Accounting Study guides, Class notes & Summaries

ACC 291 Wk-5 Final Exam 1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense 15000 Allowances for Doubtful Accounts 15000 B. Bad Debts Expense 12000 Allowances for Doubtful Accounts 12000 C. Bad Debts Expense $12,000 Accounts Receivab...

1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information?2) At the end of the year, manufacturing overhead has been over applied. What occurred to create this situation?3) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material?4) Which of the following would be accounted for using a job order cost system?5) ...

ACC 349; Week 3 WileyPlus Complete Solution Guide. Exercise 4-10 Kragan Clothing Company manufactures its own designed and labeled athletic wear and sells its products through catalog sales and retail outlets. While Kragan has for years used activity-based costing in its manufacturing activities, it has always used traditional costing in assigning its selling costs to its product lines. Selling costs have traditionally been assigned to Kragan’s product lines at a rate of 70% of direct material...

ACC 349 Week 5 Exercise 8-11 Chen Company's Small Motor Division manufactures a number of small motors used in household and office appliances. The Household Division of Chen then assembles and packages such items as blenders and juicers. Both divisions are free to buy and sell any of their components internally or externally. The following costs relate to small motor LN233 on a per unit basis. Brief Exercise 9-6 For Roche Inc., variable manufacturing overhead costs are expected to be $21,050 i...

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 The best definition of assets is the owners’ investment in the business. cash owned by the company. resources belonging to a company that have future benefit to the company. collections of resources belonging to the company and the claims on these resources. Multiple Choice Question 98 Which of the following is not a liability? Accounts Payable Accounts Receivable Interest Payable Unearned Service Revenue Multiple Choice Question 99 Which 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...

ACC 403 FINAL EXAM – FREE DOWNLOAD The most important general ledger account included in and affecting several cycles is the acc 403 final exam The detail tie-in is part of the_______ assertion for account balances. classification valuation and allocation rights and obligations completeness Management assertions are: The occurrence assertion applies to _______. presentation and disclosure matters classes of transactions and events during the period account balances proper classification of inc...

ACC 491 FINAL EXAM – FREE DOWNLOAD If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be acc 491 final exam The rights and obligations assertion applies to Which of the following assertions is NOT made by management in placing an item in the financial statements? Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine ...

ACC 490 FINAL EXAM – FREE DOWNLOAD In determining the primary responsibility of the external auditor for a company’s financial statements, the auditor owes primary allegiance to acc 490 final exam AICPA auditing standards do not require auditors of financial statements to Confirmations of accounts receivable provide evidence primarily about these two assertions: One of the typical characteristics of management fraud is With respect to the concept of materiality, which one of the following st...