Accounting question and answers for December 09, 2023
- Q Identifying Causal Factors for Support Department Cost Allocation Identify some possible causal factors for the following support departments: a. Cafeteria
- Q A Taxpayer who received foreign taxed dividends from a corporation abroad can use the Foreign Earned Income Exclusion in order to avoid double taxation.
- Q Limited liability is available to the shareholders of all corporations. True False
- Q Janyce, a single taxpayer, has AGI of
- Q Which of the following is the first line of defence in ensuring continuity of AIS in an organisation?
- Q A good internal control system for cash would require that those who handle cash should not be involved with Multiple select question. the accounting records. ...
- Q Several years ago, Solea Company purchased a non-zero-emission Mercedes Benz that is used exclusively for business use. The automobile is in Class 10.1. On January 1,2023 the UCC...
- Q A A B C D is a person or item or entity for which cost may be ascertained. cost unit cost center cost object cost estimation
- Q The FIFO method of process costing differs from the weighted-average method of process costing in that the FIFO method ________. multiple choice blends costs...
- Q On January 1,2023, Pulaski, Incorporated, acquired a 60 percent interest in the common stock of Sheridan, Incorporated, for $391,800. Sheridan's book value on that date consisted of common...
- Q Question content area top Part 1 A(n)________ groups cost by behavior; costs are classified as either variable costs or fixed costs. Question content area bottom...
- Q What is the revised operating income if unit sales increase by 15%?
- Q Toxaway Company is a merchandiser with two divisionsCommercial and Residential. The companys accounting intern was asked to prepare segmented income statements the companys divisional managers could use to...
- Q TB MC Qu.6-166(Static) The practice of using the lower...neck my wo2points8The practice of using the lower of cost and net realizable value to evaluate inventory reflects which of...
- Q gordon temper is a single taxpayer
- Q Adjusting entries that are made to recognize revenue that has been received but not yet earned are classified as
- Q Severance, TC Memo 2023-101
- Q to deduct expenses associated with any profit motivated activity taxpayers must maintain a high level of involvement or effort in the activity throughout the entire tax year. true or...
- Q Which is not required part of an annual report of a publicaly traded company?
- Q The expenditures account equals the amount of supplies purchased during a period under which of the following inventory methods? Multiple Choice Consumption. Perpetual. Periodic. ...
- Q On the work sheet, the cash balance in the Adjusted Trial Balance Debit column will flow into the a. balance sheet. b. statement of stockholders'...
- Q When DoCo takes delivery on January 25,20X9 the NRV price of nuts is $1.75 per pound. As a result, DoCo should ...
- Q During the first year of operations, revenues from the newly imposed tax totaled $500,000. Of this amount, $450,000 has been received in cash and the remainder will be...
- Q Which of the following accounts will be directly closed to Capital at the end of the fiscal year? a) Withdrawals b) Fees Revenue ...
- Q Critical Thinking Decision Making LO.1 Daniel, age 38, is single and has the following income and expenses in 2024: Salary income $86,000 ...
- Q accumulated comprehensive income is classified as
- Q Accumulated Depreciation is Group of answer choices sum of depreciation claimed on tax returns marginal tax rate*net return initial cost basis -...
- Q Zachary Manufacturing Company makes tents that it sells directly to camping enthusiasts through a mail-order marketing program. The company pays a quality control expert $122,400 per year to...
- Q Which statement is an accurate description of IRC Section 741? An amount realized from the sale or exchange of property other than a capital asset....
- Q A firms inventory turnover: Select one: a. Is computed by dividing cost of goods sold by the end-of-year inventory ...
- Q Adjusting entries that are made to reflect differences between the actual and recorded value of an asset or a change in accounting principle are called
- Q Bagel Land operates a bagel store in Niagara Falls. The owner has provided the following budgeted data for next year. Revenue$11,564Fixed Costs$3,223Variable Costs (depends on the #...
- Q Question Content AreaWhich of the following is the effect of depreciation being recorded by a company? a. Its quick assets decrease. b. Its common stock increases....
- Q The 2024 inventory data for Garden Corporation's patio furniture Bermuda set is presented below. Assume that Garden uses periodic inventory tracking. 2024 Beginning Inventory (purchased...
- Q In a bank reconciliation, outstanding checks are recorded by the company but not yet recorded by the: Group of answer choices owner. regulator. bank. ...
- Q why isn't dividend recorded as an expense on income statement
- Q metlock and Ivanhoe problems and solution on working capital, current ratio and etc
- Q Which of the following best describes the primary role and responsibility of independent external auditor?
- Q The Sarbanes-Oxley Act (SOX) of 2002:
- Q You are measuring the impact of a company's strategy to increase revenue by the number of unit sold. which of the four financial drivers are you analyzing. Margin,...
- Q The accounting records of Guci Corp. show the following data for the current year. Balance Sheet, December 31 Prior Year Current Year Difference Cash $371...
- Q Massa Company, which has been operating for three years, provides marketing consulting services worldwide for dot-com companies. You are a financial analyst assigned to report on the...
- Q A deductible temporary difference that arises in the current year also is referred to as an unfavorable difference. True or False
- Q What is total contribution marhin if sales volume increases by x%
- 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 31....
- Q For a firm that always maintains some level of inventory , the Acid Ratio is always smaller than its Current Ratio . T or f
- Q Managerial decisions based on activity-based costing (ABC) information can only affect volume-related, batch-related, and product-related costs
- Q Maria is not married. Her son, Diego, lived with her all year. To claim the filing status of head of household, Maria must:
- Q The percent of receivables method to estimate uncollectible accounts expense is also known as the:
- Q Question 3 Circumstance Misstatement/ Limitation of scope (10 Marks) Material / pervasive Opinion No cash sales records 1.................... Material and pervasive Depreciation policy inappropriately applied 2.....................3....................4.................... Qualified Inventory...
- Q The balances that appear on the post-closing trial balance will match
- Q Type of adjustment Classify the following items as (1) accrued revenue, (2) accrued expense, (3) unearned revenue, or (4) prepaid expense: Line Item Description Classification a....
- Q The following control procedures are used at Torres Companyfor over-the-counter cash recipts. a. For each procedure, explain the weakness in internal control, and identify the...
- Q what is the function for accelerated or sum of the years digits deprecation in excel
- Q Buena Montana Carpet Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is...
- Q For the apartment complex, what is net income (loss)?
- Q Cindy owns a catering company and expects her total income to be R94500 at the end of the month, with expenses of R104500. Thus, her budget will indicate...
- Q TB MC Qu.02-20 Statement of Retained Earnings Use the following information to ... Statement of Retained Earnings Use the following information to find dividends paid...
- Q Sunland Inc. produces two types of gas grills: family and deluxe model
- Q The shows what an organization owns (assets) and what it owes (liabilities). accrued interest report balance sheet vision statement mission statement...
- Q gardibner company concluded at the begining of 2024 that the companys ownership interest in derekco had increased to the point that it became appropriate to begin using the...
- Q Mr. Sohn is a savvy investor who mostly purchases stocks that pay a large dividend. Mr. Sohn always elects to reinvest the dividends in more shares of stock...
- Q what practice before the IRS rights does participating in the voluntary annual filling season program give to tax preparer
- Q What is the amount of L and S Cleanings 2023 ordinary buisness income
- Q Indicate whether a company interested in minimizing its income taxes should choose the FIFO or LIFO inventory costing method under each of the following circumstances.
- Q During its 2022 fiscal period ended December 31,2022, MaggieMade Limited made two non-interest-bearing advances to its sole shareholder and president, Ms. Maggie Fornswater. The total advances were $400,000...
- Q 4. Which of the following approaches is used to determine the recognition of an impairment loss of financial assets? IFRS A) An approach that reflects the...
- Q Select all that apply Receivables represent a company's claims to the future collection of (Select all that apply.) Multiple select question. other assets ...
- Q Mary Jacobs, the controller of the Jenks Company is working on Jenks' cash budget for year 2. She has information on each of the following items: ...
- Q Which taxpayer has a potential qualitying relative that meets the relationship or member of the household test? Blake lived with Owen as a member of his household for...
- Q what is the impact . on robinsonsRobinsons nrtet income due to this inbestvestment ooin timberland
- Q The following account balances has been extracted from Jimbob Co's general ledger:Direct materials used inproductionDepreciation factory building$200,000$10,000Depreciation factory equipment$50,000Depreciation sales department automobiles$10,000Direct wages factory employees$200,000Sales department salaries and...
- Q Exercise 5-24(Static) Capital Projects Fund Financial Statements [LO 5-5] The year-end pre-closing trial balance for the Woodland Park Capital Projects Fund is provided below. ...
- Q the confirmation of a cash balance provides primary evidence regarding which management assertion Valuation existence
- Q Which of the following is the accounting principle that governs the timing of revenue recognition?
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