• Q : Inventory on credit affect the balance sheet....
    Accounting Basics :

    How would sale of $200 of inventory on credit affect the balance sheet of an organization if the cost of the inventory sold was $80?

  • Q : Ordinance mandates a balanced budget....
    Accounting Basics :

    Assuming that a city ordinance mandates a balanced budget, what must be the minimum amount in the Fund Balance account of the General Fund at the beginning of FY 2012?

  • Q : Government-wide governmental activities....
    Accounting Basics :

    Make all necessary entries in the appropriate governmental fund general journal and government-wide governmental activities general journal for each of the following transactions.

  • Q : Prepare zither''s department a cost of production report....
    Accounting Basics :

    Zither Co. manufactures a product called Zens in a three-process series. All materials are introduced at the beginning of the first process. Zither uses the first-in,

  • Q : Discriminatory employment practices....
    Accounting Basics :

    The term "discrimination" is often used in a very negative context, mainly when referring to discriminatory employment practices. Explain how the term "discriminatory" (as used for tax purposes) dif

  • Q : What was the total actual cost of the direct materials....
    Accounting Basics :

    The Heavenly Gifts Company, a maker of Holiday noveities, needs your help immediately. The company's accountant resigned without leaving adequate records or explanations for what she did. In reviewi

  • Q : Significance of the acquisition date....
    Accounting Basics :

    Briefly explain the significance of the acquisition date and the date of exchange and outline how the consideration (in a business acquisition) is calculated when the acquisition of the target compa

  • Q : What is the amount allocated as depreciation expense....
    Accounting Basics :

    Included in the amounts allocated to each segment on the above percentages are the following expenses which relate to general corporate activities:

  • Q : Short-term obligations....
    Accounting Basics :

    A good measure of whether the NPO is "liquid" and can meet its short-term obligations is:

  • Q : Accounting recognition of the value of collections....
    Accounting Basics :

    Which of the following is not a condition that would permit a public college or private college or university to avoid accounting recognition of the value of its collections of art, historical treas

  • Q : What is the selling price per units....
    Accounting Basics :

    At Caleb's Tights, the break-even point is 2,400 units. If fixed costs total $300,000 and variable costs are $25 per unit, what is the selling price per unit

  • Q : Evaluate the propriety of mathias plan....
    Accounting Basics :

    Mathias tells you (his tax return preparer) to report the liquidation sale proceeds as capital gain because he was no longer using those assets in a business at the time of the sale, but was holding

  • Q : Problem based on earnings per share of common stock....
    Accounting Basics :

    Krew Kutter's net income was $100,000 last year. The company has 10,000 shares of common stock and 4,000 shares of $200 par value, 6 percent preferred stock outstanding. No change in the number of c

  • Q : What is the product margin for product f60n....
    Accounting Basics :

    The company makes 230 units of product F60N a year, requiring a total of 480 machine-hours, 50 orders, and 30 inspection-hours per year. The product's direct materials cost is $12.70 per unit and it

  • Q : Need to sell to break even....
    Accounting Basics :

    The ticket packages will be sold for $225 each and the ski resort and lodging facilities intend to reimburse George for any unsold ticket packages. Fixed costs include $4,000 in advertising costs.

  • Q : Gross margin as a percentage of sales....
    Accounting Basics :

    The income tax rate is 35%. What was Campbell Corporation's gross margin as a percentage of sales?

  • Q : Wide variety of costs and expenses....
    Accounting Basics :

    During a company's start-up or expansion a wide variety of costs and expenses are incurred that are directly associated with beginning the specific operation.

  • Q : Determine the amount of the bundled product sell price....
    Accounting Basics :

    Determine the amount of the bundled product sell price that should be allocated to each individual software item using the stand alone method and individual sell prices as the weight.

  • Q : Auditing through the computer....
    Accounting Basics :

    Compare computer controls with manual controls. Give specific examples and indicate the added risks in a computerized system.Discuss general application controls and give examples. Explain what is m

  • Q : Determine the amount of the bundled product sell price....
    Accounting Basics :

    Determine the amount of the bundled product sell price that should be allocated to each individual software item using the stand alone method and individual sell prices as the weight.

  • Q : Discuss the major types of fraud....
    Accounting Basics :

    Discuss the major types of fraud you might find in auditing the financial statements of a client.What conditions are generally present, how should the auditor assess the risk or fraud, what steps if

  • Q : Partnership income from the year....
    Accounting Basics :

    On June 1, the partnership pays off $60,000 of debt. On Sept. 1, W gets a distribution of cash of $30,000 that is not a draw against earnings. The partnership's income from the year is $200,000. Wha

  • Q : Environmental differences-government and for-profit business....
    Accounting Basics :

    Identify and describe the five environmental differences between governments and for-profit business enterprises as identified in the Governmental Accounting Standards Board's Why Governmental Accou

  • Q : Tenika hands of distributed property....
    Accounting Basics :

    Tenika has a $10,000 basis in her interest in the TF Partnership and no remaining precontribution gain immediately before receiving a current distribution that consisted of $4,000 in money, plastic

  • Q : Journal entry to record the sale of bonds....
    Accounting Basics :

    Ruben Company purchased $100,000 of Evans Company bonds at 100. Ruben later sold the bonds at $104,500 plus $500 in accrued interest. The journal entry to record the sale of the bonds would be:

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