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The portion of whole units that were completed with respect to either materials conversion costs within a given accounting period is the definition of: - ANS-Equivalent units. One of the differences in accounting for a process costing system compared to a job order system is that the amounts ...

A strength of the income statement as compared to the balance sheet is that items that cannot be measured reliably can be reported in the income statement. - ANS-False Earnings management generally makes income statement information more useful for predicting future earnings and cash flows. - A...

Assets classified as Property, Plant, and Equipment can be either acquired for use in operations, or acquired for resale. - ANS-false ssets classified as Property, Plant, and Equipment must be both long-term in nature and possess physical substance. - ANS-true Special assessments for local imp...

Which of the following does not describe intangible assets? a. They lack physical existence. b. They are financial instruments. c. They provide long-term benefits. d. They are classified as long-term assets. - ANS-b. They are financial instruments. The cost of an intangible asset includes all o...

legal capital is best defined as a. the amount of capital the state of incorporation allows the company to accumulate a corporate form of business organization, legal capital is best defined as over its existence. b. the par value of all capital stock issued. c. the amount of capital the feder...

The manufacturing overhead budget is typically prepared before the production budget. - ANS-False Self-imposed budgets prepared by lower-level managers should be scrutinized by higher levels of management. - ANS-True The basic idea underlying responsibility accounting is that each manager shou...

Percentage analyses, ratios, turnovers, and other measures of financial position and operating results are - ANS-useful analytical measures Corporate annual reports typically do not contain which of the following - ANS-SEC statement expressing an opinion The independent auditor's report does ...

Savings accounts are usually classified as cash on the balance sheet. - ANS-true Certificates of deposit are usually classified as cash on the balance sheet. - ANS-false Bank overdrafts are always offset against the cash account in the balance sheet. - ANSfalse Trade discounts are used to avoid ...

Under a periodic inventory system, the buyer does not use which of the following accounts in recording purchases and related transactions? A) Merchandise Inventory B) Purchase Returns and Allowances C) Purchase Discounts D) Purchases - A) merchandise inventory Under a periodic system, the pa...

1. ownership percent and consolidation - complete ownership is not a prerequisite for consolidation. A single economic entity is formed whenever one company is able to control the decision-making process of another. 2. non-controlling interest fair value - Ninety percent (90%) of the common sto...

What are the 3 primary financial statements - ANS-Balance sheet Income statement Statement if cash flows Financial statements are designed to primarily... - ANS-Provide people outside the business organization with information about the company's financial position and operating results Wha...

True or False : in a special revenue fund, sufficient revenue should exist to fund the activities, but funds should not accumulate beyond reasonable needs - ANS-true True or False : Public Purpose Trusts are accounted for in the permanent funds, which are accounted for under the modified cash b...

When the AIS provides information in a timely and accurate manner, it stands as an example of A) improved decision making. B) improving the quality and reducing the costs of products or services. C) improving efficiency. D) All of these - ANS-D The value chain concept is composed of two types...

Depreciation is a means of cost allocation, not a matter of valuation. - ANS-true An accelerated depreciation method is appropriate when the asset's economic usefulness is the same each year. - ANS-false Gains or losses on disposals of assets do not distort periodic income when the group or c...