Question: 84 Under normal circumstances, the Work in Process account used in a job costing system: a.

will include charges for direct labor, direct materials, and applied overhead. b. will include only charges for direct materials and applied overhead. The labor is charged to expense as incurred. c. will include charges for direct labor, direct materials, and actual overhead. d. will include only charges for direct labor and direct materials. Question: 85 If a customer pays an invoice twice, the best way to handle the error is: a. Apply the payment to a holding account and don't let the client know unless they ask b. Apply the payment to their account and hold it back in case they decide not to pay future invoices c. Receive the cash and immediately issue a check back to them d. Call the customer and ask them what they would prefer Question: 86 If you want to make sure that your money should remain safe when checks sent are lost in the post, you should: a. cross your checks 'Account Payee only, Not Negotiable' b. not use the postal service in future c. always pay by cash d. always take the money in person Question: 87 Which of the following errors will be disclosed in the preparation of a trial balance? a. Recording transactions in the wrong account. b. Duplication of a transaction in the accounting records. c. Posting only the debit portion of a particular journal entry. d. Recording wrong amount for a transaction to both the account debited and the account credited. Question: 88 Which of the following transactions would have no impact on the stockholders' equity? a. Purchase of land from the proceeds of a bank loan. b. Dividends to stockholders. c. Net loss. d. Investments of cash by stockholders.

This question is based upon the figure shown below

Question: 89 Refer to the given image: Dodd & Co. uses the periodic inventory accounting system. They had the opening inventory of $59,000, the closing inventory of $37,000, and made net purchases of $123,000. Which of the following components should be included in the year-end closing entries prepared by them? a. 1 b. 2 c. 3 d. 4 Question: 90 Which of the following statements is true? a. Cash discounts are used to reduce the invoice price below the stated list price. b. The expression 2/30,n/60.means that a 2% cash discount is available if the invoice is paid within 30 to 60 days. c. Cash discounts may not be used in conjunction with trade discounts. d. Cash discounts normally apply to the invoice price of the merchandise, excluding freight charges. Question: 91 What are the adjustments most common to bank reconciliation? a. Interest earned and bank fees b. Bank errors c. Unidentified transactions d. Checks cleared but not in the accounting system