Accounting question and answers for December 10, 2023
- Q why was apple required to spread their iphone sales over a 2 year priod
- Q P-F: 12-30A Allocating profits and losses to the partners, accounting f
- Q Which department is often responsible for the price paid for direct materials?
- Q Another name for a static budget is a variable budget. Group starts
- Q XYZ is a calendar-year corporation that began business on January 1,2024. For the year, it reported the following information in its current-year audited income statement. Notes with important...
- Q Why is IT auditing considered an integral part of the audit function?
- Q What is the maximum amount of principal residence indebtedness that California allows for taxpayers in regards to apportioning and then deducting their mortgage interest on a State return which...
- Q Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorporated (BLI). As part of their discussions with the sole shareholder of the corporation,...
- Q Depreciation in accounting represents the decrease in value of an asset.
- Q In an acquisition what is the accounting for direct costs of the transaction which may include due diligence services, accountants, attorneys, investment bankers, etc.?
- Q Determine which of the following statements are correct regarding the difference between physical flow and the cost flow of inventory. (Check all that apply.) Multiple select...
- Q Dividends paid to the shareholders when declared will Question content area bottom Part 1 A. decrease assets and decrease shareholders' equity. B....
- Q Research and development expenses
- Q do i have to include staff discount in tax return?
- Q The following table shows annual rates for various types of loans in 2021. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan...
- Q Jamarcus, a full-time student, earned $3,200 this year from a summer job. He had no other income this year and will have zero federal income tax liability this...
- Q How much of the passive activity loss can Osprey deduct in the current year if it is not a personal service corporation?A closely held corporation that is not a...
- Q if the level of activity increases within the relevant range
- Q 1. Yerke Company makes jungle gyms and tree houses for children. For jungle gyms, the selling price is $120 and variable expenses are $90 per unit. For tree...
- Q Control risk is a function of Blank______. Multiple select question. nature of client and its environment operating effectiveness of internal control ...
- Q a taxpayer has a tax liability of zero and no refund due prior to applying any tax credits will The Following credit return a refund earn income tax credit...
- Q The AICPA and SEC rules concerning former firm professionals associated with and audit client
- Q Cora is a general partner who owns 50% interest in CS Brands a partnership. Jason is a limited partner in the business; he also has a 50% ownership...
- Q When should the alternative tax net operating loss (NOL) be computed? Anytime a casualty
- Q Cindy operates a computerized engineering drawing business from her home. Cindy maintains a home office and properly allocates the following expenses to her office: Line Item Description Amount...
- Q Where is the amount of withholding on real property transactions reported on the Form 540?
- Q Research and development expenses fixxed or variable expense
- Q Which of the following intangible assets is not amortized? Multiple Choice Patent Franchise Goodwill Copyright
- Q Does an independent CPA apply auditing procedures in connection with the performance of a review engagement.
- Q Job order costing records product costs by a. units produced. b. materials used. O c. jobs. d. employee hours...
- Q To what extent do you believe there should be greater public involvement in the budgeting process? Why?
- Q Working capital is Current Assets - Current Liabilities. Why would a Classified Balance Sheet make calculating this amount much easier?
- Q The fair value option allows a company to Select answer from the options below report most financial instruments at fair value at any point in time. record income when...
- Q how does purchased merchandise on account affect income statement and balance sheet
- Q Management of Childres Corporation is considering whether to purchase a new model 380 machine
- Q Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income On December 31, Opgenorth Company listed the following items in its adjusted trial...
- Q in a general ledger how do you classify purchased office supplies on account
- Q Which of the following accounts is considered a prepaid expense? multiple choice
- Q In the PeopleSoft case, the auditors violated what aspect of independence?
- Q To avoid double-counting realized loss in comprehensive income and net income
- Q Sales mix and break-even sales Data related to the expected sales of laptops and tablets for Tech Products Inc. for the current year, which is typical...
- Q Which of the following principles does not need to be satisfied for an acquisition to be a tax-deferred reorganization? Multiple Choice Continuity of interest...
- Q hector, a single taxpayer, has taxable income of $93,900 and the following tax liability
- Q how do you get 11 units on feb 23
- Q The income statement reports changes in fair vaue for which type of investment securities?
- Q Federal Income Tax - Stock Redemption
- Q A $.45 quarterly cash payment paid by Jones & Co. to its shareholders in the normal course of business becomes a liability when
- Q As a paid return preparer, you must meet due diligence requirements when you prepare returns for self employment
- Q Transactions that affect net income do not necessarily affect cash identify the affect of cash. Identify the effect if any that each of the following transactions would have upon...
- Q On November 1,2024, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to...
- Q which of the following correctly describes audit evidence
- Q In an attest relationship, during which of the following periods are the independence rules applicable
- Q Paramount Co. acquired all of Sanders Company on January 1,2021 for $2,000,000, which includes Paramount issuing 20,000 shares ($10 par) of its $80 fair value...
- Q Concord Inc. has the following selected financial data:20232022Net income$737,000$707,000Total assets5,129,0004,509,000Preferred shares, 6%, cumulative 600,000600,000Common shares344,000344,000Retained earnings2,796,0002,207,000Accumulated other comprehensive income 144,000130,400 Total shareholders' equity3,884,0003,281,400Cash dividends paid in the year...
- Q ACTIVITY ACTIVITY RATE Bid request $395 Shipment 85 Standard order 30 Special order 125
- Q In addition to checking for signatures, what would you look for when examining the checks
- Q The basic principle for recording nonmonetary transaction at fair value FASB
- Q A managerial accounting report that presents budgeted amounts for assets, liabilities, and equity as of the end of the budget period is called a(n):
- Q A company opens its business and shows the following information from its first month of operations. Credit Sales Cash Collections May 3 Amazon $ 6,754 May 24...
- Q Three important measures of profit (gross profit, operating profit, and net profit) are found on which financial statement?
- Q The accrual basis of accounting requires that revenue be recognized in the period when goods or services are provided to customers Group startsTrue or False
- Q What is ActiveActive Foot's current margin of safety in units, in sales dollars, and as a percentage? Explain the results. Begin by identifying the...
- Q The principal interest that will be paid on long term debt within the next operating cycle are reported on the balance sheet as "current portion of long term debt."...
- Q Problem 4-23(Algo) Absorption and Variable Costing; Production Constant, Sales FluctuateDuring the second quarter of operations, the company again produced 31,300 units but sold 34,300 units. (Assume no change...
- Q The trial balance of Pacilio Security Services Inc. as of January 1,2019, had the following normal balances:Cash$93,380Petty cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries...
- Q You mentioned that accrual accounting might lead companies to take on debt despite appearing profitable. How do you think businesses can balance the benefits of accrual accounting with...
- Q Why are financial statements more relevant they are based on historic cost current cost or so other attribute With the companies assets reported in its balance sheet be more...
- Q A CPA firm with an appropiate quality management
- Q In Malaysia's corporate governance context, explain the relationships between directors, the company secretary, and auditors.
- Q A deffered income account is classified as an income, true or false
- Q a common measure of liquidity is what
- Q Which of the following statements describes why accrual accounting better reflects a business's performance? (Check all that apply.)
- Q Record Pizza Corporation's 80% share of Slice Company's 20X5 dividend.
- Q Choose the correct statement. Sales returns:You can respond onceRefer to customers returning merchandise back to the seller for a refund.Refer to reductions in the selling price of merchandise sold...
- Q The change in recenue that occurs when one more unit of output is sold is referred to as
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