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Description




Embezzlement usually involves the misappropriation of

business:

Embezzlement usually involves the misappropriation of

business:

Embezzlement usually involves the misappropriation of

business:

Syrio’s

Snowboards uses the perpetual inventory system. At year end the general ledger indicated that the company had a balance of




$



2


8



,



0


0


0





in the Inventory account. Actual inventory on hand per a physical count was



$



2


4



,



0


0


0





.

What action does the company now need to

take?


A.


Debit Purchases and credit Cost of Goods

Sold,





$



4



,



0


0


0





.

B.

Debit Inventory and credit Cost of Goods

Sold,





$



4



,



0


0


0





.



C. No action is required because the amount is not material.

D.

Debit Cost of Goods Sold and credit

Inventory,





$



4



,



0


0


0





Leo Corp has received an invoice for




$



3



,



5


0


0





with terms of





3







/







1


5







,



n/45

and uses the net method to record purchases. If Leo pays the invoice on the seventeenth

day,

the Cash account will

be:


A.


debited for




$



3



,



3


9


5





.

B.

credited for




$



3



,



3


9


5











C.

credited for




$



1


0


5





.

D.

credited for




$



3



,



5


0


0





.



The time period within which an invoice may be paid early to receive a discount is called

the:



A.

credit period.

B. payment period.

C. cash period.

D. discount period.



The Outlet Store has cash sales for the week of

$4,000

and credit sales of

$2,500.

The

account(s)

to be debited for these transactions

is/are:



A.

Cash only.

B. MasterCard

sales;

Visa sales.

C.

Cash;

Accounts Receivable.

D. MasterCard

sales;

Visa

sales;

and cash.



he entry to record the

company’s

cost of selling merchandise under a perpetual inventory system would be

a:



A.

debit to Accounts Receivable and a credit to Sales.

B. debit to Inventory and a credit to Cost of Goods Sold.

C. debit to Cost of Goods Sold and a credit to Sales.

D. debit to Cost of Goods Sold and a credit to Inventory.



Carlton Company purchases




$



6



,



0


0


0





of inventory with shipping

terms,

FOB Portland. Carlton is based in Seattle and the supplier is based in Portland. The shipping costs are



$



4


6


0





.

What is the cost of

Carlton’s

inventory?


A.


$




6



,



0


0


0


B.


$



6



,



4


6


0


C.

Either




$



6



,



0


0


0




or


$



6



,



4


6


0



is an acceptable amount to assign to inventory cost under GAAP.

D. There is not enough information to calculate inventory cost.



A company has sales revenue of




$



2


2


7



,



0


0


0






,



cost of goods sold



$



8


1



,



0


0


0






,


operating expenses of



$



4


8



,



0


0


0






,


and other expenses of



$



5



,



0


0


0





.

The

company’s

net income

is:

A.



$



9


3



,



0


0


0





.

B.



$



9


8



,



0


0


0





.

C.



$



3


3



,



0


0


0





.

D.



$



1


4


1



,



0


0


0





.



A method of valuing inventory based on the assumption that the newest goods will be sold first is called

the:








A. specific identification method.

B. FIFO method.

C. LIFO method.

D. average cost method.



A

manufacturer’s

goods available for sale

represents:



A.


work











in











process

inventory.

B. raw materials inventory.

C. finished goods inventory.

D. cost of goods sold inventory.




Syrio’s

Snowboards has the following list of

inventory:



Item


Unit Cost


Selling Price


ARK




$



2



,



0


8


7






$



2


0



,



3


6


2




NED





$6



,



8


4


0






$



7



,



2


0


4




SKS




$



1


8



,



2


6


2






$



1


9



,



7


4


3




CCS




$



9



,



4


4


4






$



1


1



,



2


4


4




FRD

$27,424




$



3


3



,



4


3


9




Under


specific












identification,


what is

Syrio’s

ending inventory if NED and FRD are not sold during the current

period?



A.


$



2


9



,



7


9


3


B.


$



4


0



,



6


4


3


C.


$



5


1



,



3


4


9


D.$ 34,264




Illusion,

Inc. had the following inventory

data:



Date


Quantity


Unit Cost


July 1


Beginning inventory




5










$ 54








July 4


Purchase




10










$ 56








July 7


Sale




12









July 11


Purchase




9










$ 60








July 14


Sale




8









Assuming

LIFO,

what is the cost of goods sold for the July 7

sale?

(Round your final answer to the nearest

dollar.)


A.


$ 672






B.

$ 664






C.

$ 668






D. $ 662




________

produces the highest cost of goods sold and the lowest gross profit when prices are increasing.


A.

LIFO

B. Specific identification

C. FIFO

D. Average cost



The consistency principle is mandated

by:



A.

GAAP.

B. the IRS.

C. the SEC.

D. the federal government

Syrio’s

Snowboards has the following LIFO perpetual inventory

records:


Date


Purchases


Cost of Goods Sold


Inventory on Hand


February 1



$ 600








February 5



$ 500










$



1



,



1


0


0




February 10



$ 300









$ 800








February 28



$ 100









$ 900








The current replacement cost of the ending inventory is



$




1



,



1


0


0





.

To apply the


lower











of











cost











or











market


rule,

the journal entry would

be:


A.

No entry

required,

since the amount is not material.

B. No entry

required,

since historical cost is less than replacement.

C.

debit Inventory




$



2


0


0






,


credit Cost of Goods Sold


$ 200



D.

debit Cost of Goods Sold




$



2


0


0






,


credit Inventory


$ 200





If shrinkage is found for



$ 600,



an adjusting entry would be made as

follows:


A.


debit Inventory for




$



6


0


0






;


credit Cost of Goods Sold for



$



6


0


0





.

B.

debit Cost of Goods Sold for




$



6


0


0






;


credit Inventory for



$



6


0


0





.

C.

debit Inventory Returns

&

Allowances for




$



6


0


0






;


credit Inventory for


$ 600



D.

debit Inventory for $





6


0


0






;


credit Inventory Returns

&

Allowances for

$ 600








In terms of

valuation,

U.S. GAAP generally uses

________,

while IFRS generally uses

________.



A.

market

values,

historical values

B. historical

values,

market values

C. market

values,

market values

D. historical

values,

historical values



Which of the following would NOT be considered a control

activity?



A.

Changing passwords regularly

B. Not having employees take vacations

C. Keeping accounting records

D. Having written job descriptions



Which of the following items is NOT a limit to the effectiveness of internal control systems in an

organization?



A.

Collusion

B. Properly designed controls

C. Costs exceed benefits

D. Overriding controls



A requirement that customers receive a receipt is an example

of:



A.

information and communication.

B. control activities.

C. monitoring.

D. risk assessment.






The goal of overstating earnings by using fraud is

to:



A.

overstate the cost of goods sold.

B. deflate the amount of taxes the corporation pays.

C. help increase the stock price of the company.

D. overstate receivables.

Embezzlement usually involves the misappropriation of

business:


equity by an employee.


information by an employee.


liabilities by an employee.


assets by an employee



Receiving favors from a supplier by turning a blind eye to the delivery of inferior goods is a form

of:



A.


bribe.




fraudulent financial reporting.


management fraud.


cash register scheme.



Committing a fraud because of a gambling addiction or excessive debt is an example

of:




perceived pressure.


rationalization.




realization.


perceived opportunity.



The audit opinion issued when the financial statements are fairly presented without exception is

the:



A.

disclaimer of opinion.

B. adverse opinion.

C. unqualified opinion.

D. qualified opinion.



Another name for an

“except

for” audit opinion is

a(n):



A.

disclaimer of opinion.

B. unqualified opinion.

C. qualified opinion.

D.adverse opinion.

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