Accounting question and answers for December 07, 2023
- Q contribution margin is defined as revenue less: fixed costs; all costs; cost of goods sold; variable costs
- Q After making her decision using the financial statements information in point b, Nora notices that the market price of A shares rises significantly. Nora asks the advisor how...
- Q When calculating a ratio with numbers from the balance sheet and income statement, one must use the ending balance for the categories from the balance sheet rather than the...
- Q Which of the following costs do NOT change in total despite changes in volume within the relevant range? Question content area bottom Part 1...
- Q REQUIRED: Research Segregation of Duties and prepare a Memo to your company executive. In the Memo you will: 1) Give a definition/ describe Segregation of Duties...
- Q If fixed costs increase, the break-even point decreases. True False
- Q What happens when a taxpayer cannot pay their full tax amount due to the state and starts an installment agreement? Interest will still accrue even if an installment...
- Q 1. Which company has the lowest net sales?2. Which company has the highest dollar amount of gross profit?3. Which company has the highest gross profit ratio?4. Which company...
- Q After visiting Google, Eli Lilly, and Facebook sites, what would you recommend that they do to reassure users that their data will be safe in the future?
- Q In an accounting information system, which of the following is NOT a process that transforms inputs into information that is provided to users?Group of answer choicesperformance reportingcollecting
- Q what type of audit evidence results in the highest assurance
- Q Problem 18-1A (Algo) Measuring costs using high-low method LO P1 Problem 18-1A (Algo) Part 2
- Q If the shares of a company were purchased for $100,000 more than the net book value of the company's assets, the $100,000 would be treated as goodwill, Class...
- Q John holds a taxable bond and a municipal bond. Which are considered part of John's deductible investment interest expense?
- Q X and Y form XY partnership for the purpose of constructing an apartment building. X and Y would like Z, an architect, to design the building. Zs fee...
- Q Kellogg, Incorporated purchased 200 shares of its own $20 par value stock for $30 cash per share. Which of the following answers reflects how this purchase of...
- Q Christina, who is single, purchased 120 shares of Apple Incorporated (Nasdaq: AAPL) stock several years ago for $4,320. During her year-end tax planning, she decided to sell 60...
- Q In February 2023, Jasmine invested $1,000 in a five-year certificate of deposit (CD) with Capitol Two Bank. She withdrew $250 in September 2023. Select the statement that best...
- Q The following information was taken from the accounts of Adams's Eatery, a delicatessen, at December 31, Year 1. The accounts are listed in alphabetical order, and each has...
- Q Which of the following statements regarding health savings accounts (HSAs) is CORRECT? A) An HSA can be established by an individual only; employers may...
- Q If the fair value of the portfolio of trading securities was less than the cost, then an adjustment would a. credit Unrealized Loss on Trading Investments and...
- Q Question Content Area Thechoice of an inventory costing method has no significant impact on the financial statements. True False
- Q QS 12-16(Algo) Computing cash flows from financing LO P3
- Q if the supplies account has a beggining balance of 9500 and ending balance of 6000 then what?
- Q the primary reason that external financial reporting and internal managerial accounting
- Q financial accounting statements are used by many parties. describe how each interested party might use them
- Q What is accounting indirect method
- Q audit client risk profile
- Q Your client, Helen, just received her non-registered account statement which states that one of her mutual linty mate on niterest nome distion tong the per sty asks you...
- Q SBS, the maker of industrial liquidating agents, is preparing the budget for 2024. The sales department has indicated an annual sale of 50,000 units and the selling price...
- Q An Enterprise Fund incurs $35,000 of interest during the current year related to its outstanding bonds. The $35,000 will be reported as: Group of answer choices...
- Q On January 1,2023, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $127,800. Cayce is a U.S.-based company headquartered in...
- Q What Is the effect of closing entries on the accounting records: a)the temporary accounts will have a zero balance. b) the dividends account will have a...
- Q What is every transaction has at least two effects on the accounting equation?
- Q Whispering Winds CompanyAdjusted Trial BalanceJuly 31,2022No.Account TitlesDebitCredit101Cash$8,450112Accounts Receivable9,000157Equipment16,300158Accumulated Depreciation-Equip.$7,500201Accounts Payable4,100208Unearned Rent Revenue2,200311Common Stock17,950320Retained Earnings25,000332Dividends15,500400Service Revenue64,000429Rent Revenue7,000711Depreciation Expense7,500726Salaries and Wages Expense56,500732Utilities Expense14,500$127,750$127,750
- Q The financial statements for Campbell Incorporated and Newton Company for the year ended December 31,2024, prior to the business combination whereby Campbell acquired Newton, are as follows (in...
- Q EX 6-25(Algo) Estimating Cost Behavior; High-Low Method (LO 6-1,6-2,6-5) Jonathan Macintosh is a highly successful Pennsylvania orchardman who has formed a company to produce and...
- Q does the characterization of a gain or loss as either ordinary or capital have any effect on the computation of net income per books
- Q In February 2023, Jasmine invested $1,000 in a five-year certificate of deposit (CD) with Capitol Two Bank. She withdrew $250 in September 2023. Select the statement that best...
- Q When the conventional retail inventory method is used markdowns are commonly ignored in the computation of the cost to retail ratio because
- Q The evidence considered most appropriate by auditors is best described as:
- Q A company's ratio of cash to noncash assets is calculated as the total cash balance divided by all noncash assets. Group startsTrue or False True, unselectedFalse, unselected...
- Q In2017, HankHank and MarthaMartha purchased Series EE bonds, and in 20232023 redeemed the bonds, receiving ...
- Q Star incorporates used excel to run a least squares regression anlayis. What is Stars formula for estmating costs
- Q when determining net pay which are NOT deducted from gross pay?
- Q does a decrease in accrued liabilities add cash or subtract cash in a statement of cash flows
- Q Which financial statement would indicate whether there is enough cash to purchase new equipment and how much money is owed to suppliers?Multiple ChoiceIncome statementBalance sheetStatement of owner's equityStatement of...
- Q ace services and supplies reports net incomes at 40000 and cost of goods
- Q Christopher lived in South Dakota his whole life until June 2023, when he accepted a new position as an area sales manager and transferred to San Diego. He...
- Q fixed costs which are attributable to a product line are called: joint fixed costs; allocated fixed costs; common fixed costs; direct fixed costs
- Q What accounts appear on the postclosing trial balance?Multiple Choiceasset, liability, and the owner's capital accountsasset, liability, and the owner's drawing accountsasset, liability, and revenue and expense accountsasset, liability, revenue...
- Q Fen Company paid a $300 cash dividend. Which of the following shows how this event will affect the companys accounting equation? The letters NA indicate that the component...
- Q The cost of electricity for running production equipment is classified as: Conversion costPeriod costA)YesNoB)YesYesC)NoYesD)NoNo Multiple Choice Choice A Choice B ...
- Q For 2024 the maximum amount of taxable income that can be offset with non-firm net operating loss deduction is what
- Q Perpetual budget is usually prepared for budgeting period covers more than one year. true or false?
- Q What are the amounts of Coca-Cola's and PepsiCo's provision for income taxes for the year 2020? Of each company's 2020 provision for income taxes, what portion is current...
- Q Assume that a company is facing a loss contingency. GAAP requires the company to recognize a liability even if the companycannotdetermine whether ornotthe event has occurred.
- Q analyze 3 accounting standards promulgated by FASB
- Q 13-20 identifying advantages and disadvantages of a corporation. Identify each quality as either and advantage or a disadvantage
- Q net income divided by sales is called:
- Q Greg's Shopping Center has an agreement with a call center. The agreement requires that the callers need to pick up a call within 60 seconds of the customers...
- Q edith exchanges a building and land used in her business for land and stock of teal, inc. if edith had sold her land and building, she would have had...
- Q Which of the following expenses is allowed for the American Opportunity Tax Credit? Noncredit courses. Room and board. Student health fees. Tuition payments.
- Q MC corporation sells headphones
- Q Select all that apply The primary considerations for cash payments are monthly costs associated with Multiple select question. inventory manufactured during the period. general and administrative...
- Q hamsa is the beneficiary of a trust. during the year, she received a distibution of interest income form hte turst. which of the following informtion documents would hamsa...
- Q The amount of Social Security benefits received by an individual that must be included in gross income
- Q vince stayerstrust recv income, net of allocate expenses, in the folllwing amts. 40000 cap gains, 3000 qua dividends, 9000 taxable inttest
- Q accounts before adjustment on services performed but unbilled totals $600
- Q The following information is availalable for the noir detective agency after closing entries are posted what will be the balance in the g noir capital account
- Q 1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded
- Q Which of the following you do not have to report in RL-1?* 1 point EI QPIP Fed Tax CPP Fed Tax and CPP
- Q Sleep late, a larage hotel chain, has been using activity based costing to determine the cost of a night's stay at their hotels. One of the activities, "Inspection", occurs...
- Q How many days after the Social Security Administration due date, including extensions, do wages have to be reported to be included as W-2 wages in terms of the...
- Q A retrospective treatment of prior yearsfinancial statements is required when there is a change from: FIFO to LIFO. LIFO to average cost. Retrospective financial statements are required in all...
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