Unearned revenue is reported on the financial statements as: A. A revenue on the balance sheet B. A liability on the balance sheet C. An unearned revenue on the income statement D. An asset on the balance sheet

Unearned revenue is reported on the financial statements as:

A. A revenue on the balance sheet
B. A liability on the balance sheet
C. An unearned revenue on the income statement
D. An asset on the balance sheet
 
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The consistency concept: A. Requires a company to consistently use the same accounting method of inventory valuation unless a change will improve financial reporting B. Requires a company to use one method of inventory valuation exclusively C. Requires that all companies in the same industry use the same accounting methods of inventory valuation D. Is also called the full disclosure concept

The consistency concept:

A. Requires a company to consistently use the same accounting method of inventory valuation unless a change will improve financial reporting
B. Requires a company to use one method of inventory valuation exclusively
C. Requires that all companies in the same industry use the same accounting methods of inventory valuation
D. Is also called the full disclosure concept
 
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Pepsi’s accounts receivable turnover was 9.9 for this year and 11.0 for last year. Coca-Cola’s turnover was 9.3 for this year and 9.3 for last year. These results imply that: A. Coke has the better turnover for both years B. Pepsi has the better turnover for both years C. Coke’s turnover is improving D. Coke is collecting its receivables more quickly than Pepsi in both years

Pepsi’s accounts receivable turnover was 9.9 for this year and 11.0 for last year. Coca-Cola’s turnover was 9.3 for this year and 9.3 for last year. These results imply that:

A. Coke has the better turnover for both years
B. Pepsi has the better turnover for both years
C. Coke’s turnover is improving
D. Coke is collecting its receivables more quickly than Pepsi in both years
 
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The balance sheet shows A. The results of operations B. All revenues and expenses C. The amount of net income or loss D. The financial position of a business at a given time

 

  1. The balance sheet shows
  2. A. The results of operations
    B. All revenues and expenses
    C. The amount of net income or loss
    D. The financial position of a business at a given time
 
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Prepare a schedule that lists the components of and calculates the personal and dependent exemption amount (based on current year exemption and dependency amount) that would be included on the Brock’s individual tax return based on the following information:

Prepare a schedule that lists the components of and calculates the

personal and dependent exemption amount (based on current year exemption and dependency amount) that would be included on the Brock’s individual tax return based on the following information:

-The Brock’s are married with three children: David, Jennifer and Ashley ages 17, 14 and 10, respectively.
-The Brock’s oldest child, David, has a part-time job that paid total wages of $3,500 for the year.
-Jennifer was fortunate to participate in a program that allowed her to study abroad for 9 months of the tax year.
-James Brock’s father, William, lives year-around with the Brock’s in an in-law apartment. William retired from a major defense contractor two years ago and receives a pension in the amount of $1,800 per month, collects Social Security benefits of $1,700 per month and has a part-time job at a local country club in their pro shop. William earns $9,000 during the nine months per year the pro shop is open.
-The Brock’s spend $350 each month in support of William. This support is limited to food and utilities. William spends $850 per month on medical expenses, clothing, and tuition for a community college where he is taking classes toward a degree in literature.
-Pamela Brock is blind. She has a field of vision of 20 degrees. She has a full-time job.
-The Brock’s are in the process of adopting a child; however, the adoption process is not yet complete

 
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As a new employee at Canyon rental, an outdoor outfitters and supply shop, your boss has asked you to look at the internal control system within the store.

As a new employee at Canyon rental, an outdoor outfitters and supply

shop, your boss has asked you to look at the internal control system within the store. He is seeking a loan for expansion and must have his books audited. The auditor asked about his control procedures and documentation. He has no idea what the auditor is talking about. Your boss has asked you to do what you need to understand the system and has asked for a memo with your observations and recommendations by the end of the week. Through interviews and observation you notice the following:

-Purchase orders, and sales invoices are not pre-numbered due to the higher cost of printing the forms.
-To save time the sales clerk enters the sales at the end of the day into the accounting records, prepares the deposit and delivers it to the bank.
-The sales clerk a trusted and long-term employee grants sales returns at her discretion.
-The purchasing manager both orders merchandise and approves the payment for the order.
-Betty Gamble, the bookkeeper has not taken a vacation in three years.
-Checks are brought to the owner twice a week for signing. He is overwhelmed by all of the paperwork and has asked for the checks only on which he stamps his signature.In your memo, give a summary of the elements of an effective internal control system. Comment on each of your observations and if there is a weakness provide a solution. Your memo should be 2-3 pages

 
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Utilize the _____________ principle to estimate warranty liabilities. A. Matching B. Entity C Conservatism D. Objectivity

Utilize the _____________ principle to estimate warranty liabilities.

A. Matching
B. Entity
C. Conservatism
D. Objectivity
 
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Bonds issued at a premium: A. Will decrease the interest expense of the company B. Means the bond sold at a gain C. Are more attractive to investors than a bond sold at face value D. Will be redeemed before the maturity date

Bonds issued at a premium:

A. Will decrease the interest expense of the company
B. Means the bond sold at a gain
C. Are more attractive to investors than a bond sold at face value
D. Will be redeemed before the maturity date
 
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Bonds that have an option exercisable by the issuer to retire them at a stated dollar amount prior to maturity are known as: A. Convertible bonds B. Sinking fund bonds C. Callable bonds D. Serial bonds

Bonds that have an option exercisable by the issuer to retire them at a stated dollar amount prior to maturity are known as:

A. Convertible bonds
B. Sinking fund bonds
C. Callable bonds
D. Serial bonds
 
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Which of the following would be considered an estimated liability? A. Notes payable B. Warranties payable C. Pending litigation D. Sales tax payable

Which of the following would be considered an estimated liability?

A. Notes payable
B. Warranties payable
C. Pending litigation
D. Sales tax payable
 
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