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ACCT 504 Week 3 Quiz Latest Guide

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ACCT 504 Week 3 Quiz Latest Guide

Q -1

Other comprehensive income

 

 

A.

includes extraordinary gains and losses.

 

B.

affects earnings per share.

 

C.

includes unrealized gains and losses on available-for-sale investments.

 

D.

has no effect on income tax.

 

 

 

Q-2

Use the following data of

TortoiseTortoise

Sales, Inc.:

                        Unit     Total    Units

            Units   Cost     Cost     Sold

Beginning inventory   16        $3        $48    

Purchase on Apr 25     25        6          150    

Purchase on Nov 16    11        8          88      

Sales    40        ?          ?        

Tortoise

Sales' average cost of ending inventory is

 

 

 

 

 

 

An auditor report by independent accountants

 

A.

gives investors assurance that the company's stock is a safe investment.

 

B.

is ultimately the responsibility of the management of the client company.

 

C.

ensures that the financial statements are error-free.

 

D.

gives investors assurance that the company's financial statements conform to GAAP.

 

 

 

 

Use the following data of

SeasideSeaside

Sales, Inc.:

                        Unit     Total    Units

            Units   Cost     Cost     Sold

Beginning inventory   18        $4        $72    

Purchase on Apr 25     43        7          301    

Purchase on Nov 16    19        10        190    

Sales    45        ?          ?        

SeasideSeaside

Sales' LIFO cost of ending inventory would be

 

 

 

Use the following data of

SeaspraySeaspray

Sales, Inc.:

                        Unit     Total    Units

            Units   Cost     Cost     Sold

Beginning inventory   24        $7        $168  

Purchase on Apr 25     30        8          240    

Purchase on Nov 16    14        9          126    

Sales    50        ?          ?        

SeaspraySeaspray

Sales uses a FIFO inventory system. Cost of goods sold for the period is

 

 

 

 

The quality of earnings suggests that

 

A.

stockholders want the corporation to earn enough income to be able to pay its debts.

 

B.

income from continuing operations is a more relevant predictor of future performance than income from one-time transactions.

 

C.

net income is the best measure of the results of operations.

 

D.

continuing operations and one-time transactions are of equal importance.

 

 

 

 

Deferred Tax Liability is usually

            Type of Account         Reported on the

 

A.

Long-term       Income statement

 

B.

Short-term       Statement of stockholders' equity

 

C.

Short-term       Income statement

 

D.

Long-term       Balance sheet

 

 

 

 

Which statement is true?

 

A.

Discontinued operations are a separate category on the income statement.

 

B.

Extraordinary items are combined with continuing operations on the income statement.

 

C.

Extraordinary items are part of discontinued operations.

 

 

Hazard Company had anan $18,000 beginning inventory and aa $25,000 ending inventory. Net sales ere

$153,000; purchases, $76,000; purchase returns and allowances, $3,000; and freight in, $9,000. Cost of goods sold for the period is $75,000.What is Hazard gross profit percentage (rounded to the nearest percentage)?

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