Accounting question and answers for November 19, 2023
- Q Different types of costing systems are appropriate in specific circumstances" Discuss the above statement, identifying the type of costing system that would be appropriate in each case, with reasons: (1)...
- Q DO IT! 11.3 (LO 3), AP The standard cost of product 5252 includes 1.9 hours of direct labor at $14.00 per hour. The predetermined overhead rate is $22.00 per direct...
- Q Question: Which of the following statements is true regarding the accrual basis of accounting? A) Revenue and expenses are recorded when cash is received or paid. B) Transactions are recorded...
- Q On January 1,2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $646,000 cash. At January 1,2019, Sedonas net assets had a total...
- Q Indicate whether each statement is true or false: The IASB has athority for setting Canadian accounting standards
- Q Steve, an independent contractor, performed roofing work and was paid for his services with digital assets. How does Steve report the value of his digital assets payment when filing...
- Q Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 45 employees....
- Q Question 19: VL Corporation has 60,000 THB 100 par value common shares outstanding. It declares a 10% share dividend on December 1, 20x4 when the market price per share is...
- Q . Client acceptance and continuance procedures are performed only before the first time an auditor works on a clients engagement address the financial statements of a potential client may inform...
- Q IMA's overarching ethical principles include: Honesty, Fairness,Objectivity, and Responsibility. What are the ethical principlesunderlie IMA's statement. I am looking for a simple overall in terms a person could relate to....
- Q Please answer with reason for all why the option is correct and why the other options are incorrect.. Which of the following factors generally contribute to the value of goodwill...
- Q Choose Two public listed companies of Bursa Malaysia and access their financial statements for the year ended 2021. Learners may access the financial statements from www.bursamalaysia.com 1....
- Q Question: Which budget focuses on expected cash inflows and outflows over a specific period? a) Operating budget b) Cash budget c) Master budget d) Capital budget
- Q Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities...
- Q The time selected by the accountant to measure economic performance represents the generally accepted accountint principle of
- Q eport of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Rivian Automotive, Inc.: Opinion on the Consolidated Financial Statements We have audited...
- Q Which 2 types of changes can be made on the sales tax calculation screen of an invoice using Automated Sales Tax in QuickBooks Online? (select two) A) Change the...
- Q The following information was available for Paul Company at December 31, 2020: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $968,000; and sales $1,360,000. Pauls inventory turnover in...
- Q Clark Industries has a defined benefit pension plan that specifies annual, year-end retirement benefits equal to: 1.7%\times Service years \times Final years salary ...
- Q True or False: An organization's culture has no impact on its business management system. True or False: Strategic planning is a continuous process in business management rather than a one-time...
- Q AFIA Corporation purchased a tract of land for $765,000, which included a warehouse and office building. The following data were collected concerning the property: Current Assessed Valuation Vendor's Original Cost...
- Q 15. Order these assets in most to least liquid: Accounts receivable, land, a patent, cash
- Q Mauro Products distributes a single product, a woven basket whose selling price is $24 per unit and whose variable expense is $17 per unit. The companys monthly fixed expense is...
- Q A public Limited Company can issue A. Redeemable Equity Shares B. Secured Equity Shares C. Redeemable Debentures D. All of the above
- Q The customer-driven marketing strategy involves four steps: market segmentation, market targeting, positioning, and differentiation. A: True B: False
- Q Use the following information to calculate the value of inventory on hand on April 30 and issue price to production during April using FIFO inventory system. ...
- Q What decisions could you make for yourself or a business that you own or work for using time value of money concepts? Provide an illustration of how you would apply...
- Q On the 2020 budgeted income statement, what amount will be reported for cost of goods sold? A. $193,305 B. $179,103 C. $165,690 D. $152,277
- Q omputing Basic EPS ear and current year. Net income for the current year was $5,000,000. Compute basic earnings per common share for the current year
- Q The process by which businesses spread the allocation of an intangible asset's cost over the useful life is
- Q 27. The following information relates to the West Shore Aquarium Manufacturing Company's aquarium production for 200X. Beginning work-in-process inventory None Units started during year 6,810 units Units completed 6,250 units...
- Q The market value of the equity of Hudgins, Inc., is $587,000. The balance sheet shows $26,000 in cash and $197,000 in debt, while the income statement has EBIT of $98,000...
- Q Exercise 11 (LO 11) Health care, statement of activities. Recover Rehabilitation Hospital has the following balances that are extracted from its December 31, 2019, trial balance: Account...
- Q 1. Outline the responsibilities of the compliance officer or partner for income tax purposes in a Limited Liability Partnership. [10 marks] 2. Explain how interest income is deemed to...
- Q Which of the following is an example of a fixed cost on an operational budget? Packaging costs Cost of printer paper Utilities Price of...
- Q Question 16 of 20 A scooter rental company is attempting to get their business up in America after being successful in Europe. They start with...
- Q rons. rons
- Q What are the four basic financial statements? Describe the statement of cash flows, and explain why it is important.
- Q A single person with a monthly taxable income of $7,000 in the 28 percent marginal tax bracket forgoes consumption and instead places $450 into a tax-sheltered retirement plan every month....
- Q The net decrease in Prepaid Expenses (Prepaid) amounts to $35,020 and the net decrease in Accounts Payable (AP) is $25,000. Assuming no inventory provision involved, what is the net effect...
- Q During the month of September, direct labor cost totaled $13, 055 and direct labor cost was 35% of prime cost. If total manufacturing costs during September were...
- Q Can someone help me with this OPTIMA, INC. Additional information: Ending finished goods inventory (percentage of the next quarter's sales) Ending raw...
- Q Recording in the Accounting System The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of...
- Q Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMMs defined benefit plan. Under the plan, for every year of service for JMM, she...
- Q The following information pertains to the three product lines for next year: What is Bryant's pool rate for the material-handling activity? Multiple Choice $1.72 per part. $5.01 per part....
- Q Does Boeing use Activity Based Costing (ABC)? Explain.
- Q In 2024, MSB anticipates that that it will have $30M M of US source pre-tax income. MSB anticipates that TNB will have $10MM of Canadian...
- Q Other factors equal, detection risk is ________ related to control risk and ________related to the amount of audit evidence A Directly, inversely B Directly, directly C Inversely, inversely...
- Q Under current GASB standards, how are other postemployment retirement benefits (OPEB) reported? A.By disclosing information about OPEB in the notes to the financial statements, but without display of OPEB expenses...
- Q 3 Question 3 The Gordon Company issued 30,000 share appreciation rights to their employees on January 2, 20x1. The vesting period ends on June 30, 30x3 and the exercise...
- Q What is the strategic and tactical value that differential analysis and its role in product pricing play to both a small and large business?
- Q Class, For extra credit, find an internal control deficiency, material weakness or significant deficiency in the enclosed FS (financial statements). Copy and paste the sentence and write a sentence of...
- Q Red Cup Inc. also offers a 1-year maintenance plan for each bike sold, priced at $100. The variable cost for providing this service is $30 per plan. They expect to...
- Q Ichor Co. reported equipment with an original historical cost of $400,000 and $350,000 and accumulated depreciation of $150,000 and $125,000, respectively, in its comparative financial statements for the years ended...
- Q Help Please Explain the accounting standards used by BLU/BLUD in presenting its financial statements and give an example of the report format.
- Q Calculator Single Plantwide Factory Overhead Rate Nixon Machine Parts Inc.'s Fabrication Department incurred $206,700 of factory overhead cost in producing gears and sprockets. The two products consumed a total of...
- Q Dextra Computing sells merchandise for $9,000 cash on September 30 (cost of merchandise is $7,200). The sales tax law requires Dextra to collect 7% sales tax on every dollar of...
- Q Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers,...
- Q The cost of one product represents 60% of sales and the cost of another product represents 30% of sales. What is the remaining 10% of cost of goods sold
- Q Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2014. These new subscribers will receive monthly issues, beginning in January 2015. In addition, the business...
- Q SECTION III - PRACTICAL SITUATION -(11,0 points maximum) TULUI Angelica Vasconcelos Academic year: 2019/2020 The SPOK Company had the following balances on November 30, 2018: Accounts Cash...
- Q a. Colonel Trautman runs a small demolition business with taxable income before any 179 expense of $450,000. He acquired a machine for the business on Feb 2, 2019 for $85,000,...
- Q record the necessary journal entries required at the end of January. Prepaid rent for the year on January 1, 2019. Rent expired during the month of January 2019, $2,000. Purchased...
- Q Mace and Bowen are partners and share equally in income or loss. Mace's current capital balance is $135,000 and Bowen's is $120,000. Mace and...
- Q What will be the journal entries when the share of associate's profit is negative? can you give me an example?
- Q What is the formula for margin of safety? What does this formula tell a company? Why is this important to know?
- Q On September 11, 2016, Home Store sells a mower for $480 with a one-year warranty that covers parts. Warranty expense is estimated at 10% of sales. On July 24, 2017,...
- Q The following information applies to the questions displayed below) Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the...
- Q The accounting records of Walls China Shop reflected the following balances as of January 1, Year 2: Cash $17,600 Beginning inventory 18,040 (205 units @ $88) Common stock 14,500 Retained...
- Q On 2/19/17 Solana Company sells and delivers inventory to a customer. The total sales amount is $12,000, and Solana offers terms of 2/10, n/40 for the sale. Assuming Solana uses...
- Q The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2016: Cash $ 238,400 ...
- Q Return on investment is a useful measure to evaluate the performance of a cost center manager. True or False.
- Q Data table Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Wantum - Cardz with a special Wantum - Cardz's total...
- Q When A and B sharing profits and losses in the ratio 5:3, admit C as a partner giving him 1/9th share of profits? This will be given by A and...
- Q Scholastic Tours is trying to decide which one of two tours it will introduce. The costs and revenues associated with each alternative are listed below: What are...
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