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.
Don't know?
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?
,Give this one a try later!
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?
Give this one a try later!
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.
Don't know?
, 5 of 52
Term
How is revenue typically recorded with debits and credits?
Give this one a try later!
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.
Don't know?
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?
Give this one a try later!
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?
Give this one a try later!
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.
Don't know?
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?
Give this one a try later!
Debit to dividends for $60,000 Debit to rent expense for $1,500.
Debit to cash for $21,600 Debit cash for $1,000
Don't know?
3 of 52
Term
Which costs are included in work-in-process inventory?
,Give this one a try later!
Materials, labor, and overhead Materials and overhead only
Labor and overhead only Materials and labor only
Don't know?
4 of 52
Term
How are expenses typically recorded with debits and credits?
Give this one a try later!
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.
Don't know?
, 5 of 52
Term
How is revenue typically recorded with debits and credits?
Give this one a try later!
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.
Don't know?
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?
Give this one a try later!
