Accounting question and answers for December 07, 2023
- Q Absorption costing treats fixed manufacturing overhead as a Blank______ cost. Multiple choice question. period product
- Q Indicate whether each of the following management activities requiring the use ofbudget information is part of the planning stage (P)the excuting stage (E), the reviewing stage (REV)or the...
- Q Each of the following situations occurred during 2024 for one of your audit clients: An inventory write-down due to obsolescence. Discovery that depreciation...
- Q he main difference between perpetual and periodic inventory systems is the timing of the allocation of costs between inventory and cost of goods sold. Group startsTrue...
- Q pe 15-1A equity investments: less thhan 20% ownership
- Q After determining the physical flow of units, the next step in process costing is: Multiple choice question. reconcile costs assign costs compute cost...
- Q Calculate earnings per share data as they should appear on the 2023 income statement of Carla Vista Corporation. ( Round answers to 2...
- Q Corporation Q, a calendar year taxpayer, has incurred the following Section 1231 net gains and losses since its formation in 2020: 202020212022Section 1231 gains$ 14,800$...
- Q If revenue increases, and expenses also increase, this would create: Responses A favorable revenue variance and a favorable expense variance. A favorable revenue variance and a favorable expense...
- Q Problem 12-25(Static) Part e e. What questions would have to be answered about the costvolumeprofit analysis simplifying assumptions before adopting the price cut strategy of part...
- Q The days sales in receivables a. measures the number of times the receivables turn over each year. b. is computed as Average...
- Q Fraud can be defined as Group of answer choices a deliberate misrepresentation to gain an advantage over another party failing to correct a mistake made in the financial statements...
- Q e) Compare the observed frequencies with the expected frequencies. Which cell contributed most to the test statistic? Was the expected frequency greater than or less than the observed...
- Q Seneca would like to start building a college education fund for her 5-year old daughter. In 2024, Seneca contributes $95,000 to the designated carrier of her state's 529...
- Q 5- Individual Project (140 points) Due: Tue, Oct 15|Printer Friendly Version Description You will create this assignment following the Assignment Detail instructions...
- Q Razorback Sports Inc. was formed in 2019 by Austin Williams and Tyler Jacobs. Austin and Tylerofficially incorporated their store on March 12,2019. Razorback Sports sells all kinds of...
- Q Which of the following methods are available for costing inventory? (Select all that apply.) Multiple select question. Weighted-average Simple-average ...
- Q The percentage of completion of the beginning work-in-process inventory should be considered in the computation of the equivalent units for which of the following methods of process costing?...
- Q On October 1,2023, the City of Mizner issued $6,000,000 in 4%, general obligation bonds at 101 for the purpose of constructing an addition to City Hall. The premium...
- Q If Superior Cabinets has $1,800 cash in the bank, $400 of government Treasury bills purchased last month with a six-week maturity, and $910 of cash set aside for...
- Q Southwestern, Inc. is a technology consulting firm focused on website development and integration of Internet business applications. Clients are billed at 180% of direct labor cost. Suppose...
- Q The fixed portion of the semivariable cost of electricity for a manufacturing plant is a Perod cost product cost a. yes no b. yes yes...
- Q Craig took out a home equity loan to help pay for his daughter's college tuition. For tax year 2023, how would he include the incurred interest on his...
- Q The differences between actual and standard costs are called q, variances. a. cost b. profit c. quantity volume
- Q If Cash collected from customers on the statement of cash flows is less than Net Sales on the income statement, then the Blank______ balance on the balance sheet...
- Q Nadia sold a residential rental house that she had purchased and put into service in March 2018. Her gain on the sale was $45,000 and the depreciation allowed...
- Q Assume that a company owns three supermarkets A,B, and C. Supermarket A incurs numerous costs, one of which is called store managers salary
- Q The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and Insight Enterprises, Inc. Many...
- Q Select the appropriate term from the list that best matches to the definition. A. Derived tax revenues B. Exchange transactions C....
- Q Annette has a section 1231 gain from the sale of land in 2022 of $5,000. She also has nonrecaptured net section 1231 losses from 2019 of $3,500. How...
- Q A debit does which of the following? Multiple Choice Increases the value in an asset account. Increases the value in an asset account and also decreases the value...
- Q If costs are rising, the FIFO cost flow assumption generally results in the lowest tax burden. Question 5 options: TrueFalse
- Q 04 Match the AIS control on the left to the most applicable control activity on the right.Group of answer choices(a)Having a steering committee(1)Segregation of duties control (2)Design of...
- Q Assume the following information for a merchandising company:Number of units sold20,000$30Selling price per unitVariable selling expense per unit$3.1Variable administrative expense per unit$2.1Fixed selling expenses$30,000Fixed administrative expenses$50,000Beginning merchandise inventory$24,000Ending...
- Q James company sold 880,000 of 6%,10 year bonds at 96 on January 1,2024. The bonds were dated January 1,2024 and pay interest on June 30...
- Q Question #1: Explain the three components of the $32.2 billion pre-tax charge in second quarter 2010? Which components create a liability? Question #2: In...
- Q Share You said: What is the correct interpretation of an unfavorable materials mix variance? A = the cost of the actual mix of materials (based on...
- Q Income tax receivable is a ______. nontrade receivable nontrade payable trade payable trade receivable
- Q value of $50,000. The patent has a useful life of 10 years. Marea earns income and pays cash dividends as follows: YearNet IncomeDividends PaidAcquisition...
- Q Since this date the following events have occurred:Year 3 Y Co. reported a net income of $177,000 and paid dividends of $45,000. On July 3, X Co. sold...
- Q Under the indirect approach, adjustments must be made to net income in the operations section for all of the following items, EXCEPT for proceeds for the issuance...
- Q 5. For its fiscal year ending September 30,2020, Twin City levied $500 million in property taxes. It collected taxes applicable to fiscal 2020 as follows (in millions): ...
- Q You must use Form 4562 when reporting rental deductions for all of the following except: Depreciation on listed property used for the rental property Expenses...
- Q Marketing, selling, distribution, and administrative expenses:Select one:a.can be traced through causal relationships to productsb.are usually incurred through a single distribution channelc.do not work well with activity based costingd.are...
- Q Roberto (22) lived with his father, Diego (45), all year in 2023. Roberto is Diego's qualifying child. In November 2023, Roberto married Valentina (21), and they both lived...
- Q Long-lived assets are Blank______.(Check all that apply.) Multiple select question. intended for immediate resale assets that will be used or converted to cash...
- Q Question textCustomer profitability:Select one:a.is reflected by gross marginb.are most accurately measured using traditional costingc.are most accurately measured using a combination of traditional costing and activity based costingd.are most...
- Q Which of the following statements regarding financial and managerial accounting is false? Multiple Choice In financial accounting the focus is on precise and verifiable information, whereas, the priority for...
- Q Question 13(1 point) Listen Return on operating assets for 2005 is: Question 13 options: ...
- Q Planner Corporation owns 70 percent of Schedule Company's voting sharesDuring 20X3Planner produced 33,000 computer at a cost of $96 each and sold 18,000 of them to Schedule for...
- Q What type of evidence would provide the highest level of assurance in an attestation engagement? Evidence obtained from independent sources Evidence secured solely from within the entity ...
- Q A one-time-only special order decision_______. Question content area bottom Part 1 A. must still consider short-term and long-term...
- Q Internal controls are important because they: deter fraud and help prevent misleading financial statements. completely eliminate fraud. ensure that the companymaintains a compensating balance in...
- Q Hector Company purchased two identical inventory items. The item purchased first cost less than the item purchased last. The cash outflow for inventory is Blank______. ...
- Q Classify each company transaction to its type of cash flow activity: Customer who buys from us and promises to pay later Question 15 options: ...
- Q On January 1, Year 1, Dixon Company issued 10-year, 8% bonds with a $50,000 face value at 104. Recognizing the bond issue, causes the Bonds Payable account to...
- Q Mike and Sally, married taxpayers filing a joint return, paid state income tax of $12,000 and other itemized deductions of $19,500 in 2024. Because the total of their...
- Q Bart sold a parcel of land for $21,000. He paid a real estate agent a commission of $1,500 for assisting with the sale. Bart had purchased the land...
- Q MJ company declares a cash dividend to be paid to its stockholders next month. The effect of the transaction is to: A) decrease assets and liabilities. ...
- Q Which of the following would affect the comparison of financial statements across two different firms? I. Different accounting principles II. Different sizes of the companies III....
- Q Purpose Of AccountingDescribe the kind of information needed by the users listed.UsersInformationOwners (present and future):Managers:Creditors (present and future):Government agencies:
- Q Incorporation is a relatively easy and quick process. Group of answer choices True False
- Q Kira owns a pet shop and is reviewing Julys costs. They usually order pet food for the 5 different types of animals they have in their store, and...
- Q In process costing, costs flow from one department to the next through debits and credits to which account? A: Cost of Goods Sold B: Finished Goods C:...
- Q Post Company has budgeted revenues of $200000 for March, $350000 for April,$400000 for may, and $375000 for June. twenty percent of sales are in cash, and the...
- Q Which of the following taxpayers is NOT elegible for an exception to the 10% early distribution penalty from a retirement account? Adam (52) has worked for...
- Q A non-farm NOL arising in 2024 must be: a) Carried forward indefinitely. b) Carried forward 20 years. c) Claimed on Form 1045, Application for Tentative Refund. d) Generated...
- Q Aleesia purchase a rental property in April 2017. Her basis for depreciation was $210,000. She has no adjustments to her basis. after preparing her own taxes for five...
- Q Lenner Developers paid $152,000 cash for lant to be used to construct apartment buildings.At the time of purchase, the land had a list price of $200,000. When the...
- Q Kiona Company set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of...
- Q Consistent with ASC Topic 842, lease contracts are classified in these categories: Multiple Choice All are lease contract categories under ASC Topic 842 Financing...
- Q The four people below have the following investments. Invested Amount Interest Rate Compounding Jerry $ 11,40012% Quarterly Elaine 14,4006 Semiannually George...
- Q Recalculations Blank______. Multiple select question. should always be done by the independent auditor without the involvement of specialists include making certain that accounting...
- Q Clampett, Inc. converted to an S corporation on January 1,2011. At that time, Clampett, Inc. had cash ($40,000), inventory (FMV $60,000, Basis $30,000), accounts receivable (FMV $40,000, Basis...
- Q What is depreciation? Multiple choice question. Depreciation is the process of allocating the costs of long-term assets over their expected useful life. Depreciation is the...
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