Hello, this is only multiple choice
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22.
The realization concept states that revenue is recorded when *   
it has been earned and realized or realizable. *   
all the associated costs have been paid in cash. *   
it has been received in cash.
23.
Carlita's 2014 return on sales percentage is _______.


25%    
16.67%
15%
10٪؜

24.
The next seven questions are based on Panjim Trading Company's cash T-account for 2015.

Based on Panjim's 2015 cash T-account, which one of the following statements must be true?


 
During 2015, Panjim's total merchandise sales were $60,000. *   
During 2015, Panjim's total merchandise purchases were $44,000. *   
During 2015, Panjim issued $75,000 of debt. *   
Panjim did not record any tax expense for 2015.

25.
Complete the following sentence: The Conservatism Concept directs an entity to consider recognizing a liability when it is __________________. *   
absolutely certain economic resources may be sacrificed in the future
*   
remotely possible economic resources may be sacrificed in the future *   
reasonably possible economic resources may be sacrificed in the future *   
reasonably certain economic resources may be sacrificed in the future
26.
Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:
* August 5, 2015: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them. * August 27, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.
* September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

On August 5, 2015, which one of the following accounting entries, related to the $1,000 deposit paid to the supplier for the planters, should be recorded in Turnadot's financial accounting system? *   
Debit the current asset 'advances to suppliers' $1,000; credit cash $1,000 *   
Debit inventory $1,000; credit cash $1,000 *   
Debit cost of goods sold $4,000; credit cash $1,000; credit accounts payable $3,000 *   
Debit cost of goods sold $1,000; credit revenues $1,000
27.
Turnadot & Sons is a small wholesaler of decorative cast iron objects. The following events, related to a special customer order, occur as described below:
* August 5, 2015: Turnadot receives the special order for 200 outdoor planters at a selling price of $50 each, including delivery at a future convenient time and location. The customer, with whom Turnadot has had a long-term, trouble-free relationship, pays $3,000 as a deposit and agrees to pay the rest on delivery. Turnadot immediately orders $4,000 worth of planters from its supplier and pays a $1,000 deposit for them.
* August 27, 2015: Turnadot pays $3,000 balance due to the supplier upon delivery of the planters to its warehouse.
* September 5, 2015: The customer calls for delivery of the planters, and pays the balance of $7,000 when they arrive at the customer site.

On September 5, 2015, when the planters are delivered and the balance of $7,000 due from the customer is collected, which one of the following journal entries best reflects the full economic impact of the special order on Turnadot's financial condition? *   
Dr. Cash 7,000, Cr. Revenues 7,000   and
*   Dr. COGS 4,000, Cr. Inventory 4,000 *   
Dr. Cash 7,000, Cr. Revenues 7,000   and
*   Dr. Inventory 4,000, Cr. COGS 4,000 *   
Dr. Cash 7,000, Dr. Advances from customers (liability) 3,000, Cr. Revenues 10,000   and
*   Dr. COGS 4,000, Cr. Inventory 4,000 28.
Panjim's 2015 cash flow from investing activities is


a net outflow of $7,000.    
a net inflow of $3,000.    
a net inflow of $7,000.    
a net outflow of $3,000.

9.
Carlita began 2014 with a taxes payable account balance of $3,000. On December 31, 2014, its taxes payable account balance is $7,000. How much did Carlita pay to the tax authorities during the year?


$2,000    
$6,000    
$4,000
Can not answer

30.
The next six questions refer to Carlita Company's 2014 Income Statement.

Carlita's 2014 gross margin percentage is _______.


50%    
33%
30%
25%

31.
On its June 30, 2015, balance sheet, Barrows Corporation has total assets of $100,000, current liabilities of $40,000, and owners' equity of $60,000.

Which one of the following statements must be true on June 30, 2015? *   
It has current assets of $40,000 *   
It has no long-term liabilities *   
It has a cash balance of $40,000 raised through short-term debt *   
None of the above
32.
Jackie's Crafts is a successful retailer of fabric by the yard and other sewing supplies. If Jackie were to shut down the store, the bolts of fabrics and the bins of lace and trim, inventory valued at $20,000, on average, at any point in time, would have to be sold for about 10% of that value. But, Jackie's accountant does not feel the need to reduce the value of the inventory on the books.

This is a reflection of the _______ concept. *   
consistency *   
materiality *   
historical cost *   
going-concern
33.
Lucky Lee, a video-game store in New York city, purchases a game machine directly from Taiwan for $30,000. In the U.S., the same machine will probably cost at least $36,000. Pick the most appropriate accounting action for Lucky Lee. *   
Record the machine at $36,000 *   
Record the machine at $30,000 *   
Record the machine for [($30,000+$36,000)/2] = $33,000 *   
Have the machine examined by an independent appraiser and record it at the appraised value
35. To be recorded as an asset, an item must meet four specific conditions. Three of them are: it must have been acquired at measurable cost, it must be obtained or controlled by the entity, and it must have been obtained or controlled in a past transaction.

Which one of the following is the fourth condition? *   
The item must have a measurable resale value *   
It must be expected to have future economic benefits *   
It must have been fully paid for *   
The entity must have a legal document confirming ownership of the item
37.
Neura Pharma, Inc. has purchased a drug patent with a remaining useful life of 13 years. How should this new asset be classified? *   
A current tangible asset *   
A non-current tangible asset *   
A non-current intangible asset *   
A current intangible asset
38.
On January 1, 2015, Jon Sports has a bond payable of $200,000. During 2015, it pays off $20,000 of the outstanding bond principal and issues a new $70,000 bond. There are no other transactions related to the bond payable account.

What is Jon Sports' December 31, 2015, bond payable balance? *   
A debit balance of $250,000 *   
A credit balance of $150,000 *   
A debit balance of $150,000 *   
A credit balance of $250,000
40.
Which one of the following is an item of owners' equity? *   
Bank loan *   
Suppliers' monetary claims *   
Prepaid expenses *   
Earnings generated by the entity

inbound taxation questions

True / False Questions

1. Service revenue is sourced based on the location in which such services are rendered.
2. Income tax treaties can generally only result in an increase in the amount of U.S. tax due.
3. The purpose of the foreign tax credit is to reduce international double taxation.
4. Under present law, a trust is considered a US person only if a US court has primary supervision over the trust’s administration and US persons have the authority to control all substantial decisions of the trust.
5. Fixed or determinable, annual or periodical income from foreign sources is subject to Internal Revenue Code section’s 1441 and 1442.

1. What is the relationship between price elasticity of demand and total revenue?

2.You are the manager of a theater. At present the theater charges the same admission price of $8 to all customers, regardless of age. You propose a two-tier pricing scheme: $5 for children under the age of 12 and $10 for adults. You tell your supervisor that your proposal is likely to increase revenue. What must be true about the price elasticity of demand if your proposal is to achieve its goal of raising revenue? Explain your answer.

3. If pilots and flight attendants agree to wage and benefit reductions in the wake of the financial difficulties in the airline industry, what impact would this have on the supply and demand in the market for airline service, assuming no other changes take place in this market?

Use your own words to explain， thank you.

1. Which source of hospital revenue was zero prior to 1965?

            [A]       Private health insurance

            [B]       Out of pocket payments

            [C]       Medicare

2. In the United States, our health care system allows those with high incomes to purchase better quality care and medical services. What is an example of a way socialized health care systems allow citizens to purchase improved care?       

            [A]       “Los Privados”, a Cuban service of private physicians.

[B]       Medical tourism, where wealthy patients come to the US to get better and faster treatments

            [C]       A tax for decreased surrey wait time in France, known as “Impôt sur la santé”.

            [D]       3 tiers of varying coverage levels for Canadians.

            [D]       Government

1- For a perfectly competitive firm, marginal revenue:

is less than price.

is equal to price.

decreases as the firm increases output.

is greater than price.

2-Which of the following are characteristics of a monopoly market structure?

In a monopoly,

there is only one firm in the industry.

no close substitutes are available.

firm(s) have little to no price-setting power.

there are low barriers to entry into the market.

3-You own a small deli that sells sandwiches, salads, and soup. Which factor is an implicit cost of the business?

bread, meat, and vegetables used to produce the items on your menu

the job offer you did not accept at a local catering service

wages paid to part-time employees

your monthly utility bill

1. Using the simplex method, maximize revenue given the following
   1. R = 40q + 20z
   2. q + z ≤ 50
   3. 15q + 20z ≤ 200
   4. q,z ≥ 0

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

b. The vertical analysis indicates that the cost of goods sold as a percent of sales   by 5 percentage points, while selling expenses   by 2 percentage points, and administrative expenses   by 1 percentage points. Thus, net income as a percent of sales   by 2 percentage points.

discuss Section 351 of the Internal Revenue Code.   Your    discussion should include the purpose of the section, the effect of the receipt of "boot", basis, and collateral problems of incorporating a going business.

What revenue model does Uber Use? What about a company that makes printers?

Analysts expect that under new management the firm could increase it revenue and operating expenses by 12% next year 10%and the following year 7%. Analysts believe the marginal cost to be 6%, the Wacc 8% and the tax to be 20%.