Accounting Study guides, Class notes & Summaries

ACC 231 Exam 2 /ACC 231 Exam 2 /ACC 231 Exam 2

CA 1-3 (Financial Reporting and Accounting Standards)

ACC 561 Final Exam 4 The entry to record the acquisition of raw materials on account is: Which of the following statements concerning users of accounting information is incorrect? The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at:​ At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $3...

ACC 561 Final Exam Sept 2018 At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017 The investigation of materials price variance usually begins in the Scorpion Production Company planned to use 1 yard of plastic per unit budgeted at $81 a yard. However, the plastic ac...

ACC 561 Final Exam – Fall 2018 Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The company produces 300,000 wheels and 600,000 seats each year. Each wheel uses 2 parts, and each seat uses 3 parts. Ho...

ACC 561 Final Exam Summer 2018 Which of the following statements concerning users of accounting information is incorrect?acc 561 final exam Miller Manufacturing’s degree of operating leverage is 1.5. Warren Corporation’s degree of operating leverage is 3. Warren’s earnings would go up (or down) by ________ as much as Miller’s with an equal increase (or decrease) in sales.​ The investigation of materials price variance usually begins in the:​ Which of the following statements is not ...

ACC 455 Final Exam – Question with Answers Which of the following statements regarding proposed regulations is not correct? Regulations are Which of the following is an advantage of a sole proprietorship over other business forms? Three members form an LLC in the current year. Which of the following statements is incorrect? Which of the following courts is not a trial court for tax cases? Identify which of the following statements is true. Which of the following statements is correct? Identif...

ACC 561 Final Exam 5 (Question and Answers) Which of the following statements concerning users of accounting information is correct? It costs Garner Company $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A foreign wholesaler offers to purchase 3,000 scales at $15 each. Garner would incur special shipping costs of $1 per scale if the order were accepted. Garner has sufficient unused capacity to produce the 3,000 scales. If the special order is a...

ACC 290 FINAL EXAM -2018 The best definition of assets is the acc 290 final exam Which of the following is not a liability? Which of the following financial statements is divided into major categories of operating, investing, and financing activities? Ending retained earnings for a period is equal to beginning Which of the following is not an advantage of the corporate form of business organization? An advantage of the corporate form of business is that A small neighborhood barber shop that is o...

ACC 290 FINAL EXAM -2018 The best definition of assets is the acc 290 final exam Which of the following is not a liability? Which of the following financial statements is divided into major categories of operating, investing, and financing activities? Ending retained earnings for a period is equal to beginning Which of the following is not an advantage of the corporate form of business organization? An advantage of the corporate form of business is that A small neighborhood barber shop that is o...