VALUE PACK FOR ACC 407/351/213/321/201 /Download to score A

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $...

Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year. Clem is self-employed and this year he incurred $615 in expenses for tools and supplies related to h...

Under GASB Statement 34, accrual accounting is used for: A. government-wide financial statements only. B. government-wide financial statements and proprietary fund financial statements only. C. government-wide, proprietary fund, and fiduciary fund financial statements only. D. government-wide an...

T/F: Under variable costing, only variable production costs are treated as product costs. - ANSWER True T/F: Under variable costing, variable selling and administrative costs are included in product costs. - ANSWER False T/F: Absorption costing treats all manufacturing costs as pro...

An enforceable contract results from an agreement that imposes a legal obligation - CORRECT ANSWER true One reason for creating a contract is for employment - CORRECT ANSWER true A contract may be extended and revised as needed to reflect the wishes of the parties - CORRECT ANSWER ...

If the contribution margin is not sufficient to cover fixed expenses: Multiple Choice A) total profit equals total expenses. B) contribution margin is negative. C) a loss occurs. D) variable expenses equal contribution margin. - ANSWER C. Which of the following is true regarding the contr...

There are several reasons why the petty cash fund would experience a shortage or an overage. Determine which of the actions below would result in a shortage or an overage in the petty cash fund. The petty cashier underpaid for the amount due. The petty cashier obtained a receipt for the payment. ...

T/F 1. Expenditures for a weight reduction program are deductible if recommended by a physician to treat a specific medical condition such as hypertension caused by excess weight. - ANSWER t T/F Cosmetic surgery is not deductible unless such surgery is necessary to correct a deformity arising...

Which of the following is true regarding the use of special revenue funds? - ANSWER Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources. Regarding interfund transactions, which of the following is not cor...