Questions from Financial Accounting


Q: What is the distinguishing feature of the following types of bonds?

What is the distinguishing feature of the following types of bonds? a. Convertible b. Callable c. Secured d. Unsecured e. Serial f. Term

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Q: What is the term used to describe an unsecured bond?

What is the term used to describe an unsecured bond? a. Mortgage bond b. Debenture bond c. Serial bond d. Callable bond

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Q: Ling Company issued a $280,000, 4 percent mortgage

Ling Company issued a $280,000, 4 percent mortgage on January 1, 2016, to purchase a building. Payments of $8,055 are made semi-annually. Complete the following amortization schedule (partial) for Lin...

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Q: Score More Sports uses the average cost inventory method. Score More

Score More Sports uses the average cost inventory method. Score More Sports started December with 10 helmets that cost $54 each. On December 19, Score More Sports bought 15 helmets at $52 each. On Dec...

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Q: What is the control environment? Discuss how the control environment had

What is the control environment? Discuss how the control environment had a strong influence over a situation with which you are personally familiar (e.g., a place where you work, your family, your liv...

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Q: Assume you were recently hired as a staff accountant for Advanced Energy

Assume you were recently hired as a staff accountant for Advanced Energy Solutions, Inc. You report to Tina, the director of financial reporting, who in turn reports to the CFO. One of your first assi...

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Q: Internal control is a. the act of stealing a business’s

Internal control is a. the act of stealing a business’s assets. b. the process that helps a business achieve its objectives, such as operating efficiently and effectively. c. the reconciliation of the...

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Q: Which of the following is not a control activity? a

Which of the following is not a control activity? a. Proper authorization b. Security measures c. Risk assessment d. Mandatory vacations

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Q: Look at each of the following employees of Anthony’s Restaurant. Which

Look at each of the following employees of Anthony’s Restaurant. Which of the elements of the fraud triangle apply? Perceived pressure (P) Perceived opportunity (O) Rationalization (R) _______ 1. As...

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Q: Elm Street Motors maintains a petty cash fund of $200.

Elm Street Motors maintains a petty cash fund of $200. On December 31, the fund holds $12 cash, and petty cash tickets for office supplies totaling $121 and delivery expense totaling $55. Requirement...

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