1. The objectives of internal control are to
a. control the internal organization of the accounting department
personnel and equipment
*b. provide reasonable assurance that operations are managed to
achieve goals, financial reports are accurate, and laws
1. Current liabilities are
a. due, but not receivable for more than one year
b. due, but not payable for more than one year
c. due and receivable within one year
*d. due and payable within one year
2. The journal entry a company uses to record the issuanc
1. Under a perpetual inventory system, when a shortage is discovered
a. Merchandise Inventory is debited
b. Cost of Merchandise Sold is credited
c. Inventory Shortages is credited
*d. Merchandise Inventory is credited
2. Under a perpetual inventory system
1. Generally, the revenue account for a merchandising business is
b. Net Sales
c. Gross Sales
d. Gross Profit
2. The term "inventory" indicates
a. merchandise held for sale in the normal course of business
b. materials in the process of
1. What are Negative Externalities? Positive Externalities?
- Positive Externalities - medical research spill over.
- When there is a positive externality in consuming a good or service, too little of the good or service will be
produced at market equilib
Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations
2478. Legal dissolution under state law is not required for a liquidation to be complete for
2479. One difference between the
Italian painter and architect Pietro da Cortona was one of the talented
barquoe artists during his time. He painted and designed works under 6 different
papacies. Arguably his most famous piece, and Barberini Power, is the subject of
research. This ceilin
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Current (short-term): accounts, trade, or other receivables
Payment to be received within one year
Long-term (investments) notes, bonds, other receivable
Payment to received one year or longer.
Companies often sell their receiva
SOX, Internal Controls, and Cash
Sarbanes Oxley Act of 2002
Applies only to companies whose stock is traded on public exchanges. Its purpose is to
restore public confidence and trust in the financial statements of companies
1. Notes or accounts receivables that result from sales transactions are often called
a. non-trade receivables.
*b. trade receivables.
c. merchandise receivables.
d. sales receivables.
2. When does an account become uncollectible?
a. when the debtor fails
Accounting 217 - Comprehensive Problem
South Coast Boards Co.
July 2010 Journal Entry
1. A characteristic of a fixed asset is that it is
*b. used in the operations of a business
c. held for sale in the ordinary course of the business
d. a long term investment
2. Which of the following should be included in the acquisition cos
MAVENIR TECHNOLOGIES INC.
Statement of Cash Flows
For the Year Ended December 31, 2010
Cash flows from operating activities:
Adjustments to reconcile net income to net
cash flow from operating activities:
Gain on sale
1. One of the main disadvantages of the corporate form is the
a. professional management
*b. double taxation of dividends
d. corporation must issue stock
2. Under the corporate form of business organization
*a. ownership rights are easily trans
Johnson & Johnson
Allowance for Doubtful Acts
Allowance for Doubtful Accts
18-Jan Accounts Receivable
18-Jan Cost of Good Sold