a minimum of two accounts and that debits must equal credits. DOUBLE LUBODE Unscramble DOUBLE OBLUDE Unscramble 15. Unearned Revenues is reported on the balance sheet as a ______________. LIABILITY IIYABTLLI Unscramble...
a minimum of two accounts and that debits must equal credits. DOUBLE LUBODE Unscramble DOUBLE OBLUDE Unscramble 15. Unearned Revenues is reported on the balance sheet as a ______________. LIABILITY IIYABTLLI Unscramble...
_________ interest. ACCRUED ARDCCEU Unscramble ACCRUED CCUDRAE Unscramble 15. A bond sinking fund is reported in this section of the balance sheet. INVESTMENTS SSETMTNEIVN Unscramble INVESTMENTS MTNESESNIVT Unscramble...
AMTEEGMNNA Unscramble 15. The external financial statements of a nonprofit must focus on the organization as a ___________ rather than reporting by funds. WHOLE WLEOH Unscramble WHOLE WOEHL Unscramble 16. Beginning in...
$750,000 Selling and admin expenses $175,000 Net income before income tax $75,000 Income tax expense $15,000 What was KeyCorp’s profit margin (after tax)? Select... 4% 6% 7.5% 25% View Coaching A corporation's...
Accounts Payable(Quick Test #2 with Coaching) Download PDF This Quick Test with Coaching includes a “View Coaching” button to the right of each answer box. If you choose to click the button, an explanation for the...
tax withholding or Social Security and Medicare taxes must file Form 941 (unless required to file Form 944). Select... month quarter year 15. Which of the following is not withheld from an employee’s wages? Select......
on October 1st are referred to as deposits __________ in transit as of September 30. 3. A general guide for reconciling the bank statement is "Put the item where it __________ isn't". For items 4-15,...
Our Explanation of Income Statement helps you learn the most important features of a corporation's income statement (also known as the statement of operations or profit and loss statement). We provide more understanding...
products, but it is not useful for companies that provide services. True Wrong. Break-even analysis is useful for service companies as well as companies that sell products. False Right! Use this information to answer...
, net 30”. This means that the customer may deduct 1% from the net amount due if the payment is made within 10 days of the date of the invoice. For instance, if a sale is made for 200 units at $15 each, the gross...
Our Explanation of Manufacturing Overhead gives you examples of what is included in manufacturing overhead. You will learn that these are indirect product costs and therefore are allocated to the products in order to...
Bank Reconciliation(Quick Test #3 with Coaching) Download PDF This Quick Test with Coaching includes a “View Coaching” button to the right of each answer box. If you choose to click the button, an explanation for the...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
Our Explanation of Standard Costing uses an easy-to-relate to example for illustrating a manufacturer's standard costs and variances. Also provided is a chart which indicates each variance, what it tells you, and where...
. The ending work-in-process inventory was 100% complete for materials and 30% complete for conversion costs. 14. The department’s number of equivalent units for materials for the month of August was __________. 15....
side of a general ledger account? Select... Debit Credit 14. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting, which account should be debited at the...
15. When a retailer sells goods to its customers, the account Sales will be __________. Select... debited credited 16. The account Accounts Payable is expected to have this type of balance. Select... Debit Credit 17....
... Direct materials inventory Work-in-process inventory Finished goods inventory Cost of goods sold 15. In a job costing system, the units are likely to be produced for __________. Select... inventory special orders 16....
and the accounting equation with eight examples. Effect of Owner Investing in a Business For example, if a person starts a sole proprietorship with $15,000 the accounting equation will show: Effect of Business Borrowing...
liabilities is the total of the balance sheet section __________ __________. 15. A sole proprietorship’s total assets minus its total liabilities is reported on the balance sheet as __________ __________. 16. Unearned...
will be presented in which financial statement? Balance Sheet Wrong. Income Statement Wrong. Statement Of Cash Flows Wrong. Statement Of Comprehensive Income Wrong. Statement Of Stockholders' Equity Right! 15. The...
inventory. 13. The company’s contribution margin per unit is $__________. 14. In order to break even, the company must sell __________ units. 15. The dollars of sales needed in order to break even is $__________. 16....
of the straight-line method will __________the net present value and internal rate of return. Select... decrease increase have no effect on 15. The internal rate of return calculation uses cash flow amounts, while the...
monetary unit time period 14. Allows inexpensive equipment to be expensed immediately instead of being depreciated. Select... conservatism cost economic entity full disclosure going concern industry practices matching...
preferred stock with the __________ feature, it will have dividends in arrears. 15. If common stock is issued for assets other than cash, the transaction should be recorded at the fair __________ value of 1) the stock...
variable(s) is __________. Select... r r² Sₑ t 15. The standard error of the coefficient provides an amount for determining the range of __________. Select... a b x y 16. Assume that a cost is estimated to be $10,500...
is ever made to another service department. Select... Direct Method Step Method Reciprocal Method 14. Considers the relationships with all service departments and production departments. Select... Direct Method Step...
overhead only variable manufacturing overhead only all manufacturing overhead (fixed and variable) 14. The __________ variance will appear as the same amount in both the 2-way and the 3-way variance analysis of...
that explains how the amount of cash and cash equivalents has changed during an accounting period is the statement of __________ __________. 15. Sales minus the cost of goods sold is the __________ profit. 16. Sales...
and variable costing Neither absorption nor variable costing 14. Will be used with an income statement that reports the amount of gross profit. Select... Absorption costing only Variable or direct costing only Both...
by a corporation reduce the __________ retained earnings section of stockholders' equity. 15. Dividends appear as an expense on the corporation's income statement. True Wrong. Dividends are a distribution of...
__________ __________. 13. The financial statement that has the form of the accounting equation is the __________ __________. 14. The word for a cost that has expired or has been matched with revenues is __________. 15....
. (The debit will likely be entered in Depreciation Expense.) The other accounts appearing in the list are contra liability or contra owner's equity accounts. 15. Which of the following indicates the book value or...
Our Explanation of Break-even Point illustrates how to determine the number of units or sales dollars that will result in zero net income. The techniques rely on a product's contribution margin or contribution margin...
of a $15 stapler instead of depreciating the stapler over its useful life of 5 years. Monetary Unit Wrong. The monetary unit involves the expression of amounts in dollars and the assumption that the dollar's...
as right semimonthly This term indicates that paydays will occur twice each month (such as the 15th and the last day of the month) and will result in 24 paydays in a year. semimonthly This term indicates that paydays...
Our Explanation of Financial Ratios includes calculations and descriptions of 15 financial ratios. As you calculate the financial ratios you will also gain a deeper understanding of a company's operations and financial...
of accelerated depreciation is used for a plant asset with a useful life of 5 years, the depreciation in the second year of the asset’s life will be 4/15 of the asset’s depreciable cost. sum-of-the-years'...
... Cost of goods sold Non-operating expenses Selling Expenses View Coaching Commissions (and other compensation) paid to sales personnel are selling expenses. Selling expenses are part of a retailer's operating...
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