True / False Questions
1. The sales forecast is the document that production uses to determine what to
produce and when to produce it.
2. The Bill of Materials provides pricing information on all materials used in pr
How to implement Revenue Recognition (Topic
Name: JINGYU ZHANG
G number: 00998048
As an important indicator in financial reporting,revenue is always used by external
user such as investor, creditor to estimate a firms current financial
TO: PPP, Auditor
FROM: Yixin Zhou, Accountant
DATE: March 25, 2016
SUBJECT: Treatment regarding the newly released accounting policy
According to the request of our client, Madisons Cakery, this memo will mainly
discuss the relevant chan
Which of the following principles encourages a vertically equitable tax system?
Pay as you go
Ability to pay principle
None of these
A common example of an employment related tax is the Medicare tax. True False
In a regressive t
Ch. 21 Lecture Notes: Statement of Cash Flow Problem
The following is additional information concerning Chapmans transactions during the year ended
December 31, 2013.
1. All sales during the year were made on account.
2. All merchandise was purcha
Ch. 19. Practice Multis Stock-Based Compensation and EPS
The compensation associated with restricted stock under a stock award plan is:
A. The book value of an unrestricted share of the same stock times the
number of shares.
B. The estimated fair value
Ch. 18. Stockholders Equity - Practice Multiple Choice
Issued stock refers to the number of shares:
A. Outstanding plus treasury
B. Shares issued for
C. In the hands of
D. That may be issued under state
As of Decembe
Ch. 15. Leases. Practice Multiple Choice
On December 31, 2015, Reagan Inc. signed a lease for some equipment having a
nine-year useful life with Silver Leasing Co. The lease payments are made by Reagan
annually, beginning at signing date. Title does no
Ch. 14. Bond Liabilities. Practice Multiple Choice
Lopez Plastics Co. (LPC) issued callable bonds on January 1, 2016. LPC's accountant
has projected the following amortization schedule from issuance until maturity:
Ch. 17. Pensions - Practice Multiple Choice
The accounting for defined contribution pension plans is easy because each year:
A. The employer records pension expense equal to the amount paid out to
B. The employer records pension expense based
Which function is most important in PCAOB?
In today society, the American Public Company Accounting Oversight Board is the product of the
Sarbanes-Oxley Act after the Enron scandal. PCAOB is a privately owned, which is nonprofit
1. Prepare a statement of cash flows for 2011 using the direct & indirect method.
Comparative Balance Sheet
Revenue and Collection Cycle
True / False Questions
1. A price list master file contains the product unit prices that are used for billing
2. The accountants who record cash receipts and credits to customer accounts should
Risk Assessment: Internal Control Evaluation
Multiple Choice Questions
1. An audit team's responsibility would not include
A. designing client's internal
B. documentation of understanding of a client's internal
The Audit Files of Fuzzy Dice Inc.
September 4, 2015
Accounting for the Acquisition of Tiny Tots LLCs Assets
On August 28, 2015, Fuzzy Dice Inc. (Fuzzy or the Company or the Buyer)
acquired the rig
The Cable Guys Revenue Recognition Case
CoAx (the Company), a publicly traded company, manufactures and sells coaxial and fiberoptical cable. CoAx is contemplating two separate transactions for which it is evaluating the
appropriate revenue recognition.
Ch 21. Statement of Cash Flows Practice Multiple Choice
The primary objective of the statement of cash flows is to provide information about a
A. Cash receipts and disbursements.
B. Noncash financing and investing activities.
C. Financial po