Accounting question and answers for December 08, 2023
- Q Fielder Co. follows the practice of valuing its inventory at the lower-of-cost-or-market
- Q What is a general ledger? A collection of accounts A chronological record of all transactions of a business A collection of all balance sheets for a...
- Q Two common subgroups for liabilities on a classified balance sheet are: Question 8 options: Current liabilities and intangible liabilities. Present liabilities and operating liabilities....
- Q Which of the following represent a common categorization of control activities? Authorization controls, control over human error, information-processing controls, physical controls, and segregation of duties. ...
- Q Both statistical and nonstatistical sampling allows auditors to Blank______. Multiple select question. estimate population projected misstatement quantify sampling risk for the chosen sample ...
- Q ABC Company is considering paying golf membership dues for its sales employees. The employees use the golf membership more than50% for business purposes. The club dues________. Question...
- Q Depreciation of rental property is considered: A standard deduction Part of real estate taxes None of the answers is correct A capital expense
- Q Question: XYZ Ltd.s current financial statement shows a deduction for $26,000 of legal and accounting expenses. This amount consists of the following items: $6,000 of legal expenses related...
- Q A data dictionary: Group of answer choices Is a book defining computer terms Is a reference document describing how accounting data are collected Is usually a...
- Q Corey and abbey have 2 dependent children andrew and kelly, and they will file their 2023 federal tax return as married filing joint. Corey is 38 and abby...
- Q 1. Inventory turnover is calculated as __________ divided by __________. a. cost of goods sold; inventory b. cost of goods sold; average...
- Q Barb, Ken, and Gary have parnership capital accout balances of $150000,$300000 and $700000, respectively. The income-sharing ratio is Barb, 50%, Ken, 40%; and Gary,10%. Barb desires to...
- Q Using the data in brief exercise 6-3,repeat requirement(1)using least squares regression(using any spreadsheet software).Is units produced a reliable basis for estimating processing cost?
- Q When preparing the statement of owner's equity, the beginning capital balance can always be found Question 18 options: in the Income Statement columns of the...
- Q Assume that the amount realized increased so that the building was sold at a $6,000 gain instead. What is the amount and character of Buckleys gains or losses...
- Q What amount should Company B report as net cash flow from financing activities in the Year 2 Statement of Cash Flow, assuming no other transaction(s)/(a)ccounts? ...
- Q Overallocated manufacturing overhead results when Question 31 options: actual overhead is less than expected. estimated overhead is less than actual overhead. actual overhead is...
- Q Nabil made $8,000 in after-tax contributions to his employer's qualified plan. In 2023, before he retired, he received a nonperiodic distribution of $18,000 from his account. His account...
- Q you are considering two campaigns. You know from experience that the first option will generate aprxox 40000 in additional revenue at a cost of 7000 with a contribution...
- Q "Independence" in auditing means Question 38Select one: a. maintaining an indirect financial interest. b. not being financially dependent...
- Q If the selling price per unit can be increased, what will be the effect on the break-even point? multiple choice The break-even point will decrease....
- Q L'entreprise Joujou inc. fabrique deux types de jouets en bois: un ensemble de trains et des pantins. L'ensemble de trains requiert 20.00 $ de MP,0.5h de MOD et...
- Q Liam, age 54, received the following Form 1099-R. What amount, if any, will he need to pay as an additional tax on early distributions? $0 $100 $200 $400...
- Q The post-closing trial balance differs from the adjusted trial balance in that it does not Question 13 options: take into account closing entries....
- Q Barney, Betty, and Rubble are partners in a business that is in the process of liquidation. On January 1,2025, the books show the balances indicated: Assets ...
- Q A company has 800 comma 000 shares issued and outstanding of $1 par common stock. After a 2minusforminus1 stock split, which of the following statements is FALSE? ...
- Q If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2023 if he has earned income of $18,100?...
- Q he principle of revenue recognition results in: a. Recording revenue in the income statement. b. Recording realized revenue when it is earned. c. Measuring relevant and reliable information...
- Q For a manufacturer, the cost of all materials purchases and on hand to be used in the manufacturing process is: merchandise inventory Finished goods Work in progress Raw...
- Q A too-flexible credit policy can result in lost sales to more accommodating competitors. Select answer from the options below True False
- Q Tiago makes three models of camera lens. Its product mix and contribution margin per unit follow: Percentage of Unit SalesContribution Margin per UnitLens A26%$ 38Lens...
- Q a method of depreciation for infrastructure assets that allows the expensing of all maintenance costs each year instead of computing depreciation is called A. Government-wide depreciation. ...
- Q 1967 Test Market Expense Erosion of Jello Profits Allocation of Overhead Charge for Using Existing Capacity
- Q the tax year of a partmership terminates for all partners when
- Q Barb, Ken, and Gary have parnership capital accout balances of $150000,$300000 and $700000, respectively. The income-sharing ratio is Barb, 50%, Ken, 40%; and Gary,10%. Barb desires to...
- Q Income that is measured after the adjustment for the cost of capital is called: Income that is measured after the adjustment for the cost of capital is called:...
- Q Earnings per share is an important disclosure because it uses net income. it forces common and preferred shareholders to read the financial statements. it provides information...
- Q What is the tax treatment of Canadian sociaCanadian social security benefits are: Not taxable in the United States. Taxed as a pension using the general rule. Taxed as a...
- Q On June 30,20X1, Apex Equipment signed a contract to provide Fresh start packaging with a precision labeling system for a price of $120,000.
- Q Using the acquisition method, which of the following costs incurred in bringing about a business combination accounted for as a purchase should enter into determining the net income of...
- Q the following selected accounts of the Shaw Company have unadjusted balances as of December 31, the end of the fiscal year: Prepaid advertising $1,200 Wages expense 43,800 ...
- Q Limited Resources Maria Pajet, a regional sales representative for UniTec Systems, Inc., has been working about 80 hours per week calling on a total of 123 regular customers...
- Q Same as Problem 1 except that instead of the 40 P shares of common voting stock and $60 of cash, Abby received 100 P shares of nonvoting preferred...
- Q Bankruptcy Risk and Z-Score Analysis Following are selected ratios for Tesla for two recent fiscal years. Note: Complete the entire question in Excel and...
- Q Alan has the following capital gains and losses during the current year: Short-term capital loss $(4,000) Collectibles gain 3,000 Long-term capital gain 8,000 Alan's capital gain/loss position for...
- Q A candy factory's employees work overtime to finish an order that is sold on February 28. THe office sends a statement to the customer in early March and...
- Q Sold merchandise to a customer on credit for $6,400, terms 2/15, n/60. The items sold had a cost of $2,050.
- Q Julie paid a day care center to watch her two-year old son while she worked as a computer programmer for a local start-up company. Julie paid $4,500...
- Q Questions: 1. Biome Startup, Inc. (BS) is dedicated to improving the worlds soil health one farm at a time. BS implements AI technology in the science of...
- Q According to the Contract to Buy and Sell Real Estate, which of the following statements does NOT apply to the seller carrying back a loan?0 A.The seller may...
- Q December 31 On December 31, wages of $600 are owed to a part-time employee for work done over the past 3 weeks. Those wages are not yet paid...
- Q A company reports the following amounts at the end of the current year: Sales revenue $ 860,000 Selling expense...
- Q Mohammed is a financial analyst at GreenTech Manufacturing. He is reviewing the company's Statement of Financial Position to prepare for an upcoming audit. One of his tasks is...
- Q Janitorial costs incurred to clean equipment, costs to pay a crew to test new equipment for a day to ensure it was working properly , costs to install...
- Q Sarahs employer has a group term life insurance policy that provides death benefits of $65,000. Sarah is 63 years old. What amount would be added to Sarahs Box...
- Q What percent tax on foreign earnings held offshore in cash accounts was imposed by new U.S. federal tax law in 2018? A.20.5 B.5.525.510.5 E.15.5
- Q An internal auditors role with respect to operating objectives and goals includes A.Developing and implementing control procedures. B.Accomplishing desired operating program results....
- Q A $9,900 debit to the owenr's withdrawals account was debited to the owner's capital account. Answer 2 Question 1
- Q Which of the following taxpayers may potentially quality for the Retirement Savings Contributions Credit (Saver's Credit)?(Assume that all are over the age of 18, not clalmed as a...
- Q The Blank______ life of a plant asset is the length of time it is productively used in a company's operations Multiple choice question. total ...
- Q Which item would appear last on a production cost report? Question content area bottom Part 1 A. Ending WIP Inventory, if any...
- Q Problem Corp owns 70% of Solution Inc. Problem uses the equity method to account for its investment in Solution. Show all work and label all numbers....
- Q Washington State Fisheries, Incorporated, processes salmon for various distributors. Two departments, processing and packaging, are involved. Data relating to tons of salmon sent to the processing department during May...
- Q Which of the following actions is likely to reduce the risk of violating transfer pricing regulations? The organization sells inventory to an overseas subsidiary at...
- Q Watermelon Company had cash sales of $4500. This amount is before considering sales taxes. The sales tax rate is 10.4%. What amount is debited to the Cash account?...
- Q adler company issued 725000,3%20 years bonds
- Q Taxpayers can file a Form 1040 if they file using which of the following: Multiple Choice Married filing jointly. Married filing separately. Head...
- Q McElroy, Incorporated produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufacturing costs in...
- Q How does a company determine the fair value of a foreign currency forward contract? How does it determine the fair value of an option? How are changes in...
- Q "In March, Bob Dean invested 20,000 and landscaping services for the golf course for $10,000. These transactions were recorded to establish the business and...
- Q Pernell Company reported LIFO reserves of $150,000 and $100,000 in Year 2 and Year 1, respectively. The company utilized the FIFO assumption for internal purposes. Based on this...
- Q Employer-paid premiums for long term disability (LTD) offered only to the President of the company are considered: Question 7 options: a non-taxable...
- Q Which of the following bear ultimate accountability for the accuracy and integrity of a publicly traded corporation's financial statements? Group of answer choices The audit committee ...
- Q A client comes to you discussing the sale of their vacation home. They purchased the property in 2005 and have used it for personal vacations. They are hoping...
- Q Classify each company transaction to its type of cash flow activity: . Repurchase of common stock with cash Question 9 options: ...
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