Capital Asset Acquisitions and Disposals
Prepare the general journal entry using standard fund-type terminology, using only the GCA accounts. If
no entry is required, write No Entry Required.
1. Sold land for $300, which had been used many years ago as a
Case study Chapters 7 and8
The following standard costs were developed for one of the products of Larry Corporation:
STANDARD COST CARD PER UNIT
Materials: 4 feet $14 per foot
Direct labor: 8 hours $10 per hour
Variable overhead: 8 hours $
NO AY MIEDO MAS GRENDE QUE SENTIR
QUE PIERDES LO QUE MASQUIERES EN LA
LOS MEJORES RECUERDOS NO ESTAN EN
LAS FOTOS NI EN NUESTRA MEMORIA ESTAN
EN NUESTRO CORAZON.
CUANDO UNA PERSONA TE DIGA:NO PASA
NADA, ABRAZALA,ES CUANDO MAS TE
1. Identify the situations in which process-costing systems are appropriate
2. Understand the basic concepts of process-costing and compute average
3. Describe the five steps in process costing and calculate equivalent un
This test is all about how to handle inventory
What is the difference between a purchase return, a purchase
discount, and a purchase allowance?
Know how to determine net sale revenue, cost of goods sold, gross
Know how to calculate the implied
To avoid being the apparent cause of conflict between an organization's senior management and
the audit committee, the chief audit executive should
Communicate all engagement results to both senior management and
the audit committee.
Which of the following are elements of the control environment?
Integrity and ethical value;
Assignment of authority and
All of the answers are correct.
What is the name of the consortium of organizations that dev
CH 3 Quiz
1) Adjusting entries
a. all of these answer choices are correct
2) Hercules Company purchased a computer for $4,500 on December 1. It is estimated that annual
depreciation on the computer will be $900. If financial statements are to be prepared
Test Review for Unit 1, Ch. 1-4
The multiple choice is 40 questions, 60 minutes. (I am giving you more time on this
first test.) The test will be available after class on Monday until 11 AM on Tuesday.
Understand and be able to identify examples of fina
CH 1 Quiz
1) Performing services on account will have the following effects on the components of the basic accounting
a. increase assets and increase equity
2) Payment of accounts payable affects the components of the accounting equation in the f
CH 2 Quiz
1) Which of the following accounts is reported in the equity section of the statement of financial position?
a. Share capital-ordinary
2) Compound entries
a. include at least two debits or two credits
3) Which of the following errors will preven
Under the Securities Act of 1933, a third-party plaintiff does not have the
burden of proof that he or she relied on the financial statements or that
the auditor was negligent or fraudulent in doing the audit. Rather, the
plaintiff need only p
Ethical Rulings are:
I. Explanations relating to broad hypothetical circumstances.
II. Not enforceable, but one must justify departure.
III. Explanations relating to specific factual circumstances.
Rule 101, Independence,
CH 4 Quiz
Cash of 100 received at the time the service was provided was journalized and posted as a
debit to Cash 100 and a credit to Accounts Receivable 100. Assuming the incorrect entry is
not reversed, the correcting entry is
a. debit Accounts Recei
The generally accepted auditing standard that requires "Adequate
technical training and proficiency" is normally interpreted as requiring the
auditor to have:
formal education in auditing and
Sarbanes-Oxley and the Securi
In the audit of historical financial statements, what accounting criteria is
Generally accepted accounting
Which of the following services provides the lowest level of assurance on a
CPA firms are never allowed to provide bookkeeping services for clients.
One objective of an operational audit is to:
make recommendations for improving
The use of the Certified Public Accountant title
he final communication of engagement results must contain
The reasons for any noncompliance with the Standards.
Background information and summaries.
Engagement client accomplishments.
The engagement clients views about engagement conclusions and
Internal auditors should be prudent in their relationships with persons and organizations external
to their employers. Which of the following activities will most likely not adversely affect internal
auditors' ethical behavior?
Accepting compensation from
3Standardized working papers are often used, chiefly because they allow working papers to be
Which of the following does not describe one of the functions of engagement working papers?
Final Exam Review
1. Which of the following statements correctly describes what estate planning can
A. Estate planning can provide financial support and security for spouses,
partners, children, and other dependents
2. Which of the f
Engagement objectives are stated in
I. The engagement program
II. Engagement communications
III. The statement of the engagement scope
II and III
I and II
II and III
I, II, and III.
The most accurate term for the procedures used by the re
A significant employee fraud took place shortly after an internal auditing engagement. The
internal auditor may not have properly fulfilled the responsibility for the deterrence of fraud by
failing to note and report that
Policies, practices, and procedur
1. The two main types of cost accounting systems for manufacturing businesses are the _
cost system and the _ cost system.
perpetual; job order
process; job order
2. A _ cost system provides produc
1. A job order cost accounting system accumulates and records product costs by
c. factory overhead applied.
d. None of these choices are correct.
2. A job order cost system can be used by managers for
a. cost evaluation.
1. What does Washburn Guitars promise its customers?
a. that each guitar is designed by the finest musicians in the world
b. that each guitar showcases cutting-edge technology at a competitive price
c. that each guitar represents the finest quality at the
1. The cost elements included in manufacturing are:
a. Direct labor, direct raw materials, and purchases.
b. Direct labor, direct materials, and overhead.
c. Applied overhead, purchases, and direct raw materials.
d. Direct materials, overhead, and purchas
Intermediate Accounting II
Fall 2012 Test 2
K-Mart Company has the following securities in its portfolio of trading securities on
December 31, 2012:
5,000 shares of Thomas Corp., Common
o The objective of financial accounting is to provide useful information
to external parties, including investors and creditors.
o In the early 1900s, financial accounting was the primary source of
information for evaluat
Adams #3051-jan- 2713
Allen Corporation- 1,200,000
Alpha-7000, income abs GAMA
Alpha-7000-income variable- all
Alpha 10000-income variable- all
Firm fixed costs 200,000 11.5
Prime cost- 75,000