Project #53532 - Accounting

So, I paid a scholar who promised me quality work and didn't come through.  He gets my multiple choice assignment(s) failing grades.  I am looking for someone who can correct his mistakes.  Please!!

Below, I have provided the INCORRECT QUESTIONS AND INCORRECT ANSWERS.  NOW, you'll have ONLY 3 ANSWERS to choose from.  I have a budget of $10 for this assignment (NON-NEGOTIABLE).  Thank You for your understanding!!!!

Questions Answered Incorrectly  

 

6.   Under a perpetual inventory system, when goods are returned to a retailer from a customer, _______ is

debited and _______ is credited.

A. Sales; Cost Goods Sold

B. Inventory; Sales

C. Sales Returns and Allowances; Cost of Goods Sold

D. Cost of Goods Sold; Sales Returns and Allowances

Student Answer: A    

Answer: Incorrect

Reference: 

 

7.   An employee believes that getting away with fraud without being detected is likely. This best relates to which element of the fraud triangle?

A. Realization

B. Perceived opportunity

C. Perceived pressure

D. Rationalization

Student Answer: C    

Answer: Incorrect

Reference: 

 

8.   When merchandise is sold under the perpetual system of inventory, the journal entry to record a sale of

merchandise on account includes debiting _______ and crediting _______.

A. Accounts Receivable; Cost of Goods Sold

B. Accounts Receivable; Inventory

C. Accounts Receivable; Sales

D. Cost of Goods Sold; Sales

Student Answer: B    

Answer: Incorrect

Reference: 

 

11.   In order to pay the least income tax possible in periods of constant costs, the company should use which of

the following inventory costing methods?

A. FIFO

B. Average cost

C. LIFO

D. Any method, as there is no effect on net income or taxes for the period if costs are constant.

Student Answer: C    

Answer: Incorrect

Reference: 

 

14.   Cash register schemes are a form of

A. fraudulent financial reporting.

B. employee embezzlement.

C. bribery.

D. management fraud.

Student Answer: D    

Answer: Incorrect

Reference: 

 

19.   If the replacement cost of inventory is less than its historical cost, the company will write down the

inventory by

A. increasing inventory and decreasing cost of goods sold.

B. increasing inventory for replacement cost and decreasing inventory for historical cost.

C. making a note in the financial statements only.

D. increasing cost of goods sold and decreasing inventory.

Student Answer: C    

Answer: Incorrect

Reference: 

 

 

 

Questions Answered Incorrectly

 

1.   Interest and dividends earned during the period are reported on the income statement for which

marketable securities?

A. Available-for-sale securities

B. Trading securities

C. All types of securities

D. Held-to-maturity securities

Student Answer: B    

Answer: Incorrect

Reference: 

 

4.   The journal entry for $300,000 of bonds that are issued at 95 is

A. debit Cash, $300,000; credit Bonds payable, $300,000.

B. debit Cash, $285,000; debit Discount on bonds payable, $15,000; credit Bonds payable,

$300,000.

C. debit Cash, $285,000; credit Bonds payable, $285,000.

D. debit Cash, $300,000; credit Bonds payable, $285,000; credit Premium on bonds payable,

$15,000.

Student Answer: D    

Answer: Incorrect

Reference: 

 

6.   A new vehicle was purchased on January 1 for $38,000. It has a salvage value of $7,000 and a useful life of 5 years. Using the straight-line method, how much will the depreciation expense for the vehicle be for the

first year (to the nearest dollar)?

A. $633

B. $6,200

C. $7,600

D. $517

Student Answer: C    

Answer: Incorrect

Reference: 

 

10.   Which of the following accounts is credited in a journal entry for an asset exchange?

A. Accumulated Depreciation for truck (old)

B. Truck (new)

C. Truck (old)

D. Loss on Exchange of Assets

Student Answer: A    

Answer: Incorrect

Reference: 

 

13.   Which of the following would not be considered an intangible asset?

A. Copyright

B. Franchise

C. Land

D. Goodwill

Student Answer: B    

Answer: Incorrect

Reference: 

 

16.   Which of the following would not be considered part of the cost of machinery and

equipment?

A. Delivery charges

B. In-transit insurance costs

C. Repairs and maintenance after start-up

D. Installation costs

Student Answer: D    

Answer: Incorrect

Reference: 

 

17.   The processing of credit card and debit card transactions is generally

done

A. over the Internet.

B. at the financial institution of the retailer.

C. at the retail site.

D. by hired third parties.

Student Answer: B    

Answer: Incorrect

Reference: 

 

18.   Bonds that can be exchanged for stock are

called

A. callable bonds.

B. debenture bonds.

C. serial bonds.

D. convertible bonds.

Student Answer: A    

Answer: Incorrect

Reference: 

 

19.   ACME Corporation lent $25,000 to Hastings, Inc. for 75 days at 7% interest on November 22, 2012.

How much interest will have accrued to ACME Corporation on December 31, 2012, assuming a 360-day year?

A. $189.58

B. $204.52

C. $364.58

D. $175.00

Student Answer: C    

Answer: Incorrect

Reference: 

 

 

 

Questions Answered Incorrectly

 

3.   An example of a cash outflow from investing activities is

A. paying cash dividends.

B. making a loan to another company.

C. issuance of a note payable.

D. the purchase of treasury stock.

Student Answer: D    

Answer: Incorrect

Reference: 

 

5.   Which is not a value placed on a certificate for a share of the company's stock?

A. No par

B. Stated value

C. Par

D. Market value

Student Answer: C    

Answer: Incorrect

Reference: 

 

8.   On the income statement, extraordinary items are reported

A. immediately after the continuing operations section.

B. net of income tax or net of income tax savings.

C. immediately before the discontinued operations section.

D. before the operating income section.

Student Answer: D    

Answer: Incorrect

Reference: 

 

13.   Stockholders receiving their proportionate share of any assets left after a company goes out of business is an example of which stockholder right?

A. Liquidation

B. Preemption

C. Voting

D. Dividends

Student Answer: D    

Answer: Incorrect

Reference: 

 

19.   On the _______ of a cash dividend, no journal entry is required.

A. preferred date

B. declaration date

C. payment date

D. date of record

Student Answer: A    

Answer: Incorrect

Reference: 

 

 

 

 

From: annie3a On: 1420800046

Subject Business
Due By (Pacific Time) 01/13/2015 12:00 am
Report DMCA
TutorRating
pallavi

Chat Now!

out of 1971 reviews
More..
amosmm

Chat Now!

out of 766 reviews
More..
PhyzKyd

Chat Now!

out of 1164 reviews
More..
rajdeep77

Chat Now!

out of 721 reviews
More..
sctys

Chat Now!

out of 1600 reviews
More..
sharadgreen

Chat Now!

out of 770 reviews
More..
topnotcher

Chat Now!

out of 766 reviews
More..
XXXIAO

Chat Now!

out of 680 reviews
More..
All Rights Reserved. Copyright by AceMyHW.com - Copyright Policy