Description : Accounting question: is it a fixed asset if multiple items total over $500?
Last Answer : The price is irrelevant to the definition of a fixed asset. The common definition is applicable to items not readily convertible to cash, such as your house or the new furnace in your house—things you are unlikely to buy or sell in a hock shop or yard sale.
Description : What are some examples of high level accounting?
Last Answer : It is fun if you find arcane bookkeeping fun. Otherwise it can be pretty dry. It is usually a way of structuring financial statements so as to characterize transactions within the specifics of legal ... did. It takes a graduate level understanding of accounting and usually a law degree to succeed.
Description : Help me with an accounting question regarding a credit?
Last Answer : answer:It would depend upon the nature of the credit, wouldn't it? After all, one presumes that it's not a charitable donation to your cause on their part, or payment for goods received or services ... a rebate for fuel purchases, then the credit would be applied to the fuel account, wouldn't it?
Description : In Accounting, are liabilities a good thing or a bad thing?
Last Answer : Think of it like adding a negative number. The whole picture shows a companies health. If you only give the assets without showing the liabilities you will not have any idea of the companies true value. You need all the information.
Description : Anyone good at accounting?
Last Answer : Not at all, but that hasn’t stopped me from running two businesses into the ground, so hit me up.
Description : A physical count of inventory is taken at the end of an accounting period under a periodic system in order to a. verify the accuracy of the accounting records. b. determine cost of goods ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.
Last Answer : b. determine cost of goods sold for the period.
Description : A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.
Last Answer : a. verify the accuracy of the accounting records.
Description : f a company determines cost of goods sold each time a sale occurs, it a. must have a computer accounting system. b. uses a combination of the perpetual and periodic inventory systems. c. uses a periodic inventory system. d. uses a perpetual inventory sy
Last Answer : a. must have a computer accounting system.
Description : Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory ... perpetual system determines cost of goods sold only at the end of the accounting period.
Last Answer : b. Perpetual inventory systems require more detailed inventory records.
Description : Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.
Last Answer : b. periodic inventory system.
Description : Cost of goods sold is determined only at the end of the accounting period in a. a perpetual inventory system. b. a periodic inventory system. c. both a perpetual and a periodic inventory system. d. neither a perpetual nor a periodic inventory system.
Last Answer : b. a periodic inventory system.
Description : Correcting entries are made a. at the beginning of an accounting period. b. at the end of an accounting period. c. whenever an error is discovered. d. after closing entries.
Last Answer : c. whenever an error is discovered.
Description : Which one of the following statements concerning the accounting cycle is incorrect? a. The accounting cycle includes journalizing transactions and posting to ledger accounts. b. The accounting cycle includes ... sequence. d. The steps in the accounting cycle are repeated in each accounting period.
Last Answer : b. The accounting cycle includes only one optional step.
Description : WWhich of the following is an optional step in the accounting cycle? a. Adjusting entries b. Closing entries c. Correcting entries d. Reversing entries
Last Answer : d. Reversing entries
Description : The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.
Last Answer : b. liquidity.
Description : A correcting entry a. must involve one balance sheet account and one income statement account. b. is another name for a closing entry. c. may involve any combination of accounts. d. is a required step in the accounting cycle.
Last Answer : c. may involve any combination of accounts.
Description : If errors occur in the recording process, they a. should be corrected as adjustments at the end of the period. b. should be corrected as soon as they are discovered. c. should be corrected when preparing closing entries. d. cannot be corrected until the next accounting period.
Last Answer : b. should be corrected as soon as they are discovered.
Description : The first required step in the accounting cycle is a. reversing entries. b. journalizing transactions in the book of original entry. c. analyzing transactions. d. posting transactions.
Last Answer : c. analyzing transactions.
Description : The two optional steps in the accounting cycle are preparing a. a post-closing trial balance and reversing entries. b. a worksheet and post-closing trial balances. c. reversing entries and a worksheet. d. an adjusted trial balance and a post-closing trial balance.
Last Answer : c. reversing entries and a worksheet.
Description : Which of the following steps in the accounting cycle may be performed more frequently than annually? a. Prepare a post-closing trial balance b. Journalize closing entries c. Post closing entries d. Prepare a trial balance
Last Answer : d. Prepare a trial balance
Description : Which of the following steps in the accounting cycle would not generally be performed daily? a. Journalize transactions b. Post to ledger accounts c. Prepare adjusting entries d. Analyze business transactions
Last Answer : c. Prepare adjusting entries
Description : The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. c. a post-closing trial balance. d. adjusting entries.
Last Answer : c. a post-closing trial balance.
Description : . Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts
Last Answer : b. Prepare a worksheet
Description : he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.
Last Answer : b. journalizing and posting adjusting entries.
Description : Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance
Last Answer : c. Journalizing and posting closing entries
Description : The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the ... next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.
Last Answer : b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.
Last Answer : d. proves that all transactions have been recorded.
Description : Closing entries are journalized and posted a. before the financial statements are prepared. b. after the financial statements are prepared. c. at management's discretion. d. at the end of each interim accounting period.
Last Answer : b. after the financial statements are prepared.
Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.
Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.
Description : Accounting standard (AS) 14 not distinguish between amalgamation and absorption.
Last Answer : TRUE
Description : In case of joint products, the main objective of accounting of the cost is to apportion the joint costs incurred up to the split off point. For cost apportionment one company has chosen Physical Quantity Method. Three joint ... 20,000 (b) Rs. 60,000 (c) Rs. 1,80,000 (d) None of the these
Last Answer : (c) Rs. 1,80,000
Description : Out of the following, what is not the work of purchase department: (a) Receiving purchase requisition (b) Exploring the sources of material supply (c) Preparation and execution of purchase orders (d) Accounting for material received
Last Answer : (d) Accounting for material received
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
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
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
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
Description : Cash flow statement is based on---------- a) Cash basis of accounting b) Accounting equation c) Accrual basis of accounting d) None of these
Last Answer : a) Cash basis of accounting
Description : Disclose accounting information a) Balance sheet b) Trading account c) Profit and Loss Account d) Financial statements
Last Answer : d) Financial statements
Description : The statement prepared to disclose accounting information are known as----- a) Comparative statements b) Common size statements c) Financial statements d) None of the above
Last Answer : c) Financial statements
Description : Vertical analysis is made to review and analyse the financial statements of -----------------accounting period. a) One B. Two C. Three D. Four
Last Answer : a) One
Description : The most important information needed to determine if companies can pay their current obligations is the a. net income for this year. b. projected net income for next year. c. ... between current assets and current liabilities. d. relationship between short-term and long-term liabilities.
Last Answer : c. relationship between current assets and current liabilities.
Description : How much math is used in accounting?
Last Answer : Math is constantly used in accounting. In fact, math is used in accounting more than anything else. Without a strong background in math, you will not be able to be an accountant.
Description : worker is allowed 60 hours to complete the job on a guaranteed wage of Rs. 10 per hour. Under the Rowan Plan, he gets an hourly wage of Rs. 12 per hour. For the same saving in time, how much he will get under the Halsey Plan? (a) Rs. 720 (b) Rs. 540 (c) Rs. 600 (d) Rs. 900
Last Answer : (b) Rs. 540
Description : Im in grade 12 and i want to know what math courses are needed to get into university?
Last Answer : Please refer to the answers in your previous question. Us here on the Internet not only don't live in the same city nor state, but not even in the same country. We cannot offer you high ... university. Please go talk to your guidance counselor or career counselor. They want to help you with this.
Description : Would math or reading be more needed to learn?
Last Answer : A well-balanced life would include both, but if we have tochoose, reading is more important.
Description : In which of the following cases, accounting estimates are needed? a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above
Last Answer : d) All of the above
Description : Bookkeepers and accountants: How to handle international money transfers?
Last Answer : Not be harsh; your friend needs an international lawyer and a CPA, thanks for helping but he could be trouble with the IRS already.
Description : If I am the owner of a trade school, can I defer my salary?
Last Answer : You should get yourself an accountant. Try SCORE they are all volunteers and many are retired executives of large companies.
Description : How can my employer send me signed cheques from Korea ?
Last Answer : Yes he is able to have a digital signature developed and when he submits his authorizion and signoff for the payables processed while he is gone and when you print the checks the signature will appear on the checks.
Description : What is wrong here? =SUMIFS(D2:D3,">(TODAY()-14)",(N2:N3))
Last Answer : answer:Your parameters are in the wrong order. The last parameter should be a criterion condition, according to microsoft Office SUMIF documentation. So the N column part should be first. From the ... copying and editing these similar functions, make sure you put the arguments in the correct order.