Accounting question and answers for December 10, 2023
- Q What transaction below is considered to be at arms length? Phillip sells his car to his mother at fair market value Phillip sells his...
- Q m elston a r olge have partnership capital balances of 48,000 and 97,600 respectively. the partnership agreement indicates that net income or loss shouls be shared equally ...
- Q What is one advantage of an S corporation? Group of answer choices Taxes have nothing to do with an S corporation. An S corporation does not...
- Q Which of the following is NOT a component of internal control? Answer information systems monitoring of controls audits environment I don't know yet...
- Q A company experienced an event that had no affect on the amount of total assets or net income, but did cause a cash outflow from investing activities. The...
- Q The term _____ describe assets that can be quickly converted into cash or consumed in one year or less. a. current assetsb. fixed assetsc. overhead costsd. acid-test assetse....
- Q Please classify the following accounts in the right accounting equation categories. Group of answer choices miscellaneous expense [ Choose ] equipment [ Choose ]...
- Q Dwight Company sells its product for $10 a unit. Next year, fixed expenses are expected to be $320,000 and variable expenses are estimated at $6 per unit. ...
- Q Whistleblowers have played a vital role in uncovering fraudulent accounting schemes. Which of the following is true as it pertains to whistleblowers? Multiple Choice As auditors, we recognize a...
- Q At December 31,2025, before adjusting entries, the balances in selected accounts were accounts receivable $333.600 debit, and Allowance for Doubtful Accounts $4080 credit.
- Q Just before Ward Laboratories opened for business, Pamela Ward, the owner, had the following assets and liabilities. Cash $ 40,300 Laboratory equipment 75,400 ...
- Q Lee and Ashton are cousins. Ashton is 18 years old, has gross income of $3,000, and is not a full-time student. Ashton lived in Lee's home for the...
- Q Return on assets can be disaggregated into profit margin and an expense-to-sales ratio. Select one: True False
- Q Summarize the results of the sales volume and variable cost volume variances computations based on the comparison between the master budget and the flexible budget. (This means to...
- Q in the current year, norris an individual has $50,000 of ordinary income, a net short-term capital loss of $10,000 ...
- Q Woody Corporation had taxable income of $7,850 in the current year. The amount of depreciation reported in the tax return was $2,975, while the amount of depreciation...
- Q a. Napoleon Industries sells and delivers a machine in January with terms of no payment due until six months later. Recognize the revenue ratably over...
- Q The Sensitivity Report for problem 19(above) is, as follows: If the Corner Coffee Shop can acquire more of one of the additional types of coffee, it should be...
- Q Effective as of 2018, The Tax Cuts and Jobs Act requires which of the following? Additional Due Diligence for taxpayers claiming ACTC/CTC for a dependent with an ITIN...
- Q Question 8 The interest accrued on $7,200 at 7% for 45 days is: (Use 360 days a year.) a $588. ...
- Q Under the Revenue Recognition Principle in IFRS, revenue is recognized in the accounting period when the performance obligation is satisfied. Group of answer choices True False...
- Q Morrison Company uses job-order costing to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet January...
- Q On June 1, Year 2, Carolina Company collected a $24,000 note receivable that had been issued on June 1, Year 1. The note carried a 6% interest rate....
- Q TB MC Qu.12-58(Static) Which of the following would be classified... Which of the following would be classified as an external failure cost on a quality cost...
- Q In some circumstances, the auditor will not express an opinion on the financial statements but will instead state that an opinion cannot be expressed. True False ...
- Q What is the primary characteristic of a sole proprietorship in South Africa? Question 1Answer a. Separate legal entity b. ...
- Q Tracy Company, a manufacturer of air conditioners, sold 220 units to Thomas Company on November 17,2024. The units have a list price of $400 each, but Thomas was...
- Q Which of the following would not result in a business expense deduction for a self-employed taxpayer's uniforms or special clothing? a. A clown buys their costume....
- Q Question 20 of 45. All of the following are used in the calculation of the cost of goods sold EXCEPT:
- Q The International Financial Reporting Standards (IFRS) Framework: Question 8Answer a. Determines the valuation of human resources b. ...
- Q Which of the following is not an effective implementation of the monitoring component of COSO's Internal ControlIntegrated Framework? a. Management determines which personnel have access...
- Q Sandra sold a plat of land to Roboto Roberto on June 30,2022 the sale price was $50,000 and Sandra's in the property was $30,000 Roberto made one payment...
- Q The following facts should be used in answering questions eight through ten Jack and Jill formed XYZ, Inc. ("XYZ") in 2005. From 2005 through today, Jack...
- Q Which of the following relate to a companys control procedures? (1) Separating responsibilities for related operations (2) Safeguarding inventory in a locked storeroom ...
- 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 the IRS...
- Q Rick Rocker, a nonresident alien, is interested in performing a rock concert in New York. A promoter in the United States ("Promoter") has agreed to pay...
- Q the internal control provisions of the arbanes-oxley act of 2002 applky to which companies in the united states?
- Q Division R reported operating income of $800,000 and total service department charges of $275,000. Therefore its _____. a. operating income before service department charges was $1,075,000...
- Q Part 2 contains 3 Decision making recommendations that are independent of each other. This part covers material in Module 17. Decision Making #1-Special Order ...
- Q FORco is a company incorporated in foreign country F. FORco sends a sales employee to meet with a U.S. customer at the Miami airport to sign a purchase...
- Q Jim Rodgers is the treasurer of ABC Inc. He receives a check from a customer and endorses it as follows: Pay to the order of Giant Bank for deposit...
- Q Wayne Corporation had a decrease in deferred tax liability of $27 million, a decrease in deferred tax assets of $17 million, and an increase in tax payable...
- Q The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2025. Fortunately, the controller had kept certain statistical data related to the income...
- Q If IntervaleIntervale Railway's fixed costs total $ 90 comma 000$90,000 per month, the variable cost per passenger is $ 45$45, and tickets sell for $ 75$75, what is...
- Q 1. Calculate the total manufacturing cost per unit for the second and third quarter assuming the company allocates manufacturing overhead costs based on the budgeted manufacturing overhead rate...
- Q Assume the same facts as Requirement 2 and that the exchange lacked commercial substance. Assume the fair value of the farmland given is $436,000 instead of $790,000. What...
- Q Form 1099-NEC is an information return that a. reports pre-tax salary reductions. b. reports compensation paid to non-employees, for fish purchased from...
- Q Determine how the transaction below affects the fundamental accounting equation. Bolton Designs, Inc. paid a creditor, $2,000. Group of answer choices Assets decrease, Stockholders'...
- Q A bicycle assembly shop has five employees who assemble 1800 bikes each month. Each employee works 120 hours a month on bike assembly. Labor costs are $14 per...
- Q Which of the following descriptions best describes the process of planning? Select one: A. Delegating authority to employees to address customer complaints ...
- Q Linda, age 58, contributed $3,000 to her traditional IRA in 2024. If her permitted Roth IRA contribution is not reduced because of ...
- Q Benedict Company leased equipment to Mark Inc. on January 1,20X1. The lease is for an eight-year period, expiring December 31,20X8. The first of eight equal annual payments of...
- Q On January 1,2022, Parflex Corporation exchanged $344,000 cash for 90 percent of Eagle Corporations outstanding voting stock. Eagles acquisition date balance sheet follows: Cash and receivables$15,000 Liabilities$76,000 Inventory...
- Q Which of the following items is(are) included as part of a companys current assets? Group of answer choices a. Accounts payable b....
- Q A foreign law firm sends an attorney from country F to the United States for a half-day meeting with management of a clients U.S. subsidiary. Immediately...
- Q Some organizations have an item on their balance sheet labelled deferred tax asset. What does this item represent? Other organizations have a deferred tax liability. How were these...
- Q The purpose of an engagement letter is to Question content area bottom Part 1 A. emphasize management's responsibility for approving the audit...
- Q Stoke Corporation has two production departments, Forming and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming...
- Q A bell curve is also called which of the following? Uniform distributionradio button unchecked1 of 4 Flat distributionradio button unchecked2 of 4 Normal...
- Q Generally, if the owner died before beginning required minimum distributions and prior to January 1,2020, the designated beneficiary must: Withdraw the required minimum distributions for the...
- Q Brief Exercise 4-1(Static) Identify Terms associated with Sarbanes-Oxley (LO4-1)
- 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 Z-Mart is a retail merchandising business. What line-item on its multi-step income statement represents Z-Mart's profit from its main day-to-day merchandising activities?
- Q Bernice 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 Calculate the receivables turnover ratio for the month of January. (Hint: For the numerator, use total services provided to customers on account.) If the industry average of the...
- Q Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers. (Check all that apply.) Multiple select...
- Q The Item details section of the Bill window contains columns of information on A. expenses. B. accounts receivable. C. accounts payable....
- Q What is the problem with calculating income tax expense as simply earnings before taxes (EBT) multiplied by the tax rate and using that as taxes paid on the...
- Q Revenues are The same as net income The excess of expenses over assets Resources ownered or controlled by a company Increases in equity from...
- Q Which of the following statements about materiality is not correct? Multiple Choice A traditional guideline for auditors is 5 to 10 percent of net earnings. An...
- Q Reasonable assurance means: a. the auditor has done adequate work to report whether or not anything came to their attention that would lead them to believe that...
- Q The IFRS framework emphasizes the importance of: Question 4Answer a. Historical cost measurement b. Fair value measurement ...
- Q this year jong paid $3000 of interest on a qualified education loan. Jong files married filing jointly and reports modified AGI of $177,000 ...
- Q According to FASB ASC 830, Foreign Currency Matters, which of the following conditions would indicate that a foreign subsidiary's functional currency is the foreign currency? Group...
- Q Treasury stock is generally accounted for by the, a) par value method, b) stated value method, c) cost method or d) market value method.
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