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In the following journal entry, revenue is being recognized

accounts receivable ______

sales Revenue ________

• at the same time cash is collected

• before the cash is collected

• after the cash is collected

• no revenue is being recognized

Up-state corporation ordered materials from down-state manufacturing on October 1, 2008. Down-state shipped the materials by rail on Oct 5 and the railroad notified up-state on Oct 12 that the goods had arrived. Up-state picked up the materials on Oct 13. The terms of the scale are FOB point. On what date should Up-State consider this a purchase

• Oct 1

• Oct 5

• Oct 12

• Oct 13

Company X produces and sells 3 products. X1, X2, AND X3. The company recently developed a new advertising campaign for X3. The cost incurred to develop this ad would be considered

• facility sustaining cost

• product-sustaining cost

• batch--related cost

• unit-related cost

An unfavorable sales price variance reflects

• fewer units sold than budgeted

• a lower actual selling price than budgeted

• an increase in the ost of products causing a decrease in income for the period

• a decrease in the amount of cash received from customers

a cash sale would impact the

• income statement only

• balance sheet and income statement only

• balance sheet and statement of cash flows only

• balance sheet, income statement, and statement of cash flows

Limited liability means

• a company is only liable for an amount that is established by a. pre set limit

• creditors are limited to just the cash available in the company at the time of loss

• creditors of a company can only claim the assets of the firm and not the assets of the owners of the firm

• creditors of a firm can claim all the assets of a company and all the owners personal assets

In times of declining prices, _____ generally results in the ____ cost of goods sold goods sold

• LIFO and FIFO, same

• FIFO, Lower

• LIFO, Lower

• LIFO, Higher

Thinkstyles Inc, applies manufacturing overhead based on the number of indirect labor hours required. The following info in available

estimated Actual

Indirect labor house 3,100. 3,800__________________--

manufacturing overhead cost 111,600 124,000______________. ________-

• 35

• 36

• 39

• 40

On April 30, the crossover company had a general ledger cash balance of $216,854. At the end of April, the bank statement had a balance of $249,322. Deposits in transit amounted to $26,500 and there was a service charge of $18p. Outstanding checks totaled $59,148. Wha is the reconciled adjusted amount of cash

• $183,706

• 184,026

• 216,674

• none of the above

the journal entry to record wages earned by assembly line works would include a

• credit to indirect labor

• debit to finished goods inventory

• debit to work in process inventory

• credit to cost of goods manufactured