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Accounting Expert Answers & Study Resources : Page 26

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31) Which of the following would NOT appear on a cash flow statement prepared using the direct method? A) Increase/decrease in current liabilities B) Payments to suppliers C) Interest received D) Collections from customers TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 32) The Australian Accounting Standards require the.

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  • 31) Which of the following would NOT appear a cash
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26) Please refer to the following data:   INCOME STATEMENT         (Dollar amounts in millions) 2017   2016     Amount % of total Amount % of total Sales revenue $6 355 100% $4 920 100% Cost of sales 3 370 53.0% 2 200 44.7% Gross profit 2 985 47.0% 2 720 55.3% Selling and general expenses:         Sales and marketing expenses 675 10.6% 580 11.8% General and administrative expense 410 6.5% 425 8.6% Reserarch and development expense 470 7.4% 390 7.9% Other expense 400 6.3% 695 14.1% Total selling and general expenses $1 955 30.8% $2 090 42.5%           Profit before tax $1 030 16.2% $630 12.8% Income tax expense 230 3.6% 210 4.3% Profit (loss) $800 12.6% 420 8.5%   Which.

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  • 26) Please refer to the following data:   INCOME STATEMENT    
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21) Which of the following would NOT be classified as an operating activity? A) Dividends paid B) Interest received C) Interest paid D) Dividends received 22) Which of the following is the CORRECT order of the sections on a cash flow statement? A) Financing, investing, operating B) Investing, operating, financing C) Operating, financing, investing D) Operating, investing, financing 23) Which.

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  • 21) Which of the following would NOT be classified as
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21) Which of the following statements is false? A) Reliable data are usually supported by objective evidence. B) An independent valuation is usually considered reliable. C) Reliable data are verifiable. D) Owner opinions are one source of objective evidence. 22) The pair of general principles of reporting that often result in a trade-off are: A) understandability.

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  • 21) Which of the following statements false? A) Reliable data usually
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106) Peartree Ltd provides the following income statement for the year 2016:     2016 Net sales $240 000 Cost of sale 110 000 Gross profit $130 000 Operating expenses:   Selling expenses 45 000 Administrative expenses 12 000 Total expenses 57 000 Profit $73 000 Other revenues and (expenses):   Loss on sale of capital assets (26,000) Interest expense (1000) Total other revenues and (expenses) (27,000) Profit before taxes $46,000 Income tax expense 6000 Net profit $40,000   Calculate the times-interest-earned ratio. A) 46 times B).

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  • 106) Peartree Ltd provides the following income statement for the
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6) The following is a summary of information presented on the financial statements of a company on 31 December 2017.   Account 2017 2016 Current assets $82,000 $70,000 Accounts receivable 63,000 71,000 Inventory 62,000 55,000 Current liabilities 56,000 47,000 Non-current liabilities 42,000 55,000 Share capital 75,000 54,000 Retained earnings 66,000 44,000   What would a horizontal analysis report show with respect to Non-current liabilities? A) Non-current liabilities decreased by $21,000 B) Non-current liabilities decreased by 38.89% C) Non-current liabilities decreased.

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  • 6) The following a summary of information presented the financial
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11) Which of the following describes the financing activities as shown in the cash flow statement? A) Includes transactions that primarily impact current assets and current liabilities B) Includes transactions affecting the non-current liabilities and equity of the business C) Includes increases and decreases in non-current assets D) Shows the beginning and ending balance.

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  • 11) Which of the following describes the financing activities as
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41) The Arlington Company prepared a common-size income statement to compare its results with its key competitor, Bardo Company. Please refer to the following data:     Arlington Co. Bardo Co. Revenues 100.0% 100.0% Cost of sales 42.1% 47.8% Gross profit 57.9% 52.2% Selling and general expenses:     Sales and marketing expense 26.3% 8.6% General and administrative expense 12.0% 10.8% Research and development expense 4.1% 10.2% Total selling and general expenses 42.4% 29.6%       Profit before tax 15.5% 22.6% Income tax expense 3.3% 5.8% Profit.

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  • 41) The Arlington Company prepared a common-size income statement to
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41) Which business would be most likely to use the percentage of completion method to record income? A) Accountant B) Grocery store C) Plumber D) Construction firm 42) Which type of business would be most likely to use the instalment method to record revenue? A) medical practitioner B) real estate developer C) pharmacy D) construction firm Table 17-1 In 2016, a.

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  • 41) Which business would be most likely to use the
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26) The principle that accountants do not have to account for every last item in strict accordance with the accounting rules is known as the: A) relevance principle. B) cost principle. C) materiality principle. D) going-concern principle. 27) All of the following accounting practices are examples of conservatism, except: A) completed contract method. B) lower-of-cost-and-net-realisable-value inventory method. C).

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  • 26) The principle that accountants do not have to account
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16) The basic accounting concepts and principles: A) explain the difference between managerial and financial accounting. B) provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors in making decisions about providing resources to the entity. C) are an important way in which management.

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  • 16) The basic accounting concepts and principles: A) explain the difference
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16) Which of the following sections from the cash flow statement includes activities that increase and decrease non-current assets? A) The financing section B) The investing section C) The non-cash investing and financing section D) The operating section 17) Which of the following sections from the cash flow statement includes activities that affect profit on.

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  • 16) Which of the following sections from the cash flow
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66) Peartree Company provides the following data:   BALANCE SHEET 31 Dec 2017 31 Dec 2016 Cash $21 000 $18 000 Accounts receivable, net 31 000 35 000 Inventory 53 000 25 000 PP&E, net 120 000 90 000 Total assets $225 000 $168 000       Accounts payable $4 000 $6 000 Accrued liabilities 2 000 1 000 Long-term loans payable 84 000 90 000 Total liabilities $90 000 $97 000       Share capital $30 000 $2 000 Retained earnings 105 000 69 000 Total shareholders’ equity $135 000 $71 000 Total liabilities.

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  • 66) Peartree Company provides the following data:   BALANCE SHEET 31 Dec 2017 31
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31) Olivera Ltd provides the following data for the year 2016:   Sales revenue $629,000 Sales returns and allowances 20,000 Sales discounts 6000 Net sales revenue $603,000 Cost of sales $390,000   On a vertical analysis report, the gross profit as a percentage of net sales will be: A) 35.32% B) 33.86% C) 36.32% D) 64.68% TRUE/FALSE. Write 'T' if the statement is true and 'F' if the.

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  • 31) Olivera Ltd provides the following data for the year
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1) The body that is responsible for the issue of accounting standards in Australia is: A) The Australian Securities and Investments Commission. B) The Australian Accounting Standards Board. C) The Institute of Chartered Accountants in Australia. D) CPA Australia. 2) Accounting standards in the USA are issued by: A) Congress. B) the Financial Accounting Standards Board. C) the.

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  • 1) The body that responsible for the issue of accounting
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TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 6) The Financial Reporting Council (FRC) was established by the federal government to oversee the Australian standard-setting process. 7) AASB stands for Australian Accounting Standards Board. 8) Due process in standard setting involves public consultation with all interested.

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  • TRUE/FALSE. Write 'T' if the statement true and 'F' if
  • Accounting
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21) Please refer to the vertical analysis of a section of a balance sheet, shown below:   (Dollar amounts in millions) 2017   2016     Amount % of total Amount % of total Assets         Current assets:         Cash $10 000 3.7% $7 200 2.9% Accounts receivable, net 15 600 5.7% 16 800 6.7% Inventory 38 000 13.9% 31 000 12.4% Total current assets 63 600 23.2% 55 000 22.0% Property, plant and equipment, net 195 000 71.3% 168 000 67.2% Other non-current assets 15 000 5.5% 27 100 10.8% Total assets $273 600 100.0% $250 100 100.0%   Which of.

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  • 21) Please refer to the vertical analysis of a section
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51) Arlington Company has prepared the following common-size income statement to compare its performance with industry averages:     Arlington Co. Industry Revenues 100.0% 100.0% Cost of sales 43.8% 39.7% Gross profit 56.2% 60.3% Selling and general expenses:     Sales and marketing expense 18.1% 21.4% General and administrative expense 12.0% 14.2% Research and development expense 4.1% 4.0% Total selling and general expenses 34.2% 39.6%       Profit before tax 22.0% 20.7% Income tax expense 4.4% 4.2% Profit (loss) 17.6% 16.5%   Based on the above data, an analyst could conclude.

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  • 51) Arlington Company has prepared the following common-size income statement
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