Acct 212 week 1 quiz Study guides, Class notes & Summaries

1. Question: Which cost flow assumption generally results in the highest … amount of net income in periods of rising inventory costs? 2. Question: Which cost flow assumption must … for financia l reporting if it is also used for tax reporting? 3. Question: Under a perpetual inventory system: 4. Question: Dunbar sold 600 units of inventory during the month. Ending inventory assuming LIFO would … : (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)...

ACCT 212 Week 6 Quiz (Summer 2021) 1. Question: Which of the following expenditures should … as an asset? Interest costs during the construction period of a new building. 2. Question: A compan y purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to … $200,000 and the fair value of the building to … $800,000. For what amount would the company record land at the time of purchase? 3. Question: Kansas Enterprises … equipment for $8...

ACCT 212 Week 1 Checkpoint Quiz And Answers. 1. Question : (TCO 1) The type of accounting that makes projections to determine if a company should build a new store is Student Answer: financial accounting. business accounting. managerial accounting. projection accounting. Instructor Explanation: See Chapter 1. Points Received: 3 of 3 Comments: Question 2.Question : (TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income,...

ACCT 212 Week 1 Checkpoint Quiz And Answers. 1. Question : (TCO 1) The type of accounting that makes projections to determine if a company should build a new store is Student Answer: financial accounting. business accounting. managerial accounting. projection accounting. Instructor Explanation: See Chapter 1. Points Received: 3 of 3 Comments: Question 2.Question : (TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income,...

ACCT 212 Week 1 Checkpoint Quiz And Answers. 1. Question : (TCO 1) The type of accounting that makes projections to determine if a company should build a new store is Student Answer: financial accounting. business accounting. managerial accounting. projection accounting. Instructor Explanation: See Chapter 1. Points Received: 3 of 3 Comments: Question 2.Question : (TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income,...

Exam |Elaborated| ACCT 212 Financial Accounting - Week 2 Quiz (Summer 2021)1. After transactions are recorded in the journal, they are posted to the:A list of all account names used to record transactions of a company is referred to as a:Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits?A company purchases supplies on account for $2,300. Indicate the amount of increases and decreases in the accounting equation. A comp...

ACCT 212 Week 1 Quiz (Summer 2021)v1 1. Question: The term GAAP stands for: 2. Question: Financial accounting serves which primary function(s)? a. Measures business activities. b. Communicates business activities to interested parties. c. Makes business decisions on behalf of interested parties. 3. Question: Which of the following represents an obligation of the company? 4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles? 5. Q...

ACCT 212 Week 6 Quiz (Summer 2021) 1. Question: Which of the following expenditures should … as an asset? Interest costs during the construction period of a new building. 2. Question: A compan y purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to … $200,000 and the fair value of the building to … $800,000. For what amount would the company record land at the time of purchase? 3. Question: Kansas Enterprises … equipment for $8...

ACCT 212 Week 6 Quiz (Summer 2021) 1. Question: Which of the following expenditures should … as an asset? Interest costs during the construction period of a new building. 2. Question: A compan y purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to … $200,000 and the fair value of the building to … $800,000. For what amount would the company record land at the time of purchase? 3. Question: Kansas Enterprises … equipment for $8...