Read 'Chapter 0: Course Material' & answer the following question(s): |
1. | In which account are post-dated checks received classified? |
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2. | Under the allowance method of recognizing uncollectible accounts, the entry to write off an uncollectible account |
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3. | Which of the following methods of determining annual bad debt expense best achieves the matching concept? |
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4. | Which of the following methods of determining bad debt expense does not properly match expense and revenue? |
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5. | Which of the following is a method to generate cash from accounts receivable? |
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6. | Which of the following is true when accounts receivable are factored without recourse? |
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7. | Which one of the following is NOT true as to footnote disclosure for accounts receivable? |
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8. | Footnote disclosure for notes receivable does NOT include |
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9. | How should the following costs affect a retailer's inventory valuation? |
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10. | Morgan Manufacturing Company has the following account balances at year end: Office supplies = $4,000, Raw materials = $27,000, Work-in-process = $59,000, Finished goods = $72,000, Prepaid insurance = $6,000. What amount should Morgan report as inventories in its balance sheet? |
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11. | Goods on consignment are |
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12. | Which of the following is true about lower-of-cost-or-market? |
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13. | When valuing raw materials inventory at lower-of-cost-or-market, what is the meaning of the term "market"? |
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14. | In no case can "market" in the lower-of-cost-or-market rule be more than |
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15. | Lower-of-cost-or-market |
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16. | The retail inventory method is based on the assumption that the |
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17. | Muckenthaler Company sells product UCB for $20 per unit. The cost of one unit of UCB is $18, and the replacement cost is $17. The estimated cost to dispose of a unit is $4, and the normal profit is 40%. At what amount per unit should product UCB be reported, applying lower-of-cost-or-market? |
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18. | How might a company obtain a price index in order to apply dollar-value LIFO? |
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19. | Web World began using dollar-value LIFO for costing its inventory last year. The base year layer consists of $250,000. Assuming the current inventory at end of year prices equals $345,000 and the index for the current year is 1.10, what is the ending inventory using dollar-value LIFO? |
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20. | Opera Corp. uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Dec 31, 2X10, Inventory at end-of-year prices = $65,000 (price index = 1.00); Dec 31, 2X11, Inventory at end-of-year prices = $126,000 (price index = 1.05); Dec 31, 2X12, Inventory at end-of-year prices = $135,000 (price index = 1.10). What is the 2X10 inventory balance using dollar-value LIFO? |
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21. | Which of the following is not a common disclosure for inventories? |
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22. | For the composite method, the composite |
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23. | Assets that qualify for interest cost capitalization include |
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24. | When computing the amount of interest cost to be capitalized, the concept of "avoidable interest" refers to |
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25. | The cost of a nonmonetary asset acquired in exchange for another nonmonetary asset and the exchange has commercial substance is usually recorded at |
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26. | Which of the following statements about involuntary conversions is false? |
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27. | Which of the following disclosures is not required in the financial statements regarding fixed assets? |
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28. | The most common method of recording depletion for accounting purposes is the |
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29. | Which of the following statements is NOT true about intangibles? |
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30. | Disclosure regarding recognized intangibles should be made of the following EXCEPT: |
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31. | Companies should test goodwill at least annually for: |
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