Acct 202 Final Review

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Review for final exam in Accounting 202.

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Mar 20, 2023

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May 04, 2010

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Acct 202 Final Review

Which one of the following items is not generally used in preparing a statement of cash flows?

The primary purpose of the statement of cash flows is to:

The statement of cash flows will not report the:

The acquisition of land by issuing common stock is:

The order of presentation of activities on the statement of cash flows is:

Investing activities include:

Generally, the most important category on the statement of cash flows is cash flows from:

If accounts payable have increased during a period,

In calculating cash flows from operating activities using the indirect method, a gain on the sale of equipment is:

Meyer Co. reported net income of $40,000 for the year. During the year, AR increased by $14,000, AP decreased by $6,000 and depreciation expense of $10,000 was recorded. Net cash provided by operating activities for the year is:

Flynn Co. reported a net loss of $10,000 for the year ended December 31, 2002. During the year, AR decreased $10,000, merchandise inventory increased $16,000, AP increased by $20,000, and depreciation expense of $10,000 was recorded. During 2002, operating activities:

Which of the following would be subtracted from net income using the indirect method?

Which of the following would be added to NI using the indirect method?

The statement of cash flows will not provide insight into:

Rodman Co. had credit sales of $650,000. The beginning AR balance was $40,000 and the ending AR balance was $140,000. What were the cash collections from customers during the period?

Which of the following statement(s) describe the principal reason(s) why investors and creditors use financial statement analysis?

Short-term liquidity is:

Wages paid to the factory supply shop foreman are considered an example of:

An example of direct labor cost is wages paid to:

Direct materials cost is:

When volume or level of activity decreases, variable cost will:

Which of the following costs could contain both variable and a fixed cost element with respect to the total output of the company?

Within the relevant range:

Financial and managerial accounting are similar in that both:

Last month a manufacturing company had the following operating results:Beg. FG: $84,000End FG: $71,000Sales: $505,000GM: $63,000What was COG Mfg?

Haagen Inc. is a merchandising company. Last month the company's cost of goods sold was $92,000. The company's beginning merchandise inventory was $14,000 and its ending merchandise inventory was $16,000. What was the total amount of the company's merchandise purchases for the month?

During the month of May, Cassidy Manufacturers incurred $30,000, $40,000 and $20,000 of DM, DL, and OH costs, respectively. If the COG Mfg was $95,000 and the ending WIP inventory was $15,000, the beginning WIP must have been:

The manufacturing operation that would be most likely to use a job-order costing system is:

In computing its predetermined OH rate, Brady Co. included its factory insurance cost twice. This error will result in:

In a job-order cost system, the application of OH usually would be recorded as a debit to:

The balance in WIP equals:

Galbraith Co. applies OH to jobs on the basis of 70%DL cost. If job 201 shows $28,000 of OH applied, the DL cost on the job was:

Guerra Electronics manufactures a variety of electronic gadgets for use in the home. Which of the following would probably be the most accurate measure of activity to use for allocating the cost of inspecting the finished products at Guerra?

In an activity-based costing system, activity rates are used to:

In ABC, the total OH cost in an activity pool can be computed by:

In ABC,

In ABC, manufacturing OH is credited when OH is applied to products using activity rates.

The activity rates in ABC are computed by dividing the OH in each production department by its DL-hours.

Which of the following types of entities would most likely use a process costing system?

Earnings per share of common stock is computed by:

Which of the following would be considered a "source" of cash for purposes of constructing a statement of cash flows?

Under the indirect method of determining net cash provided by operating activities on the statement of cash flows, which of the following would be recorded as a deduction from net income?

In a statement of cash flows, a change in the taxes payable account would be classified as:

Indirect labor is a part of:

Depreciation on a personal computer used in the marketing department of a manufacturing firm would be classified as: