CH 02 Concept Review Quiz - Answers
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Date
Jan 9, 2024
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Answer:
At the time you create the company file As work related to the settings comes up Before the end of the business's first fiscal year In the second quarter Answer Provided
At the time you create the company file
Answer:
The list of accounts for each transaction in the
accounting system or general ledger The menu of products and services that the
company offers its customers The full list of account numbers associated with the
company's customers and vendors The balance of each account as of the start date of
the business Answer Provided
The list of accounts for each transaction in the
accounting system or general ledger
Answer:
December 31 of the current year The first day of a period, month, quarter, or year The day of your first expense The day of your first sale Answer Provided
The first day of a period, month, quarter, or year
Answer:
A transaction that occurred before the start date of
the company A transaction that appears in the company file by
default in QuickBooks Online A journal entry A report showing company transactions as of the
start date Answer Provided
A transaction that occurred before the start date of
the company
Answer:
Expense accounts are not included in the Chart of
Accounts. You can only merge accounts that are of the same
type. The income account would override the expense
account. QuickBooks only supports the unmerging of
accounts, not the merging of them. Answer Provided
You can only merge accounts that are of the same
type.
Answer:
A journal entry The associated uncategorized asset account At least one account in the Chart of Accounts Student Name : Toni Castillo
Quizz Name : Chapter 02 Test
Points : 50 Out of 50
Grade : 100%
Q
#.
Question
Lesson/Chapter
#
Question
Type
Feedback
Points
Instructor
Feedback
Q
1
When should you select settings and customizations for your company file?
Chapter 2:
Multiple
Choice
Customizing Your Company File;
(QBCU exam) 1.2
2.38/2.38 ---
Q
2
What is the Chart of Accounts?
Chapter 2:
Multiple
Choice
The Chart of Accounts; (QBCU exam)
1.3.5
2.38/2.38 ---
Q
3
Which of these would be an appropriate start date for a business?
Chapter 2:
Multiple
Choice
Start Date; (QBCU exam) 1.2
2.38/2.38 ---
Q
4
What is an historical transaction?
Chapter 2:
Multiple
Choice
Opening Balances and Historical
Transactions; (QBCU exam) 1.2
2.38/2.38 ---
Q
5
Why can't you merge an income account with an expense account in the Chart
of Accounts?
Chapter 2:
Multiple
Choice
Editing the Default Chart of Accounts;
(QBCU exam) 1.3.4
2.38/2.38 ---
Q
6
What is a product or service linked to?
Chapter 2:
Multiple
Choice
Products and Services; (QBCU exam)
2.2.2
2.38/2.38 ---
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The historical transaction Answer Provided
At least one account in the Chart of Accounts
Answer:
Individual users Master Supervisor Comptroller Master Administrator Answer Provided
Master Administrator
Answer:
Fixed Assets Accounts Receivable Bank Accounts Payable Answer Provided
Accounts Payable
Answer:
via the Gear menu on the day the expenses were incurred on the Chart of Accounts as a journal entry or directly into the account
register Answer Provided
as a journal entry or directly into the account register
Answer:
Accounts added by other users Preset accounts Asset accounts All accounts Answer Provided
Preset accounts
Answer:
Asset Liability Equity Revenue Answer Provided
Liability
Answer:
1 2 3 4 Answer Provided
2
Answer:
It's required for a double-entry accounting system To automate accounting and ensure the creation of
links to the appropriate detail and summary reports So QuickBooks can auto-categorize the entries for
your business None of these options Answer Provided
To automate accounting and ensure the creation of
links to the appropriate detail and summary reports
Q
7
Who controls user access and monitors user activity?
Chapter 2:
Multiple
Choice
Adding and Managing Users; (QBCU
exam) 1.1.4
2.38/2.38 ---
Q
8
What account type is considered a liability?
Chapter 2:
Multiple
Choice
Assigning Account Types; (QBCU
exam) 1.3.5
2.38/2.38 ---
Q
9
Opening balances are entered:
Chapter 2:
Multiple
Choice
Opening Balances and Historical
Transactions; (QBCU exam) 1.1
2.38/2.38 ---
Q
10
Which accounts in the Chart of Accounts CANNOT be inactivated?
Chapter 2:
Multiple
Choice
Editing the Default Chart of Accounts;
(QBCU exam) 1.2.1
2.38/2.38 ---
Q
11
What type of account is a credit card account?
Chapter 2:
Multiple
Choice
Assigning Account Types; (QBCU
exam) 1.2 and 1.3.5
2.38/2.38 ---
Q
12
Justine wants to export her balance sheet to Excel. Where does she start?
Chapter 2:
Multiple
Choice
DYS 2-4, step #10; (QBCU exam) 5.2.2
2.38/2.38 ---
Q
13
Why is it important to properly set up the Products and Services List?
Chapter 2:
Multiple
Choice
Products and Services; (QBCU exam)
2.2.3
2.38/2.38 ---
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Part 3 of 3
Knowledge Check 01
On June 30 a designer received a check in the amount of $7,500 from a customer for design services to be provided after the
customer chooses a color scheme for the first floor of her house. Complete the necessary journal entry. (If no entry is required for a
transaction/event, select "No Journal entry required" In the first account fleld.)
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Record the receipt of a check dated June 30 for $7,500 from a customer for
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References
Note: Enterr debits before credits,
Date
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Debit
Credit
June 30
Mc
Graw
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3.
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A Company uses a job-order costing system with a single plantwide
predetermined overhead rate based on direct labor cost. The company
based its predetermined overhead rate for the current year on total
estimated manufacturing overhead cost of 40% of direct labor cost. The job
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Question
10
Company XYZ is currently producing AND selling 10,000 units of product A. At this level, the total product cost was $60,000.
This included $10,000 direct materials, $20,000 direct labor and $30,000 manufacturing overhead cost, which included 20%
variable manufacturing overhead cost. The selling and administrative expenses were $100,000, which included $60,000
variable selling and administrative costs. Assume that the selling price per unit $20, how much was the total contribution
margin?
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a. $134,000
b. None of the given answers
C. $40,000
d. $104,000
e. $194,000
The correct answer is: $104,000
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Altira Corporation provides the following information related to its merchandise inventory during the month of August
2021:
Aug.1 Inventory on hand–2,000 units; cost $5.30 each.
8 Purchased 8,000 units for $5.50 each.
14 Sold 6,000 units for $12.00 each.
18 Purchased 6,000 units for $5.60 each.
25 Sold 7,000 units for $11.00 each.
28 Purchased 4,000 units for $5.80 each.
31 Inventory on hand-7,000 units.
Required:
1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021,
balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method.
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O 125,000 units
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Problem 6-28 Discounted Cash Flow Analysis [LO1]
The appropriate discount rate for the following cash flows is 768 percent per year.
Year Cash Flow
1
$2.540
2
0
3
3.980
4
2,230
What is the present value of the cash flows? (Do not round intermediate calculations
and round your answer to 2 decimal places, e.g. 32/16.)
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Samuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for
$25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchased
on January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275
units on hand at the end of the month. SAM uses a perpetual inventory system.
Required:
1. Complete the below table to calculate ending inventory and cost of goods sold for January using FIFO.
2. Complete the below table to calculate ending inventory and cost of goods sold for January using average cost.
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Logan Electrics Inc. has fixed operating costs of $370,000, variable costs of $1.75 per unit produced,
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O 211,000 units
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Last year Golden Corp. had $410 million in sales, and it had $95 million of fixed assets that were being operated at 8096
capacity. In millions, how large could sales have been if the company had operated at full capacity?
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Exercise #2: COMPLETE ME
Directions: Fill-in the missing items on the table. Consider the estimates below.
HAKDOG CORPORATION
PROJECTED MONTHLY COSTS
MONTH
January
February
March
April
May
June
СOGS
ΕXPENSE
MONTH
July
August
September
October
November
December
СOGS
ΕXPENSE
Information for the month of January:
Electric Expense
Miscellaneous Expense
Internet Expense
P15, 000
P5, 000
P10, 000
Beginning inventory for January is P20, 000 while ending inventory is P5, 000. The total of purchases during
January is P27, 000 and freight-in is P13, 000.
Additional information: Past experience shows the following monthly estimates:
February to May Increase of 5% from previous cost
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Seiko's current salary is $98,500. Her marginal tax rate is 32 percent and she fancies European sports cars. She
purchases a new auto each year. Seiko is currently a manager for Idaho Office Supply. Her friend, knowing of her interest
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Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct
Materials
Conversion
Units
Beginning work in process inventory
84,000
Percent
Complete
80%
Percent
Complete
20%
Units started this period
442,000
Completed and transferred out
420,000
Ending work in process inventory
106,000
80%
30%
Exercise 16-8 (Algo) Weighted average: Computing equivalent units of production LO F
S
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Required:
Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places.)
DATE
TRANSACTIONS
2019
8 Purchased merchandise on credit from Alenikov Designs, Invoice 1091,
list price $3,200, trade discounts of 20 percent and 10 percent; terms
1/10, n/30.
17 Paid the amount owed on the purchase of March 8 from Alenikov Designs,
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March
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Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor
cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.)
Case A
Case B
Direct materials used
2$
(a)
$86,500
Direct labor
56,000
142,700
Manufacturing overhead applied
42,000
(d)
Total manufacturing costs
149,750
(e)
Work in process 1/1/20
(b)
25,200
Total cost of work in process
207,500
(f)
Work in process 12/31/20
(c)
13,800
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On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces
of bread toasters. Pete was to sell these on consignment at 50% above original
cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had
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spent P2,000. Marion subsequently increased the selling price of the remaining
units to P330 per unit. On January 31, 20x1, Pete remitted P64,980 to Marion
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QUESTION 3
RightWay Transport's common stock currently sells for $39 and its 9.0% convertible debentures (issued at par, or $1,000) sell
for $875. Each debenture can be converted into 20 shares of common stock at any time before 2028. What is the conversion
value of the bond? Do not round your intermediate calculations.
$875
$832
$900
$780
QUESTION 4
Longstreet Inc. has fixed operating costs of $300,000, variable costs of $2.40 per unit produced, and it
product sells for $3.90 per unit. What is the company's break-even point, i.e., at what unit sales volum
would income equal costs?
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Travis International has a debt payment of $2.24 million that it must make 4 years from today. The company does not want to come up with
the entire amount at that time, so it plans to make equal monthly deposits into an account starting 1 month from now to fund this liability. If
the company can eam a return of 4.83 percent compounded monthly, how much must it deposit each month?
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x Quiz Two (5 jo 3 ázá
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خدمات التعلم الإلكتروني
SQU E-LEARNING SYSTEM (ACADEMI
Managerial Accounting - Sprin
Quiz Two / Quiz Two / ACCT2121_yasserg_Spring21 / l sés / iy
الوقت المتبقي E0:28
Under which costing system non-manufacturing costs may be included in calculating product
?costs
None of the given answers .a O
Activity based costing system only .b O
.Variable costing system only .c O
„Absorption costing and Variable costing systems d O
Absorption costing system only .e O
XYZ has two production departments, Forming and Finishing. The company uses a job-order
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