Accounting question and answers for December 07, 2023
- Q Saxophone Enterprises Co (Saxophone) has been trading for 15 years selling insurance and has recently become a listed company. In accordance with corporate governance principles Saxophone maintains a...
- Q If a company has total revenues of $100,000, sales discounts of $3,000, sales returns of $4,000, and sales allowances of $2,000, the income statement will report net revenues...
- Q a. Supplies of $400 are on hand. Supplies account shows $1,600 balance. b. Services performed but unbilled total $700. c. Interest of $300 has accumulated on a note...
- Q Which of the following is not true about legally preparing tax returns in the State of California? You must register with CTEC if you are not considered...
- Q Mini-Case Penny Stock is the chairperson of Pirate Recording Company Inc. She is the person responsible for the tremendous growth this company has enjoyed over...
- Q Which inventory costing method will produce the lowest amount of cost of goods sold in a period of rising prices? Question 27 options: a)...
- Q Susan obtained a 50% interest in a partnership that is a daycare center. She contributed $20,000 in cash. She also contributed some playground equipment with a fair market...
- Q Who received qualified business income during the year Bonita she has 32,000 in long-term gain income from the sale of investment property Candace she had wages of 82,000...
- Q Indicate whether the following statements are "True" or "False" regarding a shareholder's basis in S corporation stock. a.A shareholder's basis is increased by nonseparately computed income and...
- Q Julie received stock as a gift from her mother in June 2024. He mother had paid $7,000 for the stock 3 years ago, and had held the stock...
- Q Which of the following is not considered an operating line item? Group of answer choices COGS R&D Interest expense Gains/losses on disposal of PPE...
- Q Milly transfers a building worth $100,000(adjusted basis = $80,000) and land worth $50,000(adjusted basis = $10,000) to EE Corp. in exchange for EE Corp. stock worth $126,000 and...
- Q the adjustment for an accured revenue a decreases a recievable amount b is necessary because a buisness often recieves cash before it preforms the service c...
- Q Q5 Why might these differences in the allocation methodology be important to Demski? A. The traditional unit cost calculations are always used for GAAP financial...
- Q if 18,000 is deposited annually starting on january 1,2020 and earns 2%, how much will accumulate by december, 312029
- Q Dean is single and has AGI of $107,000 for the year 2022. He redeems $5,000(principal of $3,500 and interest of $1,500) of Series I savings bonds to pay...
- Q calculate the minute charges for option 1. This is the "total minutes used" for option 1(notice that all calls are subject to the charges regardless of when calls...
- Q The Nowicki Company has three product lines of beltslong dashA,B, and Clong dashwith contribution margins of $ 4, $ 2, and $ 1, respectively. The president foresees sales...
- Q Average remaining life of a company's long-term operating assets is computed as ________. Group of answer choices the amount of depreciation expense divided by accumulated...
- Q Beginning inventory+ cost of goods manufactured= Cost of goods sold+ Ending inventory.
- Q 21) Which of the following is not a characteristic of a fund as defined by GASB standards? A) An accounting entity. B) A fiscal...
- Q National League Gear Balance Sheet (Stockholders' Equity Section) December 31,2024 Stockholders' Equity: Preferred Stock 11,200,000 Common Stock 5,500,000 Additional Paid-in...
- Q ssume Hudson Foods Inc. has current assets of $ 631.1million, capital assets of $ 1 comma 125.4million, and other assets totalling $ 1 comma 226.7 million. Current liabilities...
- Q Each indirect-cost pool of a manufacturing firm: a. utilizes a separate cost-allocation rate b. is a subset of total indirect costs c. relates to one cost object d....
- Q The comparability qualitative characteristic exists when different companies use the same accounting principles and apply them consistently each year. Question 4 options: True False...
- Q A partnership agreement will include each of the following: Multiple select question. date of partner dissolution tax payment duties partner rights and duties names...
- Q The company borrowed $120,000 on March 31,2024. Principal and interest are due on March 31,2025. This note is the companys only interest-bearing debt. Rent for the...
- Q A process costing system is employed in those situations where: A process costing system is employed in those situations where: a service is performed such...
- Q An advantage of data analytical approaches applied to auditing is that: "Auditing of entire populations of transactions may, in particular situations, become cost justified." The legal situation...
- Q On january 1,2023, Sandhill incorporated redeemed bonds to their maturity date of January 1,2024. The face value of the bonds was $470,000 and the redemption was performed...
- Q marx and mikkel are married and file a joint tax return. marc and mikkel earned salaries this year of $64,000 and $12,000
- Q During the closing process, income statement accounts are closed and end the period with a zero balance. True False
- Q The total cost of making products that are available for sale during the period is called ________. a. cost of goods sold b....
- Q Which of the followi ng factors indicate a lower estimation uncertainty? O estimate requires numerous assumptions. O complex valuation model used to develop the estimate. O amount is very...
- Q Increases in the auditor's specification of the risk of assessing control risk too low and the tolerable deviation rate will Blank______ the sample size required for tests of...
- Q The credit terms, 2/10, n/30, indicate that a: Question 20 options: a) two percent discount can be deducted if the...
- Q Which of the following account titles is normally NOT used in a periodic inventory system? Question 19 options: a) Transportation-in. ...
- Q In 2023, Mary Jane placed in service a machine that cost $3,570,000. If she placed no other Sec. 179 property in service during the year and forgoes additional...
- Q Which of the following must be proven by the plaintiff in a case against a CPA under the Section 11 liability provisions of the Securities Act of...
- Q ROI residual income Reddington industries produces tool and dye machinery for manufactures. The company expanded vertically in 2001 by acquiring one of its suppliers of alloy, steel plates,...
- Q Which of the following is not considered a period cost? Question 23 options: a) Transportation cost on goods shipped to customers. ...
- Q Which of the following statements is true regarding correcting an e-file rejection near tax filing deadlines? Tax preparers always have a rejection grace period of ten...
- Q According to U.S. GAAP, elements are categorized by whether they are relevant or faithfully representative. True False
- Q UNITS Beginning Work-in-Process Inventory (20% complete for direct materials; 70% complete for conversion costs)9,000 units Transferred in from Mixing Department during September 18,000 units ...
- Q ABC is a partnership owned by Amato, Brant, and Calvert, who share profits and losses in the ratio of 1:3:4, respectively. The account balances of the partnership at...
- Q According to the professions ethical standards, an auditor would be considered independent in which of the following instances? Multiple Choice The auditor is the officially...
- Q In a collection case (the IRS is seeking to collect a tax owed), you tell your client you will delay the IRS, so the client does not have...
- Q Use the adjusted trial balance for Stockton Company to answer the questions that follow.Stockton CompanyAdjusted Trial BalanceDecember 31 Cash7,530 Accounts Receivable2,100 Prepaid Expenses 700 Equipment13,700 Accumulated Depreciation...
- Q Jam Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next...
- Q A building with an appraisal value of $125,761 is made available at an offer price of $154,962. The purchaser acquires the property for $37,312 in cash, a 90-day...
- Q The direct write-off method records bad debt expense a. only when an account is judged to be worthless. b. at the end of each...
- Q QuickBooks Online Plus allows you to add only two users and two accountant users.true or false ...
- Q On November 5,20x4, a Harry Corp. truck was in an accident with an auto driven by Ray. Harry received notice on January 12,20x5, of a lawsuit for $650,000...
- Q The cost that varies depending on the values of the decision variables is Group of answer choices relevant cost. sunk cost. ...
- Q Distributions are considered dividends to the extend of current and accumulated Earnings & Profits (E&P). Current E&P means E&P earned during the year. Accumulated E&P means E&P earned...
- Q What happens if a tax practitioner fails to respond to an OPR communication of allegations? The practitioner's PTIN will be placed in inactive status until the OPR receives...
- Q The costs of services charged to a profit center based on the usage of the service are called _____. a. operating expenses b. noncontrollable...
- Q Return on net operating assets for Year 1 is: Below is selected information from Tricrop. Year 1 Year 2 ...
- Q BB Corp. makes a product called RM. The standard time allowed for each unit of RM is 1.8 hours. The standard labor rate per hour is $12. During...
- Q A company has inventory with a selling price of $451,000, a market value of $223,000, and a cost of $241,000. According to the lower of cost or market,...
- Q For which of these accounts would an amount not appear in the Balance Sheet columns of the end-of-period spreadsheet? a. Common Stock b....
- Q A taxpayer earned royalties of 10000 from a book deal. This income should be reported on schedule 1. Is this true?
- Q company that has issued new common shares for $50 million and repaid debt of $20 million out of the proceeds will have: * a positive...
- Q Bob is an accounting supervisor who works in Jimencos tax department. Sharon is a partner at Delight, CPAs, and Delight, CPAs audits Jimenco. Recently, Bob asked Sharon if...
- Q morely company in its first year of operations provides the following information related to one of its available for sale debt securities at december 31,2025. Amortized cost $50,000/fair...
- Q A bank reconciliation has a a. bank section and a company section. b. specific cash section. c. bank section only. d. company...
- Q A dollar symbol icon. iStock.com/MarsBars You are the manager of World Wide Athlete, a chain of six sporting goods shops in your area. The shops sell...
- Q Which of the following investments should be accounted for by using the fair value method? a. Temporary investments in stock where the investor owns more than 20%...
- Q Susan Wilson, D.D.S., opened a dental practice on January 1,2020. During the first month of operations, the following transactions occurred. 1. Performed services for...
- Q Fraud can be defined as Multiple Choice a deliberate misrepresentation to gain an advantage over another party. a cover-up of a mistake made in the financial...
- Q true or false Ann Richards was the first comptroller who balanced the budget in decades and brought the state from the red (debt) to the black (profit). ...
- Q Peters Company leased a machine from Johnson Corporation on January 1,2024. The machine has a fair value of $17,000,000. The lease agreement calls for three equal payments at...
- Q Match each statement with the word or phrase that is defined or indicated. 1. Net income minus preferred dividends divided by the weighted-average of shares outstanding. ...
- Q A local government was awarded a federal grant in the amount of $800,000 to provide for a summer youth recreation program. The grant was a reimbursement grant, and...
- Q If T, an alien never visited the U.S. until 2022, and she spends 210 days in the U.S. in 2022,105 days in the U.S. in 2023, and 30...
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