Accounting question and answers for December 10, 2023
- Q tims toys, a maker of high end collectible teddy bears had a beginning balance of 71200 in its raw materiasl inventory ccount
- Q Is Yum brands outpacing McDonald's in total acid turnover ratio?
- Q Statement of Members' Equity, Admitting New Member The statement of members' equity for Bonanza, LLC, follows: Bonanza, LLC Statement of Members' Equity For the...
- Q what's a deferred expense?
- Q The allocation bases to determine charging rates at the beginning of a year on the basis of budgeted usage permits a. producing departments to use support department...
- Q Question Content Area Which of the following is not a right possessed by common stockholders of a corporation? a. the right to receive a minimum amount of...
- Q Stock issuances are increases in equity from the sale of products or services
- Q a limitation of the statement of financial position that is not also a limitation of the income statement
- Q When a state or local government agency receives federal funds, it is subject to the audit requirements of Yellow Book Single Audit Act OMB Circular A-133 ...
- Q Which of the following functions of management involves comparing actual results with budgeted results?
- Q To prove the arithmetical accuracy of the client's analyses and records, auditors make independent......../
- Q In reporting of property and equipment, why do we depreciate assets
- Q Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken...
- Q The main difference between a classified and a non-classified Balance Sheet is: The classified Balance Sheet separates the assets and liabilities sections into current and...
- Q A common reason for redeeming a bond prior to its maturity date is that
- Q Common-size income statements present all account values as a percentage of:
- Q Is Yum brands outpacing McDonald's in total asset turnover ratio?
- Q Which of the following is NOT a payroll tax expense to the employer? Withholding for Employee Income Tax Social Security Tax (OASDI)...
- Q When should a merchandiser recognize an accounts receivable?
- Q The accuracy of the product costs will be with the ABC system instead of the simple costing system. The ABC product costs will...
- Q An advantage of the LIFO method is that it best matches Multiple choice question. the costs of items with the revenues they generate erratic changes...
- Q A disadvantage of the high-low method is that the high point and low point may not be representative of the total data set available. ...
- Q Fogel Co. has $4,000,000 of 8% convertible bonds outstanding. Each $1,000 bond is convertible into 30 shares of $30 par value common stock. The bonds pay interest on...
- Q What does the statement of cash flows measure
- Q The depreciation method that allocates an equal portion of the total depreciable cost for a plant asset to each unit produced is called:
- Q Which of the following is a factor in determining the required minimum distribution from an IRA? The account balance as of December 31 of the current year....
- Q 2. Explain and account for deferred income taxes
- Q is depreciation an accrued expense?
- Q Buffy Inc issued shares of common stock to investors in exchange for cash
- Q what is the financial advantage (disadvantage) of alternative Y over alternative X? $26,000 $132,000 $145,000 $119,000...
- Q For a manufacturing company, the combination of the cost of raw materials, direct labor, and overhead for inventory that has not yet completed production is known as:
- Q Owner Kay Fay is considering franchising her Global Chopsticks restaurant concept. She believes people will pay $ 5.50 for a large bowl of noodles. Variable costs are $...
- Q CVP analysis focuses on how profits are affected by: multiple choice
- Q Analyzing Cash Flow Ratio Trends by Industry Segment The Excel file associated with this exercise includes Compustat data for S&P500 companies for Year 1...
- Q issued 39,100 shares
- Q When an auditor of a parent nonissuer is also the auditor of a component, then each of the following factors would ordinarily influence the decision to obtain a separate...
- Q In order for third parties to recover losses due to a CPAs' ordinary negligence, the Rosenblum approach requires the third party be
- Q Select an ideal data type for the following data value and/or data range. Group of answer choices 5623.56 [ Choose ] 43.23 float...
- Q The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,000 balance owed by...
- Q Partnership Accounting: What ratio should be used to allocate to the old partners the excess of the new partner's contribution over the amount credited to the new partner's capital...
- Q A method of assigning overhead costs to a product using a signle overhead rate is:
- Q FIELD sports store sells 1 World Cup soccer ball for every 4 regular style balls. World CupRegularSoccer BallStyle BallSale price per ball$20.00$10.00Variable cost per ball$10.00$5.00...
- Q If a taxpayer bought a capital asset on 5/1/2023 and sold it for a gain on 5/1/2024, the gain would be a long-term capital gain. ...
- Q The PCAOB was formed and instituted a mandatory quality inspection program. What has been the average audit deficiency rate range since the program started?
- Q a. Gain on the sale of land b. Purchase of equipment c. Sale of common stock d. Changes in current operating assets...
- Q Which of the following are included in a firm's inventory? Multiple select question. raw materials to be used in production finished goods work in progress...
- Q Foam Products, Incorporated, makes foam seat cushions for the automotive and aerospace industries. The companys activity-based costing system has four activity cost pools, which are listed below...
- Q for both managers and external financial analysts, what is the single most important accounting number found on the income statement
- Q Sales price per unit manufacturing cost per unit = Blank______ per unit. Multiple choice question. net income or loss gross profit ...
- Q A budget that is based on the actual activity of a period is known as a: Group of answer choices continuous budget. flexible budget. static...
- Q The December 31,2024 balance sheet of Carla Vista Corporation includes the following items: 9% bonds payable due December 31,2033 $5,090,000 Unamortized premium on bonds...
- Q Which of the folloWhich of the following statements is true about income earned by a married couple filing separate tax returns? All married couples filing separately must...
- Q On January 1, University Car Wash built a deluxe car wash across the street from campus. The new machines cost $222,000, including installation. The company estimates that the...
- Q The main categories of cash flow activities on the statement of cash flows areQuestion content area bottomPart 1A.operating, investing, and financing.B.current and long-term.C.direct and indirect.
- Q The following statement(s) can correctly be made about fraud prevention regulation in most states:In most states, insurance employees who know, or reasonably believe, that fraud has occurred are...
- Q The budgeting principle in generally accepted accounting principles (GAAP) for state and local governments states that budgetary comparisons should be presented for
- Q Which of the following is true regarding investment income? Multiple choice question. The tax consequences of investment income is the same as business income. The primary...
- Q Ch 5 Continuing payroll Project Provsti farms
- Q A common measure of short term solvency is the debt to acid ratio the asset turnover the current ratio and inventory turnover
- Q What is the impact on the accounting equation when a current months utility expense is paid?
- Q Factors that affect inherent risk include the nature of the Blank______. More than one answer may be correct. Multiple select question. internal control system ...
- Q If we create another column called GrossProfit that is equal to SellingPrice minus Cost, and if we generated descriptive statistics for GrossProfit, what would that information tell Rob about...
- Q 1. Select which of the following are correct with respect to an audit of a clients internal controls: a. A robust system of internal control...
- Q James Jetter, CEO of HTC, would like to know the total product costs and unit costs for HTC/A105 and HTC/B107
- Q mundes corporation uses the weighted average method in its process costing system. the beginning work in process
- Q Shareholders' equity Preferred stock, 5% cumulative, $50 par value, 95,000 shares authorized, 23,750 shares issued and outstanding $1,187,500 Common stock, $1 par,...
- Q Which convention is used for residential rental and nonresidential real property?
- Q Select from the option list provided which sampling plan, if either, would be most appropriate for the test listed. Each choice may be used once, more than once, or...
- Q Describe the disclosure requirements that must be made by publicly traded companies for a LIFO liquidation fasb
- Q The area of accounting at serving the decision making needs of internal users
- Q Recordkeeping, or bookkeeping, is the recording of transactions and events, either manually or electronically. This is just one part of accounting. Group startsTrue or False
- Q You have been tasked with preparing the federal tax return for Jack and Diane Mellenkamp. Diane provided a letter with information pertaining to their taxes such as estimated...
- Q Common stock subscriptions receivable are reported as: Question 10Select one: a. A non-current asset. b. A...
- Q Fanelli corporation a merchandising company reported the following results in july. Cost of goods sold is a variable cost in this company
- Q 10. Cheryl took early retirement at age 55 in 2024 and received a $10,000 taxable distribution from her Archer MSA during the year....
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!