Accounting question and answers for December 12, 2023
- Q Which of the following governmental funds must be reported as a major fund? Select one: A) The General Fund B) Any fund with total assets, liabilities, revenues or expenditures that...
- Q james inc. charges $2,800 for its hand-crafted guitars. The cost function that describes the total cost, C, as a function of the guitars crafted and sold, x, is: C(x) =...
- Q Oprian Company uses straight line depreciation for a machine costing $47,300. When it was purchased, the company estimated that it would have a useful life of 7 years and a...
- Q Hereford Company is planning to introduce a new product with an 80 percent learning rate for production for batches of 1000 unites. The variable labor costs are $30 per unit...
- Q Howe Chemicals Company acquires a delivery truck at a cost of $40,300 on January 1, 2014. The truck is expected to have a salvage value of $3,100 at the end...
- Q When research and development costs are incurred in the expectation of future benefits, but it is not possible, at the reporting date, to establish that it is probable that future...
- Q Where there is an asset revaluation decrement that does not reverse a previous increment, the amount is debited to: Select one: a. a loss account. b. share capital. c. revaluation...
- Q How are scholarships and allowances treated in the financial statements by colleges and universities? (Non-profit accounting) How do they appear different?
- Q Dietary Manager at Glen Ridge Hospital, Henry Carnish, noticed that one tray-line worker cuts 1/2 a case of iceberg lettuce for the lunch tray line and a full case for...
- Q Trio Company reports the following information for the current year, which is its first year of operations. Direct materials$11per unit Direct labor. $20per unit Overhead costs for the year Variable...
- Q SAT scores (out of 2400) are distributed normally with a mean of 1500 and a standard deviation of 300. Suppose a school council awards a certificate of excellence to all...
- Q Swifty, Inc. is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $11, while the cost of assembling each unit is...
- Q You have information for the cost formula, Y = $9,000 + $2.50X, total cost for an activity level of 3,000 units would be: Question 11 options: ...
- Q A company has budgeted fixed costs per unit of NOK 10,000, budgeted variable cost per unit is NOK 30,000 and the budgeted sales price was NOK 50,000. The company has...
- Q Kragan Clothing Company manufactures its own designed and labeled sports attire and sells its products through catalog sales and retail outlets. While Kragan has for years used activity-based costing in...
- Q Payroll Accounts and Year-End Entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: ...
- Q Anne purchased an annuity from an insurance company that promised to pay her $35,000 per year for the next ten years. Anne paid $236,250 for the annuity, and in exchange...
- Q Manufacturing overhead costs include costs that can be traced to individual products but there is little benefit in doing so. Select one: True False
- Q Paul Samuels, a single taxpayer with over $600,000 of taxable income, is considering several investments. He would like to maximize any available deductions from these pass through entities. Which of...
- Q Fleet Company reported net income of $340,000 for the year ended 12/31/2021. Included in the computation of net income were: depreciation expense, $60,000; amortization of a patent, $32,000; investment income...
- Q Yasadaa Corporation acquires a coal mine at a cost of $980,000. It incurs an additional $140,000 in costs to prepare the mine for mining. The mine is expected to yield...
- Q Abdullah owns a commercial project and does not keep commercial books. It was found that his sales through points of sale amounted to 450,000 riyals, while the average worker in...
- Q Hamilton Company uses a normal job-cost system. Manufacturing overhead is allocated using a budgeted rate of 150% of direct manufacturing labor cost. Any over- or under-allocated manufacturing overhead is closed...
- Q To what extent does the Conceptual Framework (2010) rely on modern accounting ideas? Identify the key words, phrases or quotations drawn from five specific OB or QC within the Conceptual...
- Q The income statement for the Four Oaks Golf Club Inc. for the month ended July 31 shows Service Revenue $17,710; Salaries and Wages Expense $9,160; Maintenance and Repairs Expense $3,700;...
- Q Assuming that you have an IV regression model with 1 instrument currently, but have multiple possible other variables to be used instruments for the same varible. Discuss the advantage of...
- Q Define Sole Proprietorship, Partnership, Corporation. List the pros and cons of these business characteristics.
- Q Rise Ltd had the following balances related to bad debts for the year ended 30 June 2021: Allowance for Doubtful Debts $30,000 (30 June 2020: $26,000), and bad debts expense...
- Q Which of the following statements about budgeting is not correct? In zero-based budgeting, the prior budget is analyzed to make sweeping changes. Almost all organizations prepare...
- Q How is the value of goodwill determine for accounting purposes
- Q On January 1, 2012, Fishbone Corporation purchased 330 of the $1,000 face value, 10%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2022, and pay interest annually...
- Q A 15 year bond can be called at the end of any year from 10 through 14. The bond has a par value of 1000 and an annual coupon rate...
- Q On January 1, 2021, the shareholders of Aylmer approved a plan that grants options to the companys executives to purchase 10,000 of the companys common shares each. The options are...
- Q 53. Karen makes the following purchases and sales of stock: Transaction Date Number of Shares Company Price per Share Purchase 1-1-2011 300 MDG $ 75 Purchase 6-1-2011 150 GRU 300...
- Q Jims Discount Warehouse sells three-year extended warrantees on its televisions and other electronics. As of December 31, 2019, Jims estimates expected cash flows associated with electronics sold to date...
- Q can you give me some examples and explanations about the different between audited income statement and unaudited income statement? what account that makes them different thank you
- Q It would be _____________ for managers to make decisions based only on financial information. Multiple Choice A) Prudent B) Short-sighted C) Irrefutable D) Factual **** Not sure which one it...
- Q Department A had 1,000 units in Work in Process that were 60% completed at the beginning of the period at a cost of $7,000. 4,000 units of direct materials were...
- Q A supplier lists a product at $430 and offers trade discounts of 25%, 20%, and 7% to a retailer for re-sale. The retailer sets the selling price to allow for...
- Q Horngren's Accounting (12th Edition) Chapter 19, Problem 40UE
- Q Which of the following does not affect the cost of preparing a budget? Time and resource requirement Motivation and behavior of individuals The...
- Q Which of the following would most likely immediately increase earnings? a. Holding the accounting period open past year-end. b. Reducing the useful life of identifiable intangible assets. c. Using the...
- Q Explain the relationship between the financial accounting system and the cost management system.
- Q Cactus Corporation, an S Corporation, had accumulated earnings and profits of $200,000 at the beginning of the tax year. Tex and Shirley each own 50% of the stock. During the...
- Q Suppose that there is a flat 20% income tax rate, but otherwise U.S. tax law is the same as that in place. You make $40,000 per year. If your employer...
- Q 4. Corporate social responsibility (CSR) has put many companies in the spotlight, for both good and bad reasons. Some would argue that a businesss only responsibility is to increase shareholder...
- Q A company that reports segment information had average total assets of $1,522,450 and total net income of $590,700. Segment A had average total assets of $927,800 and segment operating income...
- Q The direct materials price standard should include an amount for all of the following except
- Q The following information was taken from the records of Sheffield Inc. for the year 2025: Income tax applicable to income from continuing operations $257,380; income tax applicable to...
- Q Lucky Products markets two computer games: Predator and Runway. A contribution format income statement for a recent month for the two games appears below: ...
- Q When are unallowed losses taken into account for the QBI deduction? a) The year the loss occurs if it is an unallowed loss per the basis limitation. b) The year...
- Q Connie recently provided legal services to the Winterhaven LLC and received a 20 percent interest in the LLC as compensation. Winterhaven currently has $50,000 of accounts payable and no other...
- Q As it turned out, DLA had been able to do some of the feasibility study for Client #3. DLA estimated that about $8,000 of the project had been completed and...
- Q Venice InLine, Inc., was founded by Russ Perez to produce a specialized in-line skate he had designed for doing aerial tricks. Up to this point, Russ...
- Q On September 1, 2021, 8% bonds with face value of $8,000,000 were issued for $7,283,000. The bonds were priced to yield 12%. Interest is payable semiannually on March...
- Q Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company
- Q You would like to save $ 2000 for a trip at the end of your degree in three years. You deposit $15,00 today and will make another deposit in 18...
- Q Current Attempt in Progress Determine the missing amounts.
- Q Thomas Company began its operations in 2027 and applies overhead costs to jobs using a pre-determined overhead rate equal to 60% of direct labor cost....
- Q 1. Which of the following costs is considered an indirect cost to its given cost object? a. New plumbing system for a house b. An operation for a family...
- Q On January 1 of the current year, Townsend Co. commenced operations. It operated its plant at 100% of capacity during January. The following data summarized the results for January ...
- Q In no more 5 sentences, explain the considerations when comparing a firms ratio and industry averages.
- Q 11 3.33 pts Jacob Corporation shows a total of $1,260,000 in its common stock account and $1,400,000 in its paid-in capital in excess of par value - common stock account....
- Q This year, Darrels distributive share from Alcove Partnership includes $6,000 of interest income, $4,000 of dividend income, and $70,000 ordinary business income. Assume that Darrel materially participates in the partnership....
- Q Water Cycle is a three (3) owner company, legally organized as a limited liability company and its owners own a one third stake each. The entity has chosen to pay...
- Q Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $24 per unit. Lehighton uses an actual costing system, which means that the actual costs of...
- Q Maxine King ( sole director and sole shareholder) of Gold Coast Souvenirs Pty Ltd made an appointment to speak to Jessica Jones ( Partner in Griffith Insolvency) in early July...
- Q Cherokee incorporated is a merchandise
- Q In 50 words or less, describe how the strategy of Walmart differs from that of Target, giving at least one example.
- Q VOLS Inc. began its business operations on December 1, 2020. VOLS sells customized (with team's names on the seat) stadium seats and bleachers to various college and professional teams. During...
- Q Think about the functions of companies you have studied in your previous graduate studies. Why might a company be interested in any of their functions located outside the United states...
- Q Which of the following activities is an example of financing activity? A. The collection of sales revenue B. The payment of utility bills C. The purchase of treasury stock D....
- Q Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1 $ 24,900 Beginning Raw Materials, January 1 36,300 Beginning Work in Process, January 1 111,100...
- Q 4. For 2013 Fielder Corporation reported net income of $30,000; net sales $400,000; and average common stock shares outstanding of 6,000. There were no preferred stock dividends. What was the...
- Q Equipment with a cost of $30 000 and accumulated depreciation of $25 000 was sold for $3 400. The journal entry to record the disposal would include: Select one: a....
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