Questions from Financial Accounting

Q: What are some reasons why a merchandiser might prefer to use a

What are some reasons why a merchandiser might prefer to use a perpetual inventory system over a periodic inventory system?

Q: Dolly Harding owns and operates Dolly Jo’s Café. Dolly has requested

Dolly Harding owns and operates Dolly Jo’s Café. Dolly has requested a credit application from LRM, Inc., a major food supplier from which she hopes to begin purchasing inventory. LRM, Inc., has reque...

Q: The two main inventory accounting systems are the a.

The two main inventory accounting systems are the a. perpetual and periodic. b. cash and accrual. c. returns and allowances. d. purchase and sale.

Q: Cole’s Furniture uses the perpetual inventory method. At the end of

Cole’s Furniture uses the perpetual inventory method. At the end of the year, Cole’s Furniture’s Inventory account had a ledger balance of $163,000. A physical inventory count revealed that the actual...

Q: Would you describe accounting as primarily a technical discipline or primarily an

Would you describe accounting as primarily a technical discipline or primarily an ethicaldiscipline? Why?

Q: How are the financial statements of a manufacturer different from those of

How are the financial statements of a manufacturer different from those of a merchandiser with respect to inventory?

Q: Which inventory costing method assigns the newest, most recent costs incurred

Which inventory costing method assigns the newest, most recent costs incurred during the period to ending inventory? a. Last-in, first-out (LIFO) b. Specific-unit cost c. Average cost d. First-in, fir...

Q: Blackstone, Inc., was in the final phase of completing a

Blackstone, Inc., was in the final phase of completing a land development project it started earlier in the year. Blackstone, Inc., had acquired 50 acres of raw land for $400,000 and then spent an add...

Q: The majority of Generally Accepted Accounting Principles (GAAP) are created

The majority of Generally Accepted Accounting Principles (GAAP) are created by the a. Institute of Management Accountants (IMA). b. Securities and Exchange Commission (SEC). c. American Institute of C...

Q: Jack Sanders owns and operates Jack’s Java Coffee Shop. He proposes

Jack Sanders owns and operates Jack’s Java Coffee Shop. He proposes to account for the shop’s assets at their current market value in order to have current amounts on the balance sheet. Which accounti...