Accounting question and answers for December 08, 2023
- Q What would be an advantage of having all countries adopt and follow the same accounting standards a) Comparability and lower preparation costs b) Comparability ...
- Q Which of the following is true concerning any account? The identification of which side is debit or credit depends upon the type of account. ...
- Q 1. Which inventory method results in the highest net income during periods of rising prices? a. LIFO b. Weighted average ...
- Q Unearned fees appear on the Question 12 options: balance sheet in the current assets section. balance sheet as a current liability. balance sheet...
- Q Which of the following items cannot be expensed under Section 179 or bonus depreciation in the same year they are purchased? Land purchases Appliances ...
- Q Issuing a notes payable is a(n) Blank______ transaction.
- Q Mark for follow up Question 9 of 15. Which of the follo teps should a tax preparer take when assisting with an ITIN application? Complete Form...
- Q The following items are taken from the adjusted trial balance of Westley Company for the month ending July 31,2027: Accounts payable Accounts receivable Accumulated depreciation -...
- Q You work as an associate for a PCAOB-registered public accounting firm. You are assigned to the Vintage Wineries (VW) audit engagement for the year-ended December 31,...
- Q K is employed by X Ltd., a Canadian private corporation, and also owns 6% of Xs common shares. In 2023, K borrowed $40,000 from X and used the...
- Q Caitlyn is a self-employed fitness trainer who had net earnings from self-employment of $53,500. She paid $525 per month for health insurance over the entire last year. Caitlyn...
- Q Which of the following events will not appear in the cash flows from financing activities section of the statement of cash flow? Group of answer choices Cash repayment...
- Q Companies can use _______blank analysis to predict income based on various changes in fixed or variable costs, selling price and volume. multiple choice income sales CVP...
- Q Opportunity costs are usually relevant in relevant cost analysis, but not always. Select one: True False
- Q Which statement concerning liabilities is untrue?The absolute value of liquidity ratios is usually more important than their trend over time. Leverage is the use of borrowed funds in an...
- Q Complete the following: invoice date goods received terms last day of discount period final day a bill is due july 283/10 eom
- Q solve the following: 1/1/X0 Unearned rent revenue = $4,500; 12/31/X0 Unearned rent revenue = $4,000; 1/1/X0 Prepaid rent = $3,000; 12/31/XO Prepaid rent = ...
- Q The balance sheet is a permanent record used to: Question 4Select one: a. record expenses to be paid in the future ...
- Q Which of the following describes the effect of recording the procession expense at the end of the period? A. Net income decreases and total assets remain and...
- Q Which of the following is not included in the Red Flags Rules definition of creditor? Group of answer choices Advances funds...
- Q A self-employed individual uses their home office exclusively and solely for business purposes. Which form do they file to claim depreciation as part of their home-office expense deductions?...
- Q A sixteen (16) year-old minor works and makes $6,500 during the year on their job and wishes to file a return to collect their withholdings. Are...
- Q Progress:15/25 items Question Content Area Under a periodic inventory system a. a physical inventory is taken at the end of the period...
- Q Prepare a memo to document your understanding of Alpine Cupcakes envvironment and provide your assessment of Garcia and Foster's audit risk. Describe the specific risks for Alpine Cupcakes, explain...
- Q Which of the following individuals would meet the relationship test for being a qualifying child of the taxpayer? Multiple select question. Niece (younger than the taxpayer)...
- Q Revenues would not result from the ____ Sale of merchandise Rental of property performance of service Issuance of common stock
- Q Key Inventory Valuation Techniques 3.1. FIFO (First-In, First-Out) Method 3.2. LIFO (Last-In, First-Out) Method 3.3. Weighted Average Cost Method
- Q Which is true about how royalties are reported? Royalties are not taxable Companies generally report royalty income through the W-2 form Companies generally...
- Q Pawxie Vibe company has sales of 22,200 units and the following per-unit financial information: Revenue $ 7.00 Variable Costs $ 1.75 ...
- Q How would a purchase $800 of inventory on credit affect the income statement? Select one: a. It would decrease net income...
- Q A(n) difference in cash occurs when a company records a transaction either before or after the bank records the same transaction. (Enter only one...
- Q How are expenses typically recorded with debits and credits? A credit, representing an increase in equity A credit, representing a reduction in assets A debit, representing an increase...
- Q Sandhill manufacturing incurs the follwing unit manufacturing cost in producing its sport ear buds variable costs: 50 fixed costs: 25 A special order for...
- Q The degree of operating leverage is calculated as: Group of answer choices Break-Even Sales / Variable Cost Ratio Total Variable Cost / Sales ...
- Q E5-3(Static) Finding Financial Information: Matching Information Items to Financial Reports LO5-2Following are information items included in various financial reports. Match each information item with the report(s) where it...
- Q Assume that Charlie Company owns 100% of Brown Corporation. Brown reports Stockholders Equity of $400,000. The Equity investment was acquired at book value (i.e., no AAP). Brown sells...
- Q Ted's Sports Center purchased two identical basketballs for resale. One was purchased in June at a cost of $30 and the other was purchased in July at...
- Q An entitys risk assessment process: is designed to help an entity think about risk in the same way that an auditor thinks about risk. is...
- Q Based upon that definition, indicate whether each of the following is a covered member given this situation. BuffCo is an audit client of the Amarillo office of Hinton...
- Q obias has a brokerage account and buys on the margin, which resulted in an interest expense of $20,000 during the year. Income generated through the brokerage account was...
- Q TB MC Qu.9-1 The first caption in most income statements... The first caption in most income statements in annual reports is: Multiple Choice earned revenues....
- Q Which of the following is true about business income? Having self-employment income of $400 or more requires filing a tax return Self-employment tax does...
- Q Which of the following is not possible when recording a transaction? ) stockholders equity decreases and assets decrease, b) stockholders equity increases and assets increase, c) one asset...
- Q Connor Company purchased a life insurance policy on the companys chief executive officer, Fred. After the company had paid $400,000 in premiums, Fred died, and the company collected...
- Q In order to open a Health Savings Account (HSA), a taxpayer must qualify under which category? Multiple Choice An employee (or spouse) who works...
- Q Sebastian purchases two pieces of equipment for $121,000. Appraisals of the equipment indicate that the fair market value of the first piece of equipment is $84,700 and that...
- Q What is the purpose of the Accumulated Depreciation account? multiple choice
- Q The accounts are an accumulation of transactions. debit memorandum stock equity report income statement
- Q Caroline and David file married filing jointly. Caroline receives compensation from her employer, who deducts federal withholding taxes and remits that money to the IRS. David is self-employed...
- Q The following information is extracted from Shelton Corporations accounting records on January 1: Accounts Receivable$67,000Allowance for Doubtful Accounts1,300(credit) During the year, sales...
- Q ALPINE BAGS LTD. INTRODUCTION In this case study, you are a graduate working for W&S Partners, a Canadian accounting firm with offices located in each...
- Q Timewise Manufacturing uses a predetermined manufacturing overhead rate based on direct labor hours to allocate manufacturing overhead to jobs. Selected data about the company's operations follows:Actual manufacturing overhead...
- Q cost flow options, are LIFO, FIFO, and weighted average each available to U.S. companies for financial reporting purposes?? How do they differ and how are they similar? Are...
- Q Suppose Ajax Corporation overstates its ending inventory amount. What effect will this have on the reported amount of cost of goods sold in the year of the error? ...
- Q In December 2023, Adriana collected the December 2023 and January 2024 rent from a tenant. Adriana is a cash basis taxpayer. The amount collected in December 2023 for...
- Q In 2024, Annie is 76 years old and earns $10,000 in income from her part time job. She also withdraws $60,000 from her Roth 401(k). Also,...
- Q all of the following are single at the end of the year. Which one must file a 2024 federal return? 1. Damien (48) single, gross...
- Q Nancy donated an antique desk to her church Nancy paid $800 for the desk six years ago and appraisal of the desk reported that the fair market value...
- Q 2. Since 2005, publicly traded companies in the European Union (EU) have been required to use IFRS in preparing their consolidated financial statements. Required: ...
- Q Bond is Available for Sale. the book value on dec 31,2023 is $120,000 and the fiar vlaue is $123,000. on Dec 31,2024 the book value is $120,000 and...
- Q A $24,000,60-day, 6% note, dated May 1, is received from a customer on account. Assume a 360-day year, the maturity value of the note is ...
- Q Builders builds1,500-square-foot starter tract homes in the fast-growing suburbs of TulsaTulsa. Land and labor are inexpensive, and competition among developers is fierce. The homes...
- Q Assume that the amount realized increased so that the building was sold at a $15,000 gain instead. What is the amount and character of Buckleys gains or losses...
- Q FIFO is the inventory tracking method in QuickBooks Online.
- Q All of the following events are likely to cause a revenue variance at a company, except: A - a strike at a supplier prevents a company from receiving...
- Q Question 4 1 of 1 Why did we include a discussion of recording sales revenue and related sales revenue accounts during the discussion...
- Q Item2 Time Remaining 36 minutes 39 seconds 00:36:39 Item 2 Time Remaining 36 minutes 39 seconds...
- Q If the total costs of 20 units of a product is $20, and the total cost of 21 units is $32
- Q Which of the following error does not impact trial balance agreement? A. Error of principle B. Posting error C. Error of partial ommission ...
- Q Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product...
- Q A company forgot to record depreciation on its equipment at year- end. What is the impact on the financial statements? a.Understand net income, understated asset...
- Q Meyers Window Company introduced a new window design but sales were below expectations. Sales in units last year were 800 units. Variable cost per unit averaged $105.72, the...
- Q You have just joined a firm as an IS Auditor trainee and your first audit job is to audit the Information Technology Department of a small community college...
- Q How are revenues typically recorded with debits and credits? A credit, representing an increase in equity A debit, representing an increase in assets A credit, representing a...
- Q 1. Provide the accounting equation. assets, liabilities, and equity 2.Defineeach of the three individual components of the accounting equation. (Do not just list, but tell...
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