Questions from College Accounting

Q: For what three reasons is product cost information needed by a manufacturing

For what three reasons is product cost information needed by a manufacturing business?

Q: Why is the accounting for a manufacturing business more complicated than that

Why is the accounting for a manufacturing business more complicated than that for a merchandising business?

Q: How does the use of a perpetual inventory system affect the accounts

How does the use of a perpetual inventory system affect the accounts on the work sheet?

Q: Why must Work in Process Inventory be adjusted for factory overhead applied

Why must Work in Process Inventory be adjusted for factory overhead applied at year-end?

Q: What are the three major parts of a T account?

What are the three major parts of a T account?

Q: Under the allowance method, what impact does the write-off

Under the allowance method, what impact does the write-off of a customer’s account have on the financial statements?

Q: What is the left side of the T account called? the

What is the left side of the T account called? the right side?

Q: Who are the three parties to every check?

Who are the three parties to every check?

Q: What are the three steps to follow in preparing a check?

What are the three steps to follow in preparing a check?

Q: What are the most common reasons for differences between the book and

What are the most common reasons for differences between the book and bank cash balances?