- production cost accounting
- account receivable balance
- accounts receivable business
Can anyone help me with these?? Thank you!
Question 4: Which of the following statements is incorrect?
a. A major consideration in developing an accounting system is cost effectiveness.
b. When an accounting system is designed, no consideration needs to be given to the needs and knowledge of the various users.
c. The accounting system should be able to accommodate a variety of users and changing information needs.
d. To be useful, information must be understandable, relevant, reliable, timely, and accurate.
Question 8: Depreciation is the process of allocating the cost of a plant asset over its service life in
a. an equal and equitable manner.
b. an accelerated and accurate manner.
c. a systematic and rational manner.
d. a conservative market-based manner.
Question 12: In preparing its bank reconciliation for the month of April 2013, Flip, Inc. has available the following information.
Balance per bank statement, 4/30/13 $39,300
NSF check returned with 4/30/13 bank statement 470
Deposits in transit, 4/30/13 5,000
Outstanding checks, 4/30/13 5,200
Bank service charges for April 30
What should be the adjusted cash balance at April 30, 2013?
a. $38,630.
b. $38,800.
c. $39,010.
d. $39,100.
Question 13: If a check correctly written and paid by the bank for $591 is incorrectly recorded on the company’s books for $519, the appropriate treatment on the bank reconciliation would be to
a. deduct $72 from the book’s balance.
b. add $72 to the book’s balance.
c. deduct $72 from the bank’s balance.
d. deduct $591 from the book’s balance.
Question 14: Flip Company had net credit sales during the year of $1,200,000 and cost of goods sold of $720,000. The balance in accounts receivable at the beginning of the year was $180,000, and the end of the year it was $120,000. What was the accounts receivable turnover ratio?
a. 5.0
b. 6.7
c. 8.0
d. 10.0
Question 4: Which of the following statements is incorrect?
a. A major consideration in developing an accounting system is cost effectiveness.
b. When an accounting system is designed, no consideration needs to be given to the needs and knowledge of the various users.
c. The accounting system should be able to accommodate a variety of users and changing information needs.
d. To be useful, information must be understandable, relevant, reliable, timely, and accurate.
Question 8: Depreciation is the process of allocating the cost of a plant asset over its service life in
a. an equal and equitable manner.
b. an accelerated and accurate manner.
c. a systematic and rational manner.
d. a conservative market-based manner.
Question 12: In preparing its bank reconciliation for the month of April 2013, Flip, Inc. has available the following information.
Balance per bank statement, 4/30/13 $39,300
NSF check returned with 4/30/13 bank statement 470
Deposits in transit, 4/30/13 5,000
Outstanding checks, 4/30/13 5,200
Bank service charges for April 30
What should be the adjusted cash balance at April 30, 2013?
a. $38,630.
b. $38,800.
c. $39,010.
d. $39,100.
Question 13: If a check correctly written and paid by the bank for $591 is incorrectly recorded on the company’s books for $519, the appropriate treatment on the bank reconciliation would be to
a. deduct $72 from the book’s balance.
b. add $72 to the book’s balance.
c. deduct $72 from the bank’s balance.
d. deduct $591 from the book’s balance.
Question 14: Flip Company had net credit sales during the year of $1,200,000 and cost of goods sold of $720,000. The balance in accounts receivable at the beginning of the year was $180,000, and the end of the year it was $120,000. What was the accounts receivable turnover ratio?
a. 5.0
b. 6.7
c. 8.0
d. 10.0
Accounting help! Please?
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