The recording of sales revenues assignment dentify the differences between service and merchandising companies. 2 Explain the recording of purchases under a perpetual inventory system. 3 Explain the recording of sales revenues under a perpetual inventory system. 4 Explain the steps in the accounting cycle for a merchandising company. 5 Distinguish between a multiple-step and a single-step income statement. Having a hard time figuring out […]

Order features of an income statement Regis Co. has sales revenue of $109,000, cost of goods sold of $70,000, and operating expenses of $23,000. What is its gross profit and its gross profit rate? 16. Kathy Ho Company reports net sales of $800,000, gross profit of $570,000, and net income of $240,000. What are its operating expenses? 17. Identify the distinguishing features of an income […]

The control features of a bank account Define fraud and internal control. 2 Identify the principles of internal control activities. 3 Explain the applications of internal control principles to cash receipts. 4 Explain the applications of internal control principles to cash disbursements. 5 Describe the operation of a petty cash fund. 6 Indicate the control features of a bank account. 7 Prepare a bank reconciliation. […]

Discuss element of the fraud triangle Which of the following is not an element of the fraud triangle? (a) Rationalization. (b) Financial pressure. (c) Segregation of duties. (d) Opportunity. 2. An organization uses internal control to enhance the accuracy and reliability of its accounting records and to: (a) safeguard its assets. (b) prevent fraud. (c) produce correct financial statements. (d) deter employee dishonesty. 3. Which […]

Order types of receivables assignment dentify the different types of receivables. 2 Explain how companies recognize accounts receivable. 3 Distinguish between the methods and bases companies use to value accounts receivable. 4 Describe the entries to record the disposition of accounts receivable. 5 Compute the maturity date of and interest on notes receivable. 6 Explain how companies recognize notes receivable. 7 Describe how companies value […]

Discuss revenue and capital expenditures Describe how the cost principle applies to plant assets. 2 Explain the concept of depreciation and how to compute it. 3 Distinguish between revenue and capital expenditures, and explain the entries for each. 4 Explain how to account for the disposal of a plant asset. 5 Compute periodic depletion of natural resources. 6 Explain the basic issues related to accounting […]

The accounting for notes payable help xplain a current liability, and identify the major types of current liabilities. 2 Describe the accounting for notes payable. 3 Explain the accounting for other current liabilities. 4 Explain why bonds are issued, and identify the types of bonds. 5 Prepare the entries for the issuance of bonds and interest expense. 6 Describe the entries when bonds are redeemed […]

Analyzing civil rights issues help Which of the following are considered to be civil rights issues? (A) Access to voting (B) Discrimination in public accommodations (C) Sexual harassment in the workplace (D) All of the above We do not have a government by the majority of people. We have a govern- ment by a majority of people who participate. —Thomas Jefferson 10. What is the […]

Analyzing modern political groups What is the major difference between a presidential election and a congressional election? (A) Presidential campaigns accept political action committee (PAC) money; congressional campaigns cannot. (B) A presidential candidate is nominated by a political party. Most congressional candidates are not nominated by political parties. (C) Much more money is spent on individual congressional elections than on a presidential election. (D) Presidential […]

Order French and Indian war questions In order to secure ratification of the Constitution, what did James Madison and the Federalists offer as a carrot to the Anti-Federalists? (A) Promise to elect an Anti-Federalist as the first president of the United States (B) To amend the Constitution and limit the president to two elected terms (C) To allow the states to nullify federal laws (D) […]