Create an account
Generally consists of a company's cumulative net income less any net losses and dividends declared since its inception.
A company may retire bonds by:
Exercising a call option.
The holders converting them to stock.
Purchasing the bonds on the open market.
Paying them off at maturity.
Long-term investments can include:
Held-to-maturity debt securities.
Available-for-sale debt securities.
Available-for-sale equity securities.
Equity securities giving an investor significant influence over an investee.
Foreign exchange rates fluctuate due to changes in :
Supply and demand for currencies.
Expectations of future events.
When a credit sale is denominated in a foreign currency, the foreign exchange rate used to record the sale is the current exchange rate:
On the date of the sale
The reporting of net cash provided or used by operating activities that lists the major items of operating cash receipts, such as receipts from customers, and subtracts the major items of operating cash disbursements, such as cash paid for merchandise, is referred to as the:
Direct method of reporting net cash provided or used by operating activities.
A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resulting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:
Financial statement analysis:
Is the application of analytical tools to general-purpose financial statements and related data for making business decisions.
Involves transforming accounting data into useful information for decision-making.
Helps users to make better decisions.
Helps to reduce uncertainty in decision-making.
The ability to provide financial rewards sufficient to attract and retain financing is called:
An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:
. A system of accounting for production operations that uses a periodic inventory system is called a
General accounting system.
job cost sheet shows information about each of the following items except:
The costs incurred by the marketing department in selling the job.
Canoe Company uses a job order cost accounting system and allocates its overhead on the basis of direct labor costs. Canoe Company's production costs for the year were: direct labor, $30,000; direct materials, $50,000; and factory overhead applied, $6,000. The overhead application rate was:
OH rate = OH applied/Dl = $6,000/$30,000 = 20%
If it is a material amount, overapplied or underapplied overhead should be disposed of by allocating it to:
Goods in process, finished goods, and cost of goods sold.
A process cost summary is a managerial accounting report that describes:
The costs charged to a department.
The equivalent units of production by the department.
How the costs were assigned to the output.
Physical transfers for a department.
In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to:
. the Goods in Process Inventory account.
A single cost incurred in producing or purchasing two or more essentially different products is a(n):
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