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saint mba560 week 2 quiz (jan 18, 2014)

$21.00

Category: Accounting Tags: , 0, 1, 2, account, accounting, aets, balance, bank, cash, company, companys, controls, cost, costs, equity, following, goods, income, increase, internal, inventory, june, mba560, merchandise, prenumbered, question, quiz, records, saint, sold, statement, total, unadjusted, week
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1.
During the month of March, Wang Company sold merchandise on
account for $9,100. The merchandise had cost Wang $4,900. Which of the
following represents the effects of this transaction on Wang’s financial
statements?

test2 q17.next.ecollege.com/CurrentCourse/test2Graphics/table-2.gif”>
(Points : 2)




Question 2.
2.
Gruver Company maintains perpetual inventory records. The
company’s inventory account had a $5,500 balance as of December 31,
2010. On that date, a physical count of inventory showed only $5,300 of
merchandise in stock. The write-down to recognize the missing inventory
will:
(Points : 2)





Question 3.
3.
The Red Valley Company maintains perpetual inventory records.
Although its inventory records indicated $18,000 in the inventory, a
physical count showed only $16,250. Which of the following answers
indicates the effect of the necessary write-down?

Row Assets = Liab. + Equity Rev – Exp. = Net Inc. Cash
One (1,750) = NA + (1,750) NA – 1750 = (1,750) NA
Two NA = 1750 + (1,750) NA – 1750 = (1,750) NA
Three 16,250 = NA + 16,250 16,250 – NA = 16,250 16,250 IA
Four (18,000) = NA + (18,000) (18,000) – NA = (18,000) NA

(Points : 2)





Question 4.
4.
Merchandising businesses:
(Points : 2)





Question 5.
5.
Product costs are also referred to as:
(Points : 2)





Question 6.
6.
Lemon Company sent goods to a customer FOB delivery. What
effect will these freight costs have on Lemon company’s financial
statements?

test2 q23.next.ecollege.com/CurrentCourse/test2Graphics/table-4.gif”>
(Points : 2)





Question 7.
7.
The following data are from the income statement of Rathbun Company:

Sales $800
Cost of Goods Sold (500)
Other Expenses (200)
Net Income $100

The company’s gross margin percentage is:
(Points : 2)





Question 8.
8.
Cost of Goods Sold is reported as a(n):
(Points : 2)





Question 9.
9.
Baxter Company’s merchandise inventory at the start of 2010
was $85,000. The company purchased inventory during 2010 in the amount
of $323,000, and its inventory at the end of the year was $102,000.

What was Baxter’s Cost of Goods Available for Sale for the year 2010?
(Points : 2)





Question 10.
10.
Which of the following is not considered an accounting control?
(Points : 2)





Question 11.
11.
A bank deposit made on June 30 did not appear on the June
bank statement. In doing the June bank reconciliation, this deposit in
transit should be:
(Points : 2)





Question 12.
12.
Which of the following retailers would be expected to have the highest gross margin percentage?
(Points : 2)





Question 13.
13.
In preparing a bank reconciliation, typical adjustments to the bank balance include:
(Points : 2)





Question 14.
14.
To have a strong internal control system, a business must
have good administrative controls. Administrative controls include:
(Points : 2)





Question 15.
15.
Effective internal controls for cash include:
(Points : 2)





Question 16.
16.
Which of the following is not one of the purposes of an internal control system?
(Points : 2)





Question 17.
17.
The following are strong internal control measures over cash disbursements except for:
(Points : 2)





Question 18.
18.
The term “FOB destination” means:
(Points : 2)





Question 19.
19.
Unger Company uses the perpetual inventory method. Unger sold
goods that cost $3,500 for $7,200. If the sale was made to a customer
on account, the sale will:
(Points : 2)





Question 20.
20.
Accounting controls are designed to:
(Points : 2)




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