Accounting question and answers for December 08, 2023
- Q Problem 6-3A (Algo) Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima...
- Q What did the Credit Alliance Corp. v. Arthur Andersen & Co. decision establish? Auditors are liable for negligence to all foreseeable third parties. Auditors...
- Q Which of the following is an example of a cash inflow from an investing activity? receipt of cash from the issuance of bonds receipt of cash from the sale...
- Q Depreciation is: A) A way to increase the value of an asset. B) The allocation of the cost of an asset over its useful...
- Q Question Content Area Under which method of accounting for uncollectible receivables is there no allowance account? a. aging of receivables method b....
- Q 1. Retained earnings 2. Additional paid-in capital 3. Taxes payable 4. Accounts Receivable 5. Investments 6. Cash and...
- Q Peter and Petra have the same gross income and they both took the standard deduction. When they compared their tax returns, Petra noticed that her taxable income was...
- Q Which types of negotiable instruments are orders to pay? Drafts and notes Notes and certificates of deposit Drafts and checks Checks and certificates of deposit
- Q Which of the following costs would be considered uncontrollable(in the short term) for the management of a company? Question content area bottom Part 1 ...
- Q Which of the following are not included in the IRS's three-prong test to help determine the status ofan agent? Behavioral aspects of the agency Any...
- Q In the context of revenue management, which of the following statements are accurate regarding the principles and practices involved? (Exercise caution when answering this question as multiple...
- Q Chalmers Corporation operates in multiple areas of the globe, and relatively large price changes are common. Presently, the company sells 156,200 units for $50 per unit. The variable...
- Q Also referred to as precision, this sampling item allows auditors to create an interval around the sample results in which the true population characteristic is expected to lie. ...
- Q A machine with a book value of $38,000 is sold for $32,000 cash. Which of the following answers would accurately represent the effects of the sale on the...
- Q When using variable costing, fixed manufacturing overhead is: Multiple choice question. assigned to units of the product and expensed as the units are sold expensed...
- Q Sales mix is sometimes referred to as the a. quantity factor. b. profitability mix. c. product mix. d....
- Q Mrs. Chen is married and does not wish to file a joint return. She provided more than half of the cost of maintaining the home for the tax...
- Q If Pop Company owns 15% of the common stock of Son Company, then Pop Company typically: A) Would record 15% of the net income of Son...
- Q Service firms can only have one activity base for analyzing changes in costs. Question 23 options: TrueFalse
- Q Which financial statement shows a companys financial position at a specific point in time? A) Income statement B) Statement of retained earnings...
- Q Prefix supply company received a 120-day, 6% note for $500,000
- Q The segment margin is the best gauge for assessing the long-run Blank______ of a segment. Multiple choice question. adaptability return on investment ...
- Q Maintenance costs at a Stanton Corporation factory are listed below:Machine"MaintenanceHoursCostMarch3.627$54,384April3,588$53,980May3,637$54,453June3,638$54,491July3,572$53,843August3,611$54.196September3.644$54.550October3,609$54,181Novemben3.669$54,767Management believes that maintenance cost is a mixed cost that depends on machine-hours. Use the high-low method to estimate...
- Q Which of the following is an Executor duty? Question 23Answer a. Pay the debts of the estate and get receipts. ...
- Q If you're going to consider directly investing $10,000 into a company what three or four pieces of business information and or accounting documentation and ratios would you consider...
- Q Nadine purchased a van for $18,000 to use exclusively in her delivery business. She sold it four months later in the same year for $12,500. What is the...
- Q To convert Cost of Goods Sold on the income statement to Cash Paid to Suppliers on the statement of cash flows, changes in Blank______ need(s) to be added/subtracted...
- Q Which of the following is a controllable cost for a plant supervisor? a. The use of direct materials b. Rent expense ...
- Q Item 4 An item not typically reported in the income from continuing operations section of an income statement is: Multiple Choice Cost of goods sold. Sales returns...
- Q Review the statement of retained earnings and indicate how the statement is linked to the other financial statements. Take Wings Statement of Retained Earnings For Month ended...
- Q Meg's employer carries insurance on its employees that will pay an employee their regular salary while the employee is away from work due to illness. The premiums for...
- Q The book describes the issue of cultural clashes between accounting functions and other business functions. For each pair of words, assign the term that better belongs with accounting...
- Q at the beginning of the year, blossom copnay had total assets of $842000
- Q AmStore Incorporated sold some of its heavy machinery at a gain. AmStore used the straight-line method for financial accounting depreciation and immediate expensing for tax cost recovery....
- Q Required information Skip to question [The following information applies to the questions displayed below.] Sparrow Company uses the retail inventory method to estimate...
- Q when a parent uses the initial value method throughout the year to account for its 80% investment in a acquired subsidiary which of the following statements...
- Q Learning Objective 11-01 Classify cash transactions as operating, investing, or financing activities Skip to question [The following information applies to the questions displayed below.] ...
- Q 14. Delaney Corporation foaned $600,000 to another corporation on December 1.2021 received a 3-month, 8%(annual tate) interest-bearing note with a face Valv $600,000. What adjusting entry should Delaney...
- Q Purchased merchandise with an invoice price of $65,000 and credit terms of 2/5, n/15.
- Q The realm of production volume over which variable costs remain constant per unit and fixed costs remain constant in total is called the Multiple Choice relevant range....
- Q With a population size over 500, holding sampling risk and the allowance for sampling risk constant, as the population increases in size, the sample size will Blank______. ...
- Q In which type of business would accrual-basis accounting result in the same income measure as cash-basis accounting? Small business in which all sales amounts are collected...
- Q Responsibilities for the handling (custody) of assets and the accounting for those assets: should always be given to the same individual. can both be given...
- Q Determine the annual break-even point in sales revenue. b. Determine the annual margin of safety in sales revenue. c. ...
- 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 What does depreciating an asset mean? Group of answer choices To recognize the cost of equipment or buildings as an asset on the balance sheet ...
- Q Foyle, Inc., had 830,000 shares of common stock issued and outstanding at December 31,2020. On July 1,2021, an additional 40,000 shares of common stock were issued for cash....
- Q Aleesia purchased a rental property in April 2017. Her basis for depreciation was $210,000. She has no adjustments to her basis. After preparing her own taxes for five...
- Q Detection risk is affected by which aspects of substantive audit procedures?
- Q Bed & Bath, a retailing company, has two departmentsHardware and Linens. The companys most recent monthly contribution format income statement follows: TotalDepartmentHardwareLinensSales$ 4,170,000$ 3,130,000$ 1,040,000Variable expenses1,205,000802,000403,000Contribution margin2,965,0002,328,000637,000Fixed expenses2,360,0001,470,000890,000Net...
- Q During the first month of operations ended August 31, Kodiak Fridgeration Company manufactured 48,000 mini refrigerators, of which 44,000 were sold. Operating data for...
- Q Francesco owns a warehouse that is used in his auto parts store. The warehouse has a FMV of $85,000, an adjusted basis of $45,000, and an outstanding mortgage...
- Q ABC Corporation Inc. (ABC) owns 60% of the voting common shares of Reich Corporation Ltd.(RCL), while TieCo owns 25%, and Platinum Inc. (PI) owns the remaining 15%. ABC...
- Q ather than a no One of the minimum requirements for general purpose external financial reporting by governments is
- Q Money received for Renting your Residence for 30 Days is taxable income or an allowed deduction and where it would be reported on Form 1040(or associated schedules). ...
- Q On 1 Jan 2022, A Ltd acquired all the outstanding shares of B Ltd when the equity of B Ltd consisted of share capital of...
- Q Suppose that a company did not make an adjusting entry to record revenue earned but not yet billed to customers. The result of this error would be to Select...
- Q The sources and uses of cash over a stated period of time are reflected on the: The sources and uses of cash over a stated period of time...
- Q Which of the following refers to the arrangements between buyers and sellers regarding the payments for merchandise? a. Operating cycle b. Accounting cycle c....
- Q a. Why is professional skepticism helpful for detecting fraud? b. What are the key behaviors needed to successfully exercise professional skepticism during the...
- Q When speaking of a SOC 1 engagement, the carve-out method is most directly related to complementary Indemnification controls. Service provision. Subservice organization controls. ...
- Q Starting in 2013, Chuck and Luane have been purchasing Series EE bonds in their name to use for the higher education of their daughter Susie, who currently is...
- Q 3. The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why...
- Q According to the Generally Accepted Accounting Principles, costs are: Group of answer choices expensed as management desires. matched with production levels. recorded when paid. matched...
- Q 3. Financial accounting A) provides information primarily for external decisionmakers. B) is required for corporations but probably would not be done by...
- Q Which asset below never has residual value? Office building Forklift Truck Land Based on the information above, calculate the Cost of Goods Purchased. ...
- Q 7. Obtain Fords 2023 annual report (on Canvas). a. What is the amount of consolidated total revenues from vehicle, parts, and accessories sales for 2023?(Hint: see...
- Q Which of the following is not a benefit of decentralization? a) Trains future managers. b) Simple to coordinate decisions. c) Empowers...
- Q sales report week 1-sales journal entry Service Description SKU Hours Rate Total Paddle Board Rental 1100121 $10.00 $1,210.00 Body Board Rental 1200242 $7.00 $1,694.00 Total Rental Revenue $2,904.00...
- Q QS 4-10(Static) Recording sales, returns, and discounts taken LO P2
- Q An actual cost system differs from a normal cost system in that an actual cost system Select one: a. assigns overhead at the...
- Q The revenue cycle is composed of: Group of answer choices a. Before-service activities b. At-service activities c. After-service activities ...
- Q Which statement best expresses the going concern concept? Group of answer choices A company is assumed to continue operations indefinitely, benefitting from assets and paying...
- Q A company would like to hire someone for a permanent position with specific skills, including knowledge of how to use a specific, lesser-known accounting software. Due to the...
- Q How total costs changes as some level of activity changes is called cost .(Enter only one word per blank.)
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