This is the second part , continue from question 29.

Remember, the anser are not listed as A B C D or E, therefore, you need to Keep in mind that the first line of answer is A, the 2nd line of answer is B, then the fifth line will be E.

However, do not just give me A B C D or E, but also give me the actual anser, just in case you denote the letter anser incorrectly.

Experienced Accounting Student only please, as this will affect my grade significantly, and I pay a lot of points for this. So give me correct answer.

Question 30. Question : Unearned revenue is reported on the financial statements as:

A revenue on the balance sheet

A liability on the balance sheet

An unearned revenue on the income statement

An asset on the balance sheet

An operating activity on the statement of cash flows

Question 31. Question : Our company has three times as many assets as it does liabilities. If total liabilities are $55,000, what is the amount of owners' equity?

$55,000

$110,000

$165,000

$220,000

Cannot be determined from the given information

Question 32. Question : Multiple-step income statements:

Are required by the FASB

Contain more detail than a simple listing of revenues and expenses

Are required for the perpetual inventory system

List cost of goods sold as an operating expense

Can only be used in perpetual inventory systems

Question 33. Question : The full disclosure principle:

Requires that when a change in inventory valuation method is made, the notes to the financial statements report the type of change, why it was made and its effect on net income

Requires that companies use the same accounting method for inventory valuation period after period

Is not subject to the materiality principle

Is only applied to retailers

Is also called the consistency principle

Question 34. Question : The inventory valuation method that tends to smooth out erratic changes in costs is:

FIFO

Weighted average

LIFO

Specific identification

WIFO

Question 35. Question : Which of the following procedures would weaken the control over cash receipts that arrive through the mail?

After the mail is opened, a list (in triplicate) of the money received is prepared with a record of the sender's name, the amount and an explanation of why the money is sent

The bank reconciliation is prepared by a person who does not handle cash or record cash receipts

For safety, only one person should open the mail and that person should immediately deposit the cash received in the bank

The cashier should not also be the record keeper who records the amounts received in the accounting records

All of the above are good internal control procedures over cash receipts that arrive through the mail

Question 36. Question : When two clerks share the same cash register, which internal control principle is violated?

Establish responsibilities

Maintain adequate records

Insure assets

Bond key employees

Question 37. Question : The impact of technology on internal controls includes which of the following:

Reduced processing errors

Elimination of the need for regular audits

Elimination of the need to bond employees

More efficient separation of duties

Elimination of fraud

Question 38. Question : Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic inventory method.

December 2: 5 units were purchased at $7 per unit.

December 9: 10 units were purchased at $9.40 per unit.

December 11: 12 units were sold at $35 per unit

December 15: 20 units were purchased at $10.15 per unit

December 22: 18 units were sold at $35 per unit

$284.70

$332.10

$281.25

$290.70

$297.00

Question 39. Question : Toys "R" Us had cost of goods sold of $9,421 million, ending inventory of $2,089 million and average inventory of $1,965 million. Its days' sales in inventory equals:

0.21

4.51

4.79

76.1 days

80.9 days

Question 40. Question : A remittance advice is:

An explanation for a payment by check

A bank statement

A voucher

An EFT

A cancelled check

Question 41. Question : J.C. Penny had net sales of $28,496 million, its cost of goods sold was $19,092 million and its net income was $997 million. Its gross margin ratio equals:

3.5%

5.2%

33%

67%

149.3%

Question 42. Question : Given the following information:

Petty cash balance $ 450.00 Courier receipt $ 82.50

Postage receipt $ 48.00 Office Supplies receipt $ 56.22

Business Meal receipt $ 102.34 Cash on hand at the end of the month $ 76.21

What is the amount of cash over and short?

debit $84.73

credit $84.73

debit $160.94

credit $160.94

no cash over or short would be recorded

Question 43. Question : Merchandise inventory:

Is a long-term asset

Is a current asset

Includes supplies

Is classified with investments on the balance sheet

Must be sold within one month

Question 44. Question : Cost of goods sold:

Is another term for merchandise sales

Is the term used for the cost of buying and preparing merchandise for sale

Is another term for revenue

Is also called gross margin

Is a term only used by service firms

Question 45. Question : A company has sales of $1,500,000, sales discounts of $102,000, sales returns and allowances of $123,000, shipping charges of $15,000, sales commissions of $34,000,net income totaled $263,500, and cost of goods sold of $420,000. What is the net sales amount for the period?

$1,500,000

$1,275,000

$1,725,000

$1,521,000

$1,479,000

Question 46. Question : A company purchased $1,800 of merchandise on December 5. On December 7, it returned $200 worth of merchandise. On December 8, it paid the balance in full, taking a 2% discount. The amount of the cash paid on December 8 equals:

$200

$1,564

$1,568

$1,600

$1,800

Question 47. Question : The conservatism principle:

Requires that when there are more than one equally likely estimate of amounts expected to be received or paid in the future, then the less optimistic amount should be used

Requires that a company use the same accounting methods period after period

Requires that revenues and expenses be reported in the period in which they are earned or incurred

Requires that all items of a material nature be included in financial statements

Requires that all inventory items be reported at full cost

Question 48. Question : Which of the following is the most serious limitation of internal controls?

Computer error

Human fraud or human error

Cost-benefit principle

Cybercrime

Management fraud

Question 49. Question : Acme-Jones Corporation uses a weighted-average perpetual inventory system.

August 2, 10 units were purchased at $12 per unit.

August 18, 15 units were purchased at $14 per unit.

August 29, 12 units were sold.

What was the amount of the cost of goods sold for this sale?

$148.00

$150.50

$158.40

$210.00

$330.00

Question 50. Question : In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that check number 4239 for November's rent was correctly written and drawn for $7,390, but was erroneously entered in the accounting records as $3,790. When preparing the November bank statement, the company should:

Deduct $3,600 from the book balance of cash

Add $3,600 to the bank statement balance

Add $7,390 to the book balance of cash

Deduct $3,600 from the bank statement balance

Add $3,600 to the book balance of cash