Accounting question and answers for November 17, 2023
- Q The gross margin ratio does what
- Q True or false: The allowance method of accounting for bad debts violates the matching principle.
- Q Established a petty cash fund of $1,125.
- Q Which inventory account in job order costing represents the final stage of the production process? a.) Work-in-process b.) Raw...
- Q Which of the following activity drivers is related to product-level costs? a.) Engineering hours and parts per product b.) ...
- Q The 179 deduction can exceed $1,220,000 in 2024 if the taxpayer had a 179 amount that exceeded the taxable income limitation in the prior year. ...
- Q Q1. To enter additional information in journal transactions, you must Select one: a. set up the additional transactions details field for each journal b. select the option to track...
- Q Under GAAP, with respect to multiple-element arrangements, if the revenue for a particular part of a multiple-element arrangement does not qualify for separate recognition, it is: Group...
- Q Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2022). She correctly calculated her...
- Q Which of the following is true regarding depreciation recapture? Changes the character of a loss Changes the character of a gain
- Q Slick's Used Cars vende autos usados a plazos y maneja sus propias notas porque sus clientes generalmente no pueden calificar para un prstamo bancario. Las tasas de incumplimiento tienden a...
- Q The following information is for Moss Creek Apparel: Line Item Description East West Sales volume (units): Product Alpha 6,800...
- Q Frank Company has the following per unit original costs and replacement costs for its inventory: Part A: 50 units with a cost of $5, and replacement cost of $4.50 Part...
- Q 1) Firstly, find out which concepts discussed in the class are visible in the financial statements. For example: We have discussed materiality concept in the class which states that items...
- Q Performance Report for Variable Overhead Variances Anker Company had the data below for its most recent year, ended December 31: Actual costs: Numerical Data Indirect...
- Q The consolidation of two organizations can be considered an entity for financial reporting purposes. Group of answer choices True False
- Q A perpetual inventory system measures cost of goods sold by
- Q Prepare the statement of stockholders equity for the year ended December 31, 2021, note that during the year the company issued additional common stock for $16,000. This amount is included...
- Q The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 1,076,000 ...
- Q Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 20 units @ $13 11 Purchase 17 units @ $15 14 Sale...
- Q The inventory cost flow assumption that generally best matches the physical flow of inventory is
- Q Which of the following factors would cause an unfavorable labor rate variance? a. using higher quality materials b. using more highly skilled workers ...
- Q Which account is adjusted to ensure the accuracy of total job costs? a.) The direct materials account b.) The cost of...
- Q what is i an income statement
- Q During which step of the budgetary cycle is power given to incur financial obligations? Group of answer choices Appropriations Audit Authorization Execution
- Q Which of these can decrease a taxpayer's basis in their property? The amount of cancelled debt excluded from income. Assessments for local improvements. Casualty restoration beyond bringing...
- Q A company spends $200,000 and produces 10,000 pounds of product X and 20,000 pounds of product Y. The joint cost will be allocated between these two based on units produced....
- Q Which of the following factors would cause an unfavorable labor rate variance? a. using higher quality materials b. using more highly skilled workers ...
- Q So the contract asset and liability account is the same as the revenue recognition for the year
- Q Milstrap Corporation manufactures product X and the following information applies: Production (Units): January (75000), February (100,000), March (120,000) Each Unit has a cost of $9.00 December 31, Accounts Payable Balance...
- Q Which ratio measures how effectively a company is using total assets to generate revenue?
- Q (d) On 1 Sept 2021, SGF completed its acquisition of LeasePlan Australia and New Zealand . How will this acquisition affect your 2022 audit plan for SGF? Your answer must...
- Q El monto estimado de depreciacin del equipo de oficina para el ao en curso es de $3,500. El asiento de ajuste correcto para registrar esta depreciacin es
- Q The carrying value of the investment in Light Company shares as of December 31, 2023, can be calculated by taking the initial cost and adjusting it for any changes in...
- Q Finch Construction Company provides the carpenters it employs with all of the required tools. However, the company believes that this practice has led to some employees not taking...
- Q A cost that has already been paid, or a liability that has already been incurred, is classified as a(n)
- Q Which of the following statements is true under IFRS? REceivables are generally reported in the current assets section of the statement of financial position. Cash and receivables are reported...
- Q A multinational corporation has a number of divisions, two of which are the North American Division and the Pacific Rim Division. Data on the two divisions are as follows:...
- Q CVP Analysis of Multiple Products Alo Company produces commercial printers. One is the regular model, a basic model that is designed to copy and print in...
- Q Sunlight Ltd called for subscriptions for 3 million shares. The issue price per share is $5.00 to be paid in three parts: the first payment of $2.00 is to be...
- Q what is Corrective control in AIS control category?
- Q The responsibility for adopting sound accounting policies and maintaining adequate internal control rests with the
- Q Indicate whether the following statements are "True" or "False" regarding the tax treatment of various forms of conducting a business. a. The income of a C corporation...
- Q The qualified opinion is the most favorable opinion that can be expressed by an independent auditor. True or False
- Q Cuando una empresa vende bienes, elimina su costo del balance general e informa el costo en el estado de resultados como: A. Gastos de venta. B. Costo de...
- Q Para tomar decisiones que sean consistentes con las metas de la empresa, los gerentes de segmento deben conocer las metas y el papel especfico que juega su unidad en el...
- Q Nathan Co. reports the following costs for the month of August. Assembly line workers: 30,000 Insurance on factory: 1,200 Administrative...
- Q The current condition of pandemic crisis has direct effects on governance practices, particularly on decision-making process. Hypothetically, when the company or organization exercises good governance practices, its vulnerability to crisis...
- Q Budget execution is a critical stage in the budgetary process. Explain the four key elements of this stage and discuss the five components of the internal control system that...
- Q Calculate the present value of the following amounts: 1. $5,000 at the end of five years at 12% 2. ...
- Q Which of the following activity drivers is related to product-level costs? a.) Engineering hours and parts per product b.) ...
- Q what's the income statement?
- Q Which inventory account in job order costing represents the final stage of the production process? a.) Work-in-process b.) Raw...
- Q The following scenario increases accounts payable: a) Office supplies are purchased with cash. b) A customer fails to pay an invoice. c) A supplier delivers raw material on credit. d)...
- Q Complete the 5 steps of computations for the process costing system, using FIFO for Department A and weighted average for Department B; and journalize the transfers from Department A to...
- Q The majority of the directors do not have an accounting background. You are required to prepare a memo which explains why it is necessary do the acquisition analysis and prepare...
- Q The use of subsidiary ledgers is limited to accounts payable and accounts receivable. True False
- Q Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Receivable b. Cash ...
- Q Henri Corporation produces product XC7. They plan to hire workers for $18.00 per hour and produce 8,000 units of XC7. Each unit should take four hours of labor to produce....
- Q In govermental fund, revenues are recognized when they are Measurable and available Available Measureable
- Q what's the income statement?
- Q Longretail Ltd sold goods worth 10,000 on 8 June and 13,000 on 29 June. The company received the first payment on 26 June and the second payment on 10 July....
- Q El software de preparacin de impuestos est diseado para cumplir con las pruebas de diligencia debida del EITC. Pero el software por s solo no puede satisfacer qu prueba? a.Mantener...
- Q Wesley Power Tools manufactures a wide variety of tools and accessories. One of its more popular items is a cordless power handisaw. Each handisaw sells for $44. Wesley expects the...
- Q The qualified opinion is the most favorable opinion that can be expressed by an independent auditor. True or False
- Q Process and job order operations are similar in that both: (Check all that apply.) Multiple select question. are used to determine the cost per unit...
- Q True or false non-manufacturing costs are expensed as incurred rather than going into the work in progress account
- Q The difference between budgeted sales revenue and budgeted total cost is:
- Q Al evaluar una afirmacin, debemos tener cuidado con el sesgo de confirmacin, la tendencia a buscar solo evidencia que confirme nuestras suposiciones y resistir la evidencia que las contradiga. Esta...
- Q Cuando una empresa vende bienes, elimina su costo del balance general e informa el costo en el estado de resultados como: A. Gastos de venta. B. Costo de...
- Q 2: (25 points) In November 2021 Beds&Co recorded sales on account for 1,200,000, of which 87.000 turned out uncollectible In December 2022 the company made sales on account for 1,342,000...
- Q Al realizar un anlisis vertical de un estado de resultados, cul de los siguientes se usa generalmente como cantidad base? A. Ventas netas B. Gastos totales C....
- Q On July 1, 2024, Gupta Corporation bought 25% of the outstanding common stock of VB Company for $138 million cash, giving Gupta the ability to exercise significant influence over VBs...
- Q The cost of the machine is $13,309. The CCA rate is27%. After 8 years, the machine is sold for $1,462 which is less than the UCC of...
- Q The periodic allocation of manufacturing overhead costs to job cost sheets is based on an event, not a transaction. Group startsTrue or False
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!