Given the decision to employ straight-line amortization or a usage-based amortization method, the management accountant’s need...
Given the decision to employ straight-line amortization or a usage-based amortization method, the management accountant’s need to report the most relevant economic information to external users will determine which method is used.
| True |
| False |
Homework Answers
| FALSE |
| The decision to employ straight-line amortization or a usage-based amortization method is a part of accounting policy and is to be applied on a consistent basis each year. |
| A change in accounting policy should take place only when it is required by law or when it results in more appropriate presentation of financial statements. |
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Given the decision to employ straight-line amortization or a
usage-based amortization method, the management accountant’s need...
Straight Line Method of Amortization Help
Alpha Company purchased a $1,000, 5 years, 6% bond on July 1, 2019 for $940. Interest is paid semi-annually on June 30 and Dec ember 31. The straight line method of amortization is used for both premiums & discounts. Use this information to prepare the adjusting General Journal entry (without explanation) for the six-months ended December 31, 2019. If no entry is required then write "No Entry Required."
QUESTION 3 The method used to amortize intangible property is similar to the straight-line method of...
QUESTION 3 The method used to amortize intangible property is similar to the straight-line method of depreciation. True False QUESTION 4 The decision whether to use ADS to depreciate realty is made on a property-by-property basis. True False
The most widely used depreciation method for financial statements is 1) straight-line 2) MACRS O3) declining-balance...
The most widely used depreciation method for financial statements is 1) straight-line 2) MACRS O3) declining-balance O4) units-of-production The method of depreciation that yields a depreciation charge that varies with the amount of asset usage is known as the units-of-production method. True O False
True or False Straight-line is the most widely used depreciation method in financial statements, and MACRS...
True or False Straight-line is the most widely used depreciation method in financial statements, and MACRS is the most widely used method in federal income tax returns.
1) Decision theory & decision-making are the same thing. True False 2) ARROW'S THEOREM states that...
1) Decision theory & decision-making are the same thing. True False 2) ARROW'S THEOREM states that all voting systems are fair and equitable. True False 3) The range of possible choices in a decision problem. Alternatives Criteria Acceptance Information 4) The rating of a decision Decision Quality Value Preferences Criteria 5) Decisions are sometimes made in context with other decisions. True False 6) Which is an example of a DECISION WHETHER I would really like to recruit a new programmer...
Using a Discount Amortization Table (Straight Line) Panamint Candy Company prepared the following amortization table for...
Using a Discount Amortization Table (Straight Line) Panamint Candy Company prepared the following amortization table for $300,000 of 5-year, 9% bonds issued and sold by Panamint on january 1, 2021, for $285,000: Period Cash Payment (Credit) Interest Expense (Debit) Discount on Bonds Payable (Credit) Discount on Bonds Payable Balance Carrying Value At issue $15,000 $285,000 06/30/21 $13,500 $15,000 $1,500 13,500 286,500 12/31/21 13,500 15,000 1,500 12,000 288,000 06/30/22 13,500 15,000 1,500 10,500 289,500 12/31/22 13,500 15,000 1,500 9,000 291,000 06/30/23...
A manager at Starbucks is comparing this month's sales of frapper's against the budget to determine...
A manager at Starbucks is comparing this month's sales of frapper's against the budget to determine why fewer drinks were sold the planned. This is an example of the management function of Controlling Decision-making Planning O Evaluating O Which of the following statements about managerial accounting is false? Managerial accounting is based on reliable, historical information, while financial accounting is based on relevant, forward-looking information External auditors are used to verify the reliability of financial information to the investing public...
Exercise 9-74 Using a Premium Amortization Table (Straight Line) For Dingle Corporation, the following amortization table...
Exercise 9-74 Using a Premium Amortization Table (Straight Line) For Dingle Corporation, the following amortization table was prepared when $400,000 of 5-year, 7% bonds were sold on January 1, 2020, for $420,000. Period Cash Payment (Credit) Interest Expense (Debit) Premium on Bonds Payable (Debit) Premium on Bonds Payable Balance Carrying Value At issue $20,000 $420,000 06/30/20 $14,000 $12,000 $2,000 18,000 418,000 12/31/20 14,000 12,000 2,000 16,000 416,000 06/30/21 14,000 12,000 2,000 14,000 414,000 12/31/21 14,000 12,000 2,000 12,000 412,000 06/30/22...
Looking at this method, it returns true if a given location contains a real ship that...
Looking at this method, it returns true if a given location contains a real ship that is still afloat. It says "real" ship because the 'emptySea' class extends Ship class with an inherited length of one, saving the need for null checks as empty locations now contain a non-null value meaning it does not contain a ship. 'isOccupied' will return true if that location contains a ship. The 'ships' array is used to determine which ship is in that location....
11. Management t wants to design an assembly line that will turn out 800 videotapes per...
11. Management t wants to design an assembly line that will turn out 800 videotapes per day. There will be eight working hours in each day. The industrial engineering staff has assembled the information below A) Determine the maximum and minimum cycle times B) Determine the optimum cycle time C) What is the minimum number of stations needed? 12. Given the following data: Station Cycle time-5.1 min 4.7 4.8 Determine the percentage idle time. 13. The total cost curve is...
QUESTION 3 The method used to amortize intangible property is similar to the straight-line method of depreciation. True False QUESTION 4 The decision whether to use ADS to depreciate realty is made on a property-by-property basis. True False
The most widely used depreciation method for financial statements is 1) straight-line 2) MACRS O3) declining-balance O4) units-of-production The method of depreciation that yields a depreciation charge that varies with the amount of asset usage is known as the units-of-production method. True O False
A manager at Starbucks is comparing this month's sales of frapper's against the budget to determine why fewer drinks were sold the planned. This is an example of the management function of Controlling Decision-making Planning O Evaluating O Which of the following statements about managerial accounting is false? Managerial accounting is based on reliable, historical information, while financial accounting is based on relevant, forward-looking information External auditors are used to verify the reliability of financial information to the investing public...
11. Management t wants to design an assembly line that will turn out 800 videotapes per day. There will be eight working hours in each day. The industrial engineering staff has assembled the information below A) Determine the maximum and minimum cycle times B) Determine the optimum cycle time C) What is the minimum number of stations needed? 12. Given the following data: Station Cycle time-5.1 min 4.7 4.8 Determine the percentage idle time. 13. The total cost curve is...
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