Accounting question and answers for December 09, 2023
- Q When computer programs only process and record data, data input to the system is subject to which of the following controls? Select answer from the options below Output...
- Q For each of the following accounts, mark a D if it normally has a debit balance and a C if it normally has a credit balance. AccountDebit...
- Q (Bonus) All of the following adjustments can be used to understate accounts payable EXCEPT: Group of answer choices recording purchases after year end. understating purchase...
- Q what tax act levies a tax on employers to pay state and federal administrative expenses of the unemployment program
- Q Information that is not accurate can be considered faithfully representative. True False
- Q Wet N Wild Sports Equipment Company's work in process inventory on June 1 has a balance of $22,400 representing Job No.265. During June, $50,000 of direct materials were...
- Q Blooming Haven Ltd.(BHL) is a company located in Kingston, Ontario. BHL is owned by two childhood friends, Sarah Logan and Mia ONeill. They started the business in December...
- Q Pierson Landscape Architects (PLA) develops and sells plans for various types of gardens and outdoor spaces. Customers buy the plans and then install the garden, the water feature,...
- Q Raw materials, direct labor, and manufacturing are the three costs related to the manufacturing of products.
- Q This is a sales-type lease to lessor because: Question 17 options: The present value of the lease payments exceeds 90% of...
- Q What primary function does a tax return serve?What primary function does a tax return serve?Determines how much of your earnings to withhold for taxesAllows you to plan for the...
- Q Rabbi Mizrachi received $55,000 in ministerial earnings: $38,500 salary for ministerial services, $2,750 for performing weddings, and $13,750 excluded parsonage allowance. He incurred $7,000 of unreimbursed expenses connected...
- Q Explain which principles in GAAP impact the reporting of current assets and liabilities.
- Q What basis does the international accounting standard boards use in developing IFRS?
- Q CTB Corporation has assets of $4,250,000, common stock of $1,132,000, and retained earnings of $675,000. What are the creditors' claims on their assets? $3,773,000...
- Q An auditor learns that a client's employee in control of inventory gets divorced and is responsible for paying a large amount of child support. All of the following...
- Q Under traditional costing A. What is the predetermined overhead rate? B. What is the total amount of manufacturing overhead allocated to ...
- Q Review the following statements and determine which are correct regarding an adjusted trial balance and how it is used in preparing financial statements. select all that apply ...
- Q the cost of direct mater9als are classified as
- Q The expected bank account balance always appears as a current asset in a pro forma statement of financial position. True False
- Q Which of the following is not a component of the fraud triangle? Reliance Opportunity Pressure ...
- Q A selling division at capacity is indifferent between selling to outsiders and transferring inside at the market price. Group startsTrue or False
- Q Hunter is sold his interest in his in a partnership for 60,000 cash when his outside bases was 12,000. He was relieved of his 30,000 share partnership liabilities....
- Q Typically, there is a significant time lag between the recognition of the need for Blank______ action and the time action is taken.Multiple choice question.fiscalmonetaryadministrativeoperational
- Q what does the income summary look like
- Q Why might a buyer want to purchase an existing company through an asset sale versus a stock sale to ensure that the buyer receives all of the purchase companies...
- Q Identify the issue(s) in relation to the four standards listed in the IMA Statement of Ethical Professional Practice.
- Q True or false if revenues are expected ti decline managament should atttempt to convery its variable coset to fixed cost
- Q The term cash includes __________. dividends salaries currency margins
- Q On November 1,2026, Rocketship Training Corporation borrows $42,000 cash from Community Savings and Loan. Rocketship Training signs a 3-month, 6% note payable. Interest is payable at maturity. Rocketships...
- Q When a partnership distributes property that has a fair market value greater than its basis, the partnership must recognize the income as if it sold the property.
- Q true or false? Employees must pay the Social Security tax on all of their wages and Medicare tax on wages up to a fixed amount.
- Q Which of the following is not included in the auditors' unmodified audit report for a nonpublic company?
- Q Which of the following statements about Section 401(k) plans is true? Question 8 options: Elective salary deferrals to these plans are free of...
- Q Net income appears on what income statembt
- Q Asset frauds are often easier to detect than other types of financial statement fraud because: Group of answer choices of the off-book nature of asset frauds. ...
- Q A taxpayer is filing their federal income tax return. The taxpayers was provided a partner 1065 schedule k-1 from an investment. Is the following statement true? All individual...
- Q Internal controls All-Around Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras,...
- Q under which of the following circumstances will the personal representative nrrd to file form 1310?
- Q Identify which of the following accounts would appear on a balance sheet with either "Yes" or "No". AccountClassificationa. Cash YesNoYes b. Fees Earned...
- Q swers in cells B2 through B6 of the Excel worksheet named Answers and (2) show your supporting calculations in the space below row 16 of the worksheet named...
- Q Warehousing. Warehouse personnel update the inventory master file for inventory purchases and sales, confirm availability of materials to fill sales orders, and establish back orders for...
- Q Internal evidence is obtained direclty from third parties consists of representations made by the clients officers, directors, owners and employees
- Q In Alberta, lawyers must follow the Law Society of Albertas Code of Conduct (the Code). The Code sets out what is expected of a lawyer both ethically...
- Q 1.Jakobi purchased equipment at a cost of $15,000, made capitalizable improvements of $1,000 and depreciated the equipment $5,000. What is the basis of the equipment?
- Q all of the following are examples of source documents except cash receipts customer invoices deposit slips
- Q QUESTION 2 BANK RECON
- Q Which of the followings should normally be classified as financial asset(s)? I. Cash II. Crypto-currencies III. Investment in preference shares issued by another company...
- Q When should a merchandiser recognize an accounts receivable? Select answer from the options below when payment is requested when cash is received at the point...
- Q ari and matt had the following investment transactions: sold a stock after hold it for 5years for a gain of 5000, sold a stock after holding it for...
- Q Which one of the following accounts would not appear in the consolidated financial statements at the end of the first fiscal period of the combination?
- Q In accounting for state and local governments the modified accrual basis is required for
- Q which of thr following is not included in the assrt section of the balancd sheet
- Q Which of the following items would not be found on a balance sheet? Which of the following items would not be found on a balance sheet? ...
- Q Who developed the Holland Interest Inventory? Who can benefit from using the Holland Interest Inventory?
- Q A _____ is a voluntary deduction that can provide a variety of benefits to employees. Answer: A. ...
- Q which of the following costs reported in the financial statements would uniquely identify the business entity as a manufacturer?
- Q Walberg Associates, antique dealers, purchased goods for $38,000. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was...
- Q Assignment #1- Chapter Review Problem 71. Read the information below and follow the instructions. Taxpayer Information: Taxpayer #1 Name:...
- Q QUESTION 3[25 MARKS] You have been provided with financial statements for Kanye and company for year 2023. All figures are in Botswana Pula....
- Q business activities cannot require a relatively high level of involvement or effort from the taxpayer. true or false
- Q Problem 3: Prepare a business process model using BPMN to describe the process of planning a vacation: Yannis is planning a trip to Hawaii with...
- Q When an owner withdraws cash or other assets from a business for personal use, these withdrawals are termed
- Q which of the following statements about the statement of cash flows
- Q When property other than cash is used for redemption to pay death taxes a corporation recognizes both gains and losses on distribution of the property, true or false?
- Q Amount to be Withheld No. of Gross Wage- Filing Withholding Wage Percentage Bracket Employee Status Allowances or Salary...
- Q The production department should generally be responsible for materials price variances that resulted from:
- Q The two broad categories of information processing controls are ______ and application controls.
- Q Which of the following is true with a static budget? Select answer from the options below If actual results differ from planned results, the difference must be investigated by...
- Q The overriding criterion by which accounting information can be judged is that of a) Comparability b) Usefulness for decision making c) Freedom from...
- Q Nathan, the accountant for a small firm, always pays the real estate taxes seven days before they are due. This represents which type of decision?
- Q subsidiary journals include the: trial balance geberal ledger payroll journal all of these are correct
- Q The reliability of customer sales invoices created by the client and held internally depends on the Blank______. Multiple choice question. person who reviewed and approved...
- Q 2.The costs incurred when a single manufacturing process generates multiple outputs are called ________. flyaway costs joint costs imputed costs legacy costs
- Q For this weeks discussion, share how you plan to study for the Midterm Exam, and share any study tips you may have. Study tips may include how you...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!