ACC561 QUIZ need today within an hour 7 accounting questions
The entry to record the acquisition of raw materials on account is:
·
Accounts Payable Raw Materials Inventory
·
Manufacturing Overhead Raw Materials Inventory Accounts Payable
·
Work in Process Inventory Accounts Payable
·
Raw Materials Inventory Accounts Payable
Which is the last step in developing the master budget?
·
Preparing the budgeted balance sheet
·
Preparing the cost of goods manufactured budget
·
Preparing the cash budget
·
Preparing the budgeted income statement
In performing a vertical analysis, the base for sales revenues on the income statement is:
·
sales revenue.
·
net sales.
·
net income.
·
cost of goods available for sale.
An activity-based overhead rate is computed as follows:
·
actual overhead divided by estimated use of cost drivers.
·
actual overhead divided by actual use of cost drivers.
·
estimated overhead divided by estimated use of cost drivers.
·
estimated overhead divided by actual use of cost drivers.
Differences between a job order cost system and a process cost system include all of the following except the:
·
flow of costs.
·
unit cost computations.
·
point at which costs are totaled.
·
documents used to track costs.
At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017?
·
$441,000 credit
·
$24,000 credit
·
$426,000 credit
·
$423,000 debit
Henson Company began the year with retained earnings of $380,000. During the year, the company recorded revenues of $500,000, expenses of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings at the end of the year?
·
$500,000
·
$460,000
·
$840,000
·
$540,000