Homework Answers
5.
The financial performance of a company can be measured for any specific period, ie. weeks, months, quarterly, yearly. This method is know as time period assumption.
True
6.
Supplies used during the period are treated as supplies expense.
True
7.
Cost incurred for power, heat, light, internet and telephone are treated as utilities expense.
True
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Question 5 10 pts Time period assumption refers to breaking the long life of a company...
Question 110 pts What items should be matched according to the matching principle? Group of...
Question 110 pts What items should be matched according to the matching principle? Group of answer choices Debits with credits Assets with liabilities Expenses with revenues Accruals with prepaids Flag this Question Question 210 pts When is revenue recorded under the cash-basis system of accounting? Group of answer choices When cash is received When revenue is earned When cash is received only if related expenses have been incurred In the period the related expenses are paid Flag this...
Review the transactional information and identify the accounting assumption, principle, and or constraint to which it...
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Question 12 5 pts The essence of depreciation used in accounting is best reflected by which...
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which of the following below? OC. A method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O d. An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording the fair market value of tangible assets....
5 pts U Question 18 Period costs are reported on the balance sheet before goods are...
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$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of...
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Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees....
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I need answers for my reviewer. 1. The time period assumption assumes that an organization's activities...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
O True False Question 10 1 pts How did the early evolutionist Lamarck explain giraffes' long...
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PR 15-5B Statement of cost of goods manufactured and income statement for a manufacturing company Obj....
PR 15-5B Statement of cost of goods manufactured and income statement for a manufacturing company Obj. 4 The following information is available for Shanika Company for 2016: SHOW ME LTE TEMPLATE Inventories Materials Work in process Finished goods January 1 $ 77,350 109,200 113,750 December 31 $ 95,550 96,200 100,100 $ 68,250 22,750 14,560 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building...
Question 12 5 pts The essence of depreciation used in accounting is best reflected by which of the following below? OC. A method of allocating asset cost to an expense account in a manner which closely matches the physical deterioration of the tangible asset involved. O d. An accounting concept that allocates the portion of an asset used up during the year to the contra asset account for the purpose of properly recording the fair market value of tangible assets....
5 pts U Question 18 Period costs are reported on the balance sheet before goods are sold and on the income statement after goods are sold. O True O False Question 19 5p The costs of direct materials are best classified as: O manufacturing and prime costs only a prime cost conversion and prime costs manufacturing, conversion and prime costs Puestion 20 e following cost data pertain to the operations of Quinonez Department Stores, Inc., for the -nth of September...
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$8.000 $235.000 5 pts Question 6 Which of the following accounts represents the accumulated costs of jobs that are incomplete? Work in process inventory Finished goods inventory O Cost of goods sold Raw materials inventory Question 7 5 pts In a job order system a company would only apply the manufacturing overhead to the job when it is completed and at no other time during the accounting period. True False Question 8 5 pts s regarding cost behavior, the concept...
Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees. O True False Question 15 2 pts Which of these is not included in an employer's payroll tax expense? OF.I.C.A. (social security) taxes O Federal income taxes Federal unemployment taxes State unemployment taxes Question 2 2 pts Which of the following is not one of the requirements for accruing the cost of compensated absences? Payment of the compensation is probable. The obligation relates to...
I need answers for my reviewer.
1. The time period assumption assumes that an organization's activities may be divided into specific reporting time periods including all of the following A Month B Quarters C. Calendar years. D. Days 2. The 12-month period that ends when a company's sales activities are at their lowest level is called the A Fiscal year. B Calendar year. C. Natural business year. D. Accounting period 3. Courtney Company purchased equipment on November 1, 2018 and...
O True False Question 10 1 pts How did the early evolutionist Lamarck explain giraffes' long necks? Giraffes born with the longest necks were more likely to flourish and survive, then pass down this natural trait to their offspring During a giraffe's lifetime, its neck became longer to reach higher leaves in its environment, and it passed down this acquired trait to its offspring. Giraffes with shorter necks changed their eating habits in response to their mutation. They were able...
PR 15-5B Statement of cost of goods manufactured and income statement for a manufacturing company Obj. 4 The following information is available for Shanika Company for 2016: SHOW ME LTE TEMPLATE Inventories Materials Work in process Finished goods January 1 $ 77,350 109,200 113,750 December 31 $ 95,550 96,200 100,100 $ 68,250 22,750 14,560 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building...
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