Accounting question and answers for December 10, 2023
- Q The Green Mortgage Company has originated a pool containing 75 ten-year fixed interest rate mortgages with an average balance of $101,200 each. All mortgages in the pool carry a coupon...
- Q Which of the following is not an element of working capital? 1. Which of the following is not an element of working capital? Cash Short-term notes Deferred taxes Trade credit
- Q On January 1, 20X1, Pepper purchased 75% interest in Salt for $675K. At the time of the purchase, Salts assets and liabilities were equal to book value except for Inventory,...
- Q You purchase a house for $241,000. The bank requires a down payment of 15% of the purchase price and loans you the remainder to be repaid in monthly installments over...
- Q Justify the historic ranking of returns for the following three categories of investment, listed from highest to lowest return: common stocks, long-term Treasury bonds, and Treasury bills.
- Q Consider the following project for Hand Clapper, Inc. The company is considering a 4-year project to manufacture clap-command garage door openers. This project requires an initial...
- Q the case of FTX the cryptocurrency exchange. In an essay response explain how poor short-term financial or liquidity management exacerbated FTXs decline. Note: your answer should be 3-5 paragraphs. Where...
- Q Problem 10 Calculate the price of a one-year European put option on the spot value of the S&P 500. The one-year futures price of the index is 3160, the strike...
- Q What are the differences between a process evaluation and an outcome evaluation?
- Q The ____ is the best measure of risk for a bank A) liquidity ratio B) loan/deposit ratio C) capital/asset radio D) loan delinquency ratio E) there is no single number...
- Q Describe the abnormal freight charges included in the cost of inventory. FASB
- Q The principles of internal control include: Multiple Choice
- Q 4. During the initial planning phase of an audit, a CPA most likely would: a. evaluate the reasonableness of the entitys accounting estimates. ...
- Q under the modified accrual basis of accounting, property taxes are recorded as deferred inflows if expected to be collected:
- Q oriole company applies manufacturing overhead to jobs on the basis of machine operated hours
- Q the system of accounting where revenues are recorded when services have been performed or products have been delivered to customers and expenses are recorded when they are incurred is...
- Q the revenue recognition principle states that revenue should be recorded in the same period as the cash is received. true or false?
- Q Which of the following accounts is considered a prepaid expense? wing statements describes why accrual accounting better reflects a busineply.)
- Q Abby Novel signed a note with the following on it: Glen Gallwitz 1-8-2002 loaned me $5,000 at 6 percent interest a total of $10,000.00. The note did not...
- Q Which of the following are true when there are multiple temporary differences (select all that apply)?
- Q Qualifying life events allow individuals to be eligible for special enrollment outside of an open enrollment period for health insurance. Give an example of a qualifying life event.
- Q International Technology Inc. (ITI) acquires all of the voting stock of Global Outsourcing Corporation (GOC) on June 30,2010. Amounts paid are as follows (in millions):
- Q Which of the following is NOT one of the four financial statements?Income StatementStatement of AccountsReceivable@ Balance SheetStatement of Stockholders'Equity
- Q Flynn Corporation is debating whether to purchase a new computerized production system. The system will cost $450,000, and have an estimated 10-year life with a salvage value of...
- Q which of the following types of income is usually attributable to trust principal for trust accounting purposes
- Q What is the difference between the Direct Method and Indirect Method for calculating Cash Flow? Explain how the two methods are reconciled.
- Q the formula for Accounts Receivable Turnover Ratio is:
- Q Which of the following represents variable costs?Group of answer choicesUtilitiesFactory laborRepairs and maintenanceExecutive salaries
- Q List 3 details that must be included in a credit guide
- Q In which Journal would a customers partial payment on account be recorded
- Q Which of the following is not a plausible cause of a direct labor efficiency variance?
- Q Any debt that must be repaid within the next year is recorded on the balance sheet as: a current asset. long-term debt. ...
- Q How much did Alexander Company have in revenues for the year?
- Q Which of the following is an example of following COSO Principle 11: The organization selects and develops general control activities over technology to support the achievement of objectives?...
- Q What was the accumulated depreciation on the PPE (excluding software) sold by Harley Davidson during 2022?
- Q moonlight bay is incorporated on january 2,2025
- Q For corporations, 291 recaptures 20 percent of the lesser of depreciation taken or the realized gain as ordinary income.
- Q An incresing cost industry is the result of
- Q Financial Reporting Summative Assessment
- Q Flounder Corporation's comparative balance sheets are presented below. -112.5 FLOUNDER CORPORATION Balance Sheets December 31 2022 2021 Cash $12,000 $5.600 Accounts receivable...
- Q When should process costing techniques be used in assigning costs to products?
- Q The main purpose of the general anti-avoidance rule (GAAR) is to provide a definition for the term "tax avoidance." provide legislation that can be used...
- Q appropiate description for cash-basis accounting, fiscal year, revenue recognition principle, and expense recognition principle
- Q At the following final balances after the first year of operations assets
- Q Accounting buddy dupree ontime geeks
- Q department y started 675 units during the accounting perio
- Q To be deductible an expense must be
- Q To qualify for head of household status, a taxpayer must maintain a household that is the principal place of abode of a qualifying person for more than half the...
- Q a job cost sheet contains ___ the job
- Q Exercise 5-18(Static) Break-Even and Target Profit Analysis; Margin of Safety; CM Ratio [LO5-1, LO5-3, LO5-5, LO5-6, LO5-7]
- Q Which of the following statements about managerial accounting is incorrect?
- Q Which of the following constitutes a partnership at will? Multiple Choice Nevena and Friderik agree to be partners for a period of three years. Nevena...
- Q explain how cash and accural basis accounting would handle each of the events described wileyplus
- Q Determine the formula, then calculate the cash ratio. (Enter the cash ratio to two decimal places, X.XX.)
- Q Which of the following is NOT a limitation of a plantwide overhead rate?
- Q of the following, which is the least persuasive type of audit evidence
- Q Which of the following types of taxes may be deducted from AGI as itemized deductions check all that apply size taxes paid on cigarette and alcohol purchases state and...
- Q using accrual accounting,expenses are recorded and reported only
- Q the following items are taken form the finacial statements of sandhill co. at december 312022
- Q On July 1,20Y1, Danzer Industries Inc. issued $26,600,000 of 10-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $25,010,623. Interest on the bonds...
- Q In general, the best way to allocate costs in a large organization is to assign all overhea expenses to a single cost pool with one cost driver.
- Q how many report templates are available with the custom report builder in quickbooks online advanced?
- Q Which of the following criteria is used by Revenu Qubec to determine if a worker is self-employed or an employee?
- Q Examples of tax liability for AGI and QBI
- Q True or False: A notary must keep journals for ten (10) years after the date of the last notarization recorded in the journal. A....
- Q Retrospective treatment of prior years financial statements is required when there is a change from: Question 10 options: 1) ...
- Q Matthew owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $ 2 comma 600 occurred...
- Q Contribution margin is equal to fixed costs minus variable costs.Group of answer choicestruefalse
- Q Use the information provided below to prepare the following: 4.1 Budgeted Statement of Comprehensive Income for the year ended 30 June 2024. INFORMATION...
- Q which of the following sets of conditions would give rise to the accrual of a contingency under current generally accepted accouting principles?
- Q what is the total amount of eligiblw education expenses, prior to any adjustments made for the purpose of the limit, that should be considered when calculating rhe Dixons'...
- Q PROBLEM 4.4A Preparing Adjusting Entries from a Trial Balance LO4-1, LO4-2, LO4-3, LO4-4, LO4-5, LO4-6, LO4-7, LO4-9 Campus Theater adjusts its accounts every month....
- Q the cost to replace an item of property at the time of loss less the depreciation is known as what u
- Q Dashing Diva has the following costs for April.Direct laborDirect materialsFactory utilitiesAccounting servicesDirect marketingProduction supervisor salaries
- Q which of the following is a limitation of the statement of financial position
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