Accounting question and answers for December 10, 2023
- Q department y started 675 units during the accounting perio
- Q Logan has two daughters, Paige H4 and Natalie. Age 10. Logan paid a local daycare provider $5,000 for Paige from January through December and $3,000 for Natalie from...
- Q Abbot Company determined that the book basis of its allowance for bad debts is $100,000. There is no corresponding tax basis in this account. The basis difference is...
- Q Earned Income Tax Credits are given to wealthy Americans as a bonus for earning so much. True False
- Q is value engineering relevant to our pricing discussions? What is its role in target costing, if any? Anyone?
- Q list and describe nine activities of a strong internal control system
- Q what is loss on impairment of assets
- Q A bank loan is ain) liability, asset asset; liabilityasset, assetO liability; liabilityto the borrower and a(nto the bank.
- Q Wages, salaries, and tips are compensation for services rendered. However, commissions, bonuses, and severance pay are not taxable.
- Q The predetermined plantwide overhead rate for the period is closest to
- Q What does the statement of cash flows measure
- Q What is an asset? Everything the business owns the profit a business makes or everything the business owned minus any liabilities.
- Q In whose accounting records are the elimination entries recorded? Multiple Choice The parent company only. Both the parent company and the subsidiary company. Neither the...
- Q The audit risk model is a function of Blank______ risk. Multiple select question. detection inherent control financial statement
- Q Indicate which of the following accounting methods are allowed for the computation of earnings and profits. a.For depletion, E & P requires which method? Cost...
- Q from which 2 areas in quickbooks online advanced can the expense claims hub be accessed?
- Q Morris and Marianne have a $310,000 mortgage on their personal residence and a $90,000 mortgage on their mountain retreat. The interest on both of them qualifies as deductible...
- Q Nonqualified distributions from a Roth IRA are made in a specific order. Assuming there have been no excess contributions, which of the following items is distributed LAST? The...
- Q is cost of sales an expense or a liability?
- Q What is the difference between a perpetual inventory and a physical inventory? If a company maintains a perpetual inventory, should its physical inventory at any date be equal to...
- Q Mary and Jake finalized their divorce on November 1,2023. If neither remarries, what will be their filing status for the year? Because they were married over...
- Q Statement of cash flows from an adjusted trial balance
- Q Which step in tge process of measuring external transactions involves assessing the equality of debits and credits
- Q a machine purchased three years ago for $360,000 has a current book value using straight-line depreciation of $200,000; its operating expenses are $30,000 per year
- Q Milestone Two - Contribution Margin Analysis
- Q The requirements for depositing FICA taxes and income taxes withheld from employees wages very according to the amount amount of such taxes reported during a look back. True or...
- Q Why do businesses perform closing entries?
- Q What is one of the main reasons an attorney may refuse to provide auditors with complete information about contingent liabilities? The attorneys refuse to disclose information they consider...
- Q Mark Chen started his graphic design business, DesignMark Studios, on August 1,2024. The following transactions occurred during March: March 1: Mark invested $10,000 cash to start the business....
- Q On December 1, Year 1, Wayne and Susan Li formed a corporation called French Broad Equipment Rentals. The new corporation was able to begin operations immediately by purchasing...
- Q Use the information provided below to prepare the following: 4.2 Budgeted Statement of Financial Position as at 30 June 2024. MARBURG LTD...
- Q The direct write-off method of accounting for uncollectible accounts Group of answer choices emphasizes the matching of expenses with revenues. emphasizes the historical cost...
- Q The intentional misstatement or non-disclosure of a material fact made by one party with the hopes of influencing the other party amounts to
- Q If a company provides services to cash which of the following is true
- Q Which of the following is not a characteristic of managerial accounting?
- Q Stuart Smally is a member of the Toyco audit team. Stuart has 4 years of experience and performs detail testing. Stuart is most likely Select answer from...
- Q What is the primary basis for taxation of global income by the United States? Citizenship-based taxation system Residency-based taxation system ...
- Q thinking back on what you read, are discussions surrounding the preparation of a tax return privileged?
- Q the following data pertains to Debra Company on Dec 31,2025 supplies $24.00 cash 156 accounts receivable 95 allowance...
- Q Chalmers Corporation operates in multiple areas of the globe, and relatively large price changes are common. Presently, the company sells 165,400 units for $50 per unit. The variable...
- Q Big data changes an entitys risk profile. is unrelated to financial reporting. is the monetization of data assets. is similar to automated authentication.
- Q Separation of duties is important for internal control of
- Q Operating income is a common Performance measure.
- Q A member of a group engagement team will not be subject to discipline if a foreign component auditor departed from the ethics requirement as long as:
- Q when goods are cosigned, the cosignee
- Q Describe the circumstances when it is appropriate to initially measure agricultural inventory at fair value.FASB
- Q Which of the following is correct regarding how the amounts on a loan amortization schedule change over time?
- Q Which of the following items should be included in the cost of inventory? a. Advertising costs. b. Transportation costs paid to acquire inventory....
- Q Job the builder was negligent in how he framed a building. Once it is finished the area suffers a magnitude 9.3 earthquake which leveled every building in the...
- Q For financial control purposes, when is a flexible budget prepared?
- Q Which of the following statements is true? Flexible budgets can be used when there is more than one cost driver (i.e., measure of activity). A...
- Q How much income tax would Jamie pay?
- Q Under what IMA standard does "Keep information confidential except when disclosure is authorized or legally required." fall under
- Q what ultimatley determines the audit procedures neccesary to provide independent auditors with a reasonable basis for the expression of an opinion
- Q Which of the following is NOT an example of benchmarking using ratio analysis? Question 2 options: Calculate a company's debt ratio and compare it to...
- Q The year-end financial statements of Viper Tax Services are provided below.
- Q For a taxpayer to be eligible to fund a Health Savings Account (HSA), they must be:
- Q Directing and supervising individual processes related to creating products and services is known as
- Q If a corporation exgages in a nontaxable exchange of assets, could the transaction result in a book/tax difference?
- Q . Casualty and theft losses are deductible only if they occur in a federally declared disaster area. o a) True o b) False
- Q When two firms combine to create a new corporation, the transaction is typically called a(n)_______. Answer Unselected tender offer Unselected spin off Unselected merger...
- Q Norfolk Southern Corporation, one of the nations premier transportation companies, reported the following amounts in the asset section of its balance sheets:
- Q At age 65, Carlotas financial position was better than her health. She had a large balance in an IRA that she wanted to move ...
- Q If a taxpayer loses a case at the circuit court level, he is granted an automatic appeal hearing with the Supreme Court. Group startsTrue or False...
- Q Business expenses include I. expenditures that have a business purpose II. expenditures that are incurred for the production of income.
- Q Matt Company is the lessor in connection with an operating lease. Matt Company would record: A)Depreciation expense. B)A right-of-use asset. C)Amortization expense. ...
- Q is child support and alimony taxable
- Q what taxes are non taxable when filing income taxes
- Q Which boards have faced bitter opposition when working to implement fair value measurement for financial instruments
- Q These transactions involve activities that occur only periodically, such as taking physical inventories or calculating depreciation expense. Multiple choice question. Estimation Nonroutine Routine...
- Q Assume that fast-food restaurants generally provide an ROI of 10%, but that such a restaurant near a college campus has an ROI of 16% because its relatively large...
- Q What does the statement of cash flows measure
- Q The phrase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business.
- Q If no legal, regulatory, contractual, competitive, economic, or other factors limit the life of an intangible asset, the asset's assigned value is allocated to expense over which of the...
- Q Use Apples financial statements in Appendix A to answer the following.
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