Accounting question and answers for December 08, 2023
- Q a taxpayer is filing their federal income tax return. they provided the following partner schedule k-1 information that they received from an investment: 1000 on line 1, ordinary...
- Q A time ticket is a source document that an employee uses to report how much indirect labor was performed for a job true or false
- Q In calculating the cost per equivalent unit on a production report, costs of the beginning work-in-process inventory are kept separate from current period costs when the first-in, first-out...
- Q Which of the following accounts would most likely be audited in connection with a related balance-sheet account? Multiple Choice Research and Development Payroll Expense...
- Q A governmental fund statement of revenues, expenditures and changes and fund balance reported expenditures for Outlet, and the amount of $5 million capital assets for that government cost...
- Q In 2023, Benjamin placed the following into service for his business: Machine 1(7-year asset), $6,000. Machine 2(7-year asset), $8,000. Computer 1(5-year asset),...
- Q Cash receipts that have been recorded in the company's accounting records but are not yet recorded by the bank are Multiple choice question. electronic funds transfers. ...
- Q Kroger King SuperDeal, Inc. Total liabilities, Year 2 $18,261 $13,549 Total liabilities, Year 118,05215,023 Total assets, Year 223,09316,436 Total assets, Year 123,25717,604...
- Q Match the correct pairs Group of answer choices FOB destination and you are the buyer [ Choose ] FOB destination and you are the seller ...
- Q Jelly Company has a product that sells for $150 per unit and has variable costs of $60 per unit. What is the contribution margin per unit? ...
- Q The company accountant makes the bank deposit and then records the days receepts. a. Weakness: Principle: b. Recommended Change:
- Q Ask Item 1 An audit team was testing source documents in the purchasing cycle and identified the following circumstances. Which of the following would...
- Q Knowledge Check 01 Each of the following are classified as an investing activity except: multiple choice receipt of interest revenue selling long-term...
- Q Misstatements in the financial statements are most likely to occur when there is a/an Multiple Choice omission of the auditor's report. omission of notes...
- Q Part of performing analytical procedures involves considering what?
- Q Which statement is TRUE about how an employer reports employer-paid dependent care benefits? The employer: Does not provide any additional documentation, as these benefits are NOT...
- Q CVP; multiproduct Mels Accessories sells wallets and money clips. Historically, the firms sales have averaged three wallets for every money clip. Each wallet has an $8 contribution margin,...
- Q Knowledge Check 01 Under the indirect method of preparing the statement of cash flows, decreases in current liabilities should be: multiple choice Deducted...
- Q Questions 1-2 are based on the following fact situation: Cyril conveyed Cityacre to Olga. Cityacre was a corner lot in a residential area, but there...
- Q A taxpayer who completes a 2024 return and who answers yes to the FBR question on schedule B is required to complete the FINCEN form 114 by what...
- Q We can claim a capital loss on depreciable property. True or False ? Question 1 options: TrueFalse
- Q For a loan sold with recourse, Group of answer choices the loan seller removes the assets from the balance sheet and does not report a contingent liability...
- Q Requirement 2. Assume the preferred stock is cumulative and Fools Gold Co.FoolsGoldCo. passed the preferred dividend in 20232023 and...
- Q ABC sells products to customers with a warranty. Customers can return the products to ABC for a free replacement within 90 days of purchase. During April 2022, ABC...
- Q Which control activity related to physical security is managed by the data center manager?Eating and drinking is prohibited where IT equipment is stored.Inappropriate access to IT equipment is immediately...
- Q If Kate grants credit to John, the terms will be 2/10, n/30. Assuming the payment is made during the 10-day discount period, what would be the...
- Q A quantitative rule of thumb for keep versus derop decisions is that any fixed costs avoided by dropping a product line or closing a business segment should be larger...
- Q The following unadjusted trial balance is for Duerr Construction Company at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $114,000...
- Q Purchased merchandise with a price of $1,040 and credit terms of n30.
- Q Short-term non-interest-bearing notes receivable are usually recorded at their a. net realizable value. b. present value. c. maturity value. d....
- Q Which of the following is not classified as inventory? Multiple Choice Consumer goods Raw materials Work in process Materials used or consumed in a...
- Q George is a US citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1,2024 George began working in London. he worked there...
- Q Taxpayers who contribute to or withdraw from an HSA during the year must: Multiple Choice file a Form 8889, record the amount on Schedule 1, and...
- Q Basic bank services do not include: Question 14 options: Bank accounts. Checking. Electronic funds transfer. Cash register servicing.
- Q The SECURE 2.0 Act of 2022, Section 302, reduced the penalty for fallure to take a minimum required distribution. The penalty for falling to take a minimum required...
- Q Which of the following is treated as a cash sale? Credit card sale involving a bank credit card. Credit card sale involving the store's credit...
- Q Problem Corp owns 70% of Solution Inc. Problem uses the equity method to account for its investment in Solution. PART B (20 Points) Show all...
- Q Paula could not reach an agreement with the IRS at her appeals conference and has just received a 90-day letter. If she wants to litigate the issue but...
- Q 0.0% complete Question Before agreeing to do business with a new vendor, it is recommended that an organizations management inquire about the vendors internal audit department...
- Q journal entry 3 is wrong .. any ideas why?
- Q describe and compute the book/tax difference resulting from each of the following transactions a) Firm A spent $430 on a business dinner attended by the...
- Q Which statement is true about the accrual method of business accounting? The accrual method can only be used by state-licensed professionals such as CPAs and attorneys ...
- Q The total amount of interest that will be paid on a three-month, $10,200,11% notes payable equals: Multiple Choice $467.50. $187.00. $280.50....
- Q Select all that apply What type of expenditures should be included in the cost of inventory of a manufacturing company? (Select all that apply.) Multiple...
- Q Income from continuing operations sometimes includes gains from nonoperating activities. Group startsTrue or False
- Q An ITIN can be used to: Claim a tax treaty benefit. Confer status to work in the U.S. Provide identification for non-tax purposes....
- Q A credit to a liability account Question 6Select one: a. must be accompanied by a debit to an asset account. cross out...
- Q Which assertion would not be appropriate for vouching transactions in the sales journal? a) accuracy b) Occurrence c) completeness ...
- Q Jack and Jill form a new corporation. Jack contributes inventory for 81% of the stock and Jill contributes legal services for 19% of the stock. What tax consequences...
- Q 5 . What is the sensitivity to sales in both units and % ? 6 . What are the drawbacks of using the...
- Q Knowledge Check 01 Background information as of 12/31/20: Cash and currency in cash registers $ 50,000 An...
- Q Marquita donated stock that she has held for less than a year to a qualified charitable organization her basis in the stock is $1000 and the fair market...
- Q Which of the following is not a financial statement prepared by nongovernmental not-for-profit health care entities? Question 17Answer a. Statement...
- Q Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred...
- Q A companys balance sheet shows cash of $43000 accounts receivable of $49,000, equipment of $88,000 and equity of $91,000. What is the amount of liabilities?
- Q The payment period to creditors of JS Limited for 2024 is estimated to be 73 days. The amount expected to be owed to creditors on 31 December...
- Q 3.3 Using a Journal Which of the following is used as evidence to determine a transaction's effects on specific accounts? source documents ...
- Q Knowledge Check 01 Each of the following are classified as an operating activity except: multiple choice payment of salaries collection of credit sales...
- Q The tax law refers to gross income, yet the term gross income is not found on Form 1040. Explain. Why is it important to understand the...
- Q On a bank reconciliation, which of the following would be deducted from the bank statement balance? deposits in transit. outstanding checks. bank service charges. a...
- Q Determining what a product costs and adding a markup is called Blank______. Multiple choice question. target costing life cycle costing ...
- Q Gianni Forest Assets $222,000 $387,000 Liabilities 7,000 Equity 147,000
- Q Poodle Company owns 80 percent of the common stock of Shepherd Incorporated Poodle acquires some of Shepherd's bonds from an unrelated party for less than the carrying value...
- Q Lunar Artistry Company needs to purchase new etching and finishing equipment. The owners hope to finance the costly equipment with cash on hand and a short...
- Q Calculate the difference in tax responsibility on the income of $60,432, that a married coupleis responsible for paying in taxes compared to a single person.
- Q Which of the following statements about accounting for discounts is true? a. The net price method highlights trade discounts taken and the gross price method highlights trade...
- Q Controls for the completeness assertion include Blank______. Multiple select question. procedures specifying policies for cash discounts restrictive endorsements segregation of duties use...
- Q nowledge Check 01 The _______ method of reporting adjusts net income to get the net cash provided or used by operating activities. ...
- Q Which of the following resuces taxable income in the current year on form 1120
- Q TB MC Qu.11-5 The comparison of activity measures of different... The comparison of activity measures of different companies is complicated by the fact that: Multiple Choice...
- Q Which of the following statements are true? Multiple select question. Quality training is an example of a prevention cost. Most experts believe that incurring prevention...
- Q TB MC Qu.11-39 The following information was available for the... The following information was available for the year ended December 31,2022: Sales $...
- Q Balance Sheet Equation Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings Refer to the...
- Q Financial reporting refers to: Group of answer choices The application of analytical tools to general-purpose financial statements. The communication of financial information useful for making...
- Q Which of the following approaches is not a current management discussion and analysis (MD&A) requirement? Question 6 options: Written from managements perspective...
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