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Liabilities are classified on the balance sheet as current or?

a. unearned

b. accrued.

c. deferred.

d. long term.

Inventory is reported in the financial statements at

Where does the Accumulated Depreciation account appear?

A. Income Statement

B. Statement of Equity

C. Balance Sheet and Income Statement

D. None of the above

Inventory is reported in the financial statement at:

a. cost

b. market.

c. the higher-of-cost-or-market

d. the lower-of-cost-or-market

The contribution margin ratio is

a. the difference between sales revenue and variable costs.

b. the difference between variable costs and fixed costs.

c. variable costs divided by fixed costs.

d. contribution margin per unit divided by sales price per unit.

12. Which one of the following is a source document that impactsthe job cost sheet?
Question 12 options:

Finished goods shipping documents.

Materials purchase orders.

Raw materials receiving slips.

Labor time tickets.

11. An important feature of a job order cost system is that eachjob
Question 11 options:

must be completed before a new job is accepted.

consists of one unit of output.

has its own distinguishing characteristics.

must be similar to previous jobs completed.

9. Duggan Company reported total manufacturing costs of$305,000, manufacturing overhead totaling $58,000, and directmaterials totaling $62,000. How much is direct labor cost?
Question 9 options:

Cannot be determined from the information provided.

$425,000

$120,000

$185,000

8.On the costs of goods manufactured schedule, depreciation onfactory equipment
Question 8 options:

appears in the manufacturing overhead section.

is not listed because it is included with Depreciation Expense onthe income statement.

is not listed because it is not a product cost.

is not an inventoriable cost.

6. A manufacturing company reports cost of goods manufactured asa(n)
Question 6 options:

administrative expense on the income statement.

current asset on the balance sheet.

component in the calculation of cost of goods sold on the incomestatement.

component of the raw materials inventory on the balance sheet.

5.A manufacturing company calculates cost of goods sold asfollows:
Question 5 options:

Beginning FG inventory + cost of goods manufactured – ending FGinventory.

Beginning FG inventory – cost of goods manufactured – ending FGinventory.

Beginning FG inventory + cost of goods purchased – ending FGinventory.

Ending FG inventory – cost of goods manufactured + beginning FGinventory.

1. Managerial accounting information is generally preparedfor
Question 1 options:

stockholders.

managers.

creditors.

regulatory agencies.

Which one of the following represents a period cost?

For inventoriable costs to become expenses under the matchingprinciple,

A manufacturing company reports cost of goods manufactured asa(n)

Multiple Choice Question 100

On the costs of goods manufactured schedule, depreciation onfactory equipment

What is work in process inventory generally described as?

Which one of the following does not appear on thebalance sheet of a manufacturing company?

How have many companies significantly lowered inventory levelsand costs?

What is “balanced” in the balanced scorecard approach?

Which one of the following characteristics would likely beassociated with a just-in-time inventory method?

Journalize these accounting transactions:

(a) Stockholders invested $12,000 in the business in exchange for common stock.

(b) Insurance of $800 is paid for the year.

(c) Supplies of $1,800 are purchased on account.

(d) Cash of $7,500 is received for services rendered.

Contingent liabilities are recorded or disclosed unless they are?

For inventoriable costs to become expenses under the matching principle, 

a. all accounts payable must be settled.

b. the products to which they attach must be sold.

c. the product must be finished and in stock.

d. the product must be expensed based on its percentage-of-completion.

To compute the variance, what should one do?

A. Square the standard deviation.
B. Take the square root of the standard deviation.
C. Double the standard deviation.
D. Divide the standard deviation by n-1.

The standard error estimate is computed as the square root ofthe mean squared error and it

is a standard deviation of the errors. It is therefore usefulfor to making a judgment about

The fit of regression model in conjunction with the assumptionthat __________.

Under the IFRS, an entity should initially recognize inventory when:

A. it has control over the inventory.

B. it has the ability to direct the use of and obtain substantially all the benefits from the inventory.

C. it has the ability to prevent other companies from directing the use of or receiving benefits from the inventory.

D. all of the above choices are correct.

What does the total manufacturing cost variance consist of?

a. Direct materials cost variance, direct labor rate variance, and factory overhead cost variance

b. Direct materials price variance, direct labor cost variance, and fixed factory overhead volume variance

c. Direct materials cost variance, direct labor cost variance, variable factory overhead controllable variance

d. Direct materials cost variance, direct labor cost variance, factory overhead cost variance

Which of the following is/are true?

a. cost is the economic sacrifice made to acquire goods orservices?

b. when the good or service acquired has reliably measurablefuture benefits to a firm, the cost is an asset.

c. when the firm consumes the good or service, the cost is anexpense.

d. all of the above are true

e. none of the above are true

If the auditor concludes that the client's inventory turnover ratio is LOWER than the industry average, this could mean that:

If a company fails to record a sale on account:

1. accounts receivable on the balance sheet will be overstated.

2. revenue on the income statement will be overstated.

3. net income on the income statement will still be correct. 

4. assets on the balance sheet will be understated. 

Inventory record accuracy would be decreased by?

a. cycle counting

b. increasing stockroom accessibility

c. reorder points

d. ABC analysis

A debit to an asset account indicates?

a. a credit was made to a liability account

b. a decrease in the asset

c. an increase in the asset

d. an error

An account balance is:

a.The total of the credit side of the account.

b. The total of the debit side of the account.

c. The difference between the total debits and total credits for an account including the beginning balance.

d. Assets = liabilities + equity.

e. Always a credit.

2. debit is used to record which of the following:

a. A decrease in an asset account.

b. A decrease in an expense account.

c. An increase in a revenue account.

d. An increase in the common stock account.

e. An increase in the dividends account.

Which one of the following account groups normally has a debit balance?
A) assets and expenses
B) revenues and expenses
C) liabilities and revenues
D) assets and liabilities

Accounts Receivable is a(n) ________ account and has a normal ________ balance.
A) liability; debit
B) asset; debit
C) liability; credit
D) asset; credit

Accounts Payable is a(n) ________ account and has a normal ________ balance.
A) liability; debit
B) asset; debit
C) liability; credit
D) asset; credit

Prepaid Rent is a(n) ________ account and has a normal ________ balance.
A) asset; debit
B) liability; credit
C) liability; debit
D) asset; credit

For Office Supplies, the category of account and its normal balance is ________.
A) liabilities and a debit balance
B) assets and a debit balance
C) liabilities and a credit balance
D) assets and a credit balance

The Salaries Payable account is a(n) ________.
A) liability account with a normal debit balance
B) asset account with a normal debit balance
C) liability account with a normal credit balance
D) asset account with a normal credit balance

An inventory turnover analysis is useful to the auditor becauseit may detect.

a. Inadequacies in inventory pricing.

b. Methods of avoiding cyclical holding costs.

c. The optimum automatic reorder points.

d. The existence of obsolete merchandise.

Name the device that should be deployed to protect a private network from a public unauthorized network. Also, mention the method of enabling on your Windows system.

What’s the answer to this?

Euphoric

A. sense of well-being

B. arousal by cross-dressing

15) Se*ual arousal from touching or rubbing against a nonconsenting person is called

A. voyeurism

B. frotteurism

C. fetishism

D. exhibitionism

A gene in control is a ______ gene.

A. dominant

B. heterozygous

C. recessive

D. homzygous