Accounting question and answers for December 08, 2023
- Q Which of the following is an example of a contra-revenue account? (Check all that apply) Question 4Select one or more: a. ...
- Q No Transaction General Journal Debit Credit 1 a. Unearned rent revenueselected answer correct 1,600selected answer correct not attempted Rent revenueselected answer correct not attempted 1,600selected answer...
- Q The balance of retained earnings represents the amount of earnings paid out in the form of dividends to stockholders. Group starts true or false
- Q Which of the following are used to document entries made to update the general ledger? A) subsidiary journal B) general journal C) journal youchers D) subsidiary ledgers ...
- Q Selected data concerning the past fiscal year's operations (000's omitted) of Kraig Fabricators are presented below: The cost of goods manufactured during the year was:
- Q In April, the company entered into a contract to provide services for a customer. The customer paid $5,300. At year end $1,132 was unearned
- Q shawn comapny at december 31,2023
- Q Concord compnay estimates that 2022 sales will be $44,800 in quarter 1, $53,760 in quarter 2, and $64,960 in quarter 3
- Q ?_____inventoryreferstotheproductsthathavebeenstartedinproduction,butarestillincomplete. Multiplechoicequestion. Finishedgoods Work-in-process Rawmaterials
- Q Earnings from employment are: a. Taxable b. Insurable c. Pensionable d. All of...
- Q In 2024, Maya, a single taxpayer, has taxable income before the QBI deduction of $221,950. She is a CPA and operates an accounting practice as a single-member...
- Q Complete the following table for the simple discount notes. Use the ordinary interest method. Amount due at maturity is 4100, discount rate is 6.25%, and time is...
- Q Dean is single and has AGI of $50,000. He redeems $5,000(principal of $3,500 and interest of $1,500) of Series I savings bonds to pay qualified higher education expenses...
- Q On March 1 of the current year, the company borrowed $62,760 at a 10 percent interest rate to be repaid in five years.
- Q caterpillar, Incorporated, is one of the world's largest manufacturers of construction he MegaMart Company began 2024 with inventory of 11,000 units at a cost of $6 per...
- Q Microsoft receives $800 cash from a customer as advance payment for a Windows Virtual Machine. For Microsoft, this transaction is an example of which accounting adjustment? ...
- Q Supplemental balance sheet information that addresses material events with uncertain outcomes is referred to as contractual situations. fair values. contingencies. accounting policies.
- Q chapter 6 Introduced absorption costing and compares this with variable costing which of the following answers is true for Muesli AG? Muesli AG can choose either absorption...
- Q determine the amount of tax person would be responsible for paying if their taxable income was $60,432and their filling status is married filing jointly.
- Q In a normal cost system, a debit to Work in Process Inventory would not be made for Select one: a. actual direct material. ...
- Q ) Greg started a business which became operational in 2024. Which of the following is a start-up cost for the business that qualifies for the $5,000 optional deduction...
- Q Lily Zhao is a commission salesperson who is required to have an office in her home. Which of the following home office related expenses are not deductible as...
- Q Which of the following is not an identified valuation technique in GAAP regarding fair value measurement? Multiple Choice Income approach Cost-benefit approach Cost...
- Q The lease payments are due at the beginning of each year. The lease contract provides Sunset Co. an option to purchase the machine at the end of the...
- Q $ The Managements Discussion and Analysis section of the annual report can best be described as: Multiple Choice Legalistic and lengthy....
- Q EBITDA represents operating income after income tax, depreciation, and amortization have been deducted. Question 8 options: TrueFalse
- Q Pronghorn corporation had the following activities in 2025.1) Payment of accounts payable $711,000; 2) Issuance of common stock $247,000; 3) Payment of dividends $335,000; 4) Collectionof note receivable...
- Q Which statement is correct regarding enhancing qualitative characteristics? A. information must be available before it loses its ability to influence users decisions. B. Financial information must...
- Q Which of the following individuals would qualify for the Retirement Savings Contributions Credit? A.Bobbie, age 32 and single, who hit the annual contribution max in her firm's...
- Q Bernard Company manufactures 15,000 units of part A8 each year for use on its production line. The cost per unit of A8 is as follows: ...
- Q Under US GAAP, what is the appropriate accounting treatment for a contingent gain? For example, if a company is involved in a lawsuit in which it is likely to...
- Q Which of the following items is not a product cost? a) Transportation cost on goods delivered to customers. b) ...
- Q Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university...
- Q Under absorption costing, the cost of finished goods includes direct materials, direct labor, and all factory overhead. Question 6 options: TrueFalse
- Q Large service organizations such as banks and hospitals used to be noted for their lack of standard costing systems and their relatively unsophisticated budgeting and control systems compared to...
- Q what is the direct materials budget Direct Materials Budget Item Q1 Q2 Q3 Q4 Year Total Total Production of Box Cars ...
- Q Concord compnay estimates that 2022 sales will be $44,800 in quarter 1, $53,760 in quarter 2, and $64,960 in quarter 3
- Q Jerry, a partner with 30% capital and profit interest, received his Schedule K-1 from Plush Pillows, LP. At the beginning of the year, Jerry's tax basis in his...
- Q Merchandise not sold at the end of the period is reported as: a. old stock. b. merchandise inventory. c. net purchases. d....
- Q WhiUnder GAAP, tax effects are charges or credits to income. IFRS uses an affirmative judgment approach when calculating the deferred tax asset up to the amount that is...
- Q 1. Which two accounts could be used when a company buys advertising on credit? a. Owners drawings and owners capital b. Revenues...
- 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 Jack, age 30 and married with no dependents, is a self-employed individual. For 2024, his self-employed business sustained a net loss of $10,000 from operations. The following additional...
- Q which of the following situations may give rise to unearned revenue? providing manufacturer warranties providing trade credit to customers selling inventory selling magazine subscriptions
- Q When a sale is recorded under the periodic method: Group of answer choices only the income statement is affected. only the balance sheet is affected. ...
- Q What is the cost allocation method called that is used for natural resources? Select one: Depletion Straight Allocation Amortization Depreciation
- Q When company purchased a building for $200,000 when paid $200,000 in a lawyer and title fees when also paid in additional $15,000 to modify the building in order...
- Q For financial reporting purposes, the total amount of period costs incurred to sell 9,000 units is closest to:
- Q Rayya Company purchases a machine for $117,600 on January 1,2021. Straight-line depreciation is taken each year for four years assuming a seven-year life and no salvage value....
- Q On which of the following financial statements will you most likely find the amount of cash generated from a companys core business operations? Group of answer choices...
- Q xercise 7.13(Static) Accounting for Marketable Securities (LO7-1, LO7-4) Wharton, Incorporated, pays income taxes on gains on marketable securities at a rate of 30 percent....
- Q Which of the following items that might appear on a bank reconciliation do not require a journal entry? a. a check for $630 recorded in the check...
- Q What do all agreements with balances accounts have in common? They are all asset accounts They are all liability accounts They all appear on the...
- Q Natasha a single taxpayer had to repay social security benefits that she recieved and included in her income in a prior year in 2023 she repaid more than...
- Q Jasmine made a $60,000 interest-free loan to her son, Farhad, who used the money to start a new business. Farhad's only sources of income were $25,000 from the...
- Q Which one of the following assets is generally the most liquid? Group of answer choices patents inventory equipment buildings accounts receivable
- Q On January 1,2024, a company borrows $37,000 by agreeing to a 6%,4-year note with the bank. Payments of $868.95 are due at the end of each...
- Q Frequent Flyers sells kites for $20 each. Variable costs are $15 per kite. Fixed costs are $2200 per month. What is the contribution margin per kite? ...
- Q For TY2024, what is the standard deduction for a taxpayer under age 65, not blind, with head of household filing status?
- Q Which of the following is the essential purpose of the audit function? Determination of whether the client's financial statements Assurance of the consistent application
- Q What amount of interest revenue from the lease should King report in its 2024 income statement?
- Q The level of activity over which cost behavior assumptions are true is known as the .(Enter only one word per blank.)
- Q Bacrometer, Incorporated, makes a small cooling fan on one of its production lines. Each month the company produces 5,000 of these fans at a variable cost of...
- Q Question content area top Part 1 In the current year, Mr. Nguyen is provided with a vehicle owned by his employer, Translux Inc. The vehicle was...
- Q A company has 100,000 shares of common stock outstanding on January 1 and issued 40,000 more common shares on October 1. Net income for the year is reported...
- Q Review your Department of Education Congressional Budget Justification (CBJ) for FY 2024, or equivalent budget justification, which should be available on its website. The material may be...
- Q In reporting her investment centers performance for the past 10 years, the manager of the Fleet division accounted for the depreciation of her divisions assets by using an...
- Q A ________ combines the advantages of a partnership and a C corporation.
- Q What is the primary reason for a company to have a separate administrative group handle M.R.O. items, distinct from production supplies? What is the...
- Q Roberto (22) lived with his father, Diego (45), all year in 2023. Roberto is Diego's qualifying child. In November 2023, Roberto married Valentina (21), and they both lived...
- Q The standards that provide the general framework for determining what information is included in financial statements and how this information is to be prepared and presented are referred to...
- Q Vaughn Manufacturing produces a product that requires 2.60 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.30 pounds and...
- Q Determine the revised invoice amount for an equipment part that is being replaced during preventive maintenance of a manufacturing conveyor system. Assuming the initial ...
- Q Overhead allocation based on volume alone: Multiple Choice will systematically over cost high-volume products and under cost low-volume products. must be used for external...
- Q Which of the following us an internal user of accounting information? Lenders Shareholders Human resource manager Customers Internal revenue service
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