Accounting question and answers for December 07, 2023
- Q The budget director of Heathers Florist has prepared the following sales budget. The company had $50,000 in accounts receivable on July 1. Heathers Florist normally collects 100 percent...
- Q When compared to a two-stage cost flow, activity-based costing Blank______. Multiple select question. allocates costs to activities allocates costs to departments uses only...
- Q Beech Company produces a single product. The company has 40,000 units in its beginning inventory. Beech's variable production costs during the year were $10 per unit and fixed...
- Q Taking advantage of a 2/10,1/30 purchases discount is equal to a yearly savinge rate of approximately
- Q Which of the following statements, regarding partnerships, is FALSE? Multiple Choice A general partners distributive share of income is subject to self-employment tax. ...
- Q premium on bonds payable is an adjunct account debited to a deferred charge account and amortized over the life of bonds. reported as a reduction of...
- Q certain taxpayers may be able to adjust their gross income on schedule 1
- Q Dividing net sales on account by the average amount of net accounts receivable is the calculation for the Question 3 options: accounts receivable turnover. working...
- Q In November and December 2023, Lane Co., a newly organized magazine publisher, received $75,000 for 1,000 thre-year subscriptions at $25 per year, starting with the January 2024. Lane...
- Q an alternative to classical variables sampling methods for performing substantive tests of transactions or balances, auditors may use Blank______ sampling. Multiple choice question. monetary unit...
- Q Unlimited liability, shared decision, and making shared profits are all ____________ of a ______________. Question 15 options: Disadvantages; partnership Disadvantages; corporation ...
- Q Bakery owns 70 percent of Slice Products Company's stockOn January 20X9inventory reported by included 26,000 of flour purchased from Slice at 18 per bagBy December 31,20X9, all the...
- Q Ethan has S corporation stock with a basis of $5,000 and he has a $4,000 loan he made to the corporation that is still outstanding. His share...
- Q Classifying Internal Control Activities Match each of the control activities listed below with the most closely related type of control activity. 1. Only the cashier assigned to...
- Q Budgets are used for the distinct purposes of planning and profit. Group of answer choices True False
- Q The level of activity over which cost behavior assumptions are true is known as the .(Enter only one word per blank.)
- Q Zachary Entertainment sponsors rock concerts. The company is considering a contract to hire a band at a cost of $100,000 per concert. Required What are...
- Q QUESTION 2[50 MARKS] ZimbaChippi (Pty) Ltd produces healthy alternative snacks. All materials are added at the beginning of the process and conversion costs...
- Q Diluted EPS is only required when O there is a complex capital structure. O a company has discontinued operations. O basic EPS can't be calculated. ...
- Q A "round-trip" trade involves the selling of an asset followed by immediately buying it back. The deception occurs when the sale is classified as an operating activity and...
- Q At what rate are the following long-term capital gains taxed (non 25 & 28% categories): Result A. Taxable income, excluding the capital gain, is above the...
- Q Alex and Bob decide to create a corporation, A&B Corp. Alex contributes her car (value $500) in exchange for 50% of the stock in A&B Corp. Alex's basis...
- Q A borrower has two alternatives for a loan: (a) issue a $480,000,60-day, 8% note or (b) issue a $480,000,60-day note that the creditor discounts at 8%.(Assume a 360-day...
- Q Which one of the following is the annuity present value formula? Multiple Choice C \times ({1-[r/(1+ r)t]}/r) C \times ({1-[1/(1+ r)t]}-r) C \times...
- Q a. The taxpayer's filing status and gross income b. The taxpayer's total itemized deductions and filing status c. The taxpayer's gross...
- Q Riley Company borrowed $36,000 on April 1, Year 1 from the Titan Bank. The note issued by Riley carried a one year term and a 7%...
- Q Which of the following is true of refinement of a costing system? Question content area bottom Part 1 A. ...
- Q An individual must complete Schedule B if the following situation occurs: 0/0.2 points awarded Scored Multiple Choice References Received interest Income of...
- Q OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was $345,000. The ending work in process inventory was 90% of the beginning work in...
- Q How would a purchase $400 of inventory on credit affect the income statement? Select one: a. It would increase cost of...
- Q What is an advantage of paycards from the employee's perspective? Multiple Choice Long processing times for pay disbursements. Access to payroll data on non-secured website....
- Q maintainance and repairs expense has a debit balance of 260 and wages expense has a debit balance of 2110
- Q The Accounting Standards Codification was developed by: Multiple Choice The Financial Accounting Standards Board. Certified public accountants. The Securities and Exchange Commission. The Internal...
- Q Before the year began, Starliper industries estimated that their total overhead for the year would be $295,000. Starliper industries uses direct labor cost to allocate overhead. The company...
- Q What is the November 30,20XX balance in Account 101 Checking?
- Q Peter Marsh claimed an additional $3,000 in deductions he knowingly knew he did not qualify for so he could reduce his tax bill. This is referred to as...
- Q A company is most likely to utilize the specific identification method if its inventory consists of Multiple select question. unique products. mass-produced products. ...
- Q An interpretation of the Independence Rule allows members to Multiple Choice hold a material indirect interest in a client. have loans from a client that...
- Q The auditors judgement concerning the overall fairness of the presentation of financial position, results of operations, and cash flows is applied within the framework of generally accepted auditing standards...
- Q Taxpayers are allowed to deduct mortgage interest on up to $1,000,000 of acquisition debt for their qualified residence if the acquisition debt is incurred after December 15,2017. ...
- Q Your clients, Sasha and Michael Davis (age 50 and 60, respectively), have the following inflows, outflows, and account balances: Annual planned personal savings contributions ...
- Q Which of the following is correct regarding reporting and taxable entities? a. An individual is a reporting entity but not a taxable entity. b. A corporation...
- Q Of the inventory cost methods, FIFO tends to decrease income tax expense when Group of answer choices costs are increasing costs are decreasing costs are constant...
- Q There is a relationship between the beginning balance of cash, the ending balance of cash, and the various cash flows from operating, investing, and financing activities. Required: Compute...
- Q 3) This year Darius provided services to several clients, each of whom paid with different types of property. Which of the following payments is not included in Darius's...
- Q 1. The vice president of finance asks the accounts payable (AP) clerk to write a check in the name of the president for $10,000. He and the president...
- Q Which of the following is least likely to be reported as an acquired identiable intangible asset? Which of the following is least likely to be...
- Q Diluted EPS is typically a larger number than basic EPS. Group of answer choices True False
- Q On a balance sheet, assets are listed in the order of A) dollar amount (largest first). B) date of acquisition (earliest first). ...
- Q 3. On the balance sheet, if ending inventory is overstated, then total assets will be __________ and stockholders' equity will be __________. a. overstated;...
- Q Small Corp owns 100% of the stock in Big Corp and has a $300,000 basis in the stock. Big Corp owns assets with FMV of $1M and basis...
- Q A practitioner cannot perform which act with respect to client tax returns? The practitioner cannot act as a notary public on the return The practitioner cannot sign...
- Q When a constraint exists, which product to emphasize should be decided by: Question content area bottom Part 1 A. the product with the...
- Q In a periodic inventory system, purchase returns Multiple choice question. are recorded as an expense. are recorded in a separate contra purchases account. directly reduce...
- Q In what order are transactions in a journal initially recorded? Select answer from the options below alphabetical order account number order dollar amount...
- Q PR 7-1(Algo)(LO 7.4) There is a relationship between the beginning balance of cash, the ending balance of cash, and the various cash flows from operating, investing, and financing...
- Q Anna is a single taxpayer with three children Mike 18 Alice 17 and Julianne 13 all three children are US citizens with Social Security numbers valid for work...
- Q A company's net profit margin is calculated as: Group of answer choices Gross profit divided by revenue. Net income divided by total assets. Operating income...
- Q The accountant must be the person to order the inventory, count the inventory when it arrives, record the purchase in the accounting records and write the check to the...
- Q 3. Hong Kong companies prepare their financial reports in terms of Hong Kong dollars, whereas Japanese companies report results in yen. This practice is an example...
- Q Transfer pricing and section 482 Sugarland inc has a division in indonesia that makes dyestuff in a variety
- Q Accountants that obtain professional certifications have to meet educational requirements, examination requirements, and __________. accounting requirements age requirements experiential requirements employment requirements
- Q ASC 740 applies only to accounting for income taxes. Group startsTrue or False True, unselectedFalse, unselected
- Q Basma was put in a nursing home with advanced dementia in early March. The doctors at the nursing home have determined her to be chronically ill. The monthly...
- Q Colleges prepare financial statements true or false
- Q Client Scenario #2: Zoe Watson Interview Notes Zoe is single and 47 years old. Zoe has two children. Yvonne, age 19, has a job and earned...
- Q Question 6(6 points) Davison Corporation, which has only one product, has provided the following data concerning its most recent month of operations: ...
- Q Variable costing reports for each product (product profitability analysis) are often used for deciding a. product pricing. b. whether to discontinue a...
- Q Mrs. Chen is married and does not wish to file a joint return. She provided more than half of the cost of maintaining the home for the tax...
- Q vaughn corporation had income from operations of 6534600. in addition, it suffered an unusual and infrequent pretax loss of 782100 from a volcanic eruption, interest revenue...
- Q ast Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold...
- Q What are the cash payments associated with the Sleeping Beauties? Who gets how much and when, per $100 of bonds issued? Consider the following dates: the issue date,...
- Q Abby sold a parcel of land for $18,000. She paid a real estate agent a commission of $1,200 for assisting with the sale. Abby had purchased the land...
- Q Pete owns a shoe-shine business. His accountant most likely includes which of the following costs on his financial statements? shoe polish rent on the shoe stand...
- Q Lindas warehouse burned down. It had a basis of $250,000 and an estimated fair market value of $400,000. Describe the tax consequences to Linda of the alternative transactions...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!