I am really struggling. Any help greatly appreciated.

Match the accounting concept to the appropriate situation. (Points : 1)

Potential Matches:

1 : The financial statements produced by the Walt Disney Company reports the results of operations as measured in dollars.

2 : Even though Sam Walton passed away, Wal-Mart continues to conduct business.

3 : Alan Lucas, owner of Lucas Enterprises, maintains two checking accounts - one for personal affairs and one for the business.

4 : Hirsch Company has hundreds of owners located throughout the country. Once a month, Hirsch sends the financial statements to its owners.

Answer

: Periodicity

: Business Entity

: Monetary Unit

: Going Concern For each of the following situations, identify the internal control activity that is being implemented. (Points : 1)

Potential Matches:

1 : Christine hired one employee to sell cookies to customers and another employee to do bookkeeping.

2 : Christine reviews the cash receipts recorded with the deposits listed on the bank statement.

3 : Ingredients used for making cookies are locked in the storeroom until needed.

4 : The cash register automatically prints a prenumbered cash receipt.

5 : Christine must sign purchase orders before they can be purchased.

Answer

: Proper Authorization

: Physically Controlling Assets

: Separation of Duties

: Independent Checks on Performance

: Maintaining Adequate Documentation Marso Legal Services offers clients a variety of legal services. Some clients pay Marso a monthly retainer, while others are billed as services are rendered. Identify each of the following revenues as variable, fixed, or mixed. (Points : 1)

Potential Matches:

1 : Katie hires Marso to write a partnership agreement. Marso charges a flat fee for the service.

2 : Nicki hires Marso to handle her divorce. She is billed for the hours worked.

3 : Paul hires Marso for estate planning. He is billed a research fee plus hours worked.

Answer

: Fixed Revenue

: Variable Revenue

: Mixed Revenue

Duckworth is a manufacturing firm that makes ping-pong paddles. Each ping-pong paddle consists of a handle, a wooden paddle, and a rubber backing for the wooden paddle. As the paddles progress through the assembly process, workers attach the handles and glue on the rubber backing. Identify each of these costs as variable, fixed, or mixed. (Points : 1)

Potential Matches:

1 : Cost of wooden paddles

2 : Rent on production facilities

3 : Production supervisor is paid his salary plus a monthly bonus

Answer

: Variable Cost

: Fixed Cost

: Mixed Cost

The following items are measurements used in the balance scorecard approach. Identify the perspective each item would be used to measure. (Points : 1)

Potential Matches:

1 : Number of new customers acquired

2 : Return on investment ratio

3 : Quality measurements

4 : Research & development dollars spent

Answer

: Customer

: Learning and Growth

: Financial

: Internal

which of the following reflects a weakness in the internal control for cash? (Points : 1) Cash registers generate receipts that document the cash sale then it is given to the customer. Only one employee has access to a cash register in order to reduce chance of theft. Employee writing out a check must get authorization before the check is sent out. The employee receiving cash in the mail makes out the deposit ticket, deposits the cash, and records the deposit in the accounting records.