income? A) $154,500 B) $56,000 C) $42,000 D) $46,000 190) Paper Clip Company sells office supplies. The following information.
9 Views
View Answer
187) Johnson Scooter Company is considering whether or not to expand into a new area of the US. They produce high-performance gas scooters with moderate gas mileage, but have developed a new battery technology that combines a small amount of electrical energy with the existing gas power. This new technology.
14 Views
View Answer
147) ABC Company makes wooden furniture. Identify each of the following as either an inventoriable product cost or a period cost. If it is an inventoriable product cost, classify it as direct materials, direct labor, or manufacturing overhead. A.________Insurance on the plant building B.________Cost of shipping the furniture to the customers C.________Assembly line.
9 Views
View Answer
48) All of the following activities are included in the value chain except A) customer service. B) design. C) safety. D) production. 49) Which of the following would not be included in the value chain? A) Website development costs B) Costs to deliver product to retail outlets C) Costs of print advertisements D) All of these costs would be.
7 Views
View Answer
168) The Sarbanes-Oxley Act requires companies to have their internal audit procedures assessed at least A) monthly. B) quarterly. C) annually. D) at any time they choose. 169) The Sarbanes-Oxley Act allows for a maximum of ________ years of imprisonment for knowingly destroying or creating documents to obstruct any federal investigation. A) 20 B) 15 C) 10 D) 5 170).
10 Views
View Answer
98) The ethical principles and standards of the IMA always give clear guidance for every ethical situation. 99) The "Ethics Hotline" provides specific resolutions (answers) to IMA members who face ethical dilemmas. 100) Just because a behavior is legal does not always mean it is ethical. 101) The IMA's overarching ethical principles include:.
12 Views
View Answer
199) Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262,000. What was the value of goods available.
10 Views
View Answer
115) Differentiate between: A. direct materials versus indirect materials B. direct labor versus indirect labor 116) Indirect manufacturing costs should be included in manufacturing overhead. 117) An inventoriable cost could be the cost of the marketing and distribution of a product. 118) Inventoriable product costs consist of manufacturing overhead, direct labor and direct materials. 119) Indirect.
9 Views
View Answer
90) Companies listed on the New York Stock Exchange (NYSE) are required to have an internal audit function by A) The NYSE. B) The Internal Revenue Service (IRS). C) The stockholders. D) The Board of Directors. 91) The person who is directly responsible for all financial functions is the A) Treasurer. B) CEO. C) CFO. D) COO. 92) The person.
13 Views
View Answer
108) Preparing financial statements in accordance with GAAP is an example of A) integrity. B) competence. C) credibility. D) objectivity. 109) Communicating information fairly and objectively is an example of which ethical standard? A) Credibility B) Integrity C) Competence D) Confidentiality 110) Performing duties in accordance with relevant laws, regulations, and technical standards comprise the IMA professional ethics standard of A).
15 Views
View Answer
128) Failure to mitigate a conflict of interest would violate which ethical standard of conduct? A) Credibility B) Integrity C) Competency D) Confidentiality 129) Managerial accounting is becoming less relevant as the U.S. economy shifts away from the manufacturing industry towards the service industry. 130) The Sarbanes-Oxley Act was designed to hold corporations accountable for internal.
9 Views
View Answer
35) Explain the difference between raw materials inventory, work in process inventory, and finished goods inventory. 36) Describe a company that has some elements of all three types of companies. It is part service company, part manufacturer, and part merchandiser. 37) Why do service firms not have inventory costs pertaining to items.
12 Views
View Answer
21) In the United States, the fastest growing type of company is A) merchandising. B) service. C) manufacturing. D) none of the above. 22) Which of the following is a characteristic of a service company? A) Service companies make a product. B) Service companies have a single category of inventory. C) Service companies generally have no tangible.
11 Views
View Answer
68) Joe's Bottling Company provided the following expense information for July: Assembly-line workers' wages $ 56,000 Depreciation on factory equipment $ 35,000 Caps for bottles $ 3,000 Plastic bottles $ 52,000 Reconfiguring the assembly line $123,000 Salaries of salespeople $ 63,000 Customer support hotline $ 12,000 Salaries of research scientists $ 65,000 Delivery expenses .
8 Views
View Answer
58) The costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain? A) Customer service B) Marketing C) Research and development D) Design 59) The costs incurred to get merchandise to a company's retail store would be considered to be what.
9 Views
View Answer
149) Product costs and period costs receive similar treatment when presented in the financial statements. 150) The income statements of manufacturing companies are more complex than those of service or merchandising companies. 151) The financial statements of a merchandiser are more complex than those of a manufacturer. 152) Service companies have.
10 Views
View Answer
70) Managerial accountants only need a solid understanding of managerial accounting, and not financial accounting. 71) What position is typically responsible for financial accounting, managerial accounting, and tax reporting? A) Controller B) Treasurer C) CFO D) Audit committee 72) Despite the proliferation of technology, managerial accountants are still needed to provide professional judgment in which.
15 Views
View Answer
78) Delivery expenses are charged to which of the following areas? A) Distribution B) Customer service C) Production or purchases D) Marketing 79) A product support hot line would be considered A) marketing. B) distribution. C) production or purchases. D) customer service. 80) Place the value chain elements in the correct order by numbering them from 1.
11 Views
View Answer
158) IFRS stands for A) Important Foreign Registering Systems. B) International and Foreign Registering Standards. C) International and Foreign Reporting Systems. D) International Financial Reporting Standards. 159) XBRL stands for A) eXtensive Business Registering Location. B) eXtractable Business Reporting Location. C) eXtensible Business Reporting Language. D) eXisting Business Responsibility Language. 160) In what year will XBRL be required for all.
11 Views
View Answer
225) Over the long-term all costs are uncontrollable. 226) Differential cost is the difference in cost between two alternatives. 227) Decision making is guided only by differential costs. 228) Irrelevant factors should not be considered when making decisions. 229) You are trying to decide whether or not to sell back your accounting textbook at.
9 Views
View Answer
11) Schlabig & Associates, a public accounting firm, is what type of company? A) Manufacturer B) Retailer C) Service D) Wholesaler 12) Jiffy Lube, an automotive maintenance company, is primarily what type of company? A) Manufacturer B) Retailer C) Wholesaler D) Service 13) Among other products, Nabisco makes Oreo cookies. Which type of company is Nabisco? A) Service B) Manufacturer C) Retailer D).
17 Views
View Answer
221) Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Utilities for store 7,000 Rent for store 6,500 Sales commissions 2,500 Purchases of merchandise 65,000 Inventory, ending 21,500 Inventory, beginning 28,000 Sales revenue 120,000 Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31. 222) North Pacific Company used $65,000 of direct materials.
13 Views
View Answer
118) Which of the following is an example of the IMA's competence standard? A) Provide decision support that is accurate, clear, concise and timely. B) Keep information confidential, except when disclosure is legally required. C) Communicate information fairly and objectively. D) Abstain from engaging in or supporting any activity that might discredit the profession. 119).
12 Views
View Answer
60) Management accountants rarely interact with employees from other business functions such as marketing and customer service. 61) The CFO is the person responsible for the day-to-day operations of the company. 62) The treasurer and the controller report directly to the CFO. 63) The internal audit department reports directly to the audit committee,.
11 Views
View Answer
121) Period costs are A) always recorded as an expense. B) always considered part of the inventory. C) expensed only when the inventory is sold. D) none of the above. 122) All of the following are period costs except A) distribution expenses. B) direct labor expenses. C) marketing expenses. D) research and development expenses. 123) Inventoriable product costs for a.
13 Views
View Answer
83) Classify each of the following business costs into one of the six value chain elements. A.cost of a commercial during a TV program B.cost of shipping goods to customers C.costs associated with repairing products under warranty D.costs of developing a new product E.cost of making a prototype of a new product F.cost of labor for.
8 Views
View Answer
179) Tall Timbers reports the following data for its first year of operation. Work in process inventory, beginning $           0 Work in process inventory, ending 50,000 Manufacturing overhead 25,000 Direct materials used 7,000 Finished goods inventory, beginning 0 Finished goods inventory, ending 20,000 Cost of goods manufactured 85,000 What are the total manufacturing costs? A) $47,000 B) $135,000 C) $85,000 D) $117,000 180) Tall Timbers reports the following.
13 Views
View Answer
209) Selected information regarding a company's most recent quarter follows (all data in thousands). Direct labor $    500 Beginning work in process inventory $    320 Ending work in process inventory $    330 Cost of goods manufactured $ 1,560 Manufacturing overhead $    820 What was direct materials used for the quarter? A) $ 250 B) $ 490 C) $ 1,550 D).
10 Views
View Answer
38) Controlling costs across the entire value chain often requires a trade-off between the individual elements of the value chain. 39) All of the components of manufacturing–from research and development through customer service after the sale–are part of a firm's value chain. 40) The activities in the value chain must take place.
11 Views
View Answer
159) The income statement of a retailer would include which of the following? A) Cost of goods sold B) Value of inventory C) Accounts payable D) Accounts receivable 160) The income statements for both a merchandiser and manufacturer would include which of the following? A) Operating expenses B) Direct labor incurred C) Direct materials used D) Cost of goods.
12 Views
View Answer
99) Which of the following is an example of direct labor? A) Wages of a managerial accountant B) Wages of a machine operator C) Salary of the vice-president of operations D) Wages of the CFO 100) Which statement describes direct materials in a manufacturing setting? A) Direct materials are used to determine total manufacturing overhead. B).
9 Views
View Answer
169) Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174,000 Operating expenses 62,000 Beginning inventory 27,000 Ending inventory 37,000 Sales revenue 333,000 What is the cost of goods sold for the year? A) $201,000 B) $164,000 C) $174,000 D) $97,000 170) Challenge Tennis & Recreation's operating activities for the year are listed below. Purchases $174,000 Operating expenses 62,000 Beginning inventory 27,000 Ending.
12 Views
View Answer
131) Indirect materials and indirect labor are ________ for a manufactured product. A) overhead and period costs B) operating and period costs C) overhead and product costs D) operating and product costs 132) Manufacturers consider selling and administrative costs to be A) period costs. B) conversion costs. C) inventoriable costs. D) prime costs. 133) Which of the following is an.
6 Views
View Answer
80) Which of the following positions is primarily responsible for raising capital and investing funds? A) The treasurer B) The COO C) The CFO D) The CEO 81) What factor has changed the way that we now view managerial accountants? A) Stricter GAAP standards B) Technology C) Stricter audit standards D) None of the above 82) Which of the following.
9 Views
View Answer
141) Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Depreciation on sales office $    9,000 Depreciation on factory equipment 16,000 Factory supervisor salary 50,500 Sales commissions 23,000 Lubricants used in factory equipment 3,000 Insurance costs for factory 21,000 Wages paid to maintenance workers 115,000 Fabric used to upholster.
9 Views
View Answer
148) Which type of system integrates ALL of the company's departments, functions, and data? A) TQM System B) ERP System C) ISO System D) QuickBooks 149) According to the Sarbanes-Oxley Act, who is responsible for establishing and maintaining internal controls over financial reporting? A) The CEO and CFO B) The internal auditors C) The external auditors D) The SEC 150).
9 Views
View Answer
178) The philosophy that centers on production as needed is known as A) Supply-chain management. B) TQM. C) ERP. D) JIT. 179) What is the business philosophy of providing superior goods and services? A) TQM B) Supply-chain management C) ERP D) JIT 180) What would a company need to conduct when considering whether to install an ERP system or not? A).
12 Views
View Answer
223) The following information is available for the Bower Corporation for last year: ?Raw materials inventory decreased $4,000 from the beginning of the year to the end of the year. ?Raw materials inventory on December 31 (end of year) was 50% of raw materials inventory on January 1 (beginning of.
10 Views
View Answer
109) Rustic Living Furniture Company manufactures furniture at its central Kentucky factory. Some of its costs from the past year include: Wages paid to maintenance workers $ 60,000 Fabric used to upholster furniture $ 8,000 Wages paid to assembly-line workers $ 100,000 Lumber used to build product $ 15,000 Sales commissions $ 7,500 Insurance costs for.
7 Views
View Answer
37) How often should managerial accounting reports be prepared? A) Annually B) Quarterly C) Monthly D) As often as necessary 38) Which of the following statements is true regarding managerial accounting information? A) It is audited by CPAs. B) It emphasizes relevance. C) It is prepared annually and quarterly. D) It must be prepared in conformity with generally accepted.
11 Views
View Answer
218) Use the appropriate letter(s) to indicate if the following costs would be found on the income statement of a A.service company B.merchandising company C.manufacturing company You may use more than one letter for each answer. ____Revenue ____Salaries expense ____Customer service expense ____Cost of goods manufactured ____Cost of goods sold 219) Compute the missing amounts. Miami Company Orlando Company Sales $ 300,000 (D) Cost of Goods.
15 Views
View Answer
47) Which statement is true? A) Management uses financial information to analyze costs. B) Management uses financial information to plan internal operations. C) Management uses reports created for internal parties. D) All of the above are true. 48) Which of the following statements is false? A) Financial accounting helps investors make decisions. B) Financial accounting provides sufficient.
9 Views
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*