Questions from Financial Accounting

Q: Which item(s) appears as a reconciling item(s

Which item(s) appears as a reconciling item(s) to the bank balance in a bank reconciliation? a. Outstanding checks b. Deposits in transit c. Both a and b d. None of the above

Q: What effect does the Sarbanes-Oxley Act of 2002 have on

What effect does the Sarbanes-Oxley Act of 2002 have on the role and influence of the CEO in a corporation?

Q: Internal auditors focus on _______; external auditors are more concerned with _______.

Internal auditors focus on _______; external auditors are more concerned with _______. a. financial statements; laws and regulations b. company policies and procedures; financial statements c. e-comme...

Q: The following situations suggest a strength or a weakness in internal control

The following situations suggest a strength or a weakness in internal control. Identify each as a strength or weakness, and give the reason for your answer. a. All employees must take at least five c...

Q: If a company with a 12/31 year end lends money

If a company with a 12/31 year end lends money in the form of a six-month note on 11/1, which accounts will be credited when the note is paid off on 4/30?

Q: Which of the following is true regarding the direct write-off

Which of the following is true regarding the direct write-off method of accounting for uncollectibles? a. The direct write-off method does not adhere to GAAP. b. The direct write-off method does not...

Q: Wilson’s Auto Repair ended 2015 with Accounts Receivable of $85,

Wilson’s Auto Repair ended 2015 with Accounts Receivable of $85,000 and a credit balance in Allowance for Uncollectible Accounts balance of $11,000. During 2016, Wilson’s Auto Repair had the following...

Q: If a machine that cost $10,000 was estimated to

If a machine that cost $10,000 was estimated to have a salvage value of zero after a useful life of 10 years and was sold for $4,500 after it had been owned for 6 complete years, what would be the amo...

Q: Depletion is calculated in a manner similar to which depreciation method?

Depletion is calculated in a manner similar to which depreciation method? a. Double-declining-balance method b. Units-of-production method c. Straight-line method d. Accelerated method

Q: On March 31, 2016, Titan Trucking purchased a used Kenworth

On March 31, 2016, Titan Trucking purchased a used Kenworth truck at a cost of $52,000. Titan Trucking expects to drive the truck for 5 years and to have a residual value of $10,000. Compute Titan Tru...