Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Question
Chapter 10, Problem 2P
To determine
Identify the appropriate answer for the given statement from the given choices.
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Which of the following is not an asset utilization ratio?
Group of answer choices...
a. Return on assets
b. Average collection period
c. Fixed asset turnover
d.Inventory turnover
Which of the following is a correct description of how the returns on assets co-move?
A. Positive and negative deviations between assets at dissimilar times give a negative covariance.
O B. Positive and negative deviations between assets at similar times give a negative covariance
OC. Positive and negative deviations between assets at dissimilar times give a positive covariance,
O D. Positive and negative deviations between assets give a zero covariance.
Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold
B)Sales Discounts
C) Purchases
D) Deferred Revenue
E) LIFO Reserve
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- Which one of the following statement about encumbrance is correct? a. Encumbrances are equivalent to expenditures and encumbrances outstanding at the end of a year should be reported as assets b. None of the options c. Encumbrances are equivalent to expenditures and encumbrances outstanding at the end of a year should be reported as liabilities d. Encumbrances are recorded at the estimated cost of goods ordered or services contracted for. The subsequent amount recognized as expenditures upon receipt of the goods and services may differ from the encumbered amount.arrow_forwardIndicate the effects of the transactions listed in the following table on total current assets,current ratio, and net income. Use (1) to indicate an increase, (2) to indicate a decrease,and (0) to indicate either no effect or an indeterminate effect. Be prepared to state anynecessary assumptions and assume an initial current ratio of more than 1.0. (Note: A goodaccounting background is necessary to answer some of these questions; if yours is notstrong, answer the questions you can.)arrow_forwardWhich of the following refers to the current rate used for the purpose of translations? O a. The current rate at the time of transaction O b. The spot rate O. The rate prevailing on the date of preparation of the consolidated balance sheet O d. The rate prevailing on the date of the balance sheetarrow_forward
- Which of the following is a limitation of the direct write-off method of accounting for uncollectible? The direct write-off method overstates assets on the balance sheet. The direct write-off method does not match expenses against revenue very well. The direct write-off method does not set up an allowance for uncollectible. All of the abovearrow_forwardTh e valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is: B . present value.arrow_forwardGive differences between Revaluation account and Realisation account.arrow_forward
- Which of the following statements relating to the Accumulated Depreciation account is correct? Select one: O a. The normal balance of the Accumulated Depreciation account is a debit balance. O b. The Accumulated Depreciation account allows the accountant to determine the precise market value of the related asset. O c. The Accumulated Depreciation account is classified as a Liability account. O d. The balance in Accumulated Depreciation account reflects the portion of the historical cost of the asset that has become expense since the item was purchased.arrow_forwardSince AssetID is a number identifying assets in a fixed asset ledger, it would be considered to be __________. categorical data. numerical data. ordinal data. ratio dataarrow_forwarddescribe diff erent types of assets and liabilities and the measurement bases of eacharrow_forward
- Th e valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is: A . current cost.arrow_forward5) One standard assumption for annuities and gradients is A) each payment occurs at the beginning of the period. B) annuities and gradients coincide with the beginning of sequential periods. C) annuities and gradients coincide with the end of preceding periods. D) payment period and compounding period differ. E) payment period and compounding period are the same. and why? Solve it early and give explanation.arrow_forwardCurrent ratio is stated as a crude ratio because O a. None of these O b. It measures only the quality of current assets O c. Offerings dimension Od. Both a and b Oe. It measures only the quantity of current assetsarrow_forward
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