Accounting question and answers for December 07, 2023
- Q Returning damaged products to a supplier A) reduces inventory. B) increases inventory. C) reduces cost of goods sold. D) increases cost...
- Q Question 18 of 40. In most cases, which of the following is true of distributions from a non-Roth Thrift Savings Plan? Distributions are fully...
- Q What effect would an adjustment to record inventory at the lower of cost and net realizable value have on the company's financial statements? Multiple Choice
- Q Under Section 10 of the 1934 Securities Exchange Act auditors are liable to security purchasers for:
- Q Choose the items that are excluded from gross income. Multiple select question. Certificate of Deposit interest U.S. Savings Bonds interest Qualified...
- Q A subsidiary corporation is liquidated at a time when it is indebted to its parent corporation. The subsidiary corporation distributes property to the parent corporation in satisfaction of...
- Q g-1. Calculate the monthly operating income (or loss) that would result from changing the compensation plan to a salary of $500 per month, plus a commission of $1...
- Q Which of the following statements regarding service companies is true? a. A service company's variable costing income statement includes manufacturing margin. b. Service companies...
- Q Question Content AreaThe amount of increase or decrease in revenue that is expected from a particular course of action as compared with an alternative is termed _____. ...
- Q $20405 and direct labor cost was 55%
- Q 5. Williams Company is an East Coast producer of electronic furnace air filters. A significant jump in new housing starts in the region has triggered a 25 percent...
- Q Rapidly growing companies often buy increasing amounts of merchandise from suppliers on credit, and then sell the goods to their customers on credit. These companies sometimes...
- Q Jack MacLean has entered into a real estate development partnership with Bill Lyons and June Reese. Bill owns 14 of the partnership, while June...
- Q Required: What is the total of budgeted cash collections for December? How much is the book value of accounts receivable at the end of December? How much is...
- Q Desilets Corporation has provided the following data from its activity-based costing accounting system: Supervisory wages$ 78,700Factory utilities$ 333,000 Distribution of Resource Consumption across...
- Q A married couple jointly owns and operates a bakery. They are unsure about how to file their business taxes for 2024. Both spouses materially participate in the business...
- Q Which of the following items is included in a taxpayer's federal gross income? Compensation received for personal injuriesand physical illness. The...
- Q An understatement of ending inventory results in which of the following in the present period? Question 29 options: a) Overstatement of retained...
- Q The ratio that relates how much debt a company has in proportion to its equity is Select one: a. current. b. ...
- Q According to Generally Accepted Accounting Principles: Multiple Choice depreciation is recorded based on the market value principle.
- Q Which of the following statements is correct concerning the cash budget? Decreasing the percentage of inventory purchased on credit relative to inventory purchased for cash would increase expected cash...
- Q Which of the following statements is true regarding inventory reporting? Question 25 options: a) There is little to no potential for fraud...
- Q The following sales and cost data (in thousands) are for two companies in the transportation industry: Company A Company B Amount Percent of Sales Amount Percent of...
- Q When prices rise, which inventory method tends to result in lower income and a lower tax liability? Multiple choice question. FIFO Weighted-average cost ...
- Q What is the role of the Government Accountability Office (GAO)? All of these. To ensure compliance with federal tax laws. To audit federal...
- Q Part B Kadeisha is single with no dependents and has a salary of $102,000 for 2024, along with tax-exempt interest income of $3,000 from a municipality. Her...
- Q Assume the same situation as described in (2) above, except that the company expects to sell 38,000 Rets through regular channels next year. Thus, accepting the U.S. Armys...
- Q A company purchased a machine on November 1,2022. The machine cost $22,500, has an estimated salvage value of $1,620 and an estimated life of 6 years. How...
- Q Cost of goods sold: a. represents all costs associated with research, development, and general administration of an organization. b. is reported on the balance sheet. ...
- Q if 18,000 is deposited annually starting on january 1,2020 and earns 2%, how much will accumulate by december, 312029
- Q Understanding the cost of partially completed goods allows the manufacturer to: Multiple choice question. measure the cost of direct materials purchased measure the number of...
- Q A new partner can be admitted to an existing partnership in which of the following ways? (Check all that apply.) Multiple select question. Withdrawing cash...
- Q Current Attempt in Progress Which of the following is an example of batch-level activity in a company marketing cell phones? internet advertising preparing monthly customer invoices offering...
- Q Q5 Complete the blanks in the statement below.Data entry controls include (output/ input) design. It may be beneficial toinclude(automated/ manual)entry of data and incorporate(additional text comments...
- Q The realization principle states that the activities of an entity should be kept separate from those of its owner. True of False?
- Q Rather than continue struggling with a floundering business, one man opted to take the easy way out and hire an arsonist to burn the building to the ground....
- Q Identify which of the following accounts would be included in a post-closing trial balance. a. unearned revenue b. advertising expense c. warehouse d. store supplies e. legal expense...
- Q Which of the following is true? a. The branch profits tax equates the tax treatment of the U.S. branch with the U.S. subsidiary operations by...
- 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 net sales consist of sales 1,074,980, less freight out on merchandise sold 38,940 and sales returns and allowanches 33040
- Q Reagan earned $1,500 last week. He is married filing jointly and is paid biweekly. Using the percentage method (use tables in the handbook), his income tax is: 01:12:00...
- Q For each item listed below, identify whether it is an advantage or disadvantage of the income statement. Question content area bottom Part 1 Item ...
- Q Which of the employees received a taxable fringe benefit? Denise. She exercised an employee stock option, but she made an election to defer income tax because her company's...
- Q Match the accounts with their normal balance if Debit or Credit. a.dividends b.supplies c.accounts receivable d.Notes payable
- Q Which of the following is a CORRECT statement about the lower-of-cost-or market rule when applied to inventories? Question 10Select one: A. ...
- Q Exercise 4-3(Algo) Recording purchases, purchases returns, and purchases allowances LO P1
- Q Having the same employee prepare company checks and sign those checks relates to which internal control activity? a) a violation of adequate documents and records b)...
- Q tax attributes can be dedined as: 1. carryforwards of credits, 2. credits, deductions 3. dwducrions, credits ,4. dwductions and credits occuring
- Q Which of the following is true according to Government Independence Standards? Multiple Choice Nonaudit services cannot be provided to a government entity that is an attest client....
- Q Which of the following statements is true of financial accounting? a. Financial accounting is subject to externally imposed rules. b. Financial accounting is directed toward external...
- Q Total manufactoring costs are in the a. production budget b. sales budget c. cost of goods sold budget d. None of the...
- Q Which of the following does not present a challenge to analysts using financial statements? Multiple Choice The expected benefit of a long-lived asset may increase over...
- Q A debit balance in the Cash Over and Short account reflects an expense and is reported on the income statement. Group startsTrue or False
- Q Shelby's Adoption Credit exceeds her tax liability for this year. The excess credit is: Refundable in the current year. Nonrefundable and cannot be carried to another tax...
- Q Same facts as in Problem 1, except that the factory is encumbered with a mortgage of $100. On the contribution, Abby contributed the factory to the corporation in...
- Q The primary benefit for choosing this method is that it tends to save taxes when inventory costs are rising. Multiple choice question. FIFO LIFO ...
- Q Adjusting entrles do not support the application of the matching principle Debit or credit the Cash account. Are part of accrual-basis @grounting. Are prepared a lue...
- Q Which of the following accurately describes a bond liability? Question 29 options: A bond liability is a financial asset held by bondholders representing their ownership...
- Q ABC Corp. has current assets of $12,630, current liabilities of $5,970 and inventory of $422. What is their current ratio?
- Q Based on Sarbanes-Oxley, who is ultimately responsible for the independence of the external auditor? Multiple Choice the CPA firms engagement partner ...
- Q Steam Corporation has provided the following information:Direct materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadSales commissionsVariable administrative expenseFixed selling and administrative expenseCost perUnit$7.05$3.50$1.65$1.00$0.40Cost perPeriod$11,000$5,500If the selling price is $18.70 per...
- Q 10. For a person who receives Social Security benefits, what effect, if any, can an increase in other income have on that person's taxable income? When do Social...
- Q Which business owner is most likely to use accrual basis accounting? Pence, who is his laundry businesss only employee Brooke, who owns an international...
- Q Which of the following is not a characteristic of Managerial Accounting? a. Information is more detailed b. Reports primarily on past decisions users...
- Q On January 1, ABC, Inc., issued $100,000 of 10%,5-year bonds, for $92,280. Interest is due semiannually. When ABC records the first interest payment, which will be greater the...
- Q Which of the following is required when preparing a consolidated balance sheet on the date of the formation of a subsidiary by its parent company? Question 1...
- Q 2. Mr. Dennis purchased a machine for use in his business. Mr. Denniscosts in connection with this purchase were as follows : Note to seller Cash paid to...
- Q Bob Jones, Inc. is a new small business client that has asked you to prepare its current year tax return. Upon interviewing the client, you determine...
- Q Which is the first financial statement that should be prepared after the adjusted trial balance has been prepared? Balance sheet, income statement, statement of cash flow, statement of retained...
- Q TopChop sells hairstyling franchises. TopChop receives $69,000 from a new franchisee for providing initial training, equipment, and furnishings that have a stand-alone selling price of $69,000. TopChop also...
- Q Why is there a difference between the uncorrected balance in the check register and the balance on the statement? Choose the correct answers from the list below. ...
- Q The WeBuild Construction Company sold $29 million of buildings in its first year of operations. The company received payments of $16.50 million for these buildings. The company's income...
- Q arvey is a US citizen that has been living and working in Austria since 2021. He earned USD $139,000 during 2023. In addition, he paid foreign taxes of...
- Q Leon is opening their hair salon and is working on some projections for their sales and expenses. They have determined that they can do 200 haircuts per month...
- Q When a company is attempting to increase return on investment (ROI) it should work to: a) Decrease sales. b) Decrease profits. ...
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