Accounting question and answers for December 07, 2023
- Q In ____________, as one budget period passes, planners delete that budget period from the master budget and add another one.Select one:a.continuous budgetingb.periodic budgetingc.incremental budgetingd.zero-based budgeting
- Q Rocket engaged in the following transactions in 2020: On 3/31/20, the Stuffing process placed 600 pounds of goose down and 7,000 yards of nylon into...
- Q Which of the following is not a general rule for calculating the property factor? Uses the average property values for the year Values property at historical cost...
- Q Edwards Company manufactures low-cost wooden chairs and uses activity-based costing. The following information is for the month of March. Activity Estimated Indirect activity costs...
- Q Property taxes on a factory building would be included as part of the cost of products manufactured under the absorption costing concept. Question 20 options: ...
- Q During 2024, a company provided services for cash of $33,600 and services on credit of $24,000. The company collected accounts receivable of $12,800 and incurred operating...
- Q In a period of rising prices, the inventory method which tends to give the highest reported cost of goods sold is Group of answer choices FIFO. ...
- Q Deacon Industries purchased a delivery vehicle on January 1,2019, for $30,000. They paid sales taxes of $2,000 and one years insurance premium of $2,000 on the...
- Q In a bank reconciliation, the bank's charge of $10 for checking account fees is Multiple choice question. added to the company's cash balance. ...
- Q Current Attempt in Progress Waterway Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertains to a single department...
- Q The amount of cash flows from the investing activities. What percentage of increase or decrease did they incur from the prior year (2022). What were some of the...
- Q The factory superintendent's salary would be included as part of the cost of products manufactured under the absorption costing concept. Question 21 options: TrueFalse
- Q Labrador corporation reports a net operating loss of $100000 during its first year or operations. The company is subject to a tax rate of 30%. Management expects...
- Q If the sale of bonds falls between interest dates, interest accrued since the last interest payment would be __________ the sale proceeds and __________. a....
- Q Physical counts of inventory are never made with perpetual inventory systems. Group startsTrue or False
- Q A Taxpayer who received foreign taxed dividends from a corporation abroad can use the Foreign Earned Income Exclusion in order to avoid double taxation. Seleccione una opcinTrueFalse...
- Q Dividing quick assets by current liabilities is the calculation for the Question 4 options: current ratio. return on investment. acid-test ratio. ...
- Q What is the depreciation expense on the 2nd Avenue house? A.0 B.40,820 C.10,908 D.11,817
- Q Which of the following is considered a manufacturing cost? a. Depreciation of the Marketing Department's office furniture b. Advertising costs c. Direct labor ...
- Q Note that Merck has noncontrolling interests and the financial statements provide information about both the total enterprise and about Merck after the noncontrolling interests. You will have to make...
- Q The monitoring component of internal control excludes: A. Improving controls that are not operating effectively. B. Assessing information derived from external...
- Q Select All That Apply: Which statements are TRUE about Gift Cards? Gift Cards and eGift Cards will say the word Gift on them Gift Cards...
- Q Use the following personal financial information for UNLV student, Scarlett N. Grey, asof September 30,2022,to answer questions 19-22
- 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 Question content area top Part 1 As the manager of a Mama Bodhi's restaurant, you must deal with a variety of business transactions. Give an example...
- Q Three individuals form Treebeard Corporation have the following contributions: Twig, cash of $30,000 for 30 shares; Stick, gives land worth $25,000(basis of $13,700) for 25 shares; and Trunks,...
- 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 A variable expense is an expense that is not the same each month. An athletic department would receive a variety of invoices each month for expenses and those differing...
- Q CurrentRatio=CurrentAssets/CurrentLiabilities=13,925,000/18,203,700=0.76 About ratio analysis in east coast company in short
- Q What is Lucys share of ordinary buisness income from L and S cleaning that should be reported to her in Part 3 of her schedule K-1(form 1065)...
- Q Yellow Sharpener is a stationery shop. The following information relates to the year ended 31 March 20X3: Opening inventory: C15000 Closing inventory: C18000...
- Q Using cost-volume-profit (CVP) analysis, determine the break-even point in units for a company with fixed costs of 40,000, a selling price of 25 per unit, and variable costs...
- Q Characteristics of just-in-time manufacturing include all of the following except:Select one:a.making a product only when the customer requires itb.no work-in-process inventoriesc.a problem anywhere can stop productiond.the ability to...
- Q Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the companys products, a football helmet for the North American market, requires a special plastic. During the quarter...
- 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 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 1.Which depreciation method is used for virtually all real property? Double-declining balance 150% declining balance Straight-line All...
- Q tTara had a $2,891 capital loss carryover from the sale of land on her prior year return when she passed away. when Tara's final return is filed for...
- Q Which of the following statements best explains the difference in observed net operating asset turnover? Widget Co. and Tools Inc. both operate in the same industry....
- Q Which of the following is added to the bank statement balance to arrive at the adjusted bank statement balance while preparing a bank reconciliation statement? a. A...
- Q 2 points Time Remaining 1 hour 59 minutes 28 seconds01:59:28 Check my workCheck My Work button is now disabled1Item 1 Time Remaining...
- Q On the variable costing income statement, variable costs are deducted from contribution margin to yield manufacturing margin. Question 16 options: TrueFalse
- Q Who is engaged in a specific service trade or business Hannah she is an employee of an advertising agency Melissa she is well known self-employed opera singer who...
- Q Which of the following is true concerning a partner's basis in assets (other than money) distributed in a nonliquidating distribution? a. A partner's bases in...
- Q Which of the following statement is NOT quatification to deduct alimony? For each option the divorce settlement date is 1-1-2019. 1- Alimony must be paid in...
- Q How is the auditors' responsibility for expressing the opinion on financial statements disclosed in the standard (unmodified) report for a nonissuer? Multiple Choice Stated...
- Q Match the accounts with their normal balance if Debit or Credit. a.equipment b.Fees earned revenue c.Cash d.Misellaneous expese e.Accounts payable
- Q Kennedy Company reports the following costs and expenses in May.Factory utilities$16,500Depreciation on factory equipment12,650Depreciation on delivery trucks3,800Indirect factory labor48,900Indirect materials70,800Direct materials used157,600Factory manager's salary8,000Direct labor79,100Sales salaries48,400Property taxes on...
- Q What is the total variance for direct labor? (Enter the amount as a positive number. Label the variance as favorable(F) or unfavorable(U) in the input field after the...
- Q In developing an overall audit strategy, an auditor should consider: A. Whether the allowance for sampling risk exceeds the achieved upper precision limit. ...
- Q Which inventory account consists of the cost of items for which the manufacturing process is complete? Multiple choice question. Finished goods inventory Merchandise inventory Raw...
- Q Which one of the following is a Section 197 intangible? a) An interest in a partnership. b) Computer software that is readily available for purchase by the general...
- Q b.Ramon and Bridget Stamons are married. Ramon purchases a new residence for $280,000(Bridget does not contribute any funds to acquire the house). However, Ramon listed title to the...
- Q Question 16 of 40. Emily borrowed $20,000 from her employer's plan. When she left her employer in September 2023, the loan had an outstanding balance of...
- Q AreaLast year, Richmond Company produced 10,000 units and sold 6,000 units at a price of $20. Costs for last year were as follows: Line Item Description...
- Q 9. Is manufacturing overhead underapplied or overapplied? By how much?* 10. What is the cost of goods available for sale? 11. ...
- Q Net income$ 9,000Cash dividends paid to stockholders2,300Cash proceeds from sale of land3,150Cash proceeds from bank loan5,900Cash payment (principal) on bank loan1,400Cash paid to purchase equipment4,600 ...
- Q Which of the following is NOT a characteristic of managerial accounting?Multiple Choice11.66points800.53:31Emphasizes financial consequences of past activitiesCEmphasizes decisions affecting the futureEmphasizes segment reportsDoes not need to follow GAAP...
- Q Which of the following accounts are listed in a post-closing trial balance? (Select all that apply.)
- Q On August 1,2021, the company is paid $3,840 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services...
- Q Which of the following would most likely be classified as a cost center? The Mt Pleasant branch of the Kohl's department store chain ...
- Q Skolnick Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 5.30 Direct labor $ 4.80 ...
- Q An accrue of wage expense not paid yet would produce what effect on balance sheet? An accrue of wage expense not paid yet would produce what effect on...
- Q Insurance company expenses can be classified as controllable or noncontrollable expenses. Consider the following expenses:Expense A: An insurers advertising costsExpense B: An insurers licensing feesWith regard to controllable and...
- Q Debts listed as current liabilities are those that Question 37 options: will be paid in less than one year. are due to be...
- Q Costs are classified according to behavior on which of the following? Select one: A. Functional Income Statement B. Cost of Goods Manufactured ...
- Q a single taxpayer has a salary of 50,000 and self-employment income of $200,000
- Q On July 9, Lou did a landscaping job for the Martin family. He invoiced them for $250.00. On July 12, Lou did a landscaping job...
- Q Consultant negotiates a contract with Client that provides that Client will pay Consultant $7,000 per month for services and pay Consultants childs rent of $3,000 per month directly...
- Q AH 5-9 Understanding Cost-Volume-Profit Relationships LO 5-2, LO 5-7 Skip to question [The following information applies to the questions displayed below.] Annie's Homemade Ice...
- Q Fixed manufacturing overhead 6.80 Fixed selling expense 5.30 Fixed administrative expense 4.30 Sales commissions 2.80 Variable administrative expense 2.30 ...
- Q For a period during which the quantity of product manufactured is less than the quantity sold, operating income reported under absorption costing will be larger than operating income reported...
- Q 1. When recognizing an asset impairment, the only 2 important items are the book value of the asset and its market price. Do you agree with this statement?...
- Q A company would most benefit from using ABC system as oppsed to a traditional costing system under which following conditions? A. when indirect costs are a high percentage...
- Q The gorman group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31,2019, the end of the fiscal year, the accountant from...
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