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D102 Financial Accounting tips new questions and answers new update Western Governors University $13.49
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D102 Financial Accounting tips new questions and answers new update Western Governors University
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D102 Financial Accounting tips new questions and answers new update Western Governors University

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  • March 28, 2025
  • 33
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • d102 financial accounting tips

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D102 Financial Accounting tips new
questions and answers new update Western
Governors University




Questions and answers




1 of 52

Term



With a LIFO inventory cost flow assumption, what is assumed about
the units that are sold and the units that remain in ending inventory?



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Units sold and units in inventory are New units sold, old units in
all the same age. ending inventory

, Old units sold, old units in ending All units sold are old, and all units
inventory in inventory are new.


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2 of 52

Term


On March 23, a company declared a dividend of $3.00 per share to
be paid on July 12 to shareholders of record on June 6. There are
20,000 shares outstanding.
What is needed in the journal entry to record the declaration of the
dividends on March 23?



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Debit to dividends for $60,000 Debit to rent expense for $1,500.




Debit to cash for $21,600 Debit cash for $1,000


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3 of 52

Term


Which costs are included in work-in-process inventory?

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Materials, labor, and overhead Materials and overhead only




Labor and overhead only Materials and labor only


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4 of 52

Term


How are expenses typically recorded with debits and credits?



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As a credit, representing As a debit, representing an
an increase in revenue. increase in assets.




As a debit, representing a As a credit, representing a decrease
decrease in equity. in liabilities.


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, 5 of 52

Term


How is revenue typically recorded with debits and credits?



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As a debit, representing an As a debit, representing a decrease
increase in expenses. in liabilities.




As a credit, representing As a credit, representing a decrease
an increase in equity. in assets.


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6 of 52

Term


On January 1 of Year 1, a company purchased a franchise for
$100,000. The franchise is expected to have a 20-year economic
useful life. The franchise is assumed to have zero salvage value at the
end of its economic useful life. The company uses straight-line
amortization.
What is needed in the journal entry to record amortization expense
on this franchise at the end of Year 1?



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