Please do in 1h | Accounting homework help

 

Question 1 (4 points)

Question 1 Saved

All of the following are factors influencing the development of accounting except:

Question 1 options:

A) 

C Standard Setting Process

B) 

Political and legal systems

C) 

Geographic location

D) 

Social and cultural values

Save

Question 2 (4 points)

Question 2 Saved

Disclosed information about a segment includes all of the following traits except for:

Question 2 options:

A) 

Disclosure of the segment assets

B) 

The measure of profit or loss follows a management approach focusing on internal decision making rather than any strict definition of profit used by the enterprise

C) 

Information presented for reportable segments must be reconciled to the respective consolidated amounts for the enterprise as a whole

D) 

Information must be presented in the dominant foreign currency if the majority of the segment’s assets are located outside the U.S.

Save

Question 3 (4 points)

Question 3 Saved

A current rate of exchange between two currencies is known as the:

Question 3 options:

A) 

Spot Rate

B) 

Floating Rate

C) 

Forward Rate

D) 

Average Rate

Save

Question 4 (4 points)

Question 4 Unsaved

Accounting standards relevant to private not-for-profit entities include all of the following except:

Question 4 options:

A) 

FASB 101

B) 

FASB 93

C) 

FASB 116

D) 

FASB 117

Save

Question 5 (4 points)

Question 5 Unsaved

A governmental fund balance that represents potential uses of resources planned for suture period is referred to as:

Question 5 options:

A) 

Encumbered

B) 

Reserved

C) 

Unreserved Undesignated

D) 

Unreserved Designated

Save

Question 6 (4 points)

Question 6 Saved

A foreign currency option represents a(n) _____ to either ____ or _____ some quantity of a particular foreign currency.

Question 6 options:

A) 

Obligation, hold, retain

B) 

Obligation, buy, sell

C) 

Right, sell, buy

D) 

Right, hold, retain

Save

Question 7 (4 points)

Question 7 Saved

The standards issued by the International Accounting Standards Board are known as:

Question 7 options:

A) 

Global Accounting Standards

B) 

General Accepted Accounting Principles

C) 

International Financial Reporting Standards

D) 

IASBs

Save

Question 8 (4 points)

Question 8 Saved

Convergence initiatives of the FASB includes all of the following except:

Question 8 options:

A) 

Rewriting all of GAAP to align with IFRS

B) 

IASB member in residence at the FASB

C) 

FASB monitoring IASB projects

D) 

Joint projects with the IASB

Save

Question 9 (4 points)

Question 9 Saved

The solution available through the bankruptcy code when a troubled corporation is liquidated is known as a ___________ liquidation.

Question 9 options:

A) 

Chapter 11

B) 

Chapter 7

C) 

Chapter 22

D) 

Chapter 13

Save

Question 10 (4 points)

Question 10 Saved

All of the following are purposes of government financial reporting except:

Question 10 options:

A) 

Evaluate efficiency and effectiveness

B) 

Compare actual results with the budget

C) 

Determine the overall profitability of the government entity

D) 

Determine compliance with laws and regulations

Save

Question 11 (4 points)

Question 11 Unsaved

The types of journal entries encountered in government accounting include all of the following except:

Question 11 options:

A) 

Closing entries

B) 

Operating entries

C) 

Accrual entries

D) 

Budgetary entries

Save

Question 12 (4 points)

Question 12 Unsaved

Agency funds are used for all of the following except:

Question 12 options:

A) 

Payroll deductions

B) 

Grants, entitlements, shared revenue

C) 

Tax collections for itself

D) 

Pass-through grants

Save

Question 13 (4 points)

Question 13 Unsaved

A future rate of exchange between two currencies is known as the:

Question 13 options:

A) 

Forward Rate

B) 

Spot Rate

C) 

Floating Rate

D) 

Average Rate

Save

Question 14 (4 points)

Question 14 Unsaved

The solution available through the bankruptcy code when a corporation remains in business through a restructuring of its debt and/or equity is known as a ________ reorganization:

Question 14 options:

A) 

Chapter 7

B) 

Chapter 22

C) 

Chapter 11

D) 

Chapter 13

Save

Question 15 (4 points)

Question 15 Saved

A type of governmental fund that accounts for resources for which the governmental units acts of trustee or agent is a:

Question 15 options:

A) 

Permanent fund

B) 

Proprietary fund

C) 

Fiduciary fund

D) 

Special revenue fund

Save

Question 16 (4 points)

Question 16 Unsaved

Company ABC, a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods was £200,000, and the cost of the goods was $80,000. The receivable is payable in full on 6/10, and Company ABC prepares their financials monthly. Relevant exchanges rates are 5/10 £1 = $1.25, 5/31 £1 = $1.30, and 6/10 £1 = $1.35. Based on this information, what was the amount booked to cost of goods sold by Company D on 5/10?

Question 16 options:

A) 

$80,000

B) 

$100,000

C) 

$200,000

D) 

£100,000

Save

Question 17 (4 points)

Question 17 Unsaved

Company ABC, a domestic entity, sold goods to a British company on 5/10 with the transaction denominated in Pounds. The sales price of the goods was £200,000, and the cost of the goods was $80,000. The receivable is payable in full on 6/10, and Company D prepares their financials monthly. Relevant exchanges rates are 5/10 £1 = $1.30, 5/31 £1 = $1.25, and 6/10 £1 = $1.35. Based on this information, how much would accounts receivable need to be revalued by on 5/31?

Question 17 options:

A) 

$10,000 decrease

B) 

$0

C) 

$10,000 increase

D) 

$4,000 decrease

Save

Question 18 (4 points)

Question 18 Unsaved

Company F is a foreign subsidiary of a domestic company and Company F’s functional currency is the Euro. On Company F’s financials at the end of the year 2017, they reported €50,000 in inventory. If the spot rate on 1/1/17 was €1 = $1.15, the spot rate on 12/31/17 was €1 $1.06, and the weighted average rate for the full year 2017 was €1 = $1.10, how much is the translated balance of inventory in U.S. $ at year-end?

Question 18 options:

A) 

$50,000

B) 

$53,000

C) 

$57,500

D) 

$55,000

Save

Question 19 (4 points)

Question 19 Unsaved

Company F is a foreign subsidiary of a domestic company and Company F’s functional currency is the Euro. On Company F’s financials at the end of the year 2017, they reported €150,000 in cost of goods sold. If the spot rate on 1/1/17 was €1 = $1.12, the spot rate on 12/31/17 was €1 $1.18, and the weighted average rate for the full year 2017 was €1 = $1.02, how much is the translated balance of cost of goods sold in U.S. $ at year-end?

Question 19 options:

A) 

$153,000

B) 

$150,000

C) 

$168,000

D) 

$177,000

Save

Question 20 (4 points)

Question 20 Unsaved

Company F is a foreign subsidiary of a domestic company and Company F’s functional currency is the Euro. The total U.S. $ Translated balances of total assets per the trial balance at year-end but prior to closing entries is $700,000, liabilities is $200,000, equity is $400,000, and net income adds up to $150,000. The amount to be entered into Accumulated Translation Adjustment will be:

Question 20 options:

A) 

$50,000 debit

B) 

$100,000 credit

C) 

$100,000 debit

D) 

$50,000 credit

Save

Question 21 (4 points)

Question 21 Unsaved

Lydia, James, and Lola form a partnership where each partner will have an equal share to start. Lydia contributes $60,000 in cash, James contributes $60,000 in equipment, and Lola contributes $20,000 in cash and bring to the table expertise that the partners agree is worth $40,000, and choose to account for the value of this expertise using the goodwill method. Immediately after formation, Lola’s capital account would reflect a balance of:

Question 21 options:

A) 

$60,000 credit

B) 

$20,000 credit

C) 

$45,000 credit

D) 

$20,000 debit

Save

Question 22 (4 points)

Question 22 Unsaved

Lydia, James, and Lola’s partnership calls for the following allocation of income: James and Lola are to receive lump sum salary payments of $25,000 each, Lydia and Lola are to receive interest of 5% of their ending capital balances, if there’s a profit James is to receive a bonus equal to 10% of the profit, and any remaining income is to be split between Lydia, James, and Lola 40%, 20%, and 40% respectively. Lydia, James, and Lola’s ending capital balances were $100,000, $50,000, and $150,000 respectively. If there was a partnership net profit of $500,000, how much was allocated to James in total?

Question 22 options:

A) 

$157,000

B) 

$152,500

C) 

$160,000

D) 

$175,000

Save

Question 23 (4 points)

Question 23 Unsaved

Lydia, James, and Lola’s partnership calls for the following allocation of income: James and Lola are to receive lump sum salary payments of $25,000 each, Lydia and Lola are to receive interest of 5% of their ending capital balances, if there’s a profit James is to receive a bonus equal to 10% of the profit, and any remaining income is to be split between Lydia, James, and Lola 40%, 20%, and 40% respectively. Lydia, James, and Lola’s ending capital balances were $100,000, $50,000, and $150,000 respectively. If there was a partnership net loss of <$100,000>, how much was allocated to or <from> James in total?

Question 23 options:

A) 

<$15,500>

B) 

$25,000

C) 

$500

D) 

<$7,500>

Save

Question 24 (4 points)

Question 24 Unsaved

Lydia, James, and Lola are in a partnership together and each have capital balances of $250,000. A new partner, Shawn, pays James $200,000 directly for 100% of his interest in the new partnership, replacing him in the partnership. The journal entry on the books of the partnership to account for this transaction would be:

Question 24 options:

A) 

Debit Capital-James $250,000; Credit Capital-Shawn $250,000

B) 

No entry is made on the partnership’s books as the transaction was made directly between James and Shawn

C) 

Debit Capital-James $200,000, Debit Cash $50,000; Credit Capital-Shawn $250,000

D) 

Debit Cash $250,000; Credit Capital-Shawn $250,000

Save

Question 25 (4 points)

Question 25 Unsaved

Lydia, James, Lola, and Shawn are in a partnership together and have a combined capital balance of $700,000. A new partner, Carol pays the partnership $300,000 directly for a 1/5 interest in the new partnership. The partnership chooses the goodwill method to existing partners to account for this transaction and will allocate any increase in implied value evenly amongst the existing partners. The journal entry on the books of the partnership to account for this transaction would be:

Question 25 options:

A) 

Debit Cash $300,000, Debit Goodwill $500,000; Credit each of the existing partner’s capital accounts $125,000 each, Credit Capital-Carol $300,000

B) 

A Debit Cash $300,000, Debit Goodwill $400,000; Credit each of the existing partner’s capital accounts $100,000 each, Credit Capital-Carol $300,000

C) 

Debit Goodwill $400,000, Debit Cash $800,000; Credit each of the existing partner’s capital accounts $200,000 each, Credit Capital-Carol $400,000

D) 

Debit Goodwill $300,000, Debit Cash $800,000; Credit each of the existing partner’s capital accounts $200,000 each, Credit Capital-Carol $300,000

Save
 

Punctual Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.