A segment of activity for which revenues are accumulated a) investment centre b) profit centre c) revenue centre d) Responsibility

A segment of activity for which revenues are accumulated
a) investment centre
b) profit centre
c) revenue centre
d) Responsibility
by

1 Answer

Answer :

c) revenue centre
by

Related questions

A segment of activity or area of operation for which revenues are accumulated is known as ------ a) Cost centre b) Profit centre c) Revenue centre d) Investment centre

Description : A segment of activity or area of operation for which revenues are accumulated is known as ------ a) Cost centre b) Profit centre c) Revenue centre d) Investment centre

Last Answer : c) Revenue centre

A segment of activity for which both revenue and cost are accumulated a) Investment centre b) Project centre c) Cost centre d) Responsibility centre

Description : A segment of activity for which both revenue and cost are accumulated a) Investment centre b) Project centre c) Cost centre d) Responsibility centre

Last Answer : b) Project centre

A segment of activity for which cost is accumulated a) Service centre b) Cost centre c) Profit centre d) Investment centre

Description : A segment of activity for which cost is accumulated a) Service centre b) Cost centre c) Profit centre d) Investment centre

Last Answer : b) Cost centre

A segment of activity or area of operation for which cost is collected is known as ----------------- a) Cost centre b) Profit centre c) Investment centre d) Responsibility centre

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Last Answer : a) Cost centre

------------- centre is one for which both revenue and cost are accumulated a) Cost centre b) Revenue centre c) Service centre d) Profit centre

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Responsibility Centre can be categorised into: (a) Cost Centres only (b) Profit Centres only (c) Investment Centres only (d) Cost Centres, Profit Centres and Investment Centres

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A centre at which proper utilization of asset used in the centre a) Investment centre b) Profit centre c) Cost centre d) Responsibility centre

Description : A centre at which proper utilization of asset used in the centre a) Investment centre b) Profit centre c) Cost centre d) Responsibility centre

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Last Answer : b. Operating expenses

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Last Answer : b. revenues exceed cost of goods sold.

The primary source of revenue for a wholesaler is a. investment income. b. service fees. c. the sale of merchandise. d. the sale of fixed assets the company owns.

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Last Answer : c. the sale of merchandise.

Cost Unit is defined as: (a) Unit of quantity of product, service or time in relation to which costs may be ascertained or expressed (b) A location, person or an item of equipment or a group of these for which costs are ascertained and used for cost control. (c) Centres having the responsibility of generating and maximising profits (d) Centres concerned with earning an adequate return on investment

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Last Answer : Unit of quantity of product, service or time in relation to which costs may be ascertained or  expressed

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Last Answer : b. $15,000.

Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold

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Last Answer : c. $37,200 and $22,320.

With respect to the income statement, a. contra-revenue accounts do not appear on the income statement. b. sales discounts increase the amount of sales. c. contra-revenue accounts increase the amount of operating expenses. d. sales discounts are included in the calculation of gross profit.

Description : With respect to the income statement, a. contra-revenue accounts do not appear on the income statement. b. sales discounts increase the amount of sales. c. contra-revenue accounts increase the amount of operating expenses. d. sales discounts are included in the calculation of gross profit.

Last Answer : d. sales discounts are included in the calculation of gross profit.

Sales revenue less cost of goods sold is called a. gross profit. b. net profit. c. net income. d. marginal income.

Description : Sales revenue less cost of goods sold is called a. gross profit. b. net profit. c. net income. d. marginal income.

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The ratio which depicts the relationship between two items,one of which is drawn from the Balance Sheet and the other from the revenue account a) Current ratio b) Equity Ratio c) Net Profit ratio d) Debtors Turn over Ratio

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A profit centre is a centre (a) Where the manager has the responsibility of generating and maximising profits (b) Which is concerned with earning an adequate Return on Investment (c) Both of the above (d) Which manages cost

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Last Answer : (a) Where the manager has the responsibility of generating and maximising profits

Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Description : Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Last Answer : c. cause the revenue and expense accounts to have zero balances.

Sales revenues are usually considered earned when a. cash is received from credit sales. b. an order is received. c. goods have been transferred from the seller to the buyer. d. adjusting entries are made.

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ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings $12,000. b. credit Income Summary $12,000, debit Dividends $12,000. c. debit Income Summary $12,000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.

Description : ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings ... 000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.

Last Answer : d. debit Income Summary $12,000, credit Retained Earnings $12,000.

The operating cycle of a company is the average time that is required to go from cash to a. sales in producing revenues. b. cash in producing revenues. c. inventory in producing revenues. d. accounts receivable in producing revenues.

Description : The operating cycle of a company is the average time that is required to go from cash to a. sales in producing revenues. b. cash in producing revenues. c. inventory in producing revenues. d. accounts receivable in producing revenues.

Last Answer : b. cash in producing revenues.

Which of the following is a true statement about closing the books of a corporation? a. Expenses are closed to the Expense Summary account. b. Only revenues are closed to the Income Summary account. c. Revenues and expenses are closed to the Income Summary account. d. Revenues, expenses, and the dividends account are closed to the Income Summary account.

Description : Which of the following is a true statement about closing the books of a corporation? a. Expenses are closed to the Expense Summary account. b. Only revenues are closed to the Income Summary ... account. d. Revenues, expenses, and the dividends account are closed to the Income Summary account.

Last Answer : c. Revenues and expenses are closed to the Income Summary account.

If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a a. debit to the retained earnings account. b. debit to the owner’s dividends account. c. credit to the retained earnings account. d. credit to the owner’s dividends account.

Description : If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a a. debit to the retained earnings account. b. debit ... . c. credit to the retained earnings account. d. credit to the owner's dividends account.

Last Answer : c. credit to the retained earnings account.

Each of the following accounts is closed to Income Summary except a. Expenses. b. Dividends. c. Revenues. d. All of these are closed to Income Summary.

Description : Each of the following accounts is closed to Income Summary except a. Expenses. b. Dividends. c. Revenues. d. All of these are closed to Income Summary.

Last Answer : b. Dividends.

Which of the following would not be classified as a contra account? a. Sales b. Sales Returns and Allowances c. Accumulated Depreciation d. Sales Discounts

Description : Which of the following would not be classified as a contra account? a. Sales b. Sales Returns and Allowances c. Accumulated Depreciation d. Sales Discounts

Last Answer : a. Sales

Return on investment is a---------------- a) Profit and loss account ratio b) Balance sheet ratio c) Combined ratio d) Position statement ratio

Description : Return on investment is a---------------- a) Profit and loss account ratio b) Balance sheet ratio c) Combined ratio d) Position statement ratio

Last Answer : c) Combined ratio

Investment costing Rs.50,000 at the loss of Rs.3,000 cash outflow in investing activity is -------- a) Rs.53,000 b) Rs.50,000 c) Rs.47,000 d) Rs.48,000

Description : Investment costing Rs.50,000 at the loss of Rs.3,000 cash outflow in investing activity is -------- a) Rs.53,000 b) Rs.50,000 c) Rs.47,000 d) Rs.48,000

Last Answer : c) Rs.47,000

The ratio that includes whether investment in inventory is efficiently used or not a) Inventory turnover ratio b) Working capital turn over ratio c) Fixed asset turn over ratio d) Activity ratio

Description : The ratio that includes whether investment in inventory is efficiently used or not a) Inventory turnover ratio b) Working capital turn over ratio c) Fixed asset turn over ratio d) Activity ratio

Last Answer : a) Inventory turnover ratio

Profit on sale of machinery comes under------------ a) Investing activity b) Financing activity c) Operating activity d) None of these

Description : Profit on sale of machinery comes under------------ a) Investing activity b) Financing activity c) Operating activity d) None of these

Last Answer : c) Operating activity

The ratio which is a good indicator to maintain the correct selling price and efficiency of trading activity is------ a) Net profit ratio b) Gross profit ratio c) Current ratio d) Liquid ratios

Description : The ratio which is a good indicator to maintain the correct selling price and efficiency of trading activity is------ a) Net profit ratio b) Gross profit ratio c) Current ratio d) Liquid ratios

Last Answer : b) Gross profit ratio

he ratio which is used to ascertain the soundness of the long term financial position is------------ a) Debt equity ratio b) Liquidity ratio c) Activity ratio d) Gross profit ratio

Description : he ratio which is used to ascertain the soundness of the long term financial position is------------ a) Debt equity ratio b) Liquidity ratio c) Activity ratio d) Gross profit ratio

Last Answer : a) Debt equity ratio

Example of activity ratios ------------------------ a) Gross profit ratio b) Net profit ratio c) Operating ratio d) Stock turn over ratio

Description : Example of activity ratios ------------------------ a) Gross profit ratio b) Net profit ratio c) Operating ratio d) Stock turn over ratio

Last Answer : d) Stock turn over ratio

Expenses need to be recorded in the period in which the associated revenues are recognised. This is to be ensured as per which one of the following accounting principles ? (A) Revenue recognition (B) Cost benefit (C) Matching (D) Periodicity

Description : Expenses need to be recorded in the period in which the associated revenues are recognised. This is to be ensured as per which one of the following accounting principles ? (A) Revenue recognition (B) Cost benefit (C) Matching (D) Periodicity

Last Answer : Answer: Revenue recognition

The sales revenue section of an income statement for a retailer would not include a. Sales discounts. b. Sales. c. Net sales. d. Cost of goods sold.

Description : The sales revenue section of an income statement for a retailer would not include a. Sales discounts. b. Sales. c. Net sales. d. Cost of goods sold.

Last Answer : c. Net sales.

All of the following are contra revenue accounts except a. sales. b. sales allowances. c. sales discounts. d. sales returns.

Description : All of the following are contra revenue accounts except a. sales. b. sales allowances. c. sales discounts. d. sales returns.

Last Answer : a. sales.

A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. Accounts Receivable and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Description : A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. ... and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.

Last Answer : d. Cash and a credit to Sales Returns and Allowances.

he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales

Description : he journal entry to record a credit sale is a. Cash Sales b. Cash Service Revenue c. Accounts Receivable Service Revenue d. Accounts Receivable Sales

Last Answer : d. Accounts Receivable Sales

Sales revenue a. may be recorded before cash is collected. b. will always equal cash collections in a month. c. only results from credit sales. d. is only recorded after cash is collected.

Description : Sales revenue a. may be recorded before cash is collected. b. will always equal cash collections in a month. c. only results from credit sales. d. is only recorded after cash is collected.

Last Answer : a. may be recorded before cash is collected.

Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The correcting entry is a. debit Cash, $940; credit Accounts Receivable, $940. b. debit Cash, $450 and Accounts Receivable, $490; credit Service Revenue, $940. c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

Description : Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The ... Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.

Last Answer : c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.

The final closing entry to be journalized is typically the entry that closes the a. revenue accounts. b. dividends account. c. retained earnings account. d. expense accounts.

Description : The final closing entry to be journalized is typically the entry that closes the a. revenue accounts. b. dividends account. c. retained earnings account. d. expense accounts.

Last Answer : b. dividends account.

In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Description : In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Last Answer : b. each expense account will be credited.

Most pricing objectives based on ---- are achieved by trial and error because not all the cost and revenue data are available when prices are set. A)market share B)cash flow C)return on investment D)survival E)profit

Description : Most pricing objectives based on ---- are achieved by trial and error because not all the cost and revenue data are available when prices are set. A)market share B)cash flow C)return on investment D)survival E)profit

Last Answer : C)return on investment

--------- is a system where persons are made responsible for control of cost a) Cost accounting b) Financial accounting c) Responsibility accounting d) None of these

Description : --------- is a system where persons are made responsible for control of cost a) Cost accounting b) Financial accounting c) Responsibility accounting d) None of these

Last Answer : c) Responsibility accounting

A control system where accountability is established with responsibility is known as -------------- a) Cost accounting b) Responsibility accounting c) Financial accounting d) None of the above

Description : A control system where accountability is established with responsibility is known as -------------- a) Cost accounting b) Responsibility accounting c) Financial accounting d) None of the above

Last Answer : b) Responsibility accounting

A system where accounting is established with responsibility a) Responsibility accounting b) Financial accounting c) Cost accounting d) Budgeting

Description : A system where accounting is established with responsibility a) Responsibility accounting b) Financial accounting c) Cost accounting d) Budgeting

Last Answer : a) Responsibility accounting

A system of control where persons are made responsible for control of cost a) Cost control b) Production control c) Responsibility accounting d) Budgeting

Description : A system of control where persons are made responsible for control of cost a) Cost control b) Production control c) Responsibility accounting d) Budgeting

Last Answer : c) Responsibility accounting

Which of the following is responsibility center? A. Expense center B. Profit center C. Investment center D. All of the above

Description : Which of the following is responsibility center? A. Expense center B. Profit center C. Investment center D. All of the above

Last Answer : D. All of the above

On a classified balance sheet, merchandise inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment.

Description : On a classified balance sheet, merchandise inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment.

Last Answer : c. a current asset.