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Steven, M.Acc.
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Category: Business and Finance Homework
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Experience:  Accounting instructor. Master's degree in Accounting.
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I need help with accounting

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Hi, can you help with accounting? Please find the assignment link below.
Thank you.
http://www.2shared.com/file/BHB5ZEKS/week4acctquests.html

Hi Customer,

You can find the solution to your assignment here.

Please let me know if you have any questions!

Steven, M.Acc. and other Business and Finance Homework Specialists are ready to help you
Customer: replied 5 years ago.
1. (TCO 1) Which financial statement is prepared first? (Points : 4)
Balance sheet
Income statement
Retained earnings statement
Statement of cash flows

2. (TCO 1) The information needed to determine whether a company is using accounting methods similar to those of its competitors, would be found in which of the following? (Points : 4)
auditor’s report
balance sheet
management discussion and analysis section
notes to the financial statements

3. (TCO 4) Using the following balance sheet and income statement data, what is the earnings per share?

Current assets $ 9,000 Net income $ 12,000
Current liabilities 4,000 Stockholders’ equity 27,000
Average assets 44,000 Total liabilities 6,000
Total assets 30,000
Average common shares outstanding was 10,000 (Points : 4)
$1.20
$2.00
$0.83
$0.44

4. (TCO 4) Which of the following is not considered a measure of liquidity? (Points : 4)
Current ratio
Working capital
Debt to total assets ratio
Each of the above are liquidity measures

5. (TCO 2) Which pair of accounts follows the rules of debit and credit, in relation to increases and decreases, in the same manner? (Points : 4)
Accounts Payable and Rent Expense
Repair Expense and Notes Payable
Prepaid Insurance and Advertising Expense
Service Revenues and Equipment

6. (TCO 2) Which of the following is not part of the recording process? (Points : 4)
Analyzing transactions
Preparing a trial balance
Entering transactions in a journal
Posting journal entries

7. (TCO 3) An accounts payable clerk also has access to the approved supplier master file for purchases. The control principle of _______________________ . (Points : 4)
establishment of responsibility is violated
independent internal verification is violated
documentation procedures is violated
segregation of duties is violated

8. (TCO 3) The following information was taken from Mitchell Company cash budget for the month of July:

Beginning cash balance $50,000
Cash receipts 48,000
Cash disbursements 68,000

If the company has a policy of maintaining end of the month cash balance of $50,000, the amount the company would have to borrow is which of the following? (Points : 4)
$20,000
$10,000
$30,000
$12,000

9. (TCO 11) Managerial accounting does which of the following? (Points : 4)
is concerned with costing products
is governed by generally accepted accounting principles
pertains to the entity as a whole and is highly aggregated
places emphasis on special-purpose information

10. (TCO 11) Which of the following is not a manufacturing cost category? (Points : 4)
Cost of goods sold
Direct materials
Direct labor
Manufacturing overhead

11. (TCO 11) Which of the following is not a period cost? (Points : 4)
Depreciation on factory equipment
Repairs to office equipment
Advertising
Office supplies

12. (TCO 11) Manufacturing costs include which of the following? (Points : 4)
direct materials and direct labor only
direct materials and manufacturing overhead only
direct labor and manufacturing overhead only
direct materials, direct labor, and manufacturing overhead

13. (TCO 11) McNally Manufacturing Company reported the following year-end information:

Beginning work in process inventory $ 46,000
Beginning raw materials inventory 24,000
Ending work in process inventory 50,000
Ending raw materials inventory 20,000
Raw materials purchased 680,000
Direct labor 240,000
Manufacturing overhead 100,000

How much is McNally Manufacturing’s cost of goods manufactured for the year? (Points : 4)
$684,000
$1,024,000
$1,020,000
$1,028,000

14. (TCO 5) Which statement below describes a variable cost? (Points : 4)
It varies in total with changes in the level of activity.
It remains constant in total over different levels of activity.
It varies inversely in total with changes in the level of activity.
It varies proportionately per unit with changes in the level of activity.

15. (TCO 5) Which one of the following is not an assumption of CVP analysis? (Points : 4)
All units produced are sold.
Cost classifications are reasonably accurate.
Factors other than changes in activity may affect costs.
The sales mix remains constant.
1. Income statement
2. notes to the financial statements
3. $1.20
4. Debt to total assets ratio
5. Prepaid Insurance and Advertising Expense
6. Preparing a trial balance
7. segregation of duties is violated
8. $20,000
9. places emphasis on special-purpose information
10. Cost of goods sold
11. Depreciation on factory equipment
12. direct materials, direct labor, and manufacturing overhead
13. $1,020,000
14. It varies in total with changes in the level of activity.
15. Factors other than changes in activity may affect costs.
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