Chapter 9 Test Accounting Answers


  • LO1 Distinguish among service, retail merchandising, and wholesale merchandising businesses. LO2 Identify differences between a sole proprietorship and a corporation. LO3 Explain the relationship between a subsidiary ledger and a controlling...
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  • LO8 Record cash payments using a cash payments journal. LO9 Record replenishment of a petty cash fund. LO10 Post cash payments to an accounts payable ledger and a general ledger. Study Quizlet Below..
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  • Chapter Accounting for Intercorporate Investments pg. Let us imagine an exam and discuss those approaches. Consider that the test has an answer key. The answer key is the scan-tron with the perfect maze of dark ovals; and, it is the scantron against which all the rest are compared. If there is a duplicate answer key, then someone has merely proven that it is possible to decode the information encrypted therein and shared among an elite group. Enough small talk, so in this scenario the exam will feature 48 questions, each with four choices. It would not be the same without real questions, so I am going to select five from an old exam. This is Econ , in case you are curious. Advanced accounting 3rd chapter 9 answers Kindly analyse and guide me how many marks i need in tier 2 keeping in mind SC category. Need 1 more info,,suppose not got enough to crack iti then what are the chances fr next pref i. After competion of an exam we'll give you a detailed analysis of what you did right and wrong.
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  • We'll show you how many questions you answered correctly, the average time you spent on each question, and more! With our charting system you can see exactly how good you did on each topic related to your exam. You can also view each question individually, see the correct answer of the question, and some questions will give you a detailed explanation on why that answer is correct. Build a Solid Downline, this is a form of Opt in list also.
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  • I will give you a list of some that I have good results to fair results with…but still remember to investigate and look for some that may work for you. It is important that the candidate consider searching for different tips online since many success stories are raveled there and a candidate could easily get tips to help them through bank po recruitment IBPS PO exam attracts a large number of candidates and one should never consider the number of vacancies but should rather consider the competition for those vacancies. Common written examinations have been adopted by many departments of the government and banks as this helps them identify only the very best candidates after the bank PO recruitment The risk of further penalties was one of the reasons RBS failed to meet the hurdle set by the Bank as it awaits a penalty from the US for mortgage bond mis-selling before the crisis.
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  • Aminoglycosides are notorious for causing ATN, which can be precipitated by other underlying conditions such as advanced age, volume depletion, diabetes mellitus, or pre-existing renal disease. Some of the most common aminoglycosides that can cause ATN are streptomycin, tobramycin, and gentamycin. These medications are toxic to the proximal convoluted tubule of the nephron of the kidney. ATN caused by aminoglycosides will usually occur days after the administration of the antibiotic. Im my case and in my experienced as a kid before I studied my elementary in Public and suddenly I moved to an exlusive schools private.. In public its almost free,and lots of activities,like outdoor sports etc Questions about atomic radii. This is where you NEED to know the trend.
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  • The smaller elements are in the upper right corner while the largest are in the bottom left corner. Ions are tricky, this is where you need to compare the amount of protons in the atom and the amount of electrons. If an atom has more protons than electrons, then the nucleus is more effective at pulling electrons in, making it smaller. Advanced accounting 3e hopkins test bank United States.
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  • Glencoe Accounting Chapter 9 Answers See the estimate, review home details, and search for homes nearby. A math book is 3. Answer: Rose checks her loan paperwork and sees that this is the regular monthly repayment. Finish Simulation, Authentic Threads. Framework revisions, incorporated with the National Common Core Standards, will be available in the school year.
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  • We will be able to…. In joining the circle to a straight line, start and finish as shown by the dotted lines. Quality bookseller with free shipping that donates a book for every book sold. Download century 21 accounting 8e answer key Kindl Read Online suzuki an a burgman s Download hyundai accent owners manual Audio CD; Read Online engineering science n3 memorandum apri Februar 71 Januar 73 36 Dezember Our book servers spans in multiple countries, allowing you to get the most less latency time to download any of our books like this one. Adapted Jan. Lessons primarily consist of an audio lecture with related key terms below. Chapter 15 — Financial Statements for a Corporation.
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  • Trade receivables occur when two companies trade or exchange notes receivables. Other receivables include nontrade receivables such as loans to company officers. Both accounts receivable and notes receivable represent claims that are expected to be collected in cash. Receivables are valued and reported in the balance sheet at their gross amount less any sales returns and allowances and less any cash discounts. The three primary accounting problems with accounts receivable are: 1 recognizing, 2 depreciating, and 3 disposing 4. Multiple Choice Questions 6. Which of the following receivables would not be classified as an "other receivable"? Advance to an employee b. Refundable income tax c. Notes receivable d. Interest receivable Notes or accounts receivables that result from sales transactions are often called a. The term "receivables" refers to a.
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  • This message will auto close in 5 seconds Didn't find yours? Get plagiarism-free solution within 48 hours Review Please Next Previous Recent Questions in Financial Accounting Why might a firm choose to use an external service provider to host its public Web site? What is m-commerce and what are some of the new business opportunities associated with it? Research the company Alibaba. Posted 1 hour ago Define the term subsystem. Give an example of a business subsystem, and identify some subsystems with which it relates. What are the seven key elements of a system, and what role does each element play in describing a system? Posted 1 hour ago Provide evidence to support the following statement: The growth of e-business is due to both business and technological innovations. Provide an argument to either support or refute the following statement: In B2B applications, the customer holds the Posted 1 hour ago Use the 7Cs framework described at the end of this chapter to evaluate the public Web sites of two competitors.
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  • Based on your analyses, what improvements could these companies make to the design of their Web sites? Posted 1 hour ago What is one of the ways that the dot-com meltdown in the United States during the early s What is one of the ways that the dot-com meltdown in the United States during the early s influenced the growth of e-business in this country? Why might a business choose to participate in a social networking site such as Facebook? Posted 1 hour ago What happens at the point where two systems interact? Explain the first two principles of systems analysis and design. Define the term business process reengineering, and describe its importance for IS work.
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  • Posted 1 hour ago Choose three traditional firms within the same industry that sell similar products or services to consumers. Based on their public Web sites, compare and contrast how effective these companies are in developing a multichannel capability. Posted 1 hour ago Analyze how candidates in a current political election appear to be leveraging the Internet as part. Analyze how candidates in a current political election appear to be leveraging the Internet as part of their campaigns, or not. Define the term system. Give an example of a business system and use a context diagram to show its boundary, environment, Posted 1 hour ago Describe how the existence of or lack of state laws in the United States has been a barrier or a catalyst to online sales.
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  • Oslo Corporation has two products in its ending inventory, each accounted for at the lower of cost or net realizable value. At what amount per unit should product WSC be reported, applying lowerof-cost-or-net realizable value? At what amount per unit should product NLC be reported, applying lowerof-cost-or-net realizable value? Robust Inc. What is the lower-of-cost-or-net realizable value for product 66? What is the lower-of-cost-or-net realizable inventory value for Packit? Inventories: Additional Valuation Issues 9 - 13 What is the lower-of-cost-or-net realizable inventory value for Acer Top? Rios, Inc. In , Rios, Inc. The company used the loss method in to record the necessary adjustment and uses an allowance account to reduce inventory to NRV. In , market conditions have improved dramatically and Rios, Inc. Which of the following will Rios, Inc. Dub Dairy produces milk to sell to local and national ice cream producers. No gain is reported until the milk is sold.
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  • Braum Dairy produces milk to sell to local and national ice cream producers. Inventories: Additional Valuation Issues 9 - 15 These llamas will be sheared semiannually and their wool sold to specialty clothing manufacturers. The acquisition included 3, units of product LF, and 7, units of product 1B. If Turner sells 1, units of LF, what amount of gross profit should it recognize? The acquisition included 3, units of product CF, and 7, units of product 3B. If Robertson sells 1, units of CF, what amount of gross profit should it recognize? Confectioners, a chain of candy stores, purchases its candy in bulk from its suppliers. Using the relative standalone sales value method, what is the cost per item in group 1? Inventories: Additional Valuation Issues 9 - 17 Using the relative standalone sales value method, what is the cost per item in group 2?
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  • Using the relative standalone sales value method, what is the cost per item in group 3? During the current fiscal year, Jeremiah Corp. What is the journal entry at the end of the current fiscal year? No journal entry is required. During the prior fiscal year, Jeremiah Corp. Assume that the purchase commitment was properly recorded. What is the journal entry to record the purchase? Of the following journal entries, the one which would properly reflect in the effect of the commitment of Larue Co. Cocoa Inventory Unrealized Holding Loss No entry would be necessary in In , AJ should recognize a. The following information is available for October for Barton Company. Using the gross profit method, the estimated ending inventory destroyed by fire is a. Inventories: Additional Valuation Issues Use the following information for questions and The cost of goods sold for the month of June is anticipated to be a.
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  • Merchandise purchases for July are anticipated to be a. On January 1, , the merchandise inventory of Glaus, Inc. What is the merchandise inventory of Glaus at December 31, ? What was the amount of the ending inventory? On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. What is the gross profit as a percentage of cost? Not enough information is provided to determine. Inventories: Additional Valuation Issues 9 - 21 Gamma Ray Corp. What is the dollar amount of the gross profit? On October 31, a fire destroyed PH Inc. Dicer uses the conventional retail method to determine its ending inventory at cost. What is the ending inventory value at cost? Boxer Inc. Barker Pet supply uses the conventional retail method to determine its ending inventory at cost.
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  • Crane Sales Company uses the retail inventory method to value its merchandise inventory. The following data concerning the retail inventory method are taken from the financial records of Welch Company.
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  • Krishna, Sandeep and Karim are partners sharing profits in the ratio of Their fixed capitals are: Krishan Rs. Record adjustment entry. Their fixed capitals on which interest was to be allowed throughout were: Leela Rs. Define Partnership Deed. Answer A partnership deed is a agreement among the partners which contains ai! It generally contains the details about all the aspects affecting the relationship between the partners including the objective of business, contribution of capita! Question 2. Why it is considered desirable to make the partnership agreement in writing? Answer As. Question 3. Why is Profit and Loss Adjustment Account prepared? Answer Profit and loss adjustment account is prepared to record those transaction or omissions and errors which were left while preparing the final accounts and they are found after the final accounts have been prepared and the profits distributed among the partners.
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  • There may also be some changes in the provisions of partnership deed or system of accountings having impact with retrospective effect. All these acts of omission and commission need adjustments for correction of their impact. Question 5. Give two circumstances under which the fixed capitals of partners may change. Answer Under the fixed capital method the capital of partners may change in the following two circumstances i First, when fresh capital is introduced by the partner with the consent of other partners. Question 6. If a fixed amount is withdrawn on the first day of every quarter, for what period the interest on total amount withdrawn will be calculated?
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  • Answer When fixed amount of money is withdrawn quarterly, it can be withdrawn either at the beginning or at the end of each quarter, if the amount is withdrawn at the end of each quarter, the interest is calculated on the total money withdrawn during the period of seven and half months. Question 7. Long Answer Type Questions Question 1. What is partnership? What are its chief characteristics? Answer According to the Section 4 of the Partnership Act, Partnership is an agreement between two or more persons who have agreed to share profits or losses of a business that will be carried by all or any one of them acting for all. The following are the important characteristics of partnership i Two or More Persons In order to form partnership, there should be at least two person coming together for a common goal In other words, the minimum number of partners in a firm can be two.
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  • There is however, a limit on their maximum number, if a firm is engaged in the banking business, it can have a maximum of ten partners while in case of any other business, the maximum number of partners can be twenty. It generally contains the details about all the aspects affecting the relationship between the partners including the objective of business, contribution of capital by each partner, ratio in which the profits and the losses will be shared by the partners and entitlement of partners to interest on capital, interest on loan, etc. Partnership in case of illegal business is not valid.
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  • Question 4. Illustrate how interest on drawings will be calculated under various situations. The interest charged by the firm on the amount of drawings is termed as interest on drawings. The method of calculating interest on drawings depends on the information available for time and frequency of the drawings made by the partner.
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  • The following different situations of drawings made illustrate the calculation of interest charged on drawings. Situation II When information regarding amount, rate of interest on drawings is given Case I Sometimes amount and rate of interest on drawings per annum is given but date is not mentioned in this case when the details regarding the amount of drawings and rate of interest on drawings pa is given but the date of drawings is not given then interest will be charged on average basis and the period of drawings will be taken as 6 months Case II Sometimes the amount and rate of is interest on drawings is given but the date and per anum rate of interest is not mentioned. In this case when the date and the rate of interest aim given but per annum is not specified, then annual interest is charged. Situation III When a fixed amount is withdrawn at regular interval Case I Sometimes a fixed amount is withdrawn at the beginning of each month and the rate of interest is given then the interest is calculated for 6 5 months.
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Gst Exam Questions And Answers Pdf

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