Reference no: EM13600078

Which of the following applies to process costing but does not apply to job costing? A) the use of equivalent b) separate identifiable jobs c) the need for material ledger sheets d) the use of predetermined overhead rates e) the use subsidiary ledgers

Close division in Indianapolis but still make product in Louisville. A) Extraordinary b) discontinued c) cumulative change d) none of the above

Change from the FIFO and LIFO. A) Extraordinary b) discontinued c) cumulative change e) none of the above

Flood loss. It was the first flood in 50 years. A) Extraordinary b) discontinued c) cumulative change d) none of the above

Close division in Lexington. No longer make product. A) Extraordinary b) Discontinued c) cumulative change d) none of the above

Revenue from one division omitted from last year's income statement. A) Extraordinary b) discontinued c) cumulative change d) none of the above

The cumulative feature of preferred stock a) limits the amount of dividends that can be received b) requires dividends not paid to be made up in later years c) means stockholders can accumulate preferred stock d) enables stockholders to accumulate dividends and receive common stock instead of cash e) none of the above

For dividends, which of the following does not require a journal entry? A) date of declaration b) date of record c) date of payment d) entry required for all of the above e) none of the above

Which of the following does not result in an increase to Retained Earnings? A) corrections of error in previous year, depreciation b) issue 3 for 1 stock split c) correction of error in previous year, income understated d) net income e) none of the above

All of the following persons are classified as employees under the federal income tax withholding law with the exception of: a) supervisors b) the president of a company c) the partner in a partnership d) an elected official in the state government e) a worker on the assemble line

A parcel of real estate that contains and a building a purchased. The land is valued at $10,000 on the books and appraised at $20,000; and the building is valued at $25,000 on the books and appraised at $40,000. If the total purchase price is $120,000, the amount allocated to land is: a) $120,000 b) $80,000 c) $60,000 d) $40,000 e) $48,000

Sold shares of common stock: a) operating section b) investing section c) financing section d) non cash activities

Net income: a) operating section b) investing section c) financing section d) non cash activities

Purchased equipment, paying cash: a) operating section b) investing section c) financing section d) non cash activities

Change in Inventory: a) operating section b) investing section c) financing section d) non cash activities

Sold a truck: a) operating section b) investing section c) financing section d) non cash activities

Purchased land by issuing a mortgage payable: a) operating section b) investing section c) financing section d) non cash activities

The XYZ Co. traded its truck, which originally cost $100,00 and had accumulated depreciation of $84,000 for a new delivery truck with a sticker price of $170,000. The XYZ got a trade-in allowance of $20,000 for their current truck and needed to pay cash of $140,000. The amount of the gain recognized on this transaction is: a) $4,000 b) $14,000 c) none, it is a $4,000 loss d) $0 e) $400

Under which of the following conditions would material flood damage be considered an extraordinary item for financial reporting purposes? A) only if floods in the geographical area are unusual in nature and occur infrequently b) only if the flood damage could have been reduced by prudent management c) under any circumstance d) flood damage should never be classified as an extraordinary e) none of the above

At December 31 for the past two years Lane Co. had 200,000 shares of common stock and 20,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were declared any of the stock for the past two years. Net income for 2003 was $1,000,000.