Accounting question and answers for July 03, 2023
- Q 1. The client will not allow the auditor to view the minutes for the entire year under audit and beyond. what is most appropriate audit opinion?
- Q Conan Company has total fixed costs of $112,000. Its product sells for $35 per unit and variable costs amount to $25 per unit. Next year Conan Company wishes to earn...
- Q 8. A note is discounted at 6% in order to take advantage of a cash discount on an invoice listing merchandise of $4,020.41 plus...
- Q What are the differences between counterbalancing and noncounterbalancing errors
- Q Discuss an acquisition that involves goodwill vs one that involves a bargain purchase. Discuss what each word means and why we record them
- Q BOR CPAs, Inc. BOR CPAS, Inc. is a closely held corporation owned by three stockholders who...
- Q Cul de las siguientes partidas es una diferencia temporal entre la renta fiscal y la renta contable financiera? a. deduccin por actividades productivas b. producto de un seguro de...
- Q Question 2 (10 marks) Describe ten (10) different applications of emotions and moods in organisational behaviour. Provide relevant examples. Answer this question in 300 words.
- Q Garb Inc. emite 5,000 acciones preferentes de valor nominal de $100 a cambio de efectivo a $130 por accin. a. Registrar en el diario la emisin de las acciones...
- Q when net cash flow from operating activities is presented by the direct method the statement of cash flows is accompanied by a supplementary schedule reconciling a. net cash flow from...
- Q El ndice de margen de contribucin del nico producto de Baginski Corporation es del 53%. El gasto fijo mensual de la empresa es de $617 980 y la meta de...
- Q A project has an initial cost of $40,000, expected net cash inflows of $14,000 per year for 7 years, and a cost of capital of 13%. What is...
- Q Contribution Margin increase or decrease is a prime consideration for deciding whether to implement a new initiative or not. Do you agree or not agree with this statement? Also, do...
- Q Each of the following is an example of a significant noncash activity except
- Q On October 1,2024, Benson Company sells 5,000 microwaves at an average price of $500. The product includes a one-year warranty on parts. Based on past experience, it is...
- Q The following information is necessary to complete questions a-n of the problems portion. Calhoun County General Fund Balance Sheet Dec 31, 2010 Assets ...
- Q Parent Company holds 75 percent of Surrogate Companys voting common shares. On December 31, 20X8, Parent recorded a loss of $20,000 on the sale of equipment to Surrogate. At the...
- Q Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $6,000,000 (300,000 hours at $20/hour) and that factory overhead would be $1,600,000 for...
- Q Hinck Corporation reported net cash provided by operating activities of $360,000, net cash used by investing activities of $250,000 (including cash spent for capital assets of $200,000), and net cash...
- Q Osprey Cycles, Inc. projected sales of 63,167 bicycles for the year. The estimated January 1 inventory is 3,991 units, and the desired December 31 inventory is 6,072 units. What is...
- Q Red and White Company reported the following monthly data: Unit produced 3,300 units Direct labor $6 per unit Sales price $ 38 per unit Variable overhead $ 7 per unit...
- Q Following is the balance sheet of Stuart Company for Year 3. The average number of common stock shares outstanding during Year 3 was 890 shares. Net income for...
- Q what are some of the HR challenges at Moddens, and why it is important to understand some of the strategic human resource principles in redesigning HR policies and practices for...
- Q Exercise 20-27A(static) Merchandising a cash budget LO P4. Use the following information to prepare the July cash budget for Acco Company. Ignore the loan activity section of the budget. 1....
- Q Syed bought 168 day Government of Canada T-Bills on 30 April 2016, yielding 0.6%. The face value of the bills was $55 000. He immedia...
- Q Dividends per share Oceanic Company has 20,000 shares of cumulative preferred 1% stock, $50 par and 50,000 shares of $25 par common stock. The following amounts were distributed...
- Q Which of the following transactions would cause the current ratio to increase? Purchase of beverage inventory for cash ...
- Q On October 1, 2016, Priscilla purchased a business. Of the purchase price, $60,000 is allocated to a patent and $375,000 to goodwill. If required, round your intermediate values to nearest...
- Q OA as OC both of the above system On neither of the above system
- Q What factors should an external auditor use to assess the objectivity and competence of internal auditors?
- Q 6. Which of the following is false? * a. Under PFRS 9, the basis of carrying investments in debt securities as FVPL, FVOCI, or at amortized cost, is the entitys...
- Q Nancy reports the following income and loss in the current year. Salary $ 60,000 Income from activity A 18,000 Loss from activity B ( 9,000) Loss from activity C (13,000)...
- Q Discuss the S and A adjustments. How and why
- Q Maria is 40 years old today and she wishes to accumulate $1,840,000 by her sixty-fifth birthday so she can retire to a beach in Florida. She wishes to accumulate this...
- Q Describe the conformation process of accounts receivable. Include in your answer a) positive and negative conformation, b) timing c) sampling decisions d) follow-up of non-responses (alternative procedures and subsequent cash...
- Q Departmental income statement and contribution to overhead P3 The Ski department reports sales of $605,000 and cost of goods sold of $425,000. Its expenses follow. For...
- Q When estimated costs are used in applying the cost-plus approach to product pricing, the estimates should be based upon ideal levels of performance. True False please explain why
- Q If the interest rate on a project is expected to be 12%, approximately how long will it take for the initial investment to double? ...
- Q Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 42,700 partially complete gallons. Transferred out, 211,900 gallons. Ending inventory (materials are 19 percent complete; conversion...
- Q All of the following are advantages claimed for standard costs except: Group of answer choices requires less clerical effort. provides information useful in budgeting. helps establish control over costs. will...
- Q 141000 17ister. 1Phoove Fracoo 141000 17ister. 1Phoove Fracoo
- Q Rocco grump wants to buy a new car in 4 years. he knows that he can earn 10% interest compounded semi annually. How much must he deposit now in order...
- Q After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $737,710 and Allowance for Doubtful Accounts has a balance of...
- Q Cul es el trmino que se aplica al exceso de los ingresos netos por ventas sobre el costo de las mercancas vendidas? a. Beneficio bruto b. Ventas brutas c. Utilidad...
- Q Which of these will be recorded as income? A loan is received from a bank ...
- Q I have some few questions on CAFR New Jersey 2019 chapter 8 a. Chapter 8 Examine the reconciliation between the governmental fund...
- Q Un sistema de costos estndar a. se emplea con un sistema existente de costeo por rdenes de trabajo o costeo por procesos y no es un sistema de contabilidad de...
- Q Delicious Fried Chicken bought equipment on January 2, 2018, for $36,000. The equipment was expected to remain in service for four years and to operate for 7,500 hours....
- Q For each of the following, compute the future value: Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g
- Q what is the journal entry in: "purchased supplies on account. the company record purchases of suplies in nominal (temporary) accounts
- Q (TCO 4) Stevens Company produces and sells a single product whose selling price is $60.00 per unit and whose variable expense is $40.00 per unit. The company's fixed expense is...
- Q The contribution format income statement for Westex, Inc., for its most recent period is given below: ...
- Q El 3 de enero de 2020, Moss Company adquiere $500,000 de los bonos de Adam Company al 10% a 10 aos a un precio de $532,090 para obtener un rendimiento...
- Q The balance in the office supplies account on June 1 was $5,200, supplies purchases during June were $2,500, and the supplies on hand at June 30 were $1,500. The amount...
- Q Which of the following is NOT a benefit of planning the audit? It ensures the audit is performed efficiently and effectively. It helps identify the resources to...
- Q Adams Company is a manufacturing company that has worked on several production jobs during the first quarter of the year. Below is a list of all the jobs for the...
- Q 5. What is the Present Value (PV) of an annuity of $5,000 received every three months for 10 years, discounted at 7% compounded quarterly?
- Q Coronado Industries paid cash of $130500 on June 1, 2017 for one years rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2017...
- Q Adjusted Trial Balance Debit Credit Cash $40,000 ...
- Q On September 1, ABC Company borrowed $65,000 on a 6%, 9 month note payable to XYZ National Bank. Given no previous adjusting entries have been recorded, ABC's adjusting entry four...
- Q Cost of sales is a major expense for a retailer. Cost of sales is: the cost of the goods purchased during the...
- Q The PCAOB adopted the AICPA auditing standards in existence April 16, 2003, as its interim standards. The PCAOB began issuing its own series of Auditing standards that are structured AICPA...
- Q 6.3 Mercer Asbestos Removal Company removes potentially toxic asbestos insulation and related products from buildings. There has been a long-simmering dispute between the companys estimator and the work supervisors. The...
- Q A corporation's "annual report" is its: A. Report to its shareholders. B. Budget for the coming year. C. Strategic plan. D. Required filing with...
- Q Perkins Corporation is considering several investment proposals, as shown below: Investment required Present value of future net cash flows If the project profitability index is...
- Q Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions:
- Q The current portion of long-term debt is a balance sheet item for Flavorful Products Company. How would it most likely be classified on the balance sheet? A. Current liability...
- Q a. In your own words, define revenues. Explain how revenues are different from gains. b. Describe what it means for a business to recognize revenues. What specific accounts and financial...
- Q The comparative balance sheets of Waterways Corporation's Irrigation Installation Division for the years 2019 and 2020 and the Income statements for the year 2019 and 2020 are presented below....
- Q RAYSUT CEMENT COMPANY SAOG AND ITS SUBSIDIARIES PARENT COMPANY AND CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER...
- Q Victor sold his personal residence to Colleen and paid real estate taxes of $9,450 for the year, $3,250 of which was apportioned to Colleen based on the period she owned...
- Q what's the answer? 8. A company has gross revenue of $502,000; sales discounts of $2,900; and sales returns and allowances of $3,300. Net revenue...
- Q Causes of gap between rich and poor what can we do about it? Create a program to curb the gab as future accountants.
- Q In the process of measuring the intangible asset or tangible assets net book value is______ less _____ less______. fill in the blanks
- Q Dahl Company, a clothing manufacturer, uses a standard costing system. Each unit of a finished product contains 2 metres of cloth. However, there is unavoidable waste of 20%, calculated on...
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