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) Which of the following statements about REA modeling and REA diagrams is false? A) REA is an acronym for Resources, Entities, and Agents. B) REA data modeling does not include traditional accounting elements such as ledgers, chart of accounts, debits and credits. C) REA data modeling could be referred to as an.
18 Views
View Answer
31) Which of the following transactions is represented by the diagram below? A) An automobile salvage business holds weekly auctions at which it sells its entire inventory. B) A grocery store sells products to consumers. C) A hobbyist restores antique cars. When a car is finished, she sells it on eBay. D) A firm.
8 Views
View Answer
51) What control should be put in place that assigns responsibility for EFT payments made to vendors? A) Encrypt all EFT transmissions. B) Time stamp all EFT transactions. C) Establish a control group to monitor EFT transactions for validity and accuracy. D) Number all EFT transactions. 52) Which of the following threats is not.
12 Views
View Answer
41) The average annual middle-management salary at Folding Squid Technologies is $60,000. If the average turnover rate for middle management is ten employees per year, what is the approximate average annual cost of turnover? A) $300,000 B) $600,000 C) $900,000 D) $1,200,000 42) Which of the following will contribute to the efficiency of a.
8 Views
View Answer
  1) The general ledger and reporting system consists of the ________ involved in ________ the general ledger and ________ reports. A) business transactions; updating; processing B) data processing; business transactions for; printing C) information processing; updating; creating D) business transactions; data processing; preparing 2) Which item below is not considered.
20 Views
View Answer
1) Explicitly identifying the different employees who participate in each event by their job functions is helpful when verifying A) internal controls. B) job descriptions. C) proper supervision. D) segregation of duties. 2) Many companies sell software, music, or digital photographs over the Internet. They give up a digital copy of those resources, but.
24 Views
View Answer
64) Explain the five rules for drawing integrated REA diagrams. 65) Explain a completeness check. 66) Explain where in the REA model you can find the information normally found in a ledger. 67) Explain where in the REA model you can find the information normally found in a journal. 68) What are the advantages.
13 Views
View Answer
  1) Which activity below is not performed by the HRM? A) compensation B) training C) discharge D) recruitment and hiring 2) The sales department administrative assistant has been assigning phone order sales to her brother-in-law, a company sales person. Company policy is to pay commissions only on orders directly received.
18 Views
View Answer
66) Discuss two measures that can address the threats of inefficiencies and quality controls problems. 67) Discuss the criticisms of traditional cost accounting methods. 68) What is activity-based costing (ABC)? How does it compare with the traditional costing methods? What are the benefits of activity-based costing? 1 .
8 Views
View Answer
41) Wee Bee Trucking determines the cost per delivery by identifying variables as cost drivers, and allocating overhead accordingly. This is an example of ________ costing. A) job-order B) unit-based C) activity-based D) process 42) In activity-based costing, expenses associated with the purchase of health care insurance for employees are ________ overhead. A) batch-related B) product-related C) companywide D).
6 Views
View Answer
41) Adjusting entries that reflect a change in accounting principle used to value inventories are classified as A) corrections. B) estimates. C) deferrals. D) revaluations. 42) Cheryl Liao is an accountant at Folding Squid Technologies. While making an adjusting entry to the general ledger, she received the following error message, "The account number referenced in.
6 Views
View Answer
21) Which of the following is not a benefit of using a payroll service bureau or a professional employer organization? A) Freeing up of computer resources B) Increased internal control C) Reduced costs D) Wider range of benefits 22) Many companies offer their employees a "cafeteria" approach to voluntary benefits in which employees can pick.
10 Views
View Answer
48) Describe the basic activities in an HRM/payroll cycle. 49) Identify the two types of payroll deductions and give two examples of each type. 50) Why are accurate cumulative earnings records important? 51) Explain the functions of the payroll register, deduction register, and earnings statement. 52) What is the difference between a.
4 Views
View Answer
53) Discuss the various types and sources of input into the HRM/payroll cycle. 54) Describe benefits and threats of incentive and bonus programs. 55) Explain benefits to companies and to employees of using electronic direct deposit for payroll. 56) What factors should be considered in outsourcing payroll to a payroll service.
9 Views
View Answer
21) Stepanek Sales and Service provides free coffee to employees. Stepanek arranged with Ingebrigtson's Joe to deliver as many coffee packages, sugar, creamer, and filters as needed each week. Ingebrigtson's sends a monthly invoice for Stepanek to pay. This arrangement is best described as a A) blanket purchase order. B) set.
7 Views
View Answer
31) Communications technology and the Internet can be used to reduce the time and costs involved in disseminating financial statement information. Users of such financial information still struggle in that many recipients have different information delivery requirements and may have to manually reenter the information into their own decision analysis.
6 Views
View Answer
41) Which of the following transactions is represented by the diagram below? A) Vendors send a bill for each inventory item purchased which is payable on receipt. B) A single purchase of inventory is paid for with multiple payments. C) Inventory vendors send a monthly bill for merchandise delivered. The seller does not.
8 Views
View Answer
11) The production cycle document that specifies the quantity of each product to be produced and when production should begin is the A) bill of materials. B) bill of lading. C) master production schedule. D) operations list. 12) What information is necessary to create the master production schedule? A) engineering.
9 Views
View Answer
1) Integrating separate REA diagrams developed for individual transaction cycles into a single, comprehensive enterprise-wide data model A) is possible. B) requires understanding what the cardinalities in each separate diagram reveal about the organization's business policies and activities. C) provides a single comprehensive enterprise-wide model of the organization. D) All of the.
20 Views
View Answer
56) How many side panels should the company budget for use in week two? Bill of Materials Finished Product: DVD Player Part Number 105 125 148 155 173 195 199 Description Control Unit Back Panel Side Panel Top/Bottom Panel Timer Front Panel Screw Quantity 1 1 2 2 1 1 6 Operations List for: Create Side Panel Operation Number 105 106 124 142 155 Description Cut to shape Corner cut Turn and shape Finish Paint Machine Number ML15-12 ML15-9 S28-17 F54-5 P89-1 Standard Time (m:s) 2:00 3:15 4:00 7:10 9:30 57) How many labor hours should the company budget in week three.
6 Views
View Answer
51) Cosgrove Art & Antiques sells unique art and antiques exclusively at antique shows. Cosgrove purchases inventory from individuals and other dealers at garage sales, flea markets, antique malls, and estate sales. Each time Cosgrove makes a purchase, she records the person's name, address, date, specific items purchased and price.
12 Views
View Answer
60) Explain specifically what is meant by the following statement, "Accountants can and should participate in all stages of the database design process." 61) A dental office employs three dentists and five dental hygienists. One of the dentists is a very recent dental school graduate and can't yet see patients.
11 Views
View Answer
11) Payroll deductions fall into the broad categories of ________ and ________. A) payroll tax withholdings; voluntary deductions B) unemployment; social security taxes C) unemployment taxes; income taxes D) voluntary deductions; income taxes 12) Which of the following deductions is not classified as a voluntary deduction? A) pension plan contributions.
11 Views
View Answer
21) The managerial report that shows planned cash inflows and outflows for major investments or acquisitions is the A) journal voucher list. B) statement of cash flows. C) operating budget. D) capital expenditures budget. 22) The operating budget A) compares estimated cash flows from operations with planned expenditures. B) shows.
7 Views
View Answer
  1) The AIS compiles and feeds information among the business cycles. What is the relationship between the revenue and production cycles regarding the exchange of information? A) The revenue cycle provides sales forecast and customer order information to the production cycle, but the production cycle sends information back to revenue.
11 Views
View Answer
81) Identify ten threats and applicable control procedures in the expenditure cycle. 82) What types of decision-making and strategic information should the AIS provide in the expenditure cycle? 83) How can using RFID tags or bar codes on goods or products provide significant benefit in the expenditure cycle? 1 .
10 Views
View Answer
41) When integrating separate REA diagrams, A) common resources are placed between the events that affect them. B) each resource is connected to two agents. C) resources are duplicated to show the give and get of economic duality relationships. D) resources are merged if both events in the stockflow relationship are modeled. 42) In.
7 Views
View Answer
21) For replacement of inventories and assets destroyed by fire or other disasters, an organization needs A) stand-by facilities. B) adequate insurance coverage. C) source data automation. D) All of the above are correct. 22) Overproduction or underproduction can be a threat to an organization. To which process or activity.
6 Views
View Answer

Can't find what you're looking for ?

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