Homework Answers
14. True.
Overstating ending inventory will overstate profit.
15. False.
Sales discount is a contra revenue account, therefore, it is a contra account to sales.
16. True.
Cost of merchandise sold would be debited, with a corresponding credit to merchandise inventory.
17. True.
18. False.
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Question 14 (2 points) Overstating ending inventory will misstate the financial statements. True False Question 15...
Question 8 (2 points) Merchandise inventory is a significant current liability for most merchandising companies. True...
Question 8 (2 points) Merchandise inventory is a significant current liability for most merchandising companies. True False Question 9 (2 points) The method that requires a physical counting of the inventory is called the specific identification inventory method. True False Question 10 (2 points) Under lower of cost or market, market refers to current replacement cost. True False Question 11 (2 points) Under the perpetual inventory system a sales transaction requires two journal entries. True False Question 12 (2 points)...
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising...
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising company, the difference between net sales and operating expensesi. called gross margin. A) True B) False 3. Sales Returns and Allowances is described as a contra-revenue account. A) True B) False 4. Freight Out Expense is included in the cost of goods sold calculation. A) True B) False 5. General and administrative expenses are a category of operating expense. A) True B). False 6....
Question 2 Part A (2 points): Select "True" or "False" and correct false statements and mark...
Question 2 Part A (2 points): Select "True" or "False" and correct false statements and mark your answers in the talte ast page: 1. When developing feasible alternatives, the "nominal group technique" aims at incorporating individual ideas into a group consensus. It also removes the undesirable effect of classical brainstorming. True False 2. For solutions to engineering problems to be economically acceptable, the long-term benefits of these solutions must be equal or more than their long-term costs, among other things....
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Question 18 (2 points) If Alpha company recorded cost of goods purchased as 9,800, ending inventory...
Question 18 (2 points) If Alpha company recorded cost of goods purchased as 9,800, ending inventory as 13,900, and cost of good sold as 4,800 how much is its beginning inventory? Your Answer: Answer
2 points QUESTION 14 Petty Cash is a large amount of cash kept on hand...
2 points QUESTION 14 Petty Cash is a large amount of cash kept on hand for in-house expenditures. True False 2 points QUESTION 15 In replenishing the Petty Cash account Petty Cash is debited. True False 2 points QUESTION 16 The Purchase Journal is used to handle all purchases of merchandise. True False 2 points QUESTION 17 The General Ledger and the Subsidiary Ledgers is co-equal. True False 2 points QUESTION 18 The Cash Receipts...
Question 5 (2 points) The larger the demand variability the smaller the lead time. True False Question 6 (2 points) A perpetual inventory system is a physical count of items made at periodic int...
Question 5 (2 points) The larger the demand variability the smaller the lead time. True False Question 6 (2 points) A perpetual inventory system is a physical count of items made at periodic intervals True False Question 7 (2 points) Unions generally approve of part-time workers True False Part-time workers get similar fringe benefits to full-time workers True False Question 9 (2 points) Layoffs cost significant amounts of money True False Question 10 (2 points) Overtime/slack time is less severe...
1.The financial statements are crucial for all companies' stakeholders. True or False 2.An example of process...
1.The financial statements are crucial for all companies' stakeholders. True or False 2.An example of process costing is producing specific sport cars similar small pens heterogeneous huge units none of the above 3. Merchandise ending inventories are part of cost of goods sold schedule and balance sheet statement. True of False 4. Assume that ending balance of inventory is $100 for the first year of operation and the beginning balance inventory is $40, the average inventory for the first year...
Problem 1: (15 points) Determine if the following statements are True or False and briefly describe...
Problem 1: (15 points) Determine if the following statements are True or False and briefly describe the reasons for your answers. (2 points for the correct answer of True or False, and 3 points for the correct reasoning.) (a) The Laplace transform of an LTI system's zero-input response is always equal to the system's transfer function, H(s). (b) The transfer function of an LTI system is H(s) = e. Then, it can be concluded that the system is BIBO stable....
Part V. True/False (5 points) For each question below, please mark if the statement is "True"...
Part V. True/False (5 points) For each question below, please mark if the statement is "True" or "False". T F 1. A purchase of Supplies with Cash was incorectly recorded as a debit to Prepaid Insurance and Credit to Accounts Payable. A trial balance would not uncover this error. T F 2. Adjusting entries sometimes affect the cash account. T F 3. GAAP is set by the FICPA, SEC, and PCAOB. T F 4. A shark would be considered Property,...
Question 8 (2 points) Merchandise inventory is a significant current liability for most merchandising companies. True False Question 9 (2 points) The method that requires a physical counting of the inventory is called the specific identification inventory method. True False Question 10 (2 points) Under lower of cost or market, market refers to current replacement cost. True False Question 11 (2 points) Under the perpetual inventory system a sales transaction requires two journal entries. True False Question 12 (2 points)...
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising company, the difference between net sales and operating expensesi. called gross margin. A) True B) False 3. Sales Returns and Allowances is described as a contra-revenue account. A) True B) False 4. Freight Out Expense is included in the cost of goods sold calculation. A) True B) False 5. General and administrative expenses are a category of operating expense. A) True B). False 6....
Question 2 Part A (2 points): Select "True" or "False" and correct false statements and mark your answers in the talte ast page: 1. When developing feasible alternatives, the "nominal group technique" aims at incorporating individual ideas into a group consensus. It also removes the undesirable effect of classical brainstorming. True False 2. For solutions to engineering problems to be economically acceptable, the long-term benefits of these solutions must be equal or more than their long-term costs, among other things....
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Question 18 (2 points) If Alpha company recorded cost of goods purchased as 9,800, ending inventory as 13,900, and cost of good sold as 4,800 how much is its beginning inventory? Your Answer: Answer
Question 5 (2 points) The larger the demand variability the smaller the lead time. True False Question 6 (2 points) A perpetual inventory system is a physical count of items made at periodic intervals True False Question 7 (2 points) Unions generally approve of part-time workers True False Part-time workers get similar fringe benefits to full-time workers True False Question 9 (2 points) Layoffs cost significant amounts of money True False Question 10 (2 points) Overtime/slack time is less severe...
Problem 1: (15 points) Determine if the following statements are True or False and briefly describe the reasons for your answers. (2 points for the correct answer of True or False, and 3 points for the correct reasoning.) (a) The Laplace transform of an LTI system's zero-input response is always equal to the system's transfer function, H(s). (b) The transfer function of an LTI system is H(s) = e. Then, it can be concluded that the system is BIBO stable....
Part V. True/False (5 points) For each question below, please mark if the statement is "True" or "False". T F 1. A purchase of Supplies with Cash was incorectly recorded as a debit to Prepaid Insurance and Credit to Accounts Payable. A trial balance would not uncover this error. T F 2. Adjusting entries sometimes affect the cash account. T F 3. GAAP is set by the FICPA, SEC, and PCAOB. T F 4. A shark would be considered Property,...
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