- Study guides, Class notes & Summaries

What determines a company's use of the specific identification method of costing? A : when the company purchases a large number of low-unit-cost items B : when the company sells large numbers of low-unit-cost items C : when the company sells a limited number of high-unit-cost items D : when the physical flow of units cannot be determined - answer-C ________ is located on the balance sheet as a current asset immediately below receivables. A : Cost Of Goods Sold B : Gross Profit ...

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107 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

Lack of segregation of duties among those completing checks, recording checks, signing checks, and reconciling bank statements - answer-Which of the following risks allows the perpetrator to hide the theft in the accounting records? a. Checks issued payable to cash b. Lack of segregation of duties among those completing checks, recording checks, signing checks, and reconciling bank statements c. Lack of matching documentation d. Checks made payable to authorized signer Checks created a...

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30 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

INTACC: QUIZ 1 With Correct Answers 2024/2025

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7 pages

Written in 2024/2025

Grade A+

BestSellerStuvia

Which of the following is a valid statement regarding accounting for non-accumulating paid absences Ans No liability is recognized... The differences between accounting income and taxable income that do not have tax consequences are called Ans permanent differences Which of the following is not one of the criteria when determining whether a contract is or contains a lease Ans identified liability if the increase in deferred tax liability exceeds the increase in deferred tax asset dur...

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29 pages

Written in 2023/2024

Grade A+

ScoreSmart

BSP have issued supervisory guidance regarding sound banking practices for disclosures and for other areas of bank activities. At the same time, the auditor considers whether the assertions in the financial statements are consistent with the auditor's knowledge of the business. The following are the procedures that both auditors and the BSP perform; except, a. obtaining evidence regarding the operation of the internal control system b. express an opinion over the financial statements o...

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46 pages

Written in 2023/2024

Grade A+

ScoreSmart

Which of the following is a valid statement regarding accounting for non-accumulating paid absences - No liability is recognized... The differences between accounting income and taxable income that do not have tax consequences are called - permanent differences Which of the following is not one of the criteria when determining whether a contract is or contains a lease - identified liability if the increase in deferred tax liability exceeds the increase in deferred tax asset during the ...

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16 pages

Written in 2023/2024

Grade A+

STANFORDGENIUS

BSP have issued supervisory guidance regarding sound banking practices for disclosures and for other areas of bank activities. At the same time, the auditor considers whether the assertions in the financial statements are consistent with the auditor's knowledge of the business. The following are the procedures that both auditors and the BSP perform; except, a. obtaining evidence regarding the operation of the internal control system b. express an opinion over the financial statements o...

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25 pages

Written in 2023/2024

Grade A+

STANFORDGENIUS

On October 1 of the current year, an entity received a one year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of interest are due on September 30 of next year. The interest receivable on December 31 of the current year would consist of an amount representing a. Three months of accrued interest income b. Nine months of accrued interest income c. Twelve months of accrued interest income d. The excess on October 1 of the pre...

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8 pages

Written in 2023/2024

Grade A+

STUDENTROOM

On October 1 of the current year, an entity received a one year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of interest are due on September 30 of next year. The interest receivable on December 31 of the current year would consist of an amount representing a. Three months of accrued interest income b. Nine months of accrued interest income c. Twelve months of accrued interest income d. The excess on October 1 of the pre...

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8 pages

Written in 2023/2024

Grade A+

BESTSOLUTIONGURU

Early engineering works (1900s) assumed that rock was infinitely strong (T/F) - answer-True What is the name of the phenomenon, typical of very deep mining, that describes rock effectively "imploding" in the excavation? - answer-Rockburst Photo-elasticity was used in the early days of rock engineering to look at how stresses were redistributed around an excavation. In terms of mechanical behaviour of rock masses, what was the underlying assumption of that technique. - answer-Rock masses ...

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11 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

During the Advanced/Detailed Setup, you can turn on and off which features in the EasyStep Interview? A. Sales Tax B Inventory C Progress Invoicing D All of the Above - answer-D. All of the above This is the correct answer. If you want to turn a feature on or off AFTER the Easy Step Interview, choose Edit > Preferences. During the Advanced/Detailed Setup, you can set up a password for which of the following users during the EasyStep Interview? A. Administrtator B. External Accou...

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7 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

During the Advanced Setup, you can turn on and off which features in the EasyStep Interview? a. Sales taxes b. Inventory c. Progress Invoicing d. All of the above - answer-ALL of the above During the Advanced Setup, you can set up a password for which of the following users during the EasyStep Interview? a. Administrator b. External Accountant c. You cannot setup passwords during the EasyStep interview d. All users - answer-administrator When setting up a new company through ...

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38 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

7.33 Revenues are normally considered to have been earned when a. All possibility of return has expired b. The company has substantially accomplished what it must to be entitled to the benefits. c. The cash is collected. d. Goods have been shipped. - answer-b. Correct The earning process is complete at this point. 7.34 Sales are normally recorded on the date of the a. Customer purchase order. b. Bill of lading. c. Sales invoice. d. Payment check - answer-c. Corr...

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38 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

What are the types of items that available in Sage 50 - answer-Inventory and Service Items What is the benefit of entering services in the Inventory & Services ledger - answer-It saves time, also provides detailed reports What is the required field when setting up service items - answer-Item Number Default price list - answer-Regular, Preferred, Web Price Items in Sage 50 saves time during data entry - answer-True Inventory & Service reports can be filtered to display services onl...

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3 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

Assets - answer--Cash -A/R -Securities -Inventory -PP&E *Normal Balance is a DEBIT (Debits increase asset accounts) Liabilities - answer--A/P -Wages Payable -Notes Payable -Pension Obligations *Normal Balance is a CREDIT (Credits increase liabilities) Equity - answer-1. Paid-in Capital 2. Retained Earnings *Normal Balance is a CREDIT (Credits increase equity) -A debit to the equity account is an increased expense -A credit to the equity account is an increase in ret...

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24 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

New workbooks typically contain how many worksheets? - answer-1 What is the small green square in the bottom right of a cell called? - answer-Fill handle What feature in Excel allows you to begin with a 1 in A1 and a 2 in A2 and complete the sequence through the number 30 in A30 without having to type in the entire sequence? - answer-Auto Fill hat do you adjust if you see ###### displayed in a cell? - answer-column width Which of the following is not true about a Fill color? - answer...

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22 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

What is the purpose of a petty cash fund? Select one: a. To provide small cash bonuses to employees. b. To set money aside to avoid income taxation. c. To try to catch dishonest employees. d. To make small cash payments for the company. - answer-d p. 247 (249) The correct answer is: To make small cash payments for the company. Which of the following is not an example of a control over cash sales? Select one: a. Employees ring up all sales in the cash register. b. All payment...

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9 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

If a component unit is, in substance, a part of the primary government, its financial data should be reported: A) In a separate column from that of the primary government. B) By discrete presentation. C) By blending. D) All of the above are acceptable methods of - answer-C) By blending. (Feedback: If a component unit is, in substance, a part of the primary government, either because its governing board is substantially the same as the primary government or it provides services entirely or ...

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32 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

General Ledger: What rolls an account's ending balance, for each reporting period into the retained earnings accounts, effectively making the balance forward for the account zero? - answer-Non-closing accounts General Ledger: What GL configuration option prevents users from entering a journal entry or other transaction that does not balance for the current dimension? - answer-Enforce JE balancing General Ledger: What does an entity translate to for transacting in a multi-entity shared env...

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7 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1

aging of accounts receivable - answer-method of estimating doubtful accounts that invovles analyzing accounts receivable according to when they are due percent of accounts receivable method - answer-a method used to estimate uncollectible accounts receivable that uses an analysis of accounts receivable to estimate the amount that will be uncollectible percent of sales method - answer-a method of estimating uncollectible receivables that calculates bad debts expense based on a percentage of...

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2 pages

Written in 2023/2024

Grade A+

BRAINSCAPE1