I need some guidance with this sample quiz so I know which chapters to study further. Thanks! Certain U.S. accounting standards have been, and will be, amended to aid in the international convergence process. The process of changing these standards usually involves a short deliberation followed by a vote of the U
Since the club opened, a major concern has been the pool facilities. Although the existing pool is adequate, Mindy, Oscar, and Lori all desire to make LifePath a cutting-edge facility. Until the end of 2008, financing concerns prevented this improvement. However, because there has been steady growth in clientele, revenue, and in
Louis owns a condominium in New Orleans which has been his principal residence for 12 years. He wants to be near Lake Ponchartrain since he enjoys water activities. Therefore, he sells the condominium. His original intent was to purchase a house in New Orleans near the lake. However, the cost of such properties far exceeded his
Please see the attached file. 40. The graph below depicts two different types of costs. Questions related to the graph should be answered in the spaces provided. a. The line H-B represents what type of cost? Variable cost b. Production at point J versus point L would increase total variable costs. Variable costs wil
Hsui, who is single, is the owner of a sole proprietorship. Two years ago, Hsui developed a process for preserving fresh fruit that gives the fruit a much longer shelf life. The process is not patented or copyrighted, but only Hsui knows how it works. Hsui has been approached by a company that would like to buy the process.
Phil and Susan are married, filing a joint return. The couple has two dependent children. Susan has wages of $34,000 in 2008. Phil does not work due to a disability, but he is a buyer and seller of stocks on the Internet. He generally buys and holds for long-term gain, but occasionally gets in and out of a stock quickly. Th
Fundamental Accounting Principles Which of the following inventory costing methods will always result in the same values for ending inventory and cost of goods sold regardless of whether a perpetual or periodic inventory system is used? Answer FIFO and LIFO. LIFO and weighted-average cost. specific identification
The Newburg Flyers operate a major sports franchise from a bldg in downtown Newburg. Built in 1940 at a cost of $5,000,000 and is fully depreciated, so that it shows a value of $1 on the balance sheet. the land the bldg is on was purchased in 1935 for $10,000 and is valued at this amount for bal sheet purposes. The franchise
Please see the attachment. Division of Partnership Income Yount and Lance have a partnership agreement which includes the following provisions regarding sharing net income and net loss: 1. Since Yount will work only part time in the partnership, he will be allocated a salary allowance that is one half the salary allowance
Selected financial data of ABCand XYZfor 2005 are presented here (in millions). ABC XYZ Corporation Stores, Inc. Income Statement Data for Year Net sales $45,845 $287,042 Cost of goods sold 31,561 221,290 Selling and administrative expenses 10,480 51,354 Interest expense 570 986 Other inc
The income statement for Christensen, Inc., appears below. CHRISTENSEN, INC. Income Statement For the Year Ended December 31, 2008 Sales $425,000 Cost of goods sold 243,000 Gross profit 182,000 Expenses (including $18,000 interest and $14,600 income taxes) 107,300 Net income $74,700 Additional informati
Identify the different types of receivables Describe the methods used to account for bad debts Explain the concept of depreciation. Describe methods for evaluating the use of plant assets Indicate how long-lived assets are reported on the balance sheet
Why does earning a Masters Degree in any field add the most value? Which managerial competencies reflect the most strength in people?
Two days before Halloween, Gene was driving in his car and noticed that he was low on fuel. He stopped at a gas station which offered a free pumpkin with the purchase of a full tank of gas. The pumpkin has a fair market value of $2.00, and the price of the gasoline was the same as at another station located across the street.
Cooper, Inc., experienced the following events during 2004. 1. Acquired $55,000 cash from the issue of common stock. 2. Paid $15,000 cash to purchase land. 3. Borrowed $5,000 cash from First Bank. 4. Provided services for $21,000 cash. 5. Paid $1,500 cash for utilities expense. 6. Paid $11,000 cash for other operating expe
Allocating Service Department Costs Armstrong Industries produces electronic equipment for the marine industry. Armstrong has two service departments (maintenance and computing) and two production departments (assembly and testing). Maintenance costs are allocated on the basis of square footage occupied, and computing costs ar
Activity-Based Costing The Divine Cheesecake Shoppe is a national bakery that is known for its strawberry cheesecake. They also make 12 different kinds of cheesecake as well as several other types of bakery items. They have recently adopted an activity-based costing system to assign manufacturing overhead to products. The fo
Which one of the following is a characteristic of a business combination that should be accounted for as an acquisition? The combination must involve the exchange of equity securities only. The transaction establishes an acquisition fair value basis for the company being acquired. The two companies may be about the same siz
Calculating Material and Labor Variances Star Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat is as follows: Materials (0.70 yards × $10.00) $7.00 Direct labor (0.80 hours × $12.50) $10.0 During May, the company produced 3,000 band hats; 3,50
Dabney and Nancy are married, both gainfully employed, and have two children who are 3 and 6 years old. Dabney's salary is $35,000 while Nancy's salary is $40,000. During the year, they spend $7,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit for child and d
How does the code of professional conduct impact the internal accounting function?
A fixed asset typically goes through the life cycle of acquisition, usage, and disposal. For each of these stages of the life cycle, discuss one key accounting issue related to a fixed asset the company must address.
Solve the problems: Application Practice Answer the following questions. Use Equation Editor when writing mathematical expressions or equations. First, save this file to your hard drive by selecting Save As from the File menu. Click the white space below each question to maintain proper formatting. 1. You have
Cost Allocation Process Apex Company's Copy Department, which does almost all of the photocopying for the Sales Department and the Administrative Department, budgets the following costs for the year, based on the expected activity of 6,000,000 copies: Salaries (fixed) $94,300 Employee benefits (fixed) 15,400 Depreciati
P11-3B John's Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 hours a week. Payroll data for the week ended February 15, 2010, are presented below: Employees: Hours Worked: Hourly Rate: Fed Inc Tax Withholdings: United Fund: T
Identify the tax issue or issues suggested by the following situations and state each issue in the form of a question.(need two questions for each situation) 1.Guenther is researching a tax issue involving the deductibility of costs to remodel an office building. He has found several authorities permitting such costs to be de
An accountant for a company makes the assumptions or performs the activities listed below. Match which of the following concepts of accrual accounting most directly relates to each assumption or action: a) Periodicity b) Going concern c) Matching rule d) Revenue recognition e) Deferral f) Accrual 1. In estimating the
Part A Rapache Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost system. In May 2008, 11,200 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 14,000 direct labor hours. All materials purchased were used.
Write a paper in which you examine at least four accounting regulatory bodies and discuss how an organization complies with the standards of the regulatory bodies you selected. This must be completed using original work. Cite at least two references. Format your paper according to APA standards.
A factory processes raw honey into syrup and "simple" cola. A batch consists of 10,000 gallons of honey, costing $7,000. Processing costs are $40,000, and results in 8,000 gallons of syrup and 2,000 gallons of "simple" cola. Raw material and processing costs are allocated to the two products (Syrup and "Simple" Co