Homework Answers
| Facility level costs are costs incurred to support the organization as a whole. |
| Activities relating to financial reporting are performed at the organization level and are not traceable to any individual product,unit or batch. |
| Option C Activities relating to financial reporting is correct |
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Which of the following lists best describes activities which would likely be considered to be facility-level...
Which of the following would most likely be a facility level cost? A. Depreciation on factory...
Which of the following would most likely be a facility level cost? A. Depreciation on factory equipment B. Depreciation on factory building C. Depreciation of engineering equipment D. Depreciation of setup equipment
Identify which accounting principle or assumption best describes each of the following practices: 1. In December...
Identify which accounting principle or assumption best describes each of the following practices: 1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. 2. If $51,000 cash is paid to buy land, the land is reported on...
only the final answers plz 1. Which definition below best describes financial accounting? A. Process of...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
6. Identify This Financial Statement: Which financial statement would best display a company's plant, property and...
6. Identify This Financial Statement: Which financial statement would best display a company's plant, property and equipment used in their factory everyday to help generate sales revenue? A) Income Statement B) Statement of Retained Earnings C) Balance Sheet D) Statement of Cash Flows nol ebast 9/7O i smoAbabolroeA 7. Understanding This Financial Statement: The Statement of Cash Flows reflects a section for each of the major categories of business activities as of the reporting date. Accordingly, the Statement of Cash...
Which one of the following cast drivers would best be associated with the activity of physician...
Which one of the following cast drivers would best be associated with the activity of physician time in a medical clinic? The number of accreditations held by the clinic. Physician minutes with a patient Number of new patients visits Number of continuing patient visits 2. Magnolia Industries combines all manufacturing overhead into a single cost pool and allocates this overhead to products by using machine hours. Activity based costing would likely show that with Magnolia’s current procedures that: All of...
6. Which of the following physical activities would be most improved by practice? a) Shooting a...
6. Which of the following physical activities would be most improved by practice? a) Shooting a layup b) Long distance running c) Lifting weights d) Doing jumping jacks 7. Which of the following would be considered an open skin a) An ice skater's predetermined long program b) A free throw c) Shooting at an archery target d) Throwing a pass in football 8. Which of the following is least likely to be considered an ability in the context of kinesiology?...
Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee
1. Which of the following matters would an auditor most likely consider to be a significant deficiency to be communicated to the audit committee? A. Management's failure to renegotiate unfavorable long-term purchase commitments.B. Recurring operating losses that may indicate going concern problems.C. Evidence of a lack of objectivity by those responsible for accounting decisions.D. Management's current plans to reduce its ownership equity in the entity. 2. After obtaining an understanding of internal control and arriving at a preliminary assessed level...
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A....
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely to be selected? $125.44 $100.00 $50.00 $155.00 26 What of the following best describes the co...
25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely to be selected? $125.44 $100.00 $50.00 $155.00 26 What of the following best describes the concepts of tracing and vouching? Tracing starts at the source docs and ends at the financial statements, while vouching starts at the financial statements and ends at the source documents. Vouching starts at the source docs and ends at the financial statements, while tracing starts at the financial statements...
cate the answer choice that best completes the statement or answer the question - 1. Which...
cate the answer choice that best completes the statement or answer the question - 1. Which of the following best describes accounting? a. is of no use by individuals outside of the business B. is an information system that provides reports to users regarding economic activities and condition of a business c. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements d. records economic data but does not communicate the...
Identify which accounting principle or assumption best describes each of the following practices: 1. In December of this year, Chavez Landscaping received a customer's order and cash prepayment to install sod at a house that would not be ready for installation until March of next year. Chavez should record the revenue from the customer order in March of next year, not in December of this year. 2. If $51,000 cash is paid to buy land, the land is reported on...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
6. Identify This Financial Statement: Which financial statement would best display a company's plant, property and equipment used in their factory everyday to help generate sales revenue? A) Income Statement B) Statement of Retained Earnings C) Balance Sheet D) Statement of Cash Flows nol ebast 9/7O i smoAbabolroeA 7. Understanding This Financial Statement: The Statement of Cash Flows reflects a section for each of the major categories of business activities as of the reporting date. Accordingly, the Statement of Cash...
6. Which of the following physical activities would be most improved by practice? a) Shooting a layup b) Long distance running c) Lifting weights d) Doing jumping jacks 7. Which of the following would be considered an open skin a) An ice skater's predetermined long program b) A free throw c) Shooting at an archery target d) Throwing a pass in football 8. Which of the following is least likely to be considered an ability in the context of kinesiology?...
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
cate the answer choice that best completes the statement or answer the question - 1. Which of the following best describes accounting? a. is of no use by individuals outside of the business B. is an information system that provides reports to users regarding economic activities and condition of a business c. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements d. records economic data but does not communicate the...
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