Acc - Study guides, Class notes & Summaries

What are the three elements of a manufacture1QuestionWhat are the three elements of a manufacturer's inventory account at various stages of production? Question 5Select one: a. Raw Materials, Labour, Overhead b. There is no Inventory account for a manufacturer c. Raw Materials, Work in Progress, Finished Goods d. Raw Materials, Work in Progress, OverheadAnswer & ExplanationThe correct answer is: c. Raw Materials, Work in Progress, Finished GoodsExplanation:1.Raw Materials: This is the i...

Test Bank For Advanced Accounting 12th Edition Beams et al. Which of the following is correct? A) No consolidation working paper entry is required for this transaction in 2014. B) A consolidation working paper entry is required only if the subsidiary was less than 100% owned in 2014. C) A consolidation working paper entry is required each year that Sidd has the land. D) A consolidated working paper entry was required only if the land was held for resale in 2014. Answer: C Objective: LO1 ...

When an owner invests cash in the businessQuestionWhen an owner invests cash in the business, which accounts are used in this transaction? Question 1Select one: a. Increasing Cash; increasing Owner's Capital b. Increasing Cash; increasing Owner's Withdrawals c. Increasing Service Revenue; decreasing Net Worth d. Increasing Cash; increasing Service RevenueAnswer & ExplanationThe correct answer is: a. Increasing Cash; increasing Owner's CapitalExplanation:When an owner invests cash ...

The two methods of accounting for uncollectible receivables are the O direct method and the indQuestionThe two methods of accounting for uncollectible receivables are the O direct method and the indirect method O percent of sales method and the analysis of receivables method cash method and the accrual method O allowance method and the direct write-off methodAnswer & ExplanationThe two methods of accounting for uncollectible receivables are the allowance method and the direct write-off met...

ACC 205 WEEK 1-5 ACCOUNT CYCLE – FULL CYCLE LEVEL 1 ACCOUNT BALANCES Activity 2.a - The Four Items that Affect Equity Drag the items that affect equity into the expanded accounting equation, beginning with capital. Then, identify whether the item increases, '+', or decreases, '­'minus, equity. View drag and drop keyboard instructions Assets = Liabilities+ Owner Capital-Owner Withdraw+ Revenue – Expenses Activity 3.a - Classify the Accounts Classify which part of the expanded ...

ACC 561 Final Exam Questions & Answers Latest (Verified Answers) A sales forecast is . A. a prediction of sales under a given set of conditions B. the same as a sales budget that will generate a desired level of sales C. all of these answers are correct D. the result of decisions to create conditions A gives the expected sales under a given set of conditions. A. sales prediction B. budget forecast C. sales forecast D. sales budget A gives the expected sales under a given set of conditi...

ACC 201 Week 1 Quiz 1-with 100% verified solutions-2022-2023

ACC 561 FINAL EXAM 2 1. Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base? a. 2018 net sales / base year 2016 net sales = 780,000 / 650,000 = 1.2 1.2 x 100% = 120% The answer is 120% 2. Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The compan...

ACC 561 Final Exam Questions And Answers Latest (Verified Answers) models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix. A. Budgeting analysis B. Accounting C. Futuring D. Financial planning A sales forecast is . A. a prediction of sales under a given set of conditions B. the same as a sales budget that will generate a desired level of sales C. all of these answers are correct D. the result of decisions to crea...