Acct 505 Study guides, Class notes & Summaries

ACCT 505 WEEK2 QUIZ 1. (TCO B) Some companies use process costing and some use job-order costing. Which method a company uses depends on its industry. Several companies in different industries are listed below. i. Specialty coffee roaster (roasts small batches of specialty coffee beans) ii. Custom aircraft builder iii. Brick manufacturer iv. Microbrewery that produces a number of specialty beers v. Steel company making chain link fences from iron ore vi. Breakfast cereal manufacturer ...

EVALUATED ACCT 505 EXAMINATION QUESTIONS Many individuals are apprehensive about using the Internet to purchase items. This apprehension mainly arises from users' concerns about: a. a lack of security for information transmitted over the Internet. b. the lack of CPA involvement in Internet company financial information. c. the time delays in Internet purchases. d. the reliability of computer technology. - CORRECT ANSWER -a. a lack of security for information transmitted over the Inte...

FINAL EXAMINATION QUESTIONS FOR ACCT 505 what should the methods section tell you? - CORRECT ANSWER -who or what was studied, procedures (data collection, analysis methods) and threats to internal and external validity what are the participants? - CORRECT ANSWER -who or what was studied need to include number basic demographic profile how you chose them? include compensation and IRB approval how you are protecting patient confidentiality what is the population? - CORRECT ANSWER -...

Managerial accounting is concerned with: reporting financial information to stockholders. A) reporting financial information to regulators. B) providing information for use within the organization. C) the financial consequences of past activities. D) Feedback: Managerial accounting is concerned with providing information to managers for use within the organization. 2 CORRECT Which of the following statements is not correct? A plan is always expressed in formal quantitative terms....

ACCT 505 PRACTICE QUIZ 2 Student: ___________________________________________________________________________ 1. Return on investment (ROI) can be decomposed into the asset turnover and the A. gross margin ratio. B. profit margin ratio. C. operating margin ratio. D. contribution margin ratio. 2. How will decreases in the following items affect return on investment (ROI)? A. a B. b C. c D. d 3. The CJP Company produces 10,000 units of item S10 annually at a total cost of $190,000. Th...

ACCT 505 WEEK 6 QUIZ-2 Grade Details - All Questions 1. Question : Student Answer: (TCO D) A company that has a profit can increase its return on investment by increasing sales revenue and operating expenses by the same dollar amount. increasing average operating assets and operating expenses by the same dollar amount. increasing sales revenue and operating expenses by the same percentage. Instructor Explanation: Points Received: decreasing average operating assets and sales by ...

The city has installed sidewalks usinREVISED ACCT 505 QUESTIONS AND ANSWERS Which of the following is not a fiduciary fund? a.) Permanent fund. b.) Private-purpose trust fund. c.) Investment trust fund. d.) Agency fund. - CORRECT ANSWER -A Which of the following is an example of a trust fund? a.) A fund used to account for the collection and distribution of taxes to several local governments. b.) A fund used to distribute scholarships to the children of the city's police officers. c...

ACCT 505 FEDERAL TAX FINAL EXAM Federal Taxes and Decisions Final Exam – Professor Abner TRUE-FALSE QUESTIONS—CHAPTER 10 1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis of the property is the amount of cash paid initially plus the unpaid deb...

Fundamental Payroll Certification 88 Questions with Verified Answers Spring 2023 2 separate w-3's - CORRECT ANSWER Form 1096 1 consolidated Form w-3 Form 8279 2 separate w-3's general valuation rule - CORRECT ANSWER actual market value actual cash value general valuation rule implied benefit rule employee - CORRECT ANSWER Independent contractor w-4 exempt employee exempt from FLSA $150 - CORRECT ANSWER $0 $150 $165 $210 written authorization -...

REVIEWED ACCT 505 QUESTIONS AND ANSWERS Contractual adjustments that arise from differences between the gross charge for patient services and the amount paid by a third party payor are reported as: A) Disclosures in the notes to the financial statements. B) Either deductions from gross patient revenue or disclosure in the notes, depending on the dollar amount of the adjustments relative to billings. C) Bad debt expense. D) Deductions from gross patient revenue in arriving at net ...