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Question (Category: General-Questions General-Academic-Questions )
061690RR - ACCOUNTING FOR MERCHANDISING 1. Ina balance sheet prepared in report form, liabilities must be listed after 2. Alow gross profit percentage means that 3. Committing a fraud because the employee feels quotI deserve a pay raise. The company owes this to mequot is indicative of which part of the fraud triangle? 4. New technology, like the latest cell phones and HDTV, would probably be costed using the 5. Which of the following is an incorrect statement if ending inventory is understated? 6. Casey Company beginning inventory and purchases during the fiscal year ended December 31, 2012, were as follows (Note The company uses a perpetual system of inventory.) Units Unit Price Total Cost January 1mdashBeginning Inventory 20 $12 $240 March 8mdashSold 14 April 2mdashPurchase 30 $13 $0 June 5mdashSold 25 Aug 6mdashPurchase 25 $14 $350 Sept 11mdashSold 22 Total Cost of Inventory $980 Ending inventory is 14 units. What is the cost of goods sold for Casey Company for 2012 using LIFO? 7. When a company repays the seller for shipping costs on an FOB shipping transaction, which of the following is true? 8. Goods available for sale are $118,000 beginning inventory is $37,000 ending inventory is $42,000 and cost of goods sold is $77,000. The inventory turnover is 9. Which of the following would probably not need to be disclosed in a footnote? 10. Which of the following is an incorrect statement if ending inventory is overstated? 11. The balance sheet format that lists assets above liabilities is the _______ form. 13. Which items may not limit the effectiveness of internal control systems in an organization? 14. One of the biggest factors in implementing SOX was 15. Under Sarbanes-Oxley, those officers signing off on the reports must have evaluated the company internal control within the previous 16. A company has $8,200 in net sales, $1,100 in gross profit, $2,500 in ending inventory, and $2,000 in beginning inventory. The company cost of goods sold is 17. Which of the following would probably not cause inventory shrinkage? 18. Which of the following may not limit the effectiveness of internal control systems in an organization? 19. When a merchandiser sells on account, which of the following is not needed to record the transaction? 20. ABC Corporation pays an invoice for $350 in time to take a 3% discount. The journal entry to record the payment of this invoice is


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