ACCT101 Study guides, Class notes & Summaries

ACCT101 - Ch.2 Exam Questions With 100% Correct Answers 1) Which of the following is a reason why a job order costing system is appropriate for a custom 1) furniture manufacturer? A) Custom furniture manufacturers produce large quantities of similar products. B) The direct costs incurred for each job are the same, only indirect costs vary. C) The raw materials used have already been accounted for using process costing. D) The cost incurred for each job will differ as per the order specifi...

ACCT101 Exam Questions With 100% Correct Answers Each of the following are examples of a merchandising company except: - answerMichael's lawn mowing Gross profit is: - answerequal to net sales less cost of goods sold A company reports net sales of $600,000, cost of goods sold of $200,000, and net income of $100,000. Its gross profit equals: - answer$400,000 Merchandise inventory includes: - answer- costs to purchase - shipping costs - costs to prepare for sale Place the operating cycl...

ACCT101 Exam Questions And Answers (Verified And Updated) Accounting - answerProcess of identifying, measuring, and communicating economic information Double-entry bookkeeping - answerSystem where every transaction is recorded as a debit and credit Luca Pacioli - answerFather of double-entry bookkeeping Nicolas Petri - answerFirst person to group similar transactions in a separate record Benjamin Workman - answerAuthor of The American Accountant, an early American accounting textbook E...

Know the 3 forms of business entities Correct Answer-Corporation, Partnership and sole proprietorship Revenues Correct Answer-are assets received from selling goods and services expenses Correct Answer-cost of doing business Internal users Correct Answer-work for a particular business executive managers analysis external users Correct Answer-anyone who doesn't work for the company ambassador creditor regulator FASB Correct Answer-responsible for GAAP (accounting principles) Ac...

1) Which of the following is a reason why a job order costing system is appropriate for a custom 1) furniture manufacturer? A) Custom furniture manufacturers produce large quantities of similar products. B) The direct costs incurred for each job are the same, only indirect costs vary. C) The raw materials used have already been accounted for using process costing. D) The cost incurred for each job will differ as per the order specifications.D) The cost incurred for each job will differ...

AccountingProcess of identifying, measuring, and communicating economic information Double-entry bookkeepingSystem where every transaction is recorded as a debit and credit Luca PacioliFather of double-entry bookkeeping Nicolas PetriFirst person to group similar transactions in a separate record Benjamin WorkmanAuthor of The American Accountant, an early American accounting textbook Eugen SchmalenbachPublished Model Chart of Accounts, foundational for German accounting

Each of the following are examples of a merchandising company except: Michael's lawn mowing Gross profit is: equal to net sales less cost of goods sold A company reports net sales of $600,000, cost of goods sold of $200,000, and net income of $100,000. Its gross profit equals: $400,000 Merchandise inventory includes: - costs to purchase - shipping costs - costs to prepare for sale Place the operating cycle for a merchandiser in the correct order. 1. credit sales - item"c" 2. recei...

ACCT101 - Ch.2 Exam Questions With 100% Correct Answers 1) Which of the following is a reason why a job order costing system is appropriate for a custom 1) furniture manufacturer? A) Custom furniture manufacturers produce large quantities of similar products. B) The direct costs incurred for each job are the same, only indirect costs vary. C) The raw materials used have already been accounted for using process costing. D) The cost incurred for each job will differ as per the order specifi...

ACCT101 Exam Questions With 100% Correct Answers Each of the following are examples of a merchandising company except: - answerMichael's lawn mowing Gross profit is: - answerequal to net sales less cost of goods sold A company reports net sales of $600,000, cost of goods sold of $200,000, and net income of $100,000. Its gross profit equals: - answer$400,000 Merchandise inventory includes: - answer- costs to purchase - shipping costs - costs to prepare for sale Place the operating cycl...