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Accounting help please

Stan Sewell paid $50,000 for a franchise that entitled him to market software programs in the countries o the European Union. Sewell intended to sell individual franchises for the major language groups of Western Europe - German, French, English, Spanish, and Italian. Naturally, investors considering buying a franchise from Sewell asked to see the financial statements of his business.

Statistics homework

need 4 sections done 1-3 questions each , willing to pay . need help ! statistics assigments 

DeVry NY ACCT 504 Week 4, Midterm Exam 5

1. Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement.

A) True

B) False

2. The matching principle requires that the cost of goods sold be matched against the ending merchandise inventory in order to determine income.

A) True

B) False

3. A company may use more than one inventory costing method concurrently.

A) True

B) False

4. An error that overstates the ending inventory will also cause net income for the period to be overstated.

A) True

B) False

DeVry NY ACCT 504 Week 4, Midterm Exam 4

1. Merchandising businesses that sell to retailers are known as:

a. brokers

b. companies

c. wholesalers

d. service firms.

2. Which of the following companies would be most likely to use a perpetual inventory system?

a. grain company

b. supermarket

c. clothing store

d. jewellery dealer

DeVry NY ACCT 504 Week 4, Midterm Exam 3



1. (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3)

       Management is considered an internal user.

       Present and prospective creditors are considered external users.

       Regulatory authorities such as the SEC are considered internal users.

       Taxing authorities are considered external users.

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