Questions from College Accounting


Q: 1. As an owner or manager of a business, what

1. As an owner or manager of a business, what questions would you ask to judge the firm’s performance, control operations, make decisions, and plan for the future? 2. Why is financial information impo...

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Q: 1. Why should managers check the amount spent for overtime?

1. Why should managers check the amount spent for overtime? 2. The new controller for CAR Company, a manufacturing firm, has suggested to management that the business change from paying the factory em...

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Q: Why is the use of a Purchases Returns and Allowances account preferred

Why is the use of a Purchases Returns and Allowances account preferred to crediting these transactions to Purchases?

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Q: Contemporary Appliance Center is a retail store that sells a variety of

Contemporary Appliance Center is a retail store that sells a variety of household appliances. The firm operates in a state with no sales tax. Transactions involving purchases and cash payments for the...

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Q: On October 7, 20X1, Peter Chen, Attorney-at

On October 7, 20X1, Peter Chen, Attorney-at-Law, received his September bank statement from First Texas National Bank. Enclosed with the bank statement was a debit memorandum for $118 that covered an...

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Q: On July 31, 20X1, the balance in Northwest Appliances’s checkbook

On July 31, 20X1, the balance in Northwest Appliances’s checkbook and Cash account was $9,318.59. The balance shown on the bank statement on the same date was $10,442.03. NOTES a. The following checks...

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Q: During the bank reconciliation process at Awesome Dudes Moving Corporation on March

During the bank reconciliation process at Awesome Dudes Moving Corporation on March 2, 20X1, the following errors were discovered in the firm’s records. a. The checkbook and the cash payments journal...

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Q: On December 1, 20X1, Sofia Sartori, the accountant for

On December 1, 20X1, Sofia Sartori, the accountant for Classic Appliances, downloaded the company’s November 30, 20X1, bank statement from the bank’s website. The balance shown on the bank statement w...

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Q: The following transactions took place at Grow-Right Garden Center during

The following transactions took place at Grow-Right Garden Center during June 20X1. Grow Right Garden Center uses a perpetual inventory system. Grow-Right Garden Center operates in a state with no sal...

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Q: Alan Johnson works for CAT Commercial Builders, Inc. His pay

Alan Johnson works for CAT Commercial Builders, Inc. His pay rate is $14.00 per hour and he receives overtime pay at one and one-half times his regular hourly rate for any hours worked beyond 40 in a...

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