Questions from Financial Accounting

Q: In the Real World Accounting Video, Bill Mencer talks about being

In the Real World Accounting Video, Bill Mencer talks about being a controller. A controller is _______________. a. the individual who controls the production of a product b. the individual who contr...

Q: Match the accounting terms on the right with the corresponding definitions on

Match the accounting terms on the right with the corresponding definitions on the left a. Conservatism b. Full-disclosure c. LIFO d. Average cost e. FIFO f. Consistency g. Materiality h. Specific-Ide...

Q: According to the Real World Accounting Video, CPAs are very special

According to the Real World Accounting Video, CPAs are very special people in the accounting world. The initials CPA stand for _______. a. Chartered Public Auditor b. Certified Public Accountant c. Ce...

Q: Place the corresponding letter of the defnition next to the term.

Place the corresponding letter of the defnition next to the term. _______ 1. Unqualifed opinion _______ 2. Audit _______ 3. IFRS _______ 4. GAAP _______ 5. External audit _______ 6. CPA _______ 7. FA...

Q: According to the Real World Accounting Video, cash sales account for

According to the Real World Accounting Video, cash sales account for approximately _______ of all sales at Alphabet City Beer. a. half, or 50 percent b. a quarter, or 25 percent c. none, or 0 percent...

Q: Claire Billiot, the office manager of a local office supply company

Claire Billiot, the office manager of a local office supply company, is designing its internal control system. Billiot proposes the following procedures for credit checks on new customers, sales on ac...

Q: According to the Real World Accounting Video, the cost of a

According to the Real World Accounting Video, the cost of a fixed asset minus its estimated residual value is called an asset’s ____________________. a. cost b. depreciable cost c. liquidation value d...

Q: Top Flight Airways purchased a baggage-handling truck for $64

Top Flight Airways purchased a baggage-handling truck for $64,000. Suppose Top Flight Airways sold the truck on December 31, 2016, for $42,000 cash, after using the truck for three full years and accu...

Q: According to the Real World Accounting Video, a working capital loan

According to the Real World Accounting Video, a working capital loan is used to finance _______________. a. buildings and equipment b. intangible assets c. current assets d. tangible assets

Q: Inland Industrial Supply’s income statement data for the year ended October 31

Inland Industrial Supply’s income statement data for the year ended October 31, 2016, follow.
Assume the ending inventory was accidentally overstated by $2,800. What are the correct amounts for co...