Accounting question and answers for December 06, 2023
- Q What is the difference between owners equity and owners drawings?
- Q Which of the following accounts should be closed at the end of the fiscal year?Group of answer choicesService RevenueEquipmentPrepaid InsuranceUnearned Rent
- Q What is the amount of the common fixed expense not traceable to the individual divisions?
- Q The maximum lifetime learning credit a taxpayer can receive as a credit is 2,000 per tax return. Is this true?
- Q the ledger of howard rental agency
- Q Cane Company manufactures two products called Alpha and Beta that sell for $185 and $120, respectively. Each product uses only one type of raw material that costs $5...
- Q Florida does not impose an individual income tax how is it impacted by the TCA limitation on state tax deductions what is its state tax deduction limited state tax...
- Q Production budget Healthy Habits Inc. produces a Bath version and a Gym version of its popular electronic scale. The anticipated unit sales for the scales by sales region...
- Q One of the primary benefits of using FIFO when inventory costs are rising is that it results in greater tax savings. Group startsTrue or False True, unselectedFalse,...
- Q Unlike traditional methods of setting an audit plan, risk-based auditing begins by
- Q For a particular property, which of the following would be the smallest?
- Q The bonds are issued at discount, the liability reported in balance sheet will increase each year during the term to maturity, but how about the impacts on assets or...
- Q Question Content Area The use of the lower-of-cost-or-market method of inventory valuation increases net income for the period in which the inventory replacement price declined. ...
- Q which type of accountant typically practices as an individual or as a member of a public accounting firm
- Q Which of the following is being fulfilled when management compares the budget to actual results? Question 1 options: Adjusting Directing Planning Controlling
- Q The Glenn Sales Corporation uses the perpetual inventory system. On January 1, Glenn had 2,600 units of product B with a unit cost of $40 per unit....
- Q What is the basis of gifted property used to calculate gain if the fair market value (FMV) of the gift on the date of the gift is less...
- Q AQ1. Why is only one of the fuzzy matches in the first match a likely match and not the remaining ones?
- Q comparing the current year gross margin with the prior year gross margin to determine if cost of sales is reasonable during an audit would be a type of
- Q Under what circumstances may an unenrolled taper represent a client before the internal revenue service
- Q product costs include direct materials direct labor and selling cost true or false
- Q A law firm that serves multiple clients on a variety of cases would use job-order costing.
- Q rue or False. A partial liquidation looks to the SHAREHOLDER'S contraction in percentage ownership to determine whether the shareholder gets dividend or sale or exchange treatment. TRUE FALSE
- Q If auditors determine the client has committed an illegal act, they would be most likely to withdraw from the engagement when the:
- Q The 'internal business process' category of the balanced scorecard assesses what?
- Q Assue is margin ordinary nesbusine sap, his marginal FICA rate on employeecompensations his i po ta tate is 2.9 percent, and any employarcompensation or self-employment income he receives...
- Q Connar Company reports the following accounts and balances at year end: Long-Term Notes Payable $150,000 Accounts Receivable $30,000 Accounts Payable $37,000 ...
- Q which of the following is not true about closing entries? all real accounts are closed at the end of the period the closing entries are dated the last day...
- Q Considering the histogram, are you surprised by its shape where there are observations on both extremes, but none in the middle? Why would some states have zero sales tax,...
- Q Will taxpayer receive a 750 refund from the earned income tax credit?
- Q Which statement best describes the national association of insurance commissioners model audit rule? the MAR incorporates certain GEO independence rules. The MAR indicates rules that apply to both auditors...
- Q Which of the following is used to caculate the tax due when a taxpayer's only investment income is from capital gain disttibutions from a mutual fund?
- Q Allison will pay how much tax on her qualified dividends and capital gains? $0 $50 $67 $94 ...
- Q What is purchases less cost of items withdrawn for personal use?
- Q Linda received workers' compensation due to an injury on the job. When Linda files her tax return, her workers' compensation income will be:
- Q During a liquidation, capital ________ means that at least one partner has a debit balance in his or her capital account at the point of final cash distribution....
- Q which of the following statements regarding T accounts are true?
- Q If a firm uses absorption costing, fixed manufacturing overhead will be included
- Q A mixed cost
- Q What accounting assumption supports the use of a fiscial year
- Q what vehicle record provides evidence of a deductible expense for a taxpayer using actual expense method
- Q Which of the following is not an indicator that revenue for a service can be recognized over time? Multiple Choice The seller has significant experience with...
- Q 2. Which of the following is reported on both a multiple-step income statement and a single-step income statement? a. Gross profit b....
- Q Manufacturing or The wages of the factorys janitorial staff are considered manufacturing overhead costs. costs are classified into three basic elements: Direct Materials, Direct Labor, and Manufacturing...
- Q Wilderness guide services inc performs adjusting entries every month but closes its accounts only at year end
- Q A. Accounting estimates are not considered sufficient and appropriate documentation B. Sufficient and appropriate documentation should include evidence that the audit working...
- Q equirement 2. Maury does not like the idea of sharing the costs equally because he plans to stay in the room rather than ski. Maury suggests that each...
- Q Overhead allocation based solely on a measure of volume such as direct labor-hours
- Q When estimating accounts receivable bad debts, the aging of accounts receivable method focuses on
- Q kubins company relevant range of production is 30,000 to 35,000 units.
- Q The bookkeeper for Dole Yard Service made a number of errors in journalizing and posting as described below: 1. A debit posting to accounts receivable for $500...
- Q Crane corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $486,000
- Q Sage Hill Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred...
- Q What is the ultimate goal of tax planning?
- Q which if the following is not an essential part of the accounting records? journal
- Q Te sale of land would appear on the statement of cash flows as an
- Q Manufacturing or production costs are classified into three basic elements: Direct Materials, Direct Labor, and Manufacturing Overhead.
- Q Taking on balances is a process of replicating the closing balances of the company in the old system as the opening balances in the new system. Select one:...
- Q Which of the following assertions would an auditor most likely be LEAST concerned with when auditing fixed assets?
- Q Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected...
- Q How are individual taxpayers' investment expenses and investment interest expense treated for tax purposes?
- Q The sales budget is the most important budget. Do you agree or disagree? Explain your answer.
- Q On December 31, Roth Co. issued a $10,000 face value note payable to Wake Co. in exchange for services rendered to Roth. The note, made at usual trade...
- Q when examining bozeman balance sheet and operating statement, what is the conclusion of their financial health
- Q On JuneJune 30,20252025, Maple BankMapleBank Bank loaned $ 80 comma 000$80,000 to Perry ConstructionPerryConstruction on...
- Q how accrual accounting affects the presentation of accounts receivables?
- Q Under the rules of apportionment of liability, how much can the plaintiff collect from each defendant?
- Q Question Content Area Income from continuing operations is a. increases in equity resulting from transactions other than owner investment or those that produce revenue. ...
- Q The St. JohnSt. John Company manufactures and sells pens. Currently, 5 comma 000 comma 0005,000,000 units are sold per year at $ 0.50$0.50 per unit. Fixed costs are$...
- Q Which of the following statements is true regarding the formula Y = a + bx? Multiple Choice Y = The estimated total fixed manufacturing...
- Q A long-term capital gain (or loss) occurs when we sell an asset that we owned for more than one year.
- Q Jennifer Jones is a 60-percent owner of JJ LLC (taxed as a partnership). She is a passive investor in JJ (she doesn't perform any work for JJ). Which...
- Q As part of the objective of general-purpose financial reporting, there is an emphasis on "Assessing cash flow prospects." Under International Financial Reporting Standards (IFRS) this is...
- Q responsible for the recordkeeping part of the accounting system- perhaps payroll, accounts payable, and accounts receivable
- Q Which of the following best explains the meaning of total stockholders equity?
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