Accounting question and answers for December 08, 2023
- Q On January 1, Eagle Corporation (a calendar year taxpayer) has accumulated E & P of $300,000. During the year, Eagle incurs a net loss of $420,000 from operations...
- Q A principle that may reduce or eliminate auditor liability to a client is:
- Q The formula to find the breakeven point or a target profit volume in terms of number of units that need to be sold is:
- Q Inventory turnover =________. Inventory turnover =________. Current Assets - Inventories/Current Liabilities Total Debts/Total Inventories Net Income/Owner's...
- Q What is the maximum amount of time a taxpayer has to file a return to claim any portion of a refund due to the taxpayer? 6 months...
- Q Campbell Soup Company is the worlds leading maker and marketer of soup and sells other well-known brands of food in 160 countries. Presented here are the items listed...
- Q True or False Company's margin of safety is $90,000. If the company's sales drop by $80,000, it will still have positive net operating income. ...
- Q Jeremy has a past-due tax bill resulting from an individual shared-responsibility payment under the Affordable Care Act. What is the only collection process the IRS can use to...
- Q The overriding criterion by which accounting information can be judged is that of? A. Freedom from bias B. Timeless C. Usefulness for decision making D. Cmparability
- Q Owner Kay Fay is considering franchising her Oriental Express restaurant concept. She believes people will pay $ 5.00 for a large bowl of noodles. Variable costs are $...
- Q Which of the following will cause differences between the bank statement balance and the accounting balance for cash? Multiple select question. Timing differences Errors ...
- Q Larry is a self-employed insurance salesperson. He decides to take his best customer to a Pacers basketball game. Larry is able to buy two floor seat tickets for...
- Q Use the information below to calculate the receivables turnover ratio: Net Credit Sales$ 200,000Beginning Accounts Receivable$ 40,000Ending Accounts Receivable$ 10,000Cash$ 20,000 Multiple Choice ...
- Q How many of the following are impacted by a change in volume?Variable costs per unitNet incomeTotal fixed costsTotal contribution marginGroup of answer choices40312
- Q The type of income statement that reports a series of subtotals such as gross profit, operating income, and income before taxes is a _________blank income statement.
- Q 1.1 Calculate the following: 1.1.1 Decrease in payables (2 marks) 1.1.2 Interest income. (2 marks) 1.2 Did the company increase or decrease its non-current...
- Q Question Content Area Two employees using the same cash register violates which internal control principle?
- Q And certain circumstances taxpayer cannot use the worksheet to see if you should fill in form 6251
- Q What information appears on the statement of stockholders' equity? (Select all that apply.) Multiple select question. Dividends Ending balance of retained earnings ...
- Q When is the net worth of the taxpayer determined when completing the Statement of Income from Discharge of Indebtedness Worksheet?
- Q The current ratio is determined by dividing current liabilities into current assets. A company had $375,000 in current assets and $125,000 in current liabilities. What would the company's...
- Q Which of the following statements is true: Question 3 options: Self-employed individuals have greater flexibility in deducting expenses against income. Both...
- Q Recall that Worksheet 4 applies to employees who completed the current Form W-4 and whose withholdings are determined using the percentage method. Identify the accurate statement. ...
- Q Select all that apply Which of the following items are included in cash? (Select all that apply.) Multiple select question. notes receivable from customers...
- Q he statement of profit and loss of Goodwill Company for the years ended December 31, 20X4 and 20X3 were as follows: 20X420X3 ...
- Q a primary source of stockholders' equity is
- Q Which of the following items are found on a book side of the bank reconciliation? a. interest income. b. beginning bank balance. c. outstanding checks. d. deposits in...
- Q A management concept whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is called Raw...
- Q Topic Of income tax act in Canada. Automobile benefits owned versus least. And the formula is that go with it.
- Q Why would a smaller partnership (and other small businesses) use only the tax basis of accounting which doesn't follow GAAP?
- Q An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's BookstoreIncome StatementFor Quarter Ended March 31Sales$ 880,000Cost of goods sold540,000Gross...
- Q Which of the following taxpayers is exempt from the exclusive-use test and may be eligible to deduct business-use-of-home expenses?
- Q Question Content Area Social considerations can be used to justify: a. Allowance of a credit for child care expenses. b. Allowing accelerated...
- Q Classify each company transaction to its type of cash flow activity: . Dividend cash payments Question 9 options: Supplemental Cash Flow Activity...
- Q What is the primary difference between a lease and a sale of goods or property? A lease transfers full ownership of the goods or property to the...
- Q The mileage rate for deducting vehicle expenses incurred for using a personal vehicle while performing as an certain specific employee (armed force reservist, state or local...
- Q As part of the audit of Sparkle Pools, Inc., Emilia Lopez has been assigned to evaluate the risk of sales that may be made without credit approval. She identifies...
- Q 3. Define operating leverage and explain its importance to a company and how it relates to risk.
- Q Which taxpayer has a potential qualitying child that meets the age test? (Unless stated, none of these Individuals are permanently or totally disabled.) Chase and Zuri are married...
- Q Barga Company purchases $26,000 of equipment on January 1. The equipment is expected to last five years and be worth $3,200 at the end of that time. ...
- Q When actual costs are used as the basis for a transfer, inefficiencies of the selling division are transferred to the buying division. Group startsTrue or False
- Q If the budgeted activity level is greater than the actual activity level, then the total budgeted costs of the master budget will be greater than the total budgeted costs...
- Q The declaration of a stock dividend will, a) increase paid-in capital, b) increase total liabilities, c) change the total of stockholders' equity, or d) increase total assets. ...
- Q What is the corporations holding period in the assets contributed by a shareholder?
- Q danielle and her sister emily share an ownership interset in a residential rental property. they have never formed a partnership but they both participate in the management...
- Q Consider the following events: A petty cash fund of $200 was established on April 1, Year 1. Employees were reimbursed when they presented petty cash...
- Q Which one of the following is more difficult to evaluate objectively? Question content area bottom Part 1 A. presentation...
- Q Teco Incorporated and MW Company exchanged like-kind assets. Teco's asset had an $80,000 FMV and $53,900 adjusted tax basis, and MW's asset had an $87,500 FMV and a...
- Q Sean has a real estate asset used in his business. He exchanges it for a like-kind real estate asset owned by Kelly. (Sean and Kelly are...
- Q Basketball superstar Kawhi Leonard's outstanding player award is not includible in income since the award is in recognition of his outstanding performance.
- Q According to Dr. Howard Schlilit, all of the following are ways in which top executives manipulate financial statements EXCEPT Group of answer choices failure to...
- Q 1. Which of the following is not a qualitative characteristic of accounting information according to the FASBs conceptual framework? a. Predictive value b. Neutrality...
- Q For the year ended December 31,2022, a company reported earnings per share of $1.95 and cash dividends per share of $0.30. During 2023, the company had a 3-for-2...
- Q The declaration and issuance of a stock dividend on shares of common stock: Does not change retained earnings or paid-in capital. Decreases assets...
- Q A CPA's duty of due care to a client most likely will be breached when a CPA:
- Q Rodriguez, Inc. received an $8,00030-day, 9% note dated December 21. On December 31, Rodriguez made the necessary adjusting entry to accrue interest income on the note. What is...
- Q Accounting is the information system that
- Q Review the following statements and determine which are correct regarding an adjusted trial balance and how it is used in preparing financial statements.
- Q Landscaping costs can be deducted in the determination of business income, even if the costs include capital expenditures that would normally be disallowed because of ITA 18(1)(b). ...
- Q On January 1, Boston Enterprises issues bonds that have a $1,550,000 par value, mature in 20 years, and pay 7% interest semiannually on June 30 and December...
- Q What are the differences between realized and recognized gains and losses option and realize transactions reflect whether it is taxable or not recognized means it is taxable option be...
- Q Which of the following is an element of the CPA's quality control system that should be considered in establishing its quality control policies and procedures? Question...
- Q What is yhe contribution margin per machine hour for espresso machines
- Q MBA 603 Assignment 4 Analyze the information on the three tabs below (Balance Sheet, Income Statement, and Ratio Analysis). Write a one page memo...
- Q When using a traditional absorption costing system, what type of costs are assigned to products even if the costs are not caused by the products?
- Q Bramble Corp. had the following items to report on its balance sheet: Employee advances $1650 Amounts owed by customers for the sale of...
- Q A $2.00 increase in a product's variable expense per unit accompanied by a $2.00 increase in its selling price per unit will: Group of answer choices...
- Q solve the following: The Perry Company was started by a group of investors on January 1,20X0, when the balance sheet was made up of total assets of...
- Q The following is the balance sheet of Korver Supply Company at December 31,2023(prior year).
- Q Calculate return on assets from the following information: Net income = $1,800,000 Current Assets = $350,000 Land and building = $250,000 Calculate...
- Q which of the following taxpayers is elligible to avoid the 20% nonqualified distribution penalty from a health savings account
- Q Why would a smaller partnership (and other small businesses) use only the tax basis of accounting which doesn't follow GAAP?
- Q If a subsidiary corporation makes a liquidating distribution to its parent corporation, the liquidating corporation does not recognize gain or loss on the distribution no matter how much stock...
- Q A CPA would violate the Due Care Principle if he/she Multiple Choice undertook a professional engagement without having the requisite background, knowledge, and experience. ...
- Q Using Excel Visualizations to Analyze the Impact of an Accounting Change The Excel file associated with this exercise includes balance sheet tax account data for two years...
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