Ace Your Accounting Assignments: Help for Winter Semester

Published: 1 year ago

Ace Your Accounting Assignments: Help for Winter Semester

1. 1. When auditing around the computer, the independent auditor focuses solely on the source documents

1. When auditing around the computer, the independent auditor focuses solely on the source documents and a. Test data. b. Computer processing. c. Compliance techniques. d. Computer output. 2. In auditing through a computer, the test data method is used by auditors to test the a. Accuracy of input data. b. Validity of the output. c. Procedures contained within the program. d. Normalcy of distribution of test data. 3. Which of the following methods of testing application controls uses a generalized audit software package prepared by the auditors? a. Parallel simulation b. Integrated- test- facility approach c. Test data approach d. Exception report tests 4. A primary advantage of using generalized audit software packages in auditing the financial statements of a client that uses a computer system is that the auditor may a. Substantiate the accuracy of data through self- checking digits and hash totals. b. Access information stored on computer files without a complete understanding of the client’s hardware and software features. c. Reduce the level of required compliance testing to a relatively small amount. d. Gather and permanently store large quantities of supportive evidential matter in machine- readable form. 5. When testing a computerized accounting system, which of the following is not true of the test data approach? a. Test data are processed by the client’s computer programs under the auditor’s control. b. The test data must consist of all

2. The following data from the just completed year are taken from the accounting records of Mason Co...

 The following data from the just completed year are taken from the accounting records of Mason Company Sales 524,000 Direct labor cost 70,000 Raw material purchases 118,000 Selling expenses 140,000 Administrative expenses 63,000 Manufacturing overhead applied to work in process 90,000 Actual manufacturing overhead costs 80,000 Beginning End of of Year Year Inventories Raw materials 7,000 15,000 10,000 5,000 Work in process 20,000 35,000 Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

3. 91. The recording of the jobs completed would include a credit to: A. Factory Overhead...

91. The recording of the jobs completed would include a credit to: 

A. Factory Overhead

B. Finished Goods

C. Work in Process

D. Cost of Goods Sold

92. The recording of the jobs shipped and customers billed would include a debit to: 

A. Accounts Payable

B. Cash

C. Finished Goods

D. Cost of Goods Sold

93. The recording of the jobs shipped and customers billed would include a credit to: 

A. Accounts Payable

B. Cash

C. Finished Goods

D. Cost of Goods Sold

94. The finished goods account is the controlling account for the: 

A. cost ledger

B. materials ledger

C. work in process ledger

D. stock ledger

95. The controlling account for the cost ledger is: 

A. Finished Goods

B. Materials

C. Work in Process

D. Cost of Goods Sold

96. Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 1,600 direct labor hours, the work in process account will be debited and factory overhead will be credited for: 

A. $15,200

B. $1,600

C. $95,000

D. cannot be determined

97. A widely used activity base for developing factory overhead rates in highly automated settings is: 

A. direct labor hours

B. direct labor dollars

C. direct materials

D. machine hours

98. When job 711 was completed, direct materials totaled $4,000; direct labor, $4,600; and factory overhead, $2,400, respectively. Units produced totaled 1,000. Unit costs are: 

A. $11,000

B. $1,100

C. $110

D. $11

99. The correct entry for each sale of a finished good on account is: 

A. debit Cost of Goods Sold, credit Finished Goods

B. debit Cost of Goods Sold, credit Finished Goods, debit Accounts Receivable, credit Sales

C. debit Sales Expense, credit Finished Goods, credit Cash, credit Accounts Receivable

D. debit Work in Process, credit Finished Goods, debit Accounts Receivable, credit Sales

100. Materials purchased on account during the month amounted to $195,000. Materials requisitioned and placed in production totaled $168,000. From the following, select the entry to record the transaction on the day the materials were bought. 

A. Materials                             168,000

  Accounts Payable                                   168,000

B. Materials                             195,000

  Accounts Payable                                   195,000

C. Materials                             195,000

  Cash                                                       195,000

D. Accounts Payable                195,000

  Materials                                                195,000

4. Calculate the cost of a satisfactory brain scan on machine type XR1.

Analysis of costs by behaviour for decision-making

The Northshire Hospital Trust operates two types of specialist X-ray scanning machines, XR1 and XR50. Details for the next period are estimated as follows:

A brain scan is normally carried out on machine type XR1: this task uses special X-ray plates costing £40 each and takes four hours of machine time. Because of the nature of the process, around 10% of the scans produce blurred and therefore useless results.

Required:

(a) Calculate the cost of a satisfactory brain scan on machine type XR1.

(b) Brain scans can also be done on machine type )CR50 and would take only 1.8 hours per scan with a reduced reject rate of 6%. However, the cost of the X-ray plates would be £55 per scan.

Required:

Advise which type should be used, assuming sufficient capacity is available on both types of machine.

5. The following items were selected from among the transactions completed by Sherwood Co. during th...

The following items were selected from among the transactions completed by Sherwood Co. during the current year:

Correct red cells

Please do this problem

Score: 316/360 ACCOUNTING EQUATION JOURNAL DEBIT CREDIT ASSETS LIABILITIES EQUITY DATE POST. REF DESCRIPTION Mar. 1 Inventory 175,000.00 3 Accounts Payable-Kirkwood Co. 175,000.00 1 Mar. 31 Accounts Payable-Kirkwood Co. 175,000.00 Notes Payable 175,000.00 Apr. 30 Notes Payable 175,000.00 nterest Expense 875.00 175,875.00 Jun. 1 Cash 400,000.00 Notes Payable 400,000.00 Jul. 1 Tools 44,475.00 nterest Expense 525.00

6. The Blade Division of Dana Company produces hardened steel blades. One-third of the Blade Divisio...

The Blade Division of Dana Company produces hardened steel blades. One-third of the Blade Division's output is sold to the Lawn Products Division of Dana; the remainder is sold to outside customers. The blade Division's estimated sales and standard cost data for the fiscal year ending June 30, 1981, are as follows:

The Lawn Products Division has an opportunity to purchase 10,000 identical quality blades from an outside supplier at a cost of $1.25 per unit on a continuing basis. Assume that the Blade Division cannot sell any additional products to outside customers. Should Dana allow its Law Products Division to purchase the blades from the outside supplier, and why?

Question 13 options:

7. Mr. Salman purchased a machine from Ahmad Motors on hire purchase agreement

I need solution of question 2 only from practical questions step by step....Solve as soon as

Mr. Salman purchased a machine from Ahmad Motors on hire purchase agreement, the terms of the agreement were Rs 4000 payable down, Rs 6000 at the end of first year, Rs 5000 at the end of second year.................................

??HA purchand CHAPTER-107 THEORETICAL QUESTIONS you understand by Hire Purchase System? What do you understa 0.1 What are the methods of recording journal entries in the books of hire purchaser and his Tebia Q2 vendor? 0.3 iscuss the accounung treatment of repossessed goods on default made by hire purchaser. note on Hire Purchase Trading Account? e the different ways of calculation of cash price? What is instalment purchase system? Discuss the journal entries to be passed in the books Write the different od: 0.5 46 0.6 of purchaser and vendor PRACTICAL QUESTIONS 0.1 WIRE PURCHASE SYSTEM: From the following information you normation you are required to pass journal entries in the books of Hire Purchaser for 2 years: (1) Cash price of a machine Rs. 111,750. (ii) Cash down payment Rs. 30,000: and balance be paid in three installments of Rs. 30,000 each at the end of 1", 2 and 3rd year. () Rate of interest charged by seller is 5% p.a. on outstanding balance. (iv) Rate of depreciation is 10% p.a. on diminishing balance method. 5 TL 2 Mr. Salman purchased a machine from Ahmad Motors on hire purchase agreement, the terms of the agreement were — Rs. 4,000 payable down, Rs. 6,000 at the end of first year, Rs. 5,000 at the end of second year and Rs. 2,000 at the end of third year. The cash price of the machine is Rs. 15,980. The vendor charges interest at the rate of 5% on the annual balances, depreciation to be provided at 10% under reducing instalment system. REQUIRED: Give journal entries in the books of Mr. Salman. Show the machinery account at its written down value in the balance sheet of Mr. Salman at the end of 2nd year. Ans: [Balance of Machine at the end of 2nd year Rs. 11,036] A Colliery Company acquired a wagon on hire purchase system over the term of two years, starting from 15 January, 2009. The instalments of Rs. 50,000 each were payable half yearly, the first payment being made on 30 June, 2009. The cash value of the wagon was Rs. 185,875. The wagon company charged interest at 6% per annum with half Yearly rests. The Colliery Company charged depreciation at 10% p.a. on diminishing balance method. nu the ledger accounts in the books of the Colliery Company, 5591

8. What 2 reasons from the options shown here might mean a transaction needs to be excluded in bank ...

What 2 reasons from the options shown here might mean a transaction needs to be excluded in bank feeds?(Select all that apply)

If the downloaded transaction was already recorded and reconciled in QuickBooks Online

If the bank downloads the same transaction more than once

If the posting date and actual payment date don’t match in the bank feed

If bank description doesn’t match the payee name

Read the following statement about recurring transactions in QuickBooks Online and the suggested steps to create one.

Statement: “Recurring transactions in QuickBooks Online can be set up to manage any of the first transactions in any workflow, like sales receipts, invoices, bills, journals, checks, deposits, or expenses�.

Suggested steps:

1. Select the Quick Create icon

2. Select Recurring transactions

3. Select New

4. Now choose Expense as the new Transaction Type from the drop-down list and hit OK

5. On the new screen, enter Sult Advertising monthly fees as the template name. Best practice is to list the “Name� (Vendor/Customer/Employee) in the Template name. This makes it easier to identify what Names have recurring templates

6. As the type, make it Scheduled.

Which is true?

Both are correct

Only the statement is correct

Only the suggested steps are correct

Neither are correct

Which 3 of the statements below are correct regarding reconciling a bank account in QuickBooks Online?(Select all that apply)

You can’t undo a reconciliation once it’s done

To reconcile you need to enter the Statement Ending Date and Ending Balance

The Reconciliation screen shows the summary calculation at the top (Beginning balance minus payments plus deposit)

Reconciliations are just a means of generating the reconciliation report for your records

To see the Reconciliation report, select View report after you’ve successfully reconciled the accou

ook at the following process for matching and and adding deposit transaction from a bank feed:



1. Select the line for that entry and you’ll see more information in the row that expands

2. Select the Deposit link among suggested match(es) to view the deposit transaction

3. Hit Cancel in the bottom left and you’ll go back to the banking area

4. Now that we’re satisfied that this is the right banking activity matched to the right QuickBooks Online Transaction, we can ______________.

Which option correctly completes the final step?

Hit Match on the right of the entry

Hit Accept on the right of the entry

Hit Save and close

Delete the entry

Your client wants to create a bank rule that has priority over other bank rules and automatically adds a transaction into the QuickBooks Online register. Is this possible?

Yes

No

Yes, but only in QuickBooks Online Plus

9. Downey Company bought a delivery truck for $62,000 on January 1, 2015. They installed a rear...

Downey Company bought a delivery truck for $62,000 on January 1, 2015. They installed a rear hydraulic lift for $8,000 and paid sales tax of $3,000. In addition, Downey paid $2,400 for a one-year insurance policy. They estimate the useful life of the truck to be 10 years and its residual value to be $8,000.

If Downey uses the straight-line method of depreciation, what is the depreciation expense for 2016 and book value at the end of 2016?

10. The following selected transactions were completed during August of the current year: 1. Billed...

The following selected transactions were completed during August of the current year:

1. Billed customers for fees earned, $73,900.

2. Purchased supplies on account, $1,960.

3. Received cash from customers on account, $62,770.

4. Paid creditors on account, $820.

a. Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted.

b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, place the appropriate number to identify the transactions.

c. Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?

11. Determine the total assets of Flanagan Company at December 31, 2010

1. Presented below is selected information related to Flanagan Company at December 31, 2010. Flanagan reports financial information monthly.

(a) Determine the total assets of Flanagan Company at December 31, 2010.

(b) Determine the net income that Flanagan Company reported for December 2010.

(c)

Determine the owner's equity of Flanagan Company at December 31, 2010.

12. Problem 4-4A Preparing closing entries, financial statements, and ratios Lo C3, A1, P2 The adjust...

i need the asnwer for part 3.

thank you :)

Problem 4-4A Preparing closing entries, financial statements, and ratios Lo C3, A1, P2 The adjusted trial balance for Tybalt Construction as of December 31, 2015, follows TYBALT CONSTRUCTION Adjusted Trial Balance December 31, 2015 No. Account Title Debit Credit 7,000 101 Cash 104 Short-term investments 23.000 126 Supplies 9.500 128 Prepaid insurance 8.200 167 Equipment 40.000 168 Accumulated depreciation Equipment 20,000 173 Building 165.000 55,000 174 Accumulated depreciation Building 183 Land 72,700 6.000 201 Accounts payable 203 Interest payable 2.600 208 Rent payable 3.400 210 Wages payable 2.700 213 Property taxes payable 2000 233 Unearned professional fees 7.800 251 Long-term notes payable 71.000 301 O. Tybalt, Capital 132,800 302 O. Tybalt, Withdrawals 11,000 401 Professional fees earned 99.000 406 Rent earned 6.500 407 Dividends earned 2.600 409 Interest eamed 2.900 606 Depreciation expense Building 12,100 612 Depreciation expense Equipment 6.000 623 Wages expense 27.000 633 Interest expense 4.500 637 Insurance expense 9.500 640 Rent expense 2.200 652 Supplies expense 6.000 682 Postage expense 2.500 683 Property taxes expense 4.700 684 Repairs expense 6.400 688 Telephone expense 3.100 690 Utilities expense 3.100 Totals 433,500 $433,500 O. Tybalt invested $7,000 cash in the business during year 2015 (the December 31, 2014, credit balance of the O. Tybalt, Capital account was $125,800) Tybalt Construction is required to make a $7,500 payment on its long-term notes payable during 2016.

13. a. What human rights might the teenagers claim are being violated by the searches? b. What human...

a. What human rights might the teenagers claim are being violated by the searches?

b. What human rights might Mr. Zimmerman claim are being violated by the shoplifting?

c. Whose human rights are more important in this situation? Explain.

d. Role-play a meeting between Mr. Zimmerman, his security guards, and the teens. What options might Mr. Zimmerman have for addressing the problem of shoplifting in his store? Were these or any other options discussed in the role play?