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Accounting Expert Answers & Study Resources : Page 59

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1. The processing stage of accounting is accomplished by the recording of data.  2. The terms “bookkeeping” and “accounting” are not synonymous.  3. A company's management information system is a subsystem of its accounting information system.  4. Accountants focus on the needs for financial information by both internal and external decision makers.  5. Accountants consider money the common unit.

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  • 1. The processing stage of accounting accomplished by the recording of
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68. The cost-adjusted-to-market method of accounting for investments is used when the investment is A. controlling.B. influential and noncontrolling.C. noninfluential and controlling. noninfluential and noncontrolling. 69. For available-for-sale equity securities, the Unrealized Loss on Long-Term Investments account should be reported as a(n) A. realized loss item on the income statement.B. prior period adjustment.C. contra-asset on the balance sheet. other comprehensive income (loss). 70. For available-for-sale.

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  • 68. The cost-adjusted-to-market method of accounting for investments used when the
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Multiple Choice Questions 1.The method of evaluating financial data that change under different courses of action is called:   A. financial statement analysis. B. break-even analysis. C. incremental analysis. D. cost-benefit analysis. 2.Braizen, Inc. produces a product with a $30 per-unit variable cost and an $80 per-unit sales price. Fixed manufacturing overhead costs are $100,000. The firm has a one-time opportunity.

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  • Multiple Choice Questions 1.The method of evaluating financial data that change
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31.How is performance evaluated for a cost center?   A. Actual costs incurred compared to budgeted costs. B. Actual segment margin compared to budgeted segment margin. C. Comparison of actual and budgeted return on investment (ROI) based on segment margin and assets controlled by the segment. D. None of these. 32.How is performance evaluated for a profit center?   A. Actual costs incurred.

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  • 31.How performance evaluated for a cost center?   A. Actual costs incurred compared
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48. The purchase and sale of debt and equity securities would appear in which section of the statement of cash flows? A. Operating activities Investing activitiesC. Financing activitiesD. Noncash investing and financing activities 49. Which of the following is not a category of investments? A. Held-to-maturity securitiesB. Trading securities Collateral securitiesD. Available-for-sale securities 50. Which of the following categories of investments can be debt but.

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  • 48. The purchase and sale of debt and equity securities would
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107. Investments are initially recorded in accounting records at cost.  However, after the purchase, the value on the balance sheet may be adjusted due to subsequent conditions.  List three such subsequent conditions. 108. Distinguish between the financial statement presentation of unrealized gains and losses related to trading securities and the financial statement presentation.

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  • 107. Investments initially recorded in accounting records at cost.  However, after
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64. A partner invests into a partnership a building with a $50,000 carrying value and $80,000 fair market value. The related mortgage payable of $25,000 is assumed by the partnership. The entry to record the investment in partnership is: A. Building                   50,000      Mortgage Payable                      25,000    .

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  • 64. A partner invests into a partnership a building with a
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78. Barkely Corporation has invested in the stock of two other corporations, Hayes Corporation and Motz Corporation. Barkely does not own a controlling interest or exercise significant influence over either corporation. Barkely's accountant is preparing financial statements and has compiled the following information: Stock Name No. of Shares Cost Market Hayes   1,000 $46,000 $48,000 Motz      500 $55,000 $51,000 What should be the.

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  • 78. Barkely Corporation has invested in the stock of two other
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31.A cash budget would not include:   A. sale of common stock. B. payment of dividends. C. payment of property taxes. D. plant and building depreciation. 32.A key to estimating an accurate amount of cash to be collected from sales is:   A. the accuracy of the sales forecast. B. the accuracy of the estimated collection patterns for sales. C. both the accuracy of the sales forecast.

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  • 31.A cash budget would not include:   A. sale of common stock. B. payment of
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Multiple Choice Questions 1.An example of a committed cost is:   A. employee training. B. manufacturing supplies. C. real estate taxes. D. charitable contributions. 2.Which of the following is not a strong reason for budgeting?   A. Budgets provide a benchmark for judging performance. B. Budgeting requires little effort by non-accounting managers. C. Budgeting requires management to plan. D. Budgeting requires coordination among the functional areas of the firm. 3.The budgeting.

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  • Multiple Choice Questions 1.An example of a committed cost is:   A. employee training. B. manufacturing
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21. When a partner invests a noncash asset into the partnership, the partner’s Capital account is debited and an asset account is credited.  22. Income is divided equally among the partners unless the partnership agreement specifies otherwise.  23. The division of income is one area in which a partnership differs from a corporation.  24. If a partnership.

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  • 21. When a partner invests a noncash asset into the partnership,
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21.Which of the following is a plan for acquiring the resources needed to complete the manufacturing activities that will satisfy the organization's sales forecast?   A. Sales budget. B. Raw materials budget. C. Production budget. D. Direct labor budget. 22.Which of the following lists the components of the master budget in correct chronological order?   A. Direct labor budget, production budget, cost of.

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  • 21.Which of the following a plan for acquiring the resources
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Multiple Choice Questions1.________________ is a technique used to filter cost information contained in performance reports to each manager within the organization at an appropriate level of detail or summarization:   A. Managerial reporting B. Responsibility reporting C. Financial reporting D. Segment reporting 2.The term noncontrollable cost:   A. implies that there is really nothing the manager can do to influence the amount of.

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  • Multiple Choice Questions1.________________ a technique used to filter cost information
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54. Which of the following is a characteristic of partnerships? A. Unlimited lifeB. Limited liabilityC. Involuntary associationD. Mutual agency 55. The ability of a partner to enter into a contract on behalf of all partners is called A. the partnership agreement.B. voluntary association.C. mutual agency.D. unlimited liability. 56. Which of the following does not result in the dissolution of a partnership? A. Death of a partnerB. Admission of.

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  • 54. Which of the following a characteristic of partnerships? A. Unlimited lifeB. Limited liabilityC. Involuntary
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41.The principal weakness of the payback method for evaluating proposed investments is that it does not:   A. provide a way of ranking projects in order of desirability. B. consider cash flows that continue after the investment has been recovered. C. result in an easily understood "answer". D. recognize the time value of money. 42.The accounting rate of return method.

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  • 41.The principal weakness of the payback method for evaluating proposed
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121. In the journal provided, prepare the entries for the transactions described below. (Omit explanations.) May 5 Purchased 120-day Treasury bills for $39,000. This investment will be held to maturity. Sept. 2 Treasury bills matured; $40,000 received. (No prior entries were made to recognize revenue.) GENERAL JOURNAL Date Description Post.Ref. Debit Credit 122. In the journal provided, prepare the entries for the transactions described below..

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  • 121. In the journal provided, prepare the entries for the transactions
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11.Relevant costs in decision-making:   A. are future costs that represent differences between decision alternatives. B. result from past decisions. C. should not influence the decision. D. None of these. 12.A cost is considered relevant if:   A. it is positive. B. it is sunk. C. it makes a difference. D. if it can't be changed. 13.If a cost is irrelevant to a decision, the cost could not be a:   A. fixed.

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  • 11.Relevant costs in decision-making:   A. are future costs that represent differences between
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116. The following transactions and information pertain to Myers Corporation for 2013 and 2014. 2013 May 1 Purchased 2,000 shares of Galvez Corporation common stock at $20 per share (representing 5 percent of Galvez's total outstanding stock) as a long-term investment. Sept. 1 Received a cash dividend from Galvez equal to $0.60 per share. Dec. 31 Market value of Galvez stock.

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  • 116. The following transactions and information pertain to Myers Corporation for
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11.The total variance for any particular cost component is referred to as the:   A. price variance. B. efficiency variance. C. budget variance. D. none of these. 12.The total budget variance is caused by two factors:   A. quantity and price. B. time and materials. C. direct and indirect relationships. D. fixed and variable cost behavior. 13.A variance is the difference between actual costs and:   A. selling price. B. expected costs. C. activity-based costs. D. historical costs. 14.The difference.

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  • 11.The total variance for any particular cost component referred to
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11.The key data element on which the entire budget is based is the:   A. sales/revenue forecast. B. income statement budget. C. cash budget. D. balance sheet forecast. 12.The operating budget depends on key information developed in the:   A. cash forecast. B. sales forecast. C. labor forecast. D. operating forecast. 13.The production budget uses all of the following except:   A. the sales forecast. B. the inventory policy. C. the cash receipts budget. D. the beginning inventory quantity. 14.A.

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  • 11.The key data element which the entire budget based the:   A. sales/revenue
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21. When the market value of available-for-sale securities exceeds cost, an unrealized loss appears in stockholders' equity as an addition.  22. Trading securities are always short-term investments.  23. Trading securities appear as current assets on the balance sheet at their historical cost regardless of subsequent increases or decreases in market value.  24. An increase or decrease in.

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  • 21. When the market value of available-for-sale securities exceeds cost, an
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11. There is no income tax imposed on a partnership.  12. An informational tax return must be filed for a partnership.  13. If the partnership agreement does not describe the method of income and loss distribution, the partners must share income and losses equally.  14. When individuals invest property in a partnership, the property becomes an asset.

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  • 11. There no income tax imposed a partnership.  12. An informational tax return
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41.The concept of a standard used for planning and control purposes is most like a:   A. measure of ideal performance. B. unit budget. C. measure of maximum efficiency. D. measure of historical performance. 42.Standards are most appropriately used to:   A. reward workers and managers who meet them. B. penalize workers and managers who do not meet them. C. calculate the unit cost of a product.

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  • 41.The concept of a standard used for planning and control
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98. When a company purchases debt securities, it records them at A. cost, ignoring any commissions and fees. cost plus commissions and fees.C. cost less commissions and fees.D. the value expected at maturity. 99. If the maturity date of Treasury bills is less than 90 days, they are classified as  cash equivalents.B. short-term investments.C. long-term investments.D. current liabilities. 100. Company A purchases U.S. Treasury.

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  • 98. When a company purchases debt securities, it records them at A. cost,
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41.The use of activity-based costing information to support the decision-making process is known as:   A. value chain analysis. B. cost distortion analysis. C. activity-based management. D. cost-based management. Essay Questions 42.For each of the following costs, check the columns that most likely apply.     43.Webster World Products uses the following account titles:  For each transaction described below, indicate which accounts would be debited.

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  • 41.The use of activity-based costing information to support the decision-making
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