Accounting question and answers for December 10, 2023
- Q The results of a generalized audit software simulation of the aging of accounts receivable revealed substantial differences in the aging contribution, even though grand totals reconciled. Which of the...
- Q An accountant might owe a duty of care to persons who are not her clients. Question 10Select one: True False
- Q Information for Kent Corporation for the year 2024: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 182,000 ...
- Q Anderton Clinic has provided the following cost data for two levels of monthly volume.MaterialsSuppliesSalariesDepreciation4000 visits6000 visits$38.50 per visit$38.50 per visits $37.80 per visits$37.80 per visits$87.80 per visits$65.20 per...
- Q A corporation is: Multiple Choice A business legally separate from its owners. The same as a limited liability partnership. Not responsible for its...
- Q San Mateo Company had the following account balances at December 31,2021, before recording bad debt expense for the year: Accounts receivable $ 1,400,000 ...
- Q in 2024 mercedes exchanged a parcel of land (70000 fair narket
- Q After inspecting a sample of 55,000 kg of meat stored at the Wurst Sausage Company, it was found that 45,000 kg of the meat...
- Q Use the basic accounting equation to answer the following: a. Kendrick Company has total assets of $275,000 and total liabilities of $165,000. How much is the...
- Q a. For which persons may a taxpayer deduct medical expenses? A. A taxpayer may deduct medical expenses incurred on behalf of the...
- Q Gabrielle Thornecliff has been an audit manager at Copeland & Cahoon, CPA's the past ten years. Two years ago, she performed human resources and internal audit functions for...
- Q Highlands Company uses the FIFO method in its process costing system. It processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed...
- Q c. The primary financial statements are thought of as a lens to view the business. Explain what this means and why this is important to a business....
- Q Mia and Mack, a married couple, had been saving for their children's college education. They purchased Series EE U.S. Savings Bonds and Series I U.S. Savings Bonds in...
- Q Clarence is a runner for a sports ticketing business in Las Vegas. His duties normally include picking up sports merchandise from the warehouse and delivering it to the...
- Q Sally Smith had expenses of $800 in June which she paid in July. She reported these expenses on her June income statement. By doing this, she is following...
- Q During the current accounting period, Kelley Farms Company paid $2,000 for advertising services in advance of receiving them. Prepaid Advertising was debited and Cash was credited for...
- Q Suppose you asked your favorite AI query tool the following question: "For purposes of Section 721, what constitutes property?" and the AI tool responded as follows: ...
- Q On September 22, Jedi Lumber sold building materials to Lando Limited for $25,000 with terms of 3/10, net 30. What amount did Jedi record as revenue on October...
- Q The most important advantage to the corporate form of business is Multiple choice question. double taxation. regulation. ease of formation. limited...
- Q In June 2021 Shawna purchased and placed into the service and $11,000 piece of equipment for exclusive used in her business. She claimed the special depreciation allowance that...
- Q How do you use accounting on a personal level? How do you think acc100 will jhelp someone in their future careeras an hr manager
- Q Which of teh following entities pay taxes vs. teh tax burden following through to the owners Multi-member LLC which has not made any election on...
- Q By multiplying the operating leverage factor by the anticipated percentage change in volume, one can find the anticipated change Question content area bottom Part...
- Q Prepaid expenses are Question 3 options: paid and recorded as an asset before they are used or consumed paid and recorded in an asset account...
- Q What is the primary service function provided by the National Office of the IRS? Question content area bottom Part 1 The National Office of the...
- Q EZ Credit Company signs an instrument payable to the order of Fraser that states, The maker of this note at the date of maturity, May 1,2013, can extend...
- Q COTB MC Qu.12-03(Static) Which of the following measures... Which of the following measures would most likely appear in the Financial perspective of a companys balanced scorecard?...
- Q Audio Science Companys agent Bailey is authorized to draw checks on Audio Sciences account in Citizen Bank. The checks are preprinted with the company name. Bailey writes a...
- Q 1. Compute the revenue and gross profit will Sanderson report in its 2018,2019, and 2020 income statements related to this contract assuming Sanderson recognizes revenue over time according...
- Q You are running a company with two divisions. One division is high risk and the other division is low risk. two divisions Criteria Cost of Capital Expected Return...
- Q Storrs-It Corporation distributes land to its shareholder, Jim, that has a fair market value of $36,000 and an attached mortgage of $10,000(which Jim assumes). Storrs-It has tax and...
- Q If the taxpayer still owes tax after April 15, the IRS assesses interest based on the remaining amount owed. Group of answer choices True ...
- Q Todd and Susan divorced on September 1,2023. As part of the divorce decree, beginning in September, Todd was to make payments of $2,000 a month for the balance...
- Q Variable costing treats Blank______ manufacturing costs as product costs. Multiple choice question. only variable all only fixed no
- Q The purpose of inflation accounting is to: Question 1Answer a. Calculate the consumer price index b. Determine the...
- Q A company in its first year of business carned revenues of $100,000 but collected only $80,000 in cash from its customers. Which of the following is correc?...
- Q In their consideration of a client's information technology (IT) controls, the auditors will encounter general controls and application controls.Which of the following is an application control?Multiple ChoiceSystems documentation.Hash...
- Q Which of the following is true of refinement of a costing system? Question 22 options: A homogeneous cost pool will use multiple cost drivers to...
- Q If the option is not exercised, and the option was not for business purposes or rental property, the option amount generally ____________. Unset starred question Is counted...
- Q Bobby owned a building with a fair market value of $2,000,000. Bobbys adjusted basis in the building was $1,000,000. Bobby agreed to sell the building to his son,...
- Q Hahn Company uses job-order costing. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $15.50 per hour. During the...
- Q In its April Year 1 production, Hern Corp., which does not use a standard cost system, incurred total production costs of $900000, of which Hern attributed $60000 to...
- Q Gandolfi Construction Company purchased a CAT 336DL earth mover at a cost of $525,000 in January 2022. The companys estimated useful life of this heavy equipment is 10...
- Q A notary must provide his/her journal to the Secretary of States office for inspection and auditing upon request. A. True ...
- Q Janet needs an elevator seat attached to her stairs since she has a medical condition that makes her unable to climb the stairs in her house. The $10,000...
- Q 9. Jackie has gross pensionable income of $1,500.00 bi-weekly. What will be her CPP contribution per pay period?
- Q If my divorce finalized in december 2023, my children lived with me for the first four months of the year 2023, moved out to live with my soon...
- Q The statement of financial position should be presented in enough detail so that users will be able to assess the amount, timing, and uncertainty of future cash flows. Select...
- Q Danielle lives in New Jersey which requires employers to withhold suit attacks at 1.5% on each employee's wages up to 7,000 Laura who also lives in New Jersey...
- Q For each of the following events, indicate whether the freight terms are FOB destination or FOB shipping point. 1.sold merchandise and the buyer paid freight costs. ...
- Q a. Identify the different categories of interest expense an individual may incur. How is the classification of the interest determined? b. ...
- Q For federal income tax purposes the difference between the total income and total deductions reported on form 1120 by a sea corporation may be referred to as what...
- Q Case Study: Process Cost Accounting at CleanWave Detergents Ltd. Background: CleanWave Detergents Ltd. is a manufacturer of liquid detergents. The company operates on a continuous production...
- Q Presented below are selected ledger accounts of Tucker Corporation as of December 31,2025.Cash$50,000Administrative expenses100,000Selling expenses80,000Net sales540,000Cost of goods sold210,000Cash dividends declared (2025)20,000Cash dividends paid (2025)15,000Discontinued operations (loss before...
- Q Stodgy Industries Ltd. has barely made a profit over the past few years and is looking for ways to improve its results. It has hired a consultant who...
- Q Select two weaknesses that are included in Brison's proposal. A. The proposal may give rise to disputes over the definition and valuation of "identifiable...
- Q Which of the following statements is true? Contribution margin + net operating income = sales Sales + variable expenses = contribution...
- Q COTB MC Qu.12-07(Static) Which of the following measures... Which of the following measures would most likely appear in the balanced scorecard of a company focused on provided...
- Q Which of the following results in an increase in cash on the balance sheet: A. An increase in accounts payable B. An increase in...
- Q A cost which differs in amount between one choice and another is called a ( n ) differential cost . sunk cost . past cost . unavoidable cost...
- Q Exam:Question 32 out of 60 PREVIOUSNEXTGO TOCompleted 59 of 60SUBMIT TESTTime remaining01:39:56Question 32: Prior to the current period, Omar Phipps had earnings subject to Social Security tax of...
- Q Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income for the 2024 fiscal year was $1,268,000. Depreciation expense...
- Q Lynch Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations: Variable costs per unit: ...
- Q The following capital budgeting techniques ignore the time value of money: A. Payback period and accounting rate of return. B. Net present value...
- Q Albany Division is considering the acquisition of a new asset that will cost $540,000 and have a cash flow of $189,000 per year for each of the...
- Q a single taxpayer earning $50,000 taxable income will pay more in federal taxes in a taxpayer filing head of household with the same taxable income yes or no...
- Q What is one effective internal control over cash? Avoiding check disbursements Recording by hand Segregating duties Creating duplicate invoices
- Q The Company agrees to build a warehouse for a client at the contract price of $900,000. The client will pay the Company $400,000 in 2016 and $250,000...
- Q During the year, Mike received two cheques, one in the amount of C$20,000, the other in theamount of C$8,500. The $20,000 cheque was a dividend from business income...
- Q An income statement is __________. Assets Expenses = Net income Assets Liabilities = Net income Revenue ...
- Q The following is based on a total production level of 70,000 units per month. Labor related overhead is applied using a predetermined overhead rate based on direct...
- Q Ethel signs a note payable to the order of Fidelity Bank. Fidelity indorses the note in blank and negotiates it to Ghani, who sells it to Huck. Liability...
- Q The financial statement that reports on the financial performance of a farm business. Question 4Answer a. Income Statement b. ...
- Q Vince Kim, of EcoScape Company, designs and installs custom lawn and garden irrigation systems for homes and businesses throughout the state. Each job is different, requiring different materials and...
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!