Accounting question and answers for December 08, 2023
- Q Which of the following general ledger accounts would appear in a sales returns and allowances journal? Multiple Choice Sales Returns and Allowances, Sales Tax Payable, Accounts Receivable...
- Q What is the maximum amount of 179 expense ACW may deduct for 2024?
- Q Which of the following is a temporary account to record the cost of jobs as they are being completed? Manufacturing overhead Work-in-process Cost of...
- Q swifty company has completed all of its operating budgets. The sales budget for the year shows 54,000 units and total sales of $2,430,000.
- Q Levi is the non-custodial parent of his son Samuel who is six which of the following benefits may be available to Levi on his 2024 tax return ...
- Q Knowledge Check 01 Each of the following are classified as a financing activity except: multiple choice payment of short-term debt reissuing...
- Q When job costing is used at a service firm, the bill to the client shows A. the profit on the job. B. the billing rate and hours spent...
- Q In the standard cost formula Y = a + bX, what does the "X" represent?Multiple Choicetotal costtotal fixed costthe level of activityvariable cost per unit
- 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 An investment by the shareholders in a company increases 1.assets only. 2.assets and liabilities. 3.assets and shareholders' equity. 4.liabilities and shareholders' equity....
- Q Which of the following is true of the receivables turnover ratio? Group of answer choices It is used along with the working capital to determine the current ratio...
- Q The party making the promise to pay the promissory note is the a. lender. b. payee. c. maker. d. None of these...
- Q Olongapo Sports Corporation distributes two premium golf ballsFlight Dynamic and Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: ...
- Q Accumulated Depreciation appears on the Question 9 options: balance sheet in the current assets section. balance sheet in the property, plant, and equipment section....
- Q Donnas only employee, who makes $150 per day, was paid on the 28th of March. On March 31st, when adjusting entries are prepared, what will happen to the...
- Q Match the following terms with the best descriptions. Each description is used only once. TERMS 1. Ethics 2. Mission 3. Controlling ...
- Q Question Content Area On July 20,2019, Matt (who files a joint return) purchased 3,000 shares of Orange Corporation stock (the stock is 1244 small business stock)...
- Q What is a benefit of electing qualified joint venture status? a) Both spouses will receive credit for Social Security earnings. b) Passive loss limitations will not apply to...
- Q Taxable income equals O A. gross income less standard deduction. O B. gross income plus interest less standard deduction. O C. gross income less capital gains less itemized...
- Q Aegnir Corp., a multimillion dollar company, disclosed in a footnote that its CEO was charged by the SEC for paying a $25,000 bribe to a government official in...
- Q A client received a $2,000 security deposit from a tenant, part of which was used to cover cleaning expenses after their eviction for property damage. The tax treatment...
- Q Which of the following is/are the problem(s) encountered in financial statement analysis? Question 4Answer a. All of these ...
- Q An auditor has accounted for a sequence of inventory tags and is now going to trace information on a representative number of tags to the inventory summary sheets. Which...
- Q The type of income statement that does not classify items as operating and nonoperating is the Blank______ income statement.Multiple choice question.single-stepoperatingnoncurrentmultiple-step
- Q Revenue and expense accounts at the beginning and end of the accounting period should have which of the following? Question 4 options: A balance of zero...
- Q Motel buildings have a cost recovery period of 27.5 years. True False
- Q Which of the following will decrease a partners basis in a partnership? The partners distributive share of the partnerships text about non-taxable income. Partners liability have been assigned...
- Q determine the amount of tax person would be responsible for paying if their taxable income was $60,432 and their filling status is single.
- Q In 2023 soy in cord 2500 in reimbursed employee business expenses none of the expenses are in impairment related her adjusted gross income was 50,000 and she had...
- Q Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are...
- Q Which of the following statements describing the alternative minimum tax (AMT) is correct? a. Generally, those taxpayers most concerned about being in AMT are low-income...
- Q A taxpayer who receives a Schedule K-1(Form 1041) typically:Is the beneficiary of a decedent's estate.
- Q In 2023, Karl(28) lived with his daughter, Ava (4), his fiancee, Linda (30) and his sister, Alicia (18), for the entire year. Karl's adjusted gross income is $36,555,...
- Q Pharoah Co sells $528,000 of 10% bonds on March 1,2025.
- Q FedEx Corporation reported the following in its annual earnings release. Dollars in millions, except EPS Net income Diluted EPS GAAP measure $497 $1.87 Mark-to-market pension...
- Q When firms dispose of a long-lived asset by selling it before the end of its useful life, the difference between the net book value of the asset and...
- Q Multiple Select Question Select all that apply Identify the examples of good internal controls designed to protect cash received in the mail. Multiple select question. ...
- Q 1967 Test Market Expense Erosion of Jello Profits Allocation of Overhead Charge for Using Existing Capacity
- Q Depreciation is defined as Multiple Choice the fair value of an asset minus the asset's acquisition cost. a systematic expensing of an asset based on the asset's estimated life....
- Q Which of the following inventory costing methods requires the organization to account for the actual cost paid for the unit being sold? A.Last-in-first-Out (LIFO}. ...
- Q True or false; A balance sheet should be dated for a period (such as For the year ended December 31,2006), whereas an income statement should be dated at...
- Q One purpose of the Navigation bar is to provide access to the Sales, Expenses, and Payroll centers. ...
- Q Which of the following statements about depreciation is correct? A. Depreciation is a method of allocating the cost of a tangible asset over its useful life. ...
- Q For the purpose of government wide financial statements. the cost of cleaning up a government owned landfill and closing the landfill O A. Is not recognized until the...
- Q What type of account is the "Allowance for Uncollectible Accounts" account? Select the best choice. Question 11Select one: a. Asset ...
- Q The annual report to shareholdres will be used by a. Analysts b. Shareholders c.Both A and B d. None of the above...
- Q The statement of cash flows classifies cash receipts and payments into the following categories:A. OperatingB. InvestingC. FinancingD. Non-cash investing and financingFor each of the following transactions, use the...
- Q Assume Cale only has income from self-employment for the current year, and he lives in Yukon. In which of the following situations would he be required to make...
- Q Liquidity refers to a company's ability to safeguard its assets from theft. Group startsTrue or False True, unselectedFalse, unselected
- Q Selling and administrative expenses Blank______. Multiple choice question. may be treated as either product or period costs are treated as period costs under...
- Q Pat Buhn is the new owner of Young Co. She has heard about the internal control but is not clear about its importance for her business. Explain...
- Q EA9.- "Paid for inventory purchased on account last month" will have a negative impact on assets and equity. ...
- Q True or false: When goods are sold, the cost of the goods is transferred from the Inventory account to the Cost of Goods Sold account. True false question....
- Q 1. If a service business uses job order costing, __________. a. it groups its customers based on activity and treats each customer group as...
- Q what amount will be reported on Lee's Form 1040, line 2b?
- Q An adjusting entry made due to accruals and deferrals would not include Select one: A. a debit to cash account. B. a debit to...
- Q Classify each company transaction to its type of cash flow activity: Trade of common stock for patent Question 11 options: Financing Activity...
- Q A construction project is expected to take two-and-a-half years to complete. Partial Billings exceeds Construction in Progress. The two accounts are reported together on the balance sheet in...
- Q What is the purpose of the Accumulated Depreciation account?
- Q Question Content Area If inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net...
- Q Cash collections equal beginning cash times sales. True false question. True False
- Q Question 11: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the...
- Q if a vehicle is purchased at the beginning of the financial year and the depreciation rate is 10%, the depreciation amount to be recorded at the end of...
- Q Which of the following must appear on an invoice to a customer? Tick all that apply. A)Customer's name and addressB)VAT number (if registered)C)Total value of the invoice...
- Q You earn $2,000 salary in May, but only deposit your payment in June because you have been out of town. Your net worth will: Question...
- Q What is the qualitative characteristic that independent observers, using the same methods, obtain similar results? Question 26 options: neutral verifiability materiality comparability
- Q The purpose of grossing up a supplemental payment is to: a. avoid paying OASDI tax. b. withhold and pay payroll taxes in an expedient...
- Q 54) A company purchased a piece of equipment by paying $5,000 cash. Shipping cost of $400 to get the equipment to its factory was also incurred. The fair...
- Q Expenses such as contributions to qualified retirement accounts and business expenses for self-employed persons are deductions (FOR/FROM) AGI.
- Q Lenders are not interested in the company's income statements. 2 Return on Investments (ROI) is primarily of concern to owners and investors. 3 A company with a 90%...
- Q hich ratio measures how effectively a company is using assets to generate revenue? Multiple Choice Asset turnover Inventory turnover Plant assets to...
- Q Judy is a cash basis attorney. This year, she performed services in connection with the formation of a corporation and received stock with a value of $4,000 for...
- Q The following are common types of rental income except: Advance rent Expenses paid by tenant Rent received as part of canceling a lease A security...
- Q Choose the answer that fails to explain how high ethical standards protect a tax preparer. Providing a quality product that helps them increase client retention. ...
- Q cox company purchased $400,000 of furnitute and laptop computers in may, 2023. its macrs deduction for 2023 assuming no sec.179 deduction, but taking additional first year is $331,432....
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