ACCT 503 Week 3 Quiz (2 Set)(Syllabus, 2019)

ACCT 503 Week 3 Quiz (2 Set)(Syllabus, 2019)

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QC6-6

Use the following data of Seaside Sales, Inc.:

                        Unit     Total    Units

            Units   Cost     Cost     Sold

Beginning inventory   15        $4        $60     

Purchase on Apr 25     37        7          259     

Purchase on Nov 16    10        9          90       

Sales    40        ?          ?         

Seaside Sales' cost of ending inventory using the average cost method is

 

 

 

 

 

QC11-1

The quality of earnings suggests that

 

A.  net income is the best measure of the results of operations.

 

B. continuing operations and one-time transactions are of equal importance.

 

C. stockholders want the corporation to earn enough income to be able to pay its debts.

 

D. income from continuing operations is a more relevant predictor of future performance than income from one-time transactions.

 

 

QC11-10

 

Deferred Tax Liability is usually

            Type of Account         Reported on the Statement

 

A.  Short-term

Income statement

 

B.  Long-term

Balance sheet

Your answer is correct.

 

C. Short-term

Statement of stockholders' equity

 

D. Long-term

Income statement

 

 

QC11-8

 

Other comprehensive income

 

A.  includes gains and losses on sale of equipment.

 

B.   affects earnings per share.

 

C. has no effect on income tax.

 

D. includes unrealized gains and losses on available-for-sale investments.

 

 

 

 

QC6-4

 

Use the following data of  Manatee Sales, Inc.:

                        Unit     Total    Units

            Units   Cost     Cost     Sold

Beginning inventory   22        $5        $110   

Purchase on Apr 25     30        7          210     

Purchase on Nov 16    18        8          144     

Sales    50        ?          ?         

Manatee Sales uses a FIFO inventory system. Cost of goods sold for the period is

 

Worked Solution

            Units   Unit Cost        Total Cost

Units sold from beginning inventory  22        $5        $110

Units sold from purchase on Apr 25   28        7          196

Cost of goods sold      50                    $306

 

 

A. $400.

 

B. $306.

 

C. $354.

 

D. $332.

 

 

QC6-5

Use the following data of Starfish Sales, Inc.:

                        Unit     Total    Units

            Units   Cost     Cost     Sold

Beginning inventory   25        $3        $75     

Purchase on Apr 25     41        7          287     

Purchase on Nov 16    13        9          117     

Sales    45        ?          ?         

Starfish Sales' LIFO cost of ending inventory would be

 

 

 

 

A. $206.

 

B. $264.

 

C. $138.

 

D. $405.

 

QC11-12

An auditor report by independent accountants

 

A. gives investors assurance that the company's stock is a safe investment.

 

B. is ultimately the responsibility of the management of the client company.

 

C. gives investors assurance that the company's financial statements conform to GAAP.

.

 

D. ensures that the financial statements are error-free.

 

 

 

 

 

QC11-2

Which statement is true?

 

A.  All prior-period adjustments are combined with continuing operations on the income statement.

 

B. Prior-period adjustments are part of discontinued operations.

 

C. Discontinued operations are a separate category on the income statement.

 

D. All of the above are true.

 

QC6-13

Hazard Company had a $16,000 beginning inventory and a $20,000 ending inventory. Net sales were $153,000; purchases, $80,000; purchase returns and allowances, $5,000; and freight in, $9,000. Cost of goods sold for the period is $80,000.

What is Hazard's gross profit percentage (rounded to the nearest percentage)?

 

Worked Solution

Gross profit                 Net sales                                 

 

 

A. 10%

 

B. 52%

 

C. 13%.

 

D. 48%

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