Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer questions 1-5 correctly. They are all matching questions. Question 1 1. Indicate whether each of the following types of businesses would be more

image text in transcribed

Please answer questions 1-5 correctly. They are all matching questions.

image text in transcribed Question 1 1. Indicate whether each of the following types of businesses would be more likely to use a job or process costing system. Architect Attorney a job costing . b process costing . c job costing if the work is principally focused . on design; process if focused on maintenance Dentist d process costing if specializing in a certain . type of engagement Heavyequipment manufacturer House-painter Landscaper Magazine publisher Management consultant Pet groomer Tax preparer 6.66667 points Question 2 1. Several data items that might be included on a payroll form are listed below on the left. The standard payroll forms discussed in the chapter are listed below on the right. For each data item, indicate the form(s) on which you'd find it. a. Address of employee b. Employee name c. Employer identification number d. Federal income tax withheld e. Location of employer f. Martial status g. Number of withholding allowances h. Social security number i. State income tax withheld j. Unemployment tax paid - federal 1. 2. 3. 4. 5. Form Form Form Form Form 940 941 1099 W-2 W-4 a 4 and 5 . b 1 through . 4 c4 Employee . name d5 . e 3 through . 5 Employer identification f. 1 Address of employee number Federal income tax withheld Location of employer Martial status Number of withholding allowances Social Security number State income tax withheld Unemployme nt tax paid - federal 6.66667 points Question 3 1. Which business process (conversion, financing, or human resources) is most closely associated with each transaction listed below? Dr Payroll taxes expense; Cr Cash Dr Manufacturing overhead; Cr Accumulated depreciation Dr Treasury stock; Cr Cash Dr Cash; Cr Capital stock; Cr Additional paid-in capital Dr Payroll expense; Cr Wages payable; Cr Withholding taxes payable Dr Retained earnings; Cr Capital stock Dr Work in process; Cr Manufacturing overhead Dr Interest expense; Dr Premium on bonds payable; Cr Interest payable Dr Cash; Dr Discount on bonds payable; Cr Bonds a human . resources b conversion . c financing . payable Dr Cost of goods sold; Cr Finished goods 6.66667 points Question 4 1. Statement evaluation. Several statements related to the material in the chapter are listed below; you are required to explain whether each statement is (i) always true, (ii) sometimes true, or (iii) never true. A junction table would be required in a relational database for the sales/collectio n process. Cash receipts clerks should reconcile a company's bank statement at least monthly. Companies complete all activities in the value chain to serve their stakeholders. Customers should borrow money to take advantage of cash discounts in paying their bills. Documents in the sales/collectio n process can be paper or electronic. In the sales/collectio a Sometimes . true b Never true . c Always true . d Never true . n process, separation of duties can be applied to credit decisions. Restrictive check endorsements eliminate the need for other internal controls over cash. Separation of duties helps safeguard inventory in the sales/collectio n process. Transactions in the sales/collectio n process require a bill of lading. Web sites assist companies in the sales/collectio n process. 6.66667 points Question 5 1. Terminology. Please match each item with the most appropriate item. Authorize a purchase Bank reconciliation Purchase order a Step in the . acquisition/paym ent process b Internal control . to manage the risk of embezzlement c Prepared by . purchasing department d Several can be . combined on one Purchase purchase order e One reason for requisition Quantity discounts Receiving report Reorder point Source documents, jou rnal entries, ledger postings Strategic alliance Vendor invoice . consolidating purchase requisitions f. Promotes separation of duties g A way to monitor . inventory needs h Audit trail . components i. Possible internal control for purchasing from inappropriate vendors j. Requests customer payment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

12th edition

134725980, 9780134726656 , 978-0134725987

More Books

Students also viewed these Accounting questions

Question

What is self-awareness? (p. 44)

Answered: 1 week ago

Question

Speak clearly and distinctly with moderate energy

Answered: 1 week ago

Question

Get married, do not wait for me

Answered: 1 week ago

Question

Do not pay him, wait until I come

Answered: 1 week ago