Accounting question and answers for December 08, 2023
- Q The results of tests of controls are most frequently presented in terms of a(n) rate.
- Q A profit center because has control over its revenues, costs, and the resulting profits. Group of answer choices True False
- 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 On the JSE, shares are traded at _______________ value and not at_______________ value. Select one: historic, present par, market local, international...
- Q Ozzie, the accountant, counts the inventory in the warehouse and reduces the inventory balance for any missing amounts. Is this an internal control strength or weakness? Weakness...
- Q Normally one of the first documents to be signed, an NDA determine what confidential information, if any, is or is not to be disclosed to parties outside of the...
- Q For this project, you will use the financial statement for Rebel Dog Coffee, the extended scenario, and a competitors information, all linked in the Supporting Materials section, to...
- Q WWhich of the following visas would likely allow the taxpayer to obtain an on-campus work authorization, potentially making them eligible to obtain a social security number? ...
- Q Matador Company is preparing its 2022 financial statements. Matadors bookkeeper has determined Income from Continuing Operations (ICO) but is not certain this number is accurate. Matador has a...
- Q When a company has established separate manufacturing overhead rates for each department, it is using.. . A. a plantwide overhead rate. B. departmental overhead rates.O C., cost distortion....
- Q Donna exchanged Asset 1(realty) with Colin in return for Asset 2(realty) and $100,000. Asset 1 and 2 are like-kind assets (real estate). Donnas basis in Asset...
- Q 1.Which of the following would not be classified as a trade receivable? Customer accounts receivable for the sale of merchandise on account. Short-term customer...
- Q Which component would allow a large company to record the purchase of a $120 printer as an expense rather than capitalizing the printer as an asset? ...
- Q Accounts receivable are (increased/decreased) by credit sales and are (increased/decreased) by customer payments.
- Q A gain is recognized immediately if the value of inventory rises above cost. Group of answer choices True False
- Q Requirement 3. Calculate the cost of each client visit for each type of service. (Round service costs to the nearest whole dollar. Round costs per visit to the...
- Q retained earnings can be further subdivided into a) revenue, expenses and dividends declared b)revenue, expenses and common shares c)expenses and dividends declared ...
- Q dicate whether each of the following is true or false. a. Amortization expense is a noncash expense similar to depreciation, except it applies to intangible assets. ...
- Q All investments in debt securities that don't fit the definitions of the other reporting categories are classified as: Multiple Choice Held-to-maturity securities. Trading securities. ...
- Q A flower shop makes a large sale for 1350 on Novemebr 30. the customer is sent a statement on December 5 and a check is received on December...
- Q Where should interests and dividends be reported on form 1040?
- Q the proper sequence of financial statement preparation is: the balance sheet, the retained earnings statement, the income statement, and then the statement of cash flows. the statement of...
- Q Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $340,000 per quarter. For...
- Q Which account would be debited when the City of Corfu issued purchase orders for materials and supplies? Multiple Choice Budgetary Fund BalanceReserve for Encumbrance. ...
- Q Knowledge Check 01 All of the following are sources of information to prepare the statement of cash flows except: multiple choice Prior...
- Q Accumulated Other Comprehensive Income in the shareholders' equity section of the balance sheet reflects changes in the fair value of securities for which type of securities Multiple Choice ...
- Q 8 The average days in receivables for ABC, Inc. went from 64 in 2019 to 59 in 2020. Which of the following would be a valid explanation...
- Q Accruing interest on a note receivable at the end of the fiscal year is an asset source transaction. 1) True2) False
- Q Crane and Loon corporations, two unrelated calendar year C corporations, have the following transactions for the current year. CraneLoonGross income from operations$180,000 $300,000 Expenses from operations255,000310,000 Dividends received...
- Q The physical flow and cost flow of inventory does not have to be the same, except when using the specific identification costing method. Group startsTrue or False ...
- Q solve the following: The current ratio is 1.4 and working capital is positive $80,000 at the end of the present year for Rome Company. If inventory is...
- Q Why is it possible to prepare financial statements directly from an adjusted trial balance?
- Q Compute cash dlows from financing activities Cash received from long term notes puable 20000 purchase of investments 5000 Cash dividends paid 16000 ...
- Q On January 1, Boston Enterprises issues bonds that have a $1,550,000 par value, mature in 20 years, and pay 7% interest semiannually on June 30 and December...
- Q Viveka, Jeong, and Rosica are partners in Elite Accounting, a limited liability partnership (LLP). Jeong engaged in tortious conduct by converting (taking) their clients funds for his own...
- Q Identify the accounting concept that was violated in each of the following: 1. Tequila Mockingbird purchased land two years ago at a price of $250,000. Because the...
- Q An analysis of WTI' An inventory count shows that teaching supplies costing $2,547 are available at year-end. Annual depreciation on the equipment is $11,756. ...
- Q The company is divided into two sales territoriesNorthern and Southern. The Northern Territory recorded $300,000 in sales and $150,000 in variable expenses during June; the remaining sales and...
- Q In the weighted-average costing method, the costs of direct materials in beginning inventory are not included in the cost per unit calculation since direct materials are almost always...
- Q under a perpetual inventory system the aquisition of mechanical for
- Q cott Co. paid $2,800,000 to acquire all of the common stock of which became a division. reported the following balance sheet
- Q net income: a. decreases ewuity b. represents the amount of assets owners put into a bsuiness c. ewuals assets minus liabilites ...
- Q When units sold are greater than units produced, income under absorption costing is
- Q Question Content Area A plant managers salary is a(n) a. period cost b. indirect cost c. direct cost d....
- Q a. On April 1,20X1, Aardvark accepted an 8%,12-month note from Smith Bros. in settlement of a $17,775 past due account.
- Q Office equipment is classified on the statement of financial position as Question 5Select one: a. a current asset. cross out ...
- Q Self-employment taxes calculated on the gross earnings of the business true or false
- Q 11. Given: A company expects to manufacture 40,000 small medical devices next year and sell them to customers for $115.00 per unit. The costs to produce these devices...
- Q an estate has fiduciary fees of $2000 for accounting, $900 for probate court and $100 for certified copies made of the decedent's death certificate/ form 706 is not...
- Q The top part of Mars, Incorporated's 2018 balance sheet islisted as follows (in millions of dollars). Current assets: Current liabilities:
- Q which of the following taxpayers is insolvent
- Q on January 1,2025, Carla Company sold 11% bonds having a maturity value of $700,000.00 for $726,535.83, which provides the boldholders with a 10% yield. The Bonds are dated...
- Q At what amount will Tanner-UNF report its investment in the December 31,2018, balance sheet? (Enter your answer in millions rounded to 2 decimal places, (i.e.,5,500,000 should be entered...
- Q When would Manufacturing Overhead be credited?
- Q at an activity level of 9100 machine hours in a month Curt Corporations total variable production engineering cost is 765310 and its total fixed production engineering cost...
- Q Which of the following funds would record depreciation of capital assets? Multiple Choice Special revenue fund. Permanent fund. Custodial fund. Internal service fund. ...
- Q Multiple Choice Populated company data used in Chapter 1. The sample company. All of the choices are correct. A way to practice using the QuickBooks...
- Q Which of the following characteristics is not part of the behavioral approach, Giving Voice to Values? Multiple Choice Uses post-decision-making Capacity to express one's...
- Q Question content area top Part 1 Match the different parts of the annual report with the appropriate description. (Abbreviation used: MD&A = Management's discussion and analysis...
- Q Using straight-line depreciation for financial reporting purposes and MACRS for tax purposes in the first year of an asset's life creates a: A. Future...
- Q It is February 10,2025, and you, CPA, a senior at a national CPA firm, are going over your notes from your afternoon meeting with Anna Marshall. ...
- Q John bought 1,000 shares of Intel stock (Nasdaq: INTC) on October 18,2020, for $30 per share plus a $750 commission he paid to his broker. On December 12,2024,...
- Q In what fund would the activities of a water utility department, which offers its services to the general public on a user charge basis be recorded? Multiple Choice...
- Q In 2024, Annie is 76 years old and earns $10,000 in income from her part time job. She also withdraws $60,000 from her Roth 401(k). Also,...
- Q Which of the following is NOT considered deductible mortgage interest? o a) Interest on a primary home loan o b) Interest on a home equity loan used for...
- Q Cone Corporation is in the process of preparing its December 31,2024, balance sheet. There are some questions as to the proper classification of the following items:
- Q In 2023, Schedule 1 of Form 1040 is used to report what?
- Q Accruing interest on a note receivable at the end of the fiscal year is an asset source transaction. Question 5 options: 1) True2) False...
- Q Returning damaged products to a supplier*2 pointsA) reduces inventory.B) increases inventory.C) reduces cost of goods sold.D) increases cost of goods sold
- Q A system of rewarding managers by linking bonuses to income computed under absorption costing may result in: Multiple choice question. insufficient inventory excess inventory buildup ...
- Q Which company would be more likely to use reversing entries and why?A small company with three employees who are paid no benefitsA large company with 1,000 employees who...
- Q Which of the following is NOT a deductible miscellaneous expense under itemized deductions (subject to 2% AGI limit)? o a) Unreimbursed employee expenses o b) Tax preparation fees...
- Q Lee and Grant are irritated by the spam they receive in their e-mail inboxes. They are thus happy when they hear that their state is attempting to combat...
- Q Which of the following fringe benefits would be excluded from an employees gross income? 1. Business magazine subscriptions paid for by an employer in...
- Q Oscar, a 38-year-old single taxpayer, contributed $2,000 to a traditional IRA. His modified adjusted gross Income is $30,000, all from wages. He has never taken a distribution from...
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