Accounting question and answers for December 07, 2023
- Q An adjusting entry that increases an asset and increases a revenue is known as a(n):
- Q Why would a company write-off a NOL carryforward?
- Q All of the following vehicles were used in a taxpayer trade or business for which of the following may the standard mileage rate be used
- Q On January 1,2026,Crane Inc. granted stock options to officers and key employees for the purchase of 20,000shares of the company's $10par common stock at $23per share. The options...
- Q If a General Fund acquires capital assets with cash, what effect will this transaction have on the assets and fund balance, respectively, of the fund?
- Q which of the following items are reported on a multiple step income statement
- Q The company's (blank)is affected by the changes in variable costs, fixed costs, sales price, and sales volume.
- Q Where does accounts receivable go on an income statement a statement of return earnings for a balance sheet
- Q How many units were completed during January?
- Q A qualified distribution from a Roth Ira is included in gross income. Is this true?
- Q Which financial statement would indicate how much customers owe to the business?Multiple ChoiceIncome statementBalance sheetStatement of owner's equityStatement of cash flows
- Q Refugio Delacruz comes to California every year to enjoy the waves off the sunny California coast. In 2023, she stayed with her friends in their beach house from...
- Q On its 2031 Balance Sheet, reported Prepaid/Accrued pension cost under liabilities should be
- Q which convention is used for residnetial rental and nonresidential real property
- Q adjusting unearned revenues causes a liability to decline
- Q The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $54,100...
- Q perpetual vs periodic flow of cost
- Q Freeman and Associates is a medium-sized construction company specializing in high-end custom homes. The bookkeeper handles all orders, approvals, invoices, and payments manually. Which of the following will...
- Q What are some adjustments to real estate to arrive at the original basis? Explain the adjusted basis and describe four of the items that may be adjusted
- Q Financing that individuals or institutions have provided to a corporation is:
- Q during the month of July Clanton Industries issued a check in the amount of $889 to A supplier on account
- Q how is merchandising business different from a service business? How do the financial for a merchandiser differ from their service-business counterparts?
- Q the difference between the totals of the adjusted trial balance debit and credit columns on the end of period spreadsheet is the
- Q Merchandise inventory is classified on the balance sheet as a ?
- Q The requirement to report accounting information at regular Intervals is known as the: historical cost principle expense recognition principle. Orevenue principle. Otime-period concept
- Q What to do put on a cost of goods manufactured sheet
- Q purpose of an unadjusted trial balance is to be sure the genral ledger is in balance
- Q Why would a company debit interest receivable?
- Q The two accounting principles that are critical to the adjusting process used in accrual accounting areThe two accounting principles that are critical to the adjusting process used in accrual...
- Q Which of the following accounts will not appear on the postclosing trial balance?Multiple ChoiceB. J. Hall, CapitalB. J. Hall, DrawingAccounts PayableCash
- Q Using the weighted-average cost method, the average cost of inventory is calculated as the average unit cost of inventory purchased during the year. Group startsTrue or...
- Q Maceo paid $2853 interest on a qualified
- Q Data for Cost A and Cost B appear below: Units Produced Cost Per Unit Total Cost Cost A 1? $10 10? ...
- Q An impression can best be described as which of the following in an outreach campaign? Group of answer choices The total impact of a campaign, The total...
- Q Match each QuickBooks user interface element with its description.
- Q A cost that cannot be traced easily and directly to a particular cost object is called a(n) cost.
- Q Two or more people working together to circumvent the internal control system is called and it cannot be prevented by separation of duties.
- Q MARTA COMMUNICATIONS Company Statement of Owners' Equity For the Month Ended March 31 Marta, Capital, March 1 $0 Add: Net income...
- Q A time ticket is a source document that an employee uses to report how much indirect labor was performed for a job true or false that
- Q with respect to the reconition of goodwill in a business combination
- Q net realizable value is defined as cost
- Q Ali runs a stationery business out of his home. He employs one person to help organize paperwork, but Ali manages the business. All of the profit from the business...
- Q in an acquistion where 100% contril is acquired, how would the land accounts of the parent and the land accounts if the sub
- Q which of the following are noncurrent assets
- Q Which of the following provinces has introduced its own privacy bill? Question 5 options: Qubec Northwest Territories Manitoba ...
- Q when reviewing a data analytic prepared by a data specialist, the audit manager left a note stating that the totals in the visualization did not agree to the...
- 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 When spouses who are legally married use the married filing jointly filing status, what is their liability for the combined income tax owed?
- Q SALZO corporation issued 20-year bonds
- Q Certain business expenses of reservists, performing artists, and fee-basis government officials that do not exceed the federal per diem rate are reported as __________. An...
- Q the timing strategy becomes more attractive if a taxpayer is able to accelerate deductions by two or more years. True or False
- Q What is the best description of the concept of conservatism
- Q The activity method of depreciation
- Q Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year 2 Year 3...
- Q Which of the following events would require the investigation of a possible impairment? (Select all that apply.)
- Q In a 1040 tax form where should interest income be reported?
- Q How much manufacturing overhead is applied from the Assembly Department to Job Y?
- Q t account for : Declared and immediately paid $340 in dividends to stockholders.
- Q sweeten company has no jobs in progress at the beggining. what is the companys plantwide determined overhead rate
- Q accounts before adjustment on services performed but unbilled totals $600
- Q a)? What are the maximum salary and wages amount and percentage increase that seem to be feasible in 20X8? ...
- Q describe a trend in net income over the years presented
- Q Recording interest earned on an investment is an example of which type of adjusting journal entry?
- Q Apollo Shoes, Inc. F-1 Liabilities Lead Schedule Prepared by For Year Ended 12/31/2020 Reviewed by (Audited) ...
- Q stacey uses an accrual method of accounting and a calendar year. on december 30,2023, she completed work for a client and submitted her bill. the client had...
- Q Which of the follwojg debit and credit rules is correct
- Q A subtraction of expenses and costs from revenue is ?
- Q In that an explicit expectation is computed for the financial statement amount using financial or nonfinancial data, a reasonableness test is similar to .(Enter only...
- Q True or false Debits increase asset and expense accounts
- Q A company that applies process costing is most frequently characterized by
- Q Which of the following transactions increase owner's equity? Multiple Choice paying expenses earning revenue owner withdrawals for personal use ...
- Q Issuance of interim reports is an example of what enhancing quality of relevance
- Q fill in the blanks to 2. Journalize Johnson Company's inventory transactions under each of the three methods.
- Q Three different companies each purchased trucks on January 1, Year 1, for $90,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated...
- Q The type of transaction that would be represented by a debit to one asset and a credit to another asset is an asset source transactions. true or false? ...
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