Accounting question and answers for December 08, 2023
- Q Maria is not married. Her son, Diego, lived with her all year. To clalm the filing status of head of household, Marla must: Live in the U.S. more...
- Q Cash disbursements that have been recorded in the company's accounting records but are not yet recorded by the bank are called Multiple choice question. electronic funds transfers....
- Q question e1.8(lo 3) assumptions, principles, and constraint
- Q Instead of taking a physical inventory count on the balance sheet date, the client may take physical counts prior to the year-end if internal control is adequate and:...
- Q The gross profit method estimates the cost of ending inventory by applying the gross profit ratio to net sales (at retail). Group startsTrue or False
- Q which of the following statements about tax qualified, long-term care insurance policies is not correct A. Physical impairment requirements do not have to be...
- Q Kingery Corporation has current assets of $1,800,000 and current liabilities of $750,000. If they issue $150,000 of new stock, what will their new current ratio be?(rounded) ...
- Q On January 1, Eagle Corporation (a calendar year taxpayer) has accumulated E & P of $300,000. During the year, Eagle incurs a net loss of $420,000 from operations...
- Q HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two production departments (advertising and sales). The distribution of each service departments efforts (in percentages)...
- Q The University of Cincinnati Center for Business Analytics is an outreach center that collaborates with industry partners on applied research and continuing education in business analytics. One of...
- Q Intraperiod income tax presentation is primarily a matter of: Multiple Choice Allocation. Periodicity. Going concern. Valuation.
- Q In 2020, XYZ Company purchased a drill press for $92,500. Over the next three years, XYZ depreciated $57,800 through MACRS depreciation. In addition, XYZ modified this drill press...
- Q Angela (23 years old) is claimed as a dependent on her mothers tax return. She could continue to be claimed as a qualifying dependent child even if ...
- Q Which of the following is not a liability? Multiple Choice Current portion of long-term debt The unused portion of a line of...
- Q Normally one of the first documents to be signed, an NDA determine what confidential information, if any, is or is not to be disclosed to parties outside of the...
- Q Indicate whether the following assets are capital assets. a. Inventory b. Real estate used in a business c. ...
- Q Which of the following ratios is also known as acid test? Which of the following ratios is also known as acid test? Debt Ratio Quick Ratio...
- Q Question Content Area Accumulated Depreciation a. is a contra asset account b. is used to show the amount of cost expiration of intangibles ...
- Q Which of the following is not eligible for bonus depreciation when pertaining to rental property? Appliances purchased for tenant use Furniture used in the rental office ...
- Q Jake, the sole shareholder of Peach Corporation (a C corporation), has the corporation pay him $100,000. For income tax purposes, Jake would prefer to have the payment treated...
- Q The cash flow from operating activities decreases when Multiple Choice accounts receivables decrease. interest expense increases. dividends increase. depreciation increases. fixed assets are sold.
- Q aser Resources produces and sells laser components and accessories. All materials are added at the beginning of the process. It has compiled the following information regarding its physical units...
- Q The matching principle requires that expenses be recognized: Multiple Choice when the costs are paid by the entity. in the same period in which the revenue generated by...
- Q P5-2(Algo) Preparing a Statement of Stockholders' Equity LO5-3At the end of the prior annual reporting period, Barnard Corporation's balance sheet showed the following:BARNARD CORPORATIONBalance SheetAt December 31, Prior...
- Q When a primary risk related to an audit is possible overstated inventory, the assertion most directly related is: Multiple Choice Completeness. Presentation. ...
- Q 90) Which of the following subsequent expenditures would be capitalized? Group of answer choices C) Routine maintenance. D) Ordinary repair and...
- Q If a hotel sells room nights for $88 with a $22 variable cost per room and incurs $17,800 in fixed expenses monthly. What is the breakeven point in...
- Q solve the following: The Perry Company was started by a group of investors on January 1,20X0, when the balance sheet was made up of total assets of...
- Q The biggest weakness of the direct write-off method for Accounts Receivable is that it: Is based on estimates. Violates the matching principle. ...
- Q 5) Why might a company have a high current ratio but a low quick ratio (acid test ratio)?
- Q Fair Market, Inc. purchased land, a warehouse, and a delivery truck for $450,000. The appraised values for the items are $300,000, $150,000 and $50,000, respectively. ...
- Q The bank will show a customer's withdrawal as a Blank______. Multiple choice question. credit, because a withdrawal increases its liability from the bank's point of...
- Q Dollar amounts are assigned to goods sold and goods remaining in ending inventory by making an assumption regarding what? Multiple choice question. How units of goods and...
- Q Question content area top Part 1 Which of the following is an example of a period cost for a manufacturing company? Question content area bottom...
- Q A company experienced an event that caused total assets and liabilities to decrease and a cash outflow to appear on the statement of cash flows. This event could...
- Q 24. St. John Hospital retains Walsh and Associates, an accounting firm, to handle its audit functions. Some of its functions include access to PHI. Which of the following...
- Q Make two assumptions. Assumption-1: the 600 jobs during the prior week required just over 600 hours of courier time. So assume that each job requires...
- Q On 11??5x co. had accumulated earnings and profits of $50,000. During 20x5,x co. had current earnings and profits from operations of $70,000 and made the following...
- Q You have been engaged to prepare the 2023 tax return for Yellow Dog Landscaping and Nursery. Yellow Dog provides you with their trial balance (a document that provides...
- Q Fixed costs that are not traceable to the segments and would remain even if one of the segments was eliminated are called: Group of answer choices common fixed...
- Q Proprietary funds are A. Funds used to account for the activities of a government that are carried out primarily to provide free services. B....
- Q David contributed $350,000 to a simple irrevocable trust and paid $11,000 of gift tax at the time of the transfer. David named his grandson, Hal, as the income...
- Q Which of the following is NOT a characteristic of a good BPMN model? Multiple choice question. Complies with BPMN standards Clearly describes the logic of...
- Q Which of the following distributions is eligible for rollover treatment? A deemed distribution from a 401(k) plan. One of a series of substantially equal periodic...
- Q The business entity assumption means that a business is accounted for separately from other business entities and its owner(s). Group startsTrue or False
- Q Sarah has a 20-year-old daughter who is not a full-time student and earns $12,000 a year. Can Sarah claim her daughter as a dependent
- Q Chasity is 20, has a full-time job, and supports herself. Her brother, William, age 22, has decided to go back to college. He moved in with Chasity and...
- Q Atlas Corporation sells 100 bicycles during a month at a price of $500 per unit. The variable expenses amount to $300 per bicycle. How much does profit increase...
- Q how would a sale of 400 of inventory on credit affect the balance sheet if the cost of the inventory sold was 160
- Q Which of the following is the best audit procedure for the discovery of damaged merchandise in a clients ending inventory? Multiple Choice Observe...
- 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 Which of the following is true about the auditors' observation of the client's physical inventory? Multiple Choice The auditors should supervise the client's personnel. ...
- Q Which of the following describes independence in appearance? O ability to act with objectivity O making a decision free from bias O belief that independence has been achieved O...
- Q What percentage of medical insurance premium payments could potentially be deductible by self-employed taxpayers as a deduction for adjusted gross income on their 2023 tax returns?
- Q 8. The cash-to-cash cycle is an example of business process integration and includes 3 processes: Group of answer choices sales, manufacturing, accounting sales, procurement,...
- Q Riley is not married. Her son, Sam, lived with her all year. To claim the filing status of Head of Househould, Riley must: A) Live in the...
- Q Cash equivalents: Multiple Choice Include accounts receivable. Are short-term, highly liquid investment assets. Include 5-year certificates of deposit. Are recorded...
- Q Which of the following is not a commonly used benchmark to determine materiality? Total Revenue Total Liabilities Net Assets Income before...
- Q under a perpetual inventory system the aquisition of mechanical for
- Q According to Diedericks and Botha, which of these characteristics are required to promote a culture of self-assessment and good governance? Proper record keeping ...
- Q When financial statements are used by shareholders and investors to evaluate the performance of a companys top executives it is referred to as the _____________ function of financial...
- Q Jul. 7: Purchased 40% of the stock of Bentley Backpacks consisting of 52 comma 000 shares of stock(out of a total of 130 comma 000shares) for $ 12...
- Q FIFO is the inventory tracking method in QuickBooks Online.
- Q Jason Allen, M.D., keeps his accounting records on a cash basis. In 2026, Dr. Allen collected $400000 from his patients. At December 31,2025, Dr. Allen had...
- Q Variable costing is sometimes called __________ costing. a. profitability b. direct c. absorption d. differential ...
- Q Question Content Area_____ is reported as a current asset on balance sheet. a. Operating income b. Cost of goods sold c. Accounts...
- Q KRS Co. sells food for $120. If KRS was located in the District of Columbis the amount of sales tax collected would be
- Q A taxpayer who receives a Schedule K-1(Form 1120-S) typically:Is the beneficiary of a decedent's estate.
- Q Historically, auditing standards have been organized into three categories, including Question content area bottom Part 1 A. responsibilities of...
- Q your client jess is interested in trading her home in a 1031 exchange. What should you tell jess? a 1031 exchange can take place when business or investment...
- Q One of your former classmates, a CPA, is suspended from practice before the IRS for violations of Circular 230. Under Circular 230, may you hire that former classmate...
- Q a small delivery truck was purchased on January 1 at cost of 15000. it has a n estmated useful life of 4 years and an estimated salvage value...
- Q At January 1,2024, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $21,000 beginning...
- Q 2. Which of the following statements is true about process costing? a. It has elements of both job order costing and prime costing. ...
- Q Substantive procedures include analytical procedures and tests of details that are part of the auditors' procedures. (Enter only one word per blank.)
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