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More Multiple choice. Accounting help please!?

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More Multiple choice. Accounting help please!?

Postby orlondo100 » Mon Dec 12, 2011 10:07 am

14. A company issued check #123 for $795 to J. Johnson on account. The check which cleared the bank was incorrectly journalized and posted by Williams Co for $759. During the bank reconcilement, the error connection would be:
A. deducted from the book balance
B. added to the book balance
C. added to the bank balance
D. deducted from the bank balance

15. During a period of steadily rising prices, the inventory pricing method that results in reporting the lowest net income is:
A. specific invoice pricing
B. average cost
C. weighted average cost
D. FIFO
E. LIFO

16. An example of an accelerated depreciation method is:
A. straight line
B. double declining balance
C. units of production
D. depletion

17. Which of the following is an example of an intangible asset:
A. patents
B. goodwill
C. copyrights
D. All of the above
orlondo100
 
Posts: 48
Joined: Fri Apr 01, 2011 7:01 am

More Multiple choice. Accounting help please!?

Postby celeste » Mon Dec 12, 2011 10:10 am

14 A. deducted from the book balance?? not positive on this one
15 LIFO method
16 double declining balance method (DDB).
17 D. All of the above
celeste
 
Posts: 49
Joined: Sat Apr 02, 2011 5:01 am


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