ACCT 105
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ACCT 105 Act105 week 4.4
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Question 1 of 10 10.0/ 10.0 Points 
If the utility or value of inventory items is less than the cost of those items, departures from 
cost are justified. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 0.0/ 10.0 Points 
If the beginning inventory exceeds the ending inventory, the net income is overstated. 
A. True 
B. 
False 
Answer Key: 
False 
Question 3 of 10 10.0/ 10.0 Points 
For 2007, Johnson Company had the following: beginning inventory - $780,000; ending 
inventory - $830,000; ...
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ACCT 105 Act105 week 6.1100% COMPLETE QUESTIONS AND ANSWERS,
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Question 1 of 10 10.0/ 10.0 Points 
Manufacturing overhead was applied to production at 60 percent of the direct labor cost of 
$10,000. The entry under perpetual inventory procedure is 
A.Dr. Work in Process Inventory for $6,000 and Cr. Manufacturing 
Overhead for $6,000. 
B.Dr. Finished Goods Inventory for $6,000 and Cr. Manufacturing 
Overhead for $6,000. 
C.Dr. Work in Process Inventory for $4,000 and Cr. Manufacturing 
Overhead for $4,000. 
D.Dr. Work in Process Inventory for $4,000 and Cr....
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ACCT 105 Act105 week 3 100% COMPLETE QUESTIONS AND ANSWERS.
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Question 1 of 10 10.0/ 10.0 Points 
Recognizing revenue at the time of completion of production is called the installment basis 
of accounting. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Many accounting measurements are estimates and involve approximation and judgment. 
A. True 
B. 
False 
Answer Key: 
True 
Question 3 of 10 10.0/ 10.0 Points 
Salaries Expense before adjustment at September 30, the end of the fiscal year, has a 
balance of $140,000. The amount o...
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ACCT 105 Act105 week 5 Review Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 10.0/ 10.0 Points 
The most important reason for preparing a statement of cash flows is to compute the 
change in cash. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
What is the stockholders’ equity to debt ratio for the following data? Total current liabilities 
(noninterest bearing) - $300,000; bonds payable, 5% (issued in 2007, due in 20 years) - 
$600,000; preferred 6% stock, $200 par - $240,000; common stock, $20 par - $480,000; 
premium on ...
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ACCT 105 Act105 week 6 Review Exam 2023 Questions and Answers (100% Correct)
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Question 1 of 10 10.0/ 10.0 Points 
Because automobiles differ so much, their manufacture is likely to be accounted for in a job 
costing system. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
Which of the following would be classified as manufacturing overhead? (1) marketing 
research; (2) depreciation on president’s office facilities; (3) advertising; (4) factory taxes; 
(5) indirect materials; (6) machinery maintenance. 
A.1, 3, 4 are manufacturing overhead 
co...
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ACCT 105 Act105 week 3 100% COMPLETE QUESTIONS AND ANSWERS.
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 10.0/ 10.0 Points 
The consistency principle implies that a relationship exists between expenses and revenues. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 0.0/ 10.0 Points 
The Trial Balance columns of the work sheet show store fixtures of $4,000. Estimated 
depreciation for the period is $400. The Store Fixtures amount in the Balance Sheet columns 
of the work sheet will be a: 
A.$3,600 
debit. 
B.$3,600 
credit. 
C.$4,400 
debit. 
D.$4,000 
debit. 
E.$4,000 
cred...
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ACCT 105 Act105 week 6.2100% COMPLETE QUESTIONS AND ANSWERS.
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Question 1 of 10 10.0/ 10.0 Points 
Section 404 of Sarbanes-Oxley levies duties on both management and outside auditors of 
public reporting companies. 
A. True 
B. 
False 
Answer Key: 
True 
Question 2 of 10 10.0/ 10.0 Points 
Which of the following is not one of the four specific responsibilities that PCAOB Auditing 
Standard No. 2 levies on company management? 
A.Accept responsibility for the effectiveness of the company’s internal control over 
financial reporting. 
B.Evaluate the effectiv...
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ACCT 105 Act105 week 3 100% COMPLETE QUESTIONS AND ANSWERS.
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Question 1 of 10 10.0/ 10.0 Points 
The stable dollar assumption is that fluctuations in the value of the dollar are significant and 
may not be ignored. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
The percentage-of-completion method recognizes revenue at the point of sale. 
A. True 
B. 
False 
Answer Key: 
False 
Question 3 of 10 10.0/ 10.0 Points 
Which of the following statements is false? 
A.Inclusion of special journals and subsidiary ledgers increased the e...
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ACCT 105Act105 week 4.1100% COMPLETE QUESTIONS AND ANSWERS.
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Question 1 of 10 0.0/ 10.0 Points 
An overstated ending inventory leads to understated net income. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 10.0/ 10.0 Points 
During a period of rising prices, which inventory costing method might be expected to give 
the lowest valuation for inventory on the balance sheet? 
A.LIFO 
B.FIFO 
C.Weighted-average 
cost 
D.Specific 
identification 
Answer Key: 
A 
Question 3 of 10 0.0/ 10.0 Points 
When the perpetual inventory method is used, it is ne...
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ACCT 105 Act105 week 6.1 Review Exam 2024 Questions and Answers (100% Correct)
- Exam (elaborations) • 4 pages • 2024
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Question 1 of 10 0.0/ 10.0 Points 
The data on a materials requisition are entered as debits to the Materials Inventory account. 
A. True 
B. 
False 
Answer Key: 
False 
Question 2 of 10 0.0/ 10.0 Points 
Which of the following statements does not apply to managerial accounting? 
A.Relates to the part of the company that the manager oversees. 
B.Helps managers make good decisions in financing, resource allocation, 
marketing, and production. 
C.Information is intended for internal use. 
D.Inform...
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