martes, 16 de noviembre de 2010
Week 14
chapter 5Special Issues for Merchantsgoals discussion goals achievement fill in the blanks multiple choice problems check list and key terms
MULTIPLE CHOICE QUESTIONS
Select the appropriate response.
1. The Sales account and Purchases account should include:
c. both cash and credit sales and cash and credit purchases of merchandise.
HELP ME!
2. Purchasers of merchandise may be dissatisfied with the quality of goods purchased on account, and return the goods to the seller with an indication that payment will not be forthcoming. In such case, the document prepared by the purchaser is called:
a. a debit memorandum.
HELP ME!
3. Bergstrom accepted the return of merchandise by a customer. The merchandise had been sold on account, and payment had not been received on the date of return. The returned goods retailed for $400, but cost Bergstrom only $300. The appropriate journal entry for Bergstrom is:
b. Sales Returns & Allowances 400
Accounts Receivable 400
HELP ME!
4. Which of the following statements is true?
d. Cash discounts normally apply to the invoice price of the merchandise, excluding freight charges.
HELP ME!
5. Lux had net purchases of $50,000, ending inventory of $25,000, net sales of $100,000, and gross profit of $32,000. How much was Lux's beginning inventory?
b. $43,000
HELP ME!
6. On February 1, Crown Company purchased $2,000 of merchandise, terms 2/10, n/30. Crown uses the gross method of recording purchases. Payment of the accounts payable was made on February 26. Which of the following journal entries is appropriate for the February 26 transaction?
d. Accounts Payable 2,000
Cash 2,000
HELP ME!
7. On March 1, Zekew Company purchased $1,000 of merchandise, terms 1/10, n/30. Zekew uses the net method of recording purchases. Payment of the accounts payable was made on March 4. Which of the following journal entries is appropriate for the March 4 transaction?
b. Accounts Payable 990
Cash 990
HELP ME!
8. Dodd Company utilizes the periodic inventory accounting system. Dodd had beginning inventory of $59,000, ending inventory of $37,000, and net purchases of $123,000. Which of the following components should be included in the year-end closing entries prepared by Dodd?
c. Income Summary 59,000
Inventory 59,000
HELP ME!
9. Russell Merchandising uses the perpetual inventory system. Which of the following statements is correct?
b. When Russell records a sale, it should also credit inventory.
HELP ME!
10. A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified on a multiple-step income statement?
d. Total costs and expenses
MULTIPLE CHOICE QUESTIONS
Select the appropriate response.
1. The Sales account and Purchases account should include:
c. both cash and credit sales and cash and credit purchases of merchandise.
HELP ME!
2. Purchasers of merchandise may be dissatisfied with the quality of goods purchased on account, and return the goods to the seller with an indication that payment will not be forthcoming. In such case, the document prepared by the purchaser is called:
a. a debit memorandum.
HELP ME!
3. Bergstrom accepted the return of merchandise by a customer. The merchandise had been sold on account, and payment had not been received on the date of return. The returned goods retailed for $400, but cost Bergstrom only $300. The appropriate journal entry for Bergstrom is:
b. Sales Returns & Allowances 400
Accounts Receivable 400
HELP ME!
4. Which of the following statements is true?
d. Cash discounts normally apply to the invoice price of the merchandise, excluding freight charges.
HELP ME!
5. Lux had net purchases of $50,000, ending inventory of $25,000, net sales of $100,000, and gross profit of $32,000. How much was Lux's beginning inventory?
b. $43,000
HELP ME!
6. On February 1, Crown Company purchased $2,000 of merchandise, terms 2/10, n/30. Crown uses the gross method of recording purchases. Payment of the accounts payable was made on February 26. Which of the following journal entries is appropriate for the February 26 transaction?
d. Accounts Payable 2,000
Cash 2,000
HELP ME!
7. On March 1, Zekew Company purchased $1,000 of merchandise, terms 1/10, n/30. Zekew uses the net method of recording purchases. Payment of the accounts payable was made on March 4. Which of the following journal entries is appropriate for the March 4 transaction?
b. Accounts Payable 990
Cash 990
HELP ME!
8. Dodd Company utilizes the periodic inventory accounting system. Dodd had beginning inventory of $59,000, ending inventory of $37,000, and net purchases of $123,000. Which of the following components should be included in the year-end closing entries prepared by Dodd?
c. Income Summary 59,000
Inventory 59,000
HELP ME!
9. Russell Merchandising uses the perpetual inventory system. Which of the following statements is correct?
b. When Russell records a sale, it should also credit inventory.
HELP ME!
10. A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified on a multiple-step income statement?
d. Total costs and expenses
Week 11
This is a great opportunity for many people, technology advances every day and everyone should know about this technology it is work without neglecting the home, in addition to this the time and flexibility is very important, I think that it's an opportunity for people who really need it, but if you have a good job where you can earn enough then you devote his life to family and friends, earn money is not everything in the life.
Selling and buying on the internet | |
Adventages | desaventajes |
It is very fast. | It is unsafe. |
It is very easy. | It is impersonal. |
You can to do any time. | It is doubtful. |
Everybody can to do. | Any could do misuse. |
Week 10
Good morning
Subject: cell phone complaining
My name is Bleidy Malaver Lippelt identified with the cc 1012354532, I buy a cell phone on 20 October, I was given a one year warranty, however, a week later on October 28 the keys do not respond to command, the cell phone has not been beaten or wet, so I ask for a full refund of my money.
My name is Bleidy Malaver Lippelt identified with the cc 1012354532, I buy a cell phone on 20 October, I was given a one year warranty, however, a week later on October 28 the keys do not respond to command, the cell phone has not been beaten or wet, so I ask for a full refund of my money.
thanks
Week 9
http://www.portafolio.com.co/economia/pais/ARTICULO-WEB-NOTA_INTERIOR_PORTA-6246248.html
LABOUR MARKET BREAK ITS TREND IN 2010, FOLLOWING IMPORVEMENT IN THE ECONOMY: CD
Figures released by the Dane indicate that unemployment is 'shot' and that by August and 000 2'428 Colombians were unemployed, some 241,000 more than the same month last year.
The Colombian labor market situation remains critical but consistent with the economic growth figures have three straight quarters down, the second quarter of 2009 decreased 0.5 percent compared to same period in 2008, according to official figures, the which confirms the stagnation of the national economy.
"This palpable reality that there are insufficient resources, is urging members of the household to leave their status of housewife or student to go out to work," said Ricardo Bonilla, a researcher at the Centre for Development Research ( CID) of the Universidad Nacional de Colombia.
This is evident in the growth of the General Rate of Participation (TGP), which measures the total number of persons in the labor market and job seekers to last August, which stood at 60.4 percent compared with 58 percent of the month of 2008 in total.
Likewise, in the measurement of mobile quarter is between June and August last year TGP 58 percent scored in the national total compared to 61 percent from the same period this year, according to the Dane.
That most people who came to seek employment could not be absorbed by the labor market, and hence a growth in unemployment rate for August was 11.7 percent, compared with 11.2 percent the same month 2008, while in the moving quarter June-August, the indicator rose from 11.5 percent last year from the current 11.9.
"This will only change when the Colombian economy to grow again and it would be possible only from the fourth quarter of this year or first of 2010. The experience shows that employers are beginning to recruit staff with a lag of about six months positive variation of gross domestic product (GDP), so the labor market trend break in early to mid next year, "said Bonilla.
CID investigator also stressed that while the employment rate has grown, from 51.5 percent in August 2008 to 53.3 percent in the same month this year, employment is poor quality or self.
According to Bonilla, "if you see the distribution and variation of the employed population for the moving quarter June-August between 2008 and 2009, much remains the self-employed workers with 42.3 percent share and a growth of 6 , 8 percent, while the laborer but are 5.2 percent of the total rose 36.3 percent. "
"For their part, private sector employees represent 34.3 percent, but rose only 0.2 percent, while government employees, who are 4.8 percent, fell 7 percent," the researcher CID.
LABOUR MARKET BREAK ITS TREND IN 2010, FOLLOWING IMPORVEMENT IN THE ECONOMY: CD
Figures released by the Dane indicate that unemployment is 'shot' and that by August and 000 2'428 Colombians were unemployed, some 241,000 more than the same month last year.
The Colombian labor market situation remains critical but consistent with the economic growth figures have three straight quarters down, the second quarter of 2009 decreased 0.5 percent compared to same period in 2008, according to official figures, the which confirms the stagnation of the national economy.
"This palpable reality that there are insufficient resources, is urging members of the household to leave their status of housewife or student to go out to work," said Ricardo Bonilla, a researcher at the Centre for Development Research ( CID) of the Universidad Nacional de Colombia.
This is evident in the growth of the General Rate of Participation (TGP), which measures the total number of persons in the labor market and job seekers to last August, which stood at 60.4 percent compared with 58 percent of the month of 2008 in total.
Likewise, in the measurement of mobile quarter is between June and August last year TGP 58 percent scored in the national total compared to 61 percent from the same period this year, according to the Dane.
That most people who came to seek employment could not be absorbed by the labor market, and hence a growth in unemployment rate for August was 11.7 percent, compared with 11.2 percent the same month 2008, while in the moving quarter June-August, the indicator rose from 11.5 percent last year from the current 11.9.
"This will only change when the Colombian economy to grow again and it would be possible only from the fourth quarter of this year or first of 2010. The experience shows that employers are beginning to recruit staff with a lag of about six months positive variation of gross domestic product (GDP), so the labor market trend break in early to mid next year, "said Bonilla.
CID investigator also stressed that while the employment rate has grown, from 51.5 percent in August 2008 to 53.3 percent in the same month this year, employment is poor quality or self.
According to Bonilla, "if you see the distribution and variation of the employed population for the moving quarter June-August between 2008 and 2009, much remains the self-employed workers with 42.3 percent share and a growth of 6 , 8 percent, while the laborer but are 5.2 percent of the total rose 36.3 percent. "
"For their part, private sector employees represent 34.3 percent, but rose only 0.2 percent, while government employees, who are 4.8 percent, fell 7 percent," the researcher CID.
Week 6
GOALS ACHIEVEMENT
Select the appropriate response.
The items reported in the Cash account on the balance sheet must be acceptable to a bank for deposit and free from restrictions for use in satisfying current debts.
true
The Cash account is listed on the balance sheet in the current asset section, and all cash items are normally combined and reported as a single figure.
correct
Companies may legally use the "float," even to the extent of writing checks when no money is in an account.
false
The accounting department should have exclusive control over the functions of cash collection, bank deposits, recording appropriate journal entries, and preparing the periodic bank reconciliation.
false
Which of the following items would be subtracted from the balance per bank statement in adjusting to the correct adjusted cash balance?
outstanding checks
The reconciliation of the cash balance per company records to the correct adjusted cash balance would indicate the need for journal entries.
true
Monthly bank service charges are subtracted in the reconciliation of a certain "amount" to the correct adjusted cash balance. What is the "amount" in question?
ending balance per company records
The original amount of a petty cash fund should be equal to cash remaining in the fund plus:
petty cash receipts
The replenishment of a petty cash fund involves a credit to which of the following accounts?
Cash
The initial recording of trading securities is at cost, including brokerage fees.
correct
Only decreases in value are recognized for trading securities.
false… 9/11…
http://www.principlesofaccounting.com/questions%20-%20two%20response/chapter%206%20-%20two%20response.htm
FILL IN THE BLANKS
1. Cash includes coins, currency, and money orders, but not checks that become payable on a future date (known as postdated checks).
2. The cash budget is a major component of a cash planning system, and represents the overall plan of activity that depicts cash inflows and outflows for a stated period of time.
3. Cash receipts should be deposited at the bank on a daily basis.
4. Deposit in transit arise when receipts have been entered on the company records but not as yet posted by the bank.
5. The bank reconciliation is based on the Cash account and a document called a bank statement.
6. The receipts accumulated in a petty cash box are frequently called petty cash vouchers.
7. An investment in trading securities should be classified in current asset section of the balance sheet.
8. Trading securities should be measured and reported at market value.
9. Unrealized gains and losses on trading securities impact income.
2/9
http://www.principlesofaccounting.com/questions%20-%20fill%20in%20the%20blanks/chapter%206%20-%20fill%20in%20the%20blanks.htm
Select the appropriate response.
The items reported in the Cash account on the balance sheet must be acceptable to a bank for deposit and free from restrictions for use in satisfying current debts.
true
The Cash account is listed on the balance sheet in the current asset section, and all cash items are normally combined and reported as a single figure.
correct
Companies may legally use the "float," even to the extent of writing checks when no money is in an account.
false
The accounting department should have exclusive control over the functions of cash collection, bank deposits, recording appropriate journal entries, and preparing the periodic bank reconciliation.
false
Which of the following items would be subtracted from the balance per bank statement in adjusting to the correct adjusted cash balance?
outstanding checks
The reconciliation of the cash balance per company records to the correct adjusted cash balance would indicate the need for journal entries.
true
Monthly bank service charges are subtracted in the reconciliation of a certain "amount" to the correct adjusted cash balance. What is the "amount" in question?
ending balance per company records
The original amount of a petty cash fund should be equal to cash remaining in the fund plus:
petty cash receipts
The replenishment of a petty cash fund involves a credit to which of the following accounts?
Cash
The initial recording of trading securities is at cost, including brokerage fees.
correct
Only decreases in value are recognized for trading securities.
false… 9/11…
http://www.principlesofaccounting.com/questions%20-%20two%20response/chapter%206%20-%20two%20response.htm
FILL IN THE BLANKS
1. Cash includes coins, currency, and money orders, but not checks that become payable on a future date (known as postdated checks).
2. The cash budget is a major component of a cash planning system, and represents the overall plan of activity that depicts cash inflows and outflows for a stated period of time.
3. Cash receipts should be deposited at the bank on a daily basis.
4. Deposit in transit arise when receipts have been entered on the company records but not as yet posted by the bank.
5. The bank reconciliation is based on the Cash account and a document called a bank statement.
6. The receipts accumulated in a petty cash box are frequently called petty cash vouchers.
7. An investment in trading securities should be classified in current asset section of the balance sheet.
8. Trading securities should be measured and reported at market value.
9. Unrealized gains and losses on trading securities impact income.
2/9
http://www.principlesofaccounting.com/questions%20-%20fill%20in%20the%20blanks/chapter%206%20-%20fill%20in%20the%20blanks.htm
Suscribirse a:
Entradas (Atom)