Accounting question and answers for December 10, 2023
- Q 1. Has White transferred control of the receivables? Under U.S. GAAP, the treatment of a transfer of accounts receivable as either a sale or a...
- Q what are shun's absorption costing unit product cost for last year? $5.65 per unit $6.30 per unit $4.10 per unit ...
- Q Springfield, Inc. uses regression analysis to estimate production costs based on machine hours. The most recent analysis showed an R-squared of 0.68. Which of the following statements...
- Q Serena is a 48-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2023 Schedule C reports net profits of $15,000....
- Q Which of the following statements about the segment margin is not true? multiple choice In preparing a segmented income statement, the variable expenses are deducted...
- Q Multiple Choice Question Compared to other methods of estimating uncollectible accounts, the aging of accounts receivables method tends to Multiple choice question. recognize bad debts earlier. ...
- Q On October 1,20X3, Pole Corporation paid $450,000 for all of Stick Company's outstanding common stock. On that date, the book values and fair values of Stick's recorded assets...
- Q Order the following costs from most to least specific of a product: Top label: Most specific costMost specific cost Bottom label: Least...
- Q A tax office running an EIC maximization hustle is deliberately understating multiple clients' incomes via fraudulent Schedule C deductions. Three hundred (300) clients are pulled by...
- Q McAlister Company is operating at capacity and desires to add a new service to its rapidly expanding business. The service should be added as long as service revenues...
- Q cullumber manufacturing inc. is installing a new plant at its production facility. it has incurred these costs: cost of the manufacturing plant initial delivery and handling...
- Q Which of the following reflect(s) relative efficiency in operating a retail and wholesale organization? Multiple choice question. Gross margin Purchases Marketing and administrative...
- Q An employer pays health care expenses not covered under a group health plan directly to the institution that provided the treatment to an employee. How will this payment affect...
- Q Steve is deep in debt due to a gambling problem. He is the bookkeeper for a family-owned business, Cal Poly Greenery. The company has only three employeesSteve, the...
- Q On January 1,2024, Ackerman sold equipment to Brannigan (a wholly owned subsidiary) for $350,000 in cash. The equipment had originally cost $315,000 but had a book value of...
- Q Regarding the investment in Wella, Coty reports this investment on its balance sheet at fair value and the income effects related to this investment (which are included in...
- Q Which statement/s related activity-based costing is/are correct? Statement 1: short-term variable overhead costs should be traced to products using volume-related cost drivers, such as machine hours or direct...
- Q The difference between the weighted average and FIFO methods of computing equivalent units of production is the manner in which the Group of answer choices Equivalent units...
- Q Headphones Earbuds Required Labor per unit in hours 12 Maximum demand in units 9,0006,000 Contribution Margin per unit 1420
- Q The _________blank method of inventory costing is least likely to lead to inflation-induced profits. Multiple Choice FIFO LIFO weighted average lower of...
- Q when a taxpayer experiences a net loss from a nonresidence (rental property): the tax payer will not be allowed to deduct the loss under ...
- Q The difference between the amount of cash on the firm's books and the amount credited to it by its bank is Group of answer choices extended disbursement....
- Q If revenue decreases and expenses decrease, this would create: a. An unfavorable revenue variance and a favorable expense variance. b. Unfavorable...
- Q OL Ltd uses an activity-based management system. OL Ltd manufactures three products: the Alpha, the Beta and the Gamma. Alphas and Betas are manufactured in batches of ten...
- Q If the auditors discover that the carrying amount of a clients investments is overstated because of a loss in value that is other than a temporary decline in...
- Q Suppose a company's quick ratio is 1.8. If the company were to repay some accounts payable using cash, which of the following would be TRUE? Question...
- Q he King Corporation has ending inventory of $485,100, and cost of goods sold for the year just ended was $4,487,175. What is the inventory turnover?...
- Q Stair Company accepted a credit card with a fee for services rendered. As a result of this transaction Blank______. Multiple select question. ...
- Q In place of pressure and rationalization as they pertain to the accidental fraudster, the Fraud Diamond introduces _____________ and _____________ as they pertain to predators who commit fraud...
- Q 18) When equipment that is to be used by the General Fund is received, how should it be recorded? A) Capital Asset. B) Appropriation....
- Q Q4) Blue Jay Enterprises sells handmade plates. Its variable cost per plate is $5.00, and each plate sells for $13.00. They sold 2,250 plates this year. Calculate the...
- Q Company Y purchased a controlling interest in Company Z on January 1,2018. Which of the following would appear as the shareholders' equity amount on Company Y consolidated balance...
- Q Multiple Choice Question The Blank______ principle for determining when income is generated provides taxpayers with an objective measure for valuing the transaction and with the wherewithal to pay...
- Q Spencer Electronics has just developed a low-end electronic calendar that it plans to sell via a cable channel marketing program. A fee is charged by the cable...
- Q When choosing between the 'nature' and 'funct inn' of expenses in the presentation of its statement of comprehensive income, a company should: select the method that results in the...
- Q On January 6,2021, Barkley Alabama and his wife Mickey purchase a property on one acre in MarthasVineyard as an investment rental property. The estate was purchased for $1,750,000....
- Q Willis Inc. plans to drop one of its 5 departments. The department currently has a contribution margin of $40,000 and $70,000 in fixed costs. ...
- Q 1. Ratio of 1.0 indicating each dollar of profit is supported by a dollar of operating cash flow (3 words) 6. Activities including cash received...
- Q Nico, a single taxpayer, has federal itemized deductions of $14,900, of which $3,600 is the state income taxes he paid. He is itemizing on his federal return. Should...
- Q During 2022, Baltic Company incurred operating expenses amounting to $190,000, of which $132,000 was paid in cash; the balance will be paid during 2023. Which of the following...
- Q AForm 8606 can be used to _______________. Determine the taxable amount of a direct rollover. Claim an exception to the penalty on an early distribution...
- Q If an asset is consumed, used up, or has no future benefit, it a. becomes an expense and will be reported on the income statement ...
- Q Which 2 out of the following 3 taxes is constitutionally forbidden in Texas? A statewide sales tax An income tax A statewide property tax...
- Q Which of the following is an example of an "Other Receivable"? Group of answer choices Loans to company officers Income Taxes Receivable These are all examples...
- Q Bed & Bath, a retailing company, has two departmentsHardware and Linens. The companys most recent monthly contribution format income statement follows: TotalDepartmentHardwareLinensSales$ 4,220,000$ 3,200,000$ 1,020,000Variable...
- Q 1) Under the Account Type column, determine which label the account should have: Asset Liability Equity ...
- Q a. Will be satisfied through the use of current assets.Current assetsb. Items expected to be converted to cash or consumed within one year or the operating cycle,...
- Q The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales by hiring high school students, on a...
- Q Assume that two firms are both following generally accepted accounting principals. Both firms commenced operations two years ago with 1 million of identical fized assets and neither firm...
- Q If a company fails to decrease the deferred or unearned rent account for rent that has been earned, revenues will be overstated and liabilities will be overstated. ...
- Q The following information is provided by Sutton Corporation for the year: Actual overhead $450,000 Actual machine hours worked 25,000 Budgeted machine hours 27,500...
- Q A company had net sales of $350,000 and cost of goods sold of $200,000. Its gross profit equals $150,000. True or False?
- Q If I taxpayer receives more dependent care benefits than allowed into that What are the most used common cones that tax professionals are likely to see on a...
- Q Gains and losses on fair value through profit and loss (FVTPL) securities: Question 20 options: are included in net income, regardless if they...
- Q Knowledge Check 01 On December 1, Year 1, Childe Company purchased $100,000 of bonds issued by Paperman Company at face value. The bonds mature in...
- Q Shaker, Inc. distributes land to its shareholder, Robbie. The land's fair market value was $36,000(adjusted basis of $6,000) at the time of the distribution. Robbie assumed the $10,000...
- Q Sports Drinks, Inc. began business in the current year selling bottles of a thirst-quenching drink. Production for the first year was 104,000 bottles, and sales were 104,000...
- Q The following information relates to Franklin Freightways for its first year of operations (data in millions of dollars): Pretax accounting income: $ 767 ...
- Q Barbara is filing a joint return and qualifies to deduct student loan interest on her 2023 tax return. The modified adjusted gross income is $156, and her form...
- Q On its 2031 Statement of Comprehensive Income, amortization of unexpected gain or loss should be Question 13 options: $4,833 ...
- Q The document used to record the hours workers spend on each job and task is called a Blank______. Multiple choice question. time ticket production order...
- Q Neutral financial statements should not contain overstatements or understatements. This characteristic is supported by the concept of: Multiple Choice conservatism. freedom from material error. prudence. substance over form....
- Q If a taxpayer has a balance due, the taz preparer may need to determine if estimated payments will be necessary for the next year, what steps should the tax...
- Q A company had $200,000 of net income during the year. Its dividend requirements for preferred stock were $25,000. Outstanding numbers for common stock were 200,000 at the beginning...
- Q Negative cash flows (or cash outflows) from investing activities could result from which of the following? Question 2 options: Cash payments on loan...
- Q Jorge actively manages both properties. Jorge also owns a limited partner investment in Bunker Dry Cleaners LP (EIN 13-3434347). Bunker allocated a $15,000 loss to Jorge in 2023....
- Q Which of the following statements is correct? Question 2 options: A) ASPE does not give guidelines for accounting for financial reorganizations. ...
- Q The IFRS standard that deals with the recognition and measurement of financial instruments is: Question 12Answer a. IFRS 9- Financial Instruments...
- Q Ms. King, a single taxpayer, earns a $66,000 annual salary and pays 15 percent in state and federal income tax.Required:If tax rates increase so that Ms. King's annual...
- Q Assessing Financial Statement Effects of Adjustments For each of the following separate situations, prepare the necessary accounting adjustments using the Financial Statement Effects Template. a....
- Q Siphethokuhle Limited Company is a subsidiary of Enoch holdings an auto Parts manufacturer that is registered in the country of KoNkiwane Land. The subsidiary is situated...
- Q While auditing an Oil & Gas Manufacturing client, Morales Auditing firm required a petroleum engineer to help them obtain sufficient information for inventory estimates. The petroleum engineer is...
- Q Onslow Company purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $8,000 to wire electricity to the machine. Onslow paid an additional...
- Q After the mailroom employee opens the cash receipts, the remittance advices go to the Question 1 options: A) accounting department. ...
- Q Mark is an engineer who has designed a telecommunications device. He is convinced that there is a big potential market for the device. Accordingly, he has decided to...
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