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Test Bank Chapter 19 Job Order Costing

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Test Bank Chapter 19 Job Order Costing

Chapter 19--Job Order Costing

Student: ___________________________________________________________________________

1. Cost accounting systems are used to supply cost data information on costs incurred by a manufacturing process or department. 
 

 

2. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 
 

 

3. A job order cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. 
 

 

4. A process cost accounting system provides for a separate record of the cost of each particular quantity of product that passes through the factory. 
 

 

5. A process cost accounting system accumulates costs for each of the departments or processes within the factory. 
 

 

6. A process cost accounting system is best used by manufacturers of like units of product that are not distinguishable from each other during a continuous production process. 
 

 

7. The process cost system is appropriate where few products are manufactured and each product is made to customers' specifications. 
 

 

8. A job order cost system would be appropriate for a crude oil refining business. 
 

 

9. A law firm would use a job order cost system to accumulate all of the costs associated with a particular client engagement, such as lawyer time, copying charges, filing fees, and overhead. 
 

 

10. The job order costing system is not used by service organizations. 
 

 

11. The job order costing system is used by service firms to determine revenues, expenses, and ultimately profit. 
 

 

12. Perpetual inventory controlling accounts and subsidiary ledgers are maintained for materials, work in process, and finished goods in cost accounting systems. 
 

 

13. When the goods are sold, their costs are transferred from Work in Process to Finished Goods. 
 

 

14. The materials requisition serves as the source document for debiting the accounts in the materials ledger. 
 

 

15. Materials are transferred from the storeroom to the factory in response to materials requisitions. 
 

 

16. The document that serves as the basis for recording direct labor on a job cost sheet is the time card. 
 

 

17. The document that serves as the basis for recording direct labor on a job cost sheet is the time ticket. 
 

 

18. Depreciation expense on factory equipment is part of factory overhead cost. 
 

 

19. Factory overhead is applied to production using a predetermined overhead rate. 
 

 

20. If factory overhead applied exceeds the actual costs, the factory overhead account will have a credit balance. 
 

 

21. If factory overhead applied exceeds the actual costs, overhead is said to be underapplied. 
 

 

22. If the underapplied factory overhead amount is material, it is transferred to Cost of Goods Sold at the end of the fiscal year. 
 

 

23. If the underapplied factory overhead amount is immaterial, it is transferred to Cost of Goods Sold at the end of the fiscal year. 
 

 

24. Each account in the cost ledger in a job order system is called a job cost sheet. 
 

 

25. In the job order system, the finished goods account is the controlling account for the factory overhead ledger. 
 

 

26. The inventory accounts generally maintained by a manufacturing firm are only finished goods and materials. 
 

 

27. Generally accepted accounting principles require companies to use only one factory overhead rate for product costing. 
 

 

28. Activity-based costing is a method of accumulating and allocating costs by department. 
 

 

29. Interim financial statements for a manufacturing business would report overapplied factory overhead as a deferred item on the balance sheet. 
 

 

30. The debit to factory overhead for the cost of indirect materials is obtained from the summary of the materials requisitions. 
 

 

31. In a factory with several processing departments, a single factory overhead rate may not provide accurate product costs and effective cost control. 
 

 

32. Nonmanufacturing costs are generally classified into two categories: selling and administrative. 
 

 

33. The current year's advertising costs are normally considered period costs. 
 

 

34. Direct labor cost is an example of a period cost. 
 

 

35. A manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventory. 
 

 

36. On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, is reported as direct materials inventory. 
 

 

37. As product costs are incurred in the manufacturing process, they are accounted for as assets and reported on the balance sheet as inventory. 
 

 

38. A receiving report is prepared when purchased materials are first received by the manufacturing department. 
 

 

39. Period costs are costs that are incurred for the production requirements of a certain period. 
 

 

40. Job order cost systems can be used to compare unit costs of similar jobs to determine if costs are staying within expected ranges. 
 

 

41. Job cost sheets can provide information to managers on unit cost trends, the cost impact of continuous improvement in the manufacturing process, the cost impact of materials changes, and the cost impact of direct materials price or direct labor rate changes over time. 
 

 

42. Job order cost accounting systems may be used to evaluate a company's efficiency. 
 

 

43. Information about costs developed through a job order cost system can not be used to evaluate an organization’s cost performance. 
 

 

44. A staff department or unit is one directly involved in the basic objective of the organization. 
 

 

45. Job order cost accounting systems may be used for planning and controlling a service business. 
 

 

46. Job order cost accounting systems can be used only for companies that manufacture a product. 
 

 

47. The direct labor and overhead costs of providing services to clients are accumulated in a work-in-process account. 
 

 

48. In a job order cost accounting system for a service business, materials costs are normally included as part of overhead. 
 

 

49. A service organization will not use the job order costing method because it has no direct materials. 
 

 

50. Using the job order cost system, service organizations are able to bill customers on a weekly or monthly basis, even when the job has not been completed. 
 

 

51. Match each of the following terms with the phrase that most closely describes it.  Each answer may be used only once. 

1. Expenses of the current period. 

     Activity based costing 

  ____ 

2. Typically used by companies whose products are indistinguishable from each other. 

     Period costs 

  ____ 

3. Typically used by companies that make custom products. 

     Overapplied overhead 

  ____ 

4. Applied overhead is more than actual overhead incurred. 

     Job order cost system 

  ____ 

5. Applied overhead is less than actual overhead incurred. 

     Process cost system 

  ____ 

6. System that uses a different overhead rate for each activity. 

     Finished goods ledger 

  ____ 

7. The stock ledger. 

     Underapplied overhead 

  ____ 

 

52. Match each of the following terms with the phrase that most closely describes it.  Each answer may be used only once. 

1. Service providers use this account similarly to the cost of merchandise sold account used by merchandisers. 

     Cost of Services 

  ____ 

2. Subsidiary ledger for Work in Process. 

     Job cost sheets 

  ____ 

3. Prepared when materials that have been ordered are received and inspected. 

     Time tickets 

  ____ 

4. Serves as the basis for recording direct labor on a job cost sheet. 

     Receiving report 

  ____ 

5. Serves as the basis for recording materials used. 

     Material requisition 

  ____ 

 

53. Which of the following are the two main types of cost accounting systems for manufacturing operations? 
A. Process cost and general accounting systems
B. Job order cost and process cost systems
C. Job order and general accounting systems
D. Process cost and replacement cost systems

 

54. Which of the following would most likely use a job order costing system? 
A. A paper mill
B. A swimming pool installer
C. A company that manufactures chlorine for swimming pools
D. An oil refinery

 

55. Which of the following would be most likely to use process costing? 
A. A custom furniture manufacturer.
B. An auto body repair shop.
C. A law firm
D. A lawn fertilizer manufacturer.

 

56. Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory? 
A. Job order cost system
B. General cost system
C. Replacement cost system
D. Process cost system

 

57. For which of the following businesses would the job order cost system be appropriate? 
A. Meat processor
B. Automobile manufacturer
C. Oil refinery
D. Construction contractor

 

58. For which of the following businesses would the process cost system be appropriate? 
A. Book retailer
B. Dress designer
C. Lumber mill
D. Printing firm

 

59. Which of the following is not a characteristic of a job order costing system? 
A. It accumulates cost for each department within the factory.
B. It provides a separate record for the cost of each quantity of product that passes through the factory.
C. It is best suited for industries that manufactures custom goods.
D. Uses only one work in process account.

 

60. Which of the following products probably would be manufactured using a job order costing system? 
A. Number 2 pencils
B. Computer monitors.
C. Wedding invitations.
D. Paper.

 

61. Job order costing and process costing are 
A. pricing systems.
B. cost accounting systems.
C. cost flow systems.
D. inventory tracking systems.

 

62. Which of the following is not true about why a service firm will use the job order costing system? 
A. to help control costs
B. to determine client billing
C. to determine department costs within the firm
D. to determine profit

 

63. Which of the following costs are NOT included in finished goods inventory? 
A. Direct labor
B. Factory overhead
C. Company president's salary
D. Direct materials

 

64. Which of the following is the correct flow of manufacturing costs? 
A. Raw materials, work in process, finished goods, cost of goods sold
B. Raw materials, finished goods, cost of goods sold, work in process.
C. Work in process, finished goods, raw materials, cost of goods sold
D. Cost of goods sold, raw materials, work in process, finished goods.

 

65. Which of the following would record the labor costs to an individual job? 
A. Clock card
B. In-and-out cards
C. Time tickets
D. Payroll register

 

66. The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 300,000 hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate? 
A. $48 per machine hour
B. $53 per machine hour
C. $45 per machine hour
D. $50 per machine hour

 

67. The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 300,000 hours. Year to date, the actual overhead is $16,000,000 and the actual machine hours are 330,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by 
A. $1,000,000 overapplied
B. $1,000,000 underapplied
C. $500,000 overapplied
D. $500,000 underapplied

 

68. At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,300,000. Closing over/under applied overhead into cost of goods sold would cause net income to: 
A. Increase by $700,000
B. Decrease by $700,000
C. Remain constant
D. Decrease by $300,000

 

69. Which of the following would most likely be a period cost? 
A. Depreciation on factory lunchroom furniture.
B. Salary of telephone receptionist in the sales office.
C. Salary of a security guard for the factory parking lot.
D. Computer chips used by a computer manufacturer.

 

70. Which of the following would most likely be a product cost? 
A. Salary of VP of sales.
B. Advertising for a particular product.
C. Drill bits for a drill press used in the plant assembly area.
D. Salary of the company receptionist.

 

71. The document authorizing the issuance of materials from the storeroom is the: 
A. materials requisition
B. purchase requisition
C. receiving report
D. purchase order

 

72. The source of the data for debiting Work-in-Process for direct materials is the: 
A. purchase order
B. purchase requisition
C. materials requisition
D. receiving report

 

73. In a job order cost accounting system, the entry to record the flow of direct materials into production is: 
A. debit Work in Process, credit Materials
B. debit Materials, credit Work in Process
C. debit Factory Overhead, credit Materials
D. debit Work in Process, credit Supplies

 

74. A summary of the materials requisitions completed during a period serves as the basis for transferring the cost of the materials from the controlling account in the general ledger to the controlling accounts for: 
A. work in process and cost of goods sold
B. work in process and factory overhead
C. finished goods and cost of goods sold
D. work in process and finished goods

 

75. In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a: 
A. purchase order
B. sales invoice
C. receiving report
D. purchase requisition

 

76. The amount of time spent by each employee and the labor cost incurred for each individual job or for factory overhead are recorded on: 
A. pay stubs.
B. in-and-out cards.
C. time tickets.
D. employees' earnings records.

 

77. The amount of time spent by an employee in the factory is usually recorded on: 
A. time tickets
B. job order cost sheets
C. employees' earnings records
D. statement of owners’ equity

 

78. The basis for recording direct and indirect labor costs incurred is a summary of the period's: 
A. job order cost sheets
B. time tickets
C. employees' earnings records
D. clock cards

 

79. The entry to record the flow of direct labor costs into production in a job order cost accounting system is: 
A. debit Factory Overhead, credit Work in Process
B. debit Finished Goods, credit Wages Payable
C. debit Work in Process, credit Wages Payable
D. debit Factory Overhead, credit Wages Payable

 

80. At the end of July, the first month of the current fiscal year, the factory overhead account had a debit balance. Which of the following describes the nature of this balance and how it would be reported on the interim balance sheet? 
A. Overapplied, deferred credit
B. Underapplied, deferred debit
C. Underapplied, deferred credit
D. Overapplied, deferred debit

 

81. At the end of the fiscal year, the balance in Factory Overhead is small. This balance would normally be: 
A. transferred to Work in Process
B. transferred to Cost of Goods Sold
C. transferred to Finished Goods
D. allocated between Work in Process and Finished Goods

 

82. The details concerning the costs incurred on each job order are accumulated in a work in process account, which is supported by a: 
A. stock ledger
B. materials ledger
C. cost ledger
D. creditors ledger

 

83. Each account in the cost ledger is called a: 
A. finished goods sheet
B. stock record
C. materials requisition
D. job cost sheet

 

84. Selected accounts with some debits and credits omitted are presented as follows:
 

Work in Process

 

Aug. 1

Balance

275,000    

 Aug. 31

Goods finished

1,030,000

      31

Direct materials

X    

 

 

 

      31

Direct labor

450,000     

 

 

 

      31

Factory overhead

X    

 

 

 

 

 

 

 

 

 

 

Factory Overhead

 

Aug. 1-31

Costs incurred

145,000  

Aug. 1

Balance

15,000

 

 

 

       31

Applied

 

 

 

 

 

  (30% of direct
  labor cost)

X

 

 

 

 

 

 


If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? 
A. $390,000
B. $170,000
C. $525,000
D. $580,000

 

85. Selected accounts with some debits and credits omitted are presented as follows:
 

Work in Process

 

Aug. 1

Balance

275,000  

Aug. 31

Goods finished

1,030,000

      31

Direct materials

X  

 

 

 

      31

Direct labor

450,000  

 

 

 

      31

Factory overhead

X  

 

 

 

 

 

 

 

 

 

 

Factory Overhead

 

Aug. 1-31

Costs incurred

145,000  

Aug. 1

Balance

15,000

 

 

 

      31

Applied

X

 

 

 

 

 

 


If the balance of Work in Process at August 31 is $220,000, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? 
A. $135,000
B. $10,000
C. $120,000
D. $70,000

 

86. Selected accounts with some debits and credits omitted are presented as follows:
 

Work in Process

 

Oct. 1

Balance

20,000  

Oct. 31

Goods finished

X

      31

Direct materials

96,700  

 

 

 

      31

Direct labor

201,000  

 

 

 

      31

Factory overhead

X  

 

 

 

 

 

 

 

 

 

 

Finished Goods

 

Oct. 1

Balance

52,000  

 

 

 

      31

Goods finished

360,000  

 

 

 

 

 

 

 

 

 


If the balance of Work in Process at October 31 is $21,000, what was the amount of factory overhead applied in October? 
A. $63,300
B. $21,300
C. $42,300
D. $11,300

 

87. Selected accounts with a credit amount omitted are presented as follows:
 

Work in Process

 

Apr. 1

Balance

7,000  

Apr. 30

Goods finished

X

      30

Direct materials

78,400  

 

 

 

      30

Direct labor

195,000  

 

 

 

      30

Factory overhead

136,500  

 

 

 

 

 

 

 

 

 

 

Finished Goods

 

Apr. 1

Balance

42,000  

 

 

 

      30

Goods finished

387,000  

 

 

 

 

 

 

 

 

 


What was the balance of Work in Process as of April 30? 
A. $8,100
B. $35,000
C. $29,900
D. $22,900

 

88. If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a: 
A. debit balance and be underapplied
B. credit balance and be underapplied
C. credit balance and be overapplied
D. debit balance and be overapplied

 

89. The recording of the factory labor incurred for general factory use would include a debit to: 
A. Factory Overhead
B. Wages Payable
C. Wages Expense
D. Cost of Goods Sold

 

90. The recording of the application of factory overhead costs to jobs would include a credit to: 
A. Factory Overhead
B. Wages Payable
C. Work in Process
D. Cost of Goods Sold

 

91. The recording of the jobs completed would include a debit to: 
A. Factory Overhead
B. Finished Goods
C. Work in Process
D. Cost of Goods Sold

 

92. The recording of the jobs completed would include a credit to: 
A. Factory Overhead
B. Finished Goods
C. Work in Process
D. Cost of Goods Sold

 

93. The recording of the jobs shipped and customers billed would include a debit to: 
A. Accounts Payable
B. Cash
C. Finished Goods
D. Cost of Goods Sold

 

94. The recording of the jobs shipped and customers billed would include a credit to: 
A. Accounts Payable
B. Cash
C. Finished Goods
D. Cost of Goods Sold

 

95. The finished goods account is the controlling account for the: 
A. cost ledger
B. materials ledger
C. work in process ledger
D. stock ledger

 

96. The controlling account for the cost ledger is: 
A. Finished Goods
B. Materials
C. Work in Process
D. Cost of Goods Sold

 

97. Poobah Manufacturers Inc. has estimated total factory overhead costs of $95,000 and 10,000 direct labor hours for the current fiscal year. If job number 117 incurred 2,300 direct labor hours, the work in process account will be debited and factory overhead will be credited for: 
A. $21,850
B. $2,300
C. $95,000
D. cannot be determined

 

98. A widely used activity base for developing factory overhead rates in highly automated settings is: 
A. direct labor hours
B. direct labor dollars
C. direct materials
D. machine hours

 

99. When job 711 was completed, direct materials totaled $4,000; direct labor, $5,600; and factory overhead, $2,400 respectively. Units produced totaled 1,000. Unit costs are: 
A. $12,000
B. $1,200
C. $120
D. $12

 

100. The entries to record cost and sale of a finished good on account is: 
A. debit Cost of Goods Sold, credit Finished Goods
B. debit Cost of Goods Sold, credit Finished Goods, debit Accounts Receivable, credit Sales
C. debit Sales Expense, credit Finished Goods, credit Cash, credit Accounts Receivable
D. debit Work in Process, credit Finished Goods, debit Accounts Receivable, credit Sales

 

101. All of the following are examples of activity bases except: 
A. salaries of supervisors
B. quality inspections of products
C. number of machine setups
D. raw materials storage

 

102. Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $165,000. From the following, select the entry to record the transaction on the day the materials were bought. 
A. Materials                             165,000
  Accounts Payable                                   165,000
B. Materials                             180,000
  Accounts Payable                                   180,000
C. Materials                             180,000
  Cash                                                       180,000
D. Accounts Payable                180,000
  Materials                                                180,000

 

103. Materials purchased on account during the month amounted to $180,000. Materials requisitioned and placed in production totaled $165,000. From the following, select the entry to record the transaction on the day the materials were requisitioned by the production department. 
A. Materials                             165,000
  Work in Process                                     165,000
B. Work in Process                  180,000
  Materials                                                180,000
C. Work in Process                  165,000
  Materials                                                165,000
D. Work in Process                  165,000
  Cash                                                       165,000

 

104. During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead charged to production was $32,000. From the following, select the entry to record the direct labor costs. 
A. Work in Process                  200,000
   Wages Payable                                       200,000
B. Work in Process                  275,000
   Wages Payable                                       275,000
C. Wages Payable                   275,000
  Work in Process                                       275,000
D. Wages Payable                    200,000
  Work in Process                                     200,000

 

105. During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead applied to production was $32,000. From the following, select the entry to record the actual factory overhead costs incurred. 
A. Accounts Payable                  75,000
  Factory Overhead                                     75,000
B. Factory Overhead                  32,000
  Accounts Payable                                     32,000
C. Work in Process                     75,000
  Wages Payable                                         75,000
D. Factory Overhead                   75,000
  Wages Payable                                         75,000

 

106. During the period, labor costs incurred on account amounted to $275,000 including $200,000 for production orders and $75,000 for general factory use. In addition, factory overhead applied to production was $32,000. From the following, select the entry to record the factory overhead applied to production. 
A. Work in Process                     75,000
  Factory Overhead                                     75,000
B. Factory Overhead                   32,000
  Work in Process                                       32,000
C. Work in Process                     32,000
  Factory Overhead                                     32,000
D. Factory Overhead                   75,000
  Accounts Payable                                     75,000

 

107. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357,000. From the following, select the entry to record the transfer of costs from work in process to finished goods. 
A. Finished Goods                    357,000
  Work in Process                                     357,000
B. Finished Goods                    450,000
  Work in Process                                     450,000
C. Work in Process                  450,000
  Finished Goods                                     450,000
D. Work in Process                  357,000
  Finished Goods                                     357,000

 

108. The cost of production of completed and finished goods during the period amounted to $450,000, and the finished products shipped to customers had total production costs of $357,000. From the following, select the entry to record the transfer of costs from finished goods to cost of goods sold. 
A. Finished Goods                    450,000
  Cost of Goods Sold                              450,000
B. Finished Goods                    357,000
  Cost of Goods Sold                              357,000
C. Cost of Goods Sold             357,000
  Finished Goods                                     357,000
D. Cost of Goods Sold             450,000
  Finished Goods                                     450,000

 

109. Costs that are used in generating revenues during the current period, but are not involved in the manufacturing process are often referred to as: 
A. period costs
B. conversion costs
C. factory overhead costs
D. product costs

 

110. Costs that are treated as assets until the product is sold are called: 
A. product costs
B. period costs
C. conversion costs
D. selling expenses

 

111. The period costs of a textbook publisher would include: 
A. wages of a press operator
B. factory utility costs
C. advertising expenses
D. paper costs

 

112. Which types of inventories does a manufacturing business report on the balance sheet? 
A. Finished goods inventory and work in process inventory
B. Direct materials inventory and work in process inventory
C. Direct materials inventory, work in process inventory, and finished goods inventory
D. Direct materials inventory and finished goods inventory

 

113. For the manufacturing business, inventory which is in the process of being manufactured is referred to as: 
A. supplies inventory
B. work in process inventory
C. finished goods inventory
D. direct materials inventory

 

114. The proper journal entry to record the purchase of $30,000 of raw materials on account would be: 
A. Raw Material Inventory                       30,000
        Accounts Receivable                                  30,000
B. Raw Material Inventory                       30,000
        Accounts Payable                                       30,000
C. Inventory                                             30,000
        Accounts Receivable                                   30,000
D. Inventory                                             30,000
        Cash                                                            30,000

 

115. Select the proper journal entry to record the movement of 1,700 units of part number 116B to work in process when each unit of 116B has a value of $2.00. 
A. Raw Material Inventory          3,400
        Work in Process                                3,400
B. Work in Process                    3,400
         Factory Overhead                             3,400
C. Work in Process                    3,400
         Raw Material Inventory                   3,400
D. Work in Process      

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[Solved] Test Bank Chapter 19 Job Order Costing

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Test Bank Chapter 19 Job Order Costing Cost accounting systems are used to supply cost data information on costs incurred b...
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