Accounting question and answers for December 08, 2023
- Q A client recently purchased rental property and paid $3,000 in legal fees during the purchase. These expenses are: Immediately deductible as rental expenses Not deductible...
- Q Chuck owns two rental condominium units, which he bought about 13 years ago. He acquired the first one on Blaine Avenue for $126,000, and its UCC at the...
- Q Accounting principles require that inventory be reported at the market value (cost) of replacing inventory when cost is lower than market value. Group startsTrue or False
- Q An ________ is an act the auditor performs during the course of an audit to comply with auditing standards. Question 45Select one: ...
- Q A merchandising company's inventory consists of a. Raw materials b. Work in progress c. Items for resale d. None of the above
- Q 1. A business may need to estimate its amount of inventory except when a. perpetual inventory records are not maintained. b. a...
- Q A long-term note is treated as "boot." Thus, the note received could trigger gain for Eve. True False
- Q Triad Children's Center (TCC), a non-profit organization, uses relevant cost analysis to determine whether new services are desirable. TCC is looking at adding a new educational program for...
- Q Highest Inventory Amount for the Balance Sheet: LIFO results in the highest ending inventory amount at $125,000. Highest Cost of Goods Sold for the Income Statement:...
- Q Which of the following is a misappropriation of assets? An employee of a consumer electronics store steals 12 iPads. Classifying inventory held for...
- Q The following 6 items are from separate contractual agreements.Indicate which of the following requirements of a valid contract is addressed in each of the items: (1) commercial substance,...
- Q [LO 6]Sports Inc. understated 2021 ending inventory by $20,000. What effect, if any, will this error have on Sports Inc. 2021 net income?...
- Q The largest audit, tax, and professional services accounting firms, referred to as The Big 4, include the following:* Deloitte Touche Tohmatsu Limited (Deloitte)* PricewaterhouseCoopers (PwC)* Ernst & Young...
- Q Levin Furniture buys a living room set with a $4,900 list price and a 50% trade discount. Freight (FOB shipping point) of $45 is not part of...
- Q Gross Profit is Multiple choice question. Revenue minus Expenses. Revenue minus Inventory. Beginning Inventory plus Purchases minus Ending Inventory. Net Sales Revenue minus Cost...
- Q The 10%%, $10,900,000 par value bonds were converted into $1,090,000 shares of $1 par value common stock on July 1,2025. On July 1, there was $57,000 of unamortized...
- Q h. XYZ Company declared a 2% stock dividend on common stock ($3 par).(Pretend there are 10,000 shares of common stock outstanding and that the current market value of...
- Q Partnerships can request up to a six-month extension by filing IRS Form 7004 prior to the original due date of the partnership return. true or false
- Q The Monty Inc. offers credit customers the following repayment terms: 6/12, n/30. On June 1,2021, Monty sold merchandise at a price of $70,000. The customer paid 60% on...
- Q If auditors conclude the company did not maintain effective ICFR over the period under audit it would mean the auditors. discoverad lan __intheclients ICFR. ...
- Q Which of the following best explains the matching principle? Revenues should be recognized when earned. Revenue recognition is matched with cash. ...
- Q Which of the following is a link among the financial statements? Answer Unselected Net Income from the balance sheet to the income statement Unselected Ending...
- Q The carrying value of equipment on 01 January 2024(the start of the financial year) was R600000. Equipment, with a cost price of R180000 and updated...
- Q A fiA firm normally sells a medical device for $1,000. To keep a customer happy, they sell them one for $700 in cash upfront. Which entry should they...
- Q Consider each of the following scenarios for Bunsen Suppliers Company: The common practice of Bunsen Suppliers is to obtain a written sales agreement. When an Anson Store...
- Q Mallard Company's total debit column is $27,000 on its trial balance. The remainder of the trial balance shows Accounts Payable of $3,000, Service Revenue of $20,000, and Notes...
- Q 8. Identifying alternative accounting treatments: A new restaurant is opening in one month, and the manager will be holding a one-week intensive training session...
- Q What is the definition of fixed costs? Question 19 Answer a. Costs that remain unchanged with volume sold b. Costs directly...
- Q A not for not profit hospital spent 40,000 on medical equipment. This amount was received as restricted gift for this purpose.
- Q Notes to the financial statements typically contain all the following except Multiple Choice managements discussion and analysis. disclosure of important subsequent events. a summary of significant...
- Q Question 1(6 points) Moyas Corporation sells a single product for $20 per unit. Last year, the company's sales revenue was $275,000 and its...
- Q A 180-day, 9% note for $64,000 dated May 21 is received from a customer on account. The maturity value of the note is (assume 360 days in a...
- Q JJs Hardware Store sells most of its merchandise on credit to customers. Recently JJs has been having difficulty maintaining their minimum cash balance, and have started offering incentives...
- Q 5. What do you think is a better idea: (a) paying a percentage of your monthly balance, or(b) paying a fixed amount each month? Why? [Answer]
- Q Social Security and Medicare are paid for by which of the following taxes? Group of answer choices Property Sales Payroll Luxury
- Q Knowledge Check 01 The measure of how sensitive net operating income is to a given percentage change in volume sales is called _________blank. ...
- Q Case Study 1.4 Accounting Standards Update No.2022-03, Fair value measurement of equity securities to contractual sales restrictions, was issued in June 2022 a. Read the...
- Q Craig is a car salesman and is paid solely by commission. On July 15,2021, he is paid $3,400.00 in commission. There are 146 days between this payment and...
- Q Which one of the following could qualify a self-employed individual to deduct expenses for business use of the home? a) The home is used exclusively but not regularly...
- Q What transactions are described by the over-the-counter market? Question content area bottom Part 1 A. transactions that involve the purchase and sale...
- Q The AU ratio measures the bank's ability to __________ and the PM ratio measures the bank's ability to __________________. Group of answer choices generate income...
- Q The recommended Internet browser for QuickBooks Online is:
- Q Which of the following is not a common form of a responsibility center? a) Cost Center. b) Investment Center ...
- Q Closing Entries with Net Loss Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May...
- Q Please help need this asap will upvote Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined...
- Q 14. For the following researchable question, identify two additional questions that might arise as the researcher digs deeper into the research topic. Assume that a...
- Q Payroll CANNOT be done in QuickBooks Online without a paid subscription. ...
- Q Jeong Company incurs both fixed and variable production costs. Assuming that production is within the relevant range, if volume goes up by20%, then the total costs would ...
- Q Variable costing reports for each product (product profitability analysis) are often used for deciding a. whether to discontinue a product. b. product...
- Q W-4, has one job, and whose adjusted wage amount is $713 is $GO:08:43Question 27: Based on the wage-bracket method, the federal income tax withholding for an employee who...
- Q Based on the income statements created in Questions 1, create aforecasted income statement on the worksheet Q2_Pro-forma IS for2022. Assume that:1) Each income statement item remains in the...
- Q Basu received a letter from the IRS that gave him the choice of1. paying a proposed deficiency or2. filing a petition with the U.S. Tax Court. Basu received...
- Q Land O'Lakes is considering dropping the sliced pepper jack product. Land O'Lakes total fixed costs would decrease by $1,225,000. Given the information presented below, please fill out the...
- Q a. Who is liable for additional taxes on a joint return? A. Both spouses are liable for additional taxes on a joint return without any...
- Q managers strive for an accounting system thaat offers maximum benefits at a minimum cost, know as a good cost/benefit relationship true or false
- Q Which of the following is an expected advantage of implementing IFRS? Question 12Select one: a. Increased comparability b. ...
- Q Sarah and Brian, a married couple, own several rental homes and wish to organize a business entity in which all the rental properties will be transferred. In other words,...
- Q unemployment compensation is taxable
- Q Show me the steps to solve Problem 8-63 Part d (Algo) d. Henrich has $197,000 of taxable income, which includes $50,800 of long-term capital gain that...
- Q Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff, Incorporated, in exchange for $6,652,000 in cash.
- Q Which of the following is an example of revenue? Cash received as a result of a bank loan Cash received from investors from the sale of common stock Cash...
- Q As the new manager of a local fitness club, Fitness -for - All, you have been studying the club's financial data. You would like to determine how the...
- Q Which of the following causes a permanent difference between taxable income and pretax accounting income? A. The installment method used for sales of property. ...
- Q The cost of implementing and maintaining an activity-based costing system Blank______ the benefits received. Multiple choice question. will always be less than ...
- Q Why does a company voluntarily choose LIFO approach that reduces reported income and total assets when prices rise? Group of answer choices It leads to lower income tax...
- Q In calculating cost per equivalent unit, the FIFO method of process costing merges the work and the costs of the beginning inventory with the work and the costs...
- Q C3.2(LO 5) Groupwork (Earnings Management) Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2022,...
- Q Christine Corporation manufactures baseball uniforms and uses budgeted machine-hours to allocate variable manufacturing overhead. The following information pertains to the company's manufacturing overhead data: Budgeted output units is...
- Q Toonit, Inc., a May 31 fiscal year-end S corporation, files an S corporation termination on September 1,2024. Toonit will no longer be treated as an S corporation on:...
- Q xyz corp was orginally fomed in 2016 as c cor. in 2018 it became an s corp. which of the following account on schedule m-2 of its form...
- Q Taxpayers should keep ___________________________ if their material participation in an event might be questioned. Contemporaneous daily time reports, logs, or similar documents Checkbook...
- Q Mia Connie industries sells specialized mountain bikes, each specialized bike purchased includes free maintenance service for 12 months. The price of the specialized bike is 19 $1900. Once...
- Q Scenario 5: Benjamin and Amelia Hopkins Benjamin and Amelia Hopkins have been married since 2016. Benjamin is a US citizen with a valid Social Security number. Amelia...
- Q The tax law refers to gross income, yet the term gross income is not found on Form 1040. Explain
- Q It is important for an auditor to understand a public companys system of internal control in order to: audit internal control over financial reporting. make...
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