Accounting question and answers for December 08, 2023
- Q Acid Test =________. Acid Test =________. Net Income/Owner's Equity Sales - Expenses Total Debts/Total Assets ...
- Q Nonsampling risk is Blank______. More than one answer may be correct. Multiple select question. reduced through effective planning and supervision of audit engagements the...
- Q D died on May 1, at the age of 55. He was survived by his wife, W (aged 52), a son s (age 32), his father F (age...
- Q An advantage of FIFO is that it assigns the most recent costs to cost of goods sold and does a better job of matching current costs with revenues on...
- Q Dewitt uses a machine in his self-employment activity. In 2022, business use dropped to 40%. Self-employment activity dropped to 40% business use. In 2020, when he put the...
- Q Center Company will report money market funds and treasury bills as ________________ due to their _______________. Select answer from the options below cash and cash equivalents; liquidity....
- Q Which of the following is true regarding Social Security benefits? a. The Social Security inclusion formula is the same amount for each filing status. b. Social...
- Q The control environment: sets the tone of an entity with respect to internal control and influences the control consciousness of its people. is focused on how...
- Q Which of the following would not typically be disclosed in the notes to the financial statements? Multiple Choice Commitments under long-term supply agreements ...
- Q Expected benefit approaches for valuing long-lived assets are not used in current U.S. GAAP because the numbers generated under these methods are inaccurate and: Multiple...
- Q Factory overhead includes expenses such as utilities, insurance, and Blank 1 Question 4 that are incurred in a factory but are not specifically traced to products. ...
- Q Sheffield Corp. produces a product that requires 2.80 pounds of materials per unit. The allowance for waste and spoilage per unit is 0.60 pounds and 0.20 pounds, respectively....
- Q Within the relevant range, variable costs can be expected to:11.66points801.33:02Multiple Choicevary in total in direct proportion to changes in the activity level.remain constant in total as the activity...
- Q Which filing status would be appropriate for Nathan, who is separated from his wife and is the primary provider for their son? Select answer from the options below Single....
- Q Zinhle is the management accountant for a company that manufactures electronics in South Africa. The company currently uses the first-In, first-Out (FIFO) method for inventory valuation,...
- Q In 2012, DeAndre purchased land for $150,000. He also received $10,000 from a local cable television company in exchange for allowing the company to run an underground cable...
- Q Question content area top Part 1 In 2024, Ms. Guthrie's employer provides her with an automobile for 11 months of the year. The automobile cost $...
- Q The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2. Cash $ 16,800 Beginning inventory 18,900(210 units @ $90) Common stock...
- Q Which of the following types of entities or persons may be as an S corporation shareholder? Multiple select question. qualified retirement plan trust C corporation ...
- Q Your client traveled from her residence to a rental property for maintenance activities three times last year, spending a total of $300 in gas. This expense is: ...
- Q Kendall County entered into a lease agreement to finance computer equipment used in government offices. The lease covers three years, and county officials are reasonably certain that funding...
- Q The second level of conceptual framework relates to the? A. Various items in financial statements. B. Qualitative characteristics of accounting information. C.foundational principles....
- Q Which of following companies record revenues when selling inventory? Multiple Choice Merchandising companies. Both manufacturing and merchandising companies. Manufacturing companies. Service...
- Q Tank Corp., which had earnings and profits of $500,000, made a nonliquidating distribution of property to its shareholders in 2024 as a dividend in kind. This property, which...
- Q On payday Friday a semiweekly deposit has accumulated employment taxes totaling $13,900 the taxes should be deposited on or before the following Wednesday true or false
- Q The method used by a CPA firm to ensure that the firm meets its professional responsibilities to clients and others is Question content area bottom Part...
- Q Proper internal controls can8131823All of these answer choices are correct.safeguard assets from theft and waste.provide investors with reassurance.Dincrease operating efficiency.
- Q Describe the impact of these three modifying conventions on the accounting process
- Q The financial statement that shows all the benefits earned and sacrifices incurred during the accounting period is the ______. Multiple choice question. statement of cash...
- Q Taxpayer A and Taxpayer B are individuals. A and B decide to form a partnership on January 1,2024 to combine their cleaning service businesses. What will be the...
- Q In determining cost of goods sold, two alternate costing concepts can be used: absorption costing and variable costing. Question 7 options: TrueFalse
- Q 2. Assume that TDW Corporation has 2024taxable income of $300,000 before deducting the 179 expense. The company acquired the following assets during 2024: a) What...
- Q In connection with Albury Townships long-term debt, cash accumulations are available to cover payment of principal and interest on Bonds for financing of water treatment plant...
- Q Gaudy Gate Company ordered and received $2,400 of supplies on June 1. During the month of June, Gaudy Gate used half of the supplies that had been received....
- Q Which of the following is true concerning any account? The identification of which side is debit or credit depends upon the type of account. ...
- Q Which of the following is not a limitation of internal control policies and procedures? Question 15 options: Human error. Human fraud. Cost-benefit...
- Q EA12.- A bonds payable decrease will be recorded as a debit.
- Q Accounting errors or irregularities can occur for which reasons? Multiple Choice all of these answer choices are correct. misapplication of GAAP. management exploitation of the flexibility in GAAP....
- Q You cannot use your cost as basis for property if you received it: In return for services you performed Through a purchase In an exchange for...
- Q 1. Should Skylar consider colonoscopies to be a product or a product line in performing her cost analysis? Why? 2. What are two examples of indirect...
- Q Number of withholding allowancesAnswerPre-2020 Form W-4Current
- Q CVP analysis focuses on how profits are affected by: Multiple select question. unit variable cost mix of products sold selling price total fixed costs ...
- Q Franklin Company makes 4 wheelers. The budgeted sales are $420,000, budgeted variable costs are $147,000, and budgeted fixed costs are $227,500. What is the brFranklin Company makes 4...
- Q Income smoothing refers to the ability of management to: Multiple Choice use accruals to reduce the volatility of reported earnings over time. report...
- Q Exercise 18-5(Static) Measuring costs using high-low method LO P1) Use the high-low method to estimate the fixed and variable components of total costs (2) Estimate total costs if...
- Q Which of the following factors is involved in studying cost-volume-profit relationships? A. Variable costs. B. Levels of production and product...
- Q Is there a difference between the financial health indicated in the balance sheet vs the financial health indicated in the income statement? Why or why not is there...
- Q A $42,000 debit to Machinery was posted as a debit to AP.Answer 3 Question 1
- Q For the following independent cases, determine whether economic income is present and, if so, whether it must be included in gross income (i.e., is it realized and recognized...
- Q Roberto (22) lived with his father, Diego (45), all year in 2023. Roberto is Diego's qualifying child. In November 2023, Roberto married Valentina (21), and they both...
- Q During the current year, Jose Ramirez receives the following dividends: i. A $1,200 dividend from ABC Corporation, a Canadian public corporation, subject to general corporate tax rates. ...
- Q When firms dispose of a long-lived asset by selling it before the end of its useful life, the difference between the net book value of the asset and...
- Q Item12 Time Remaining 35 minutes 9 seconds 00:35:09 Item 12 Time Remaining 35 minutes 9 seconds...
- Q Which of the following is not a qualifying personal property expense eligible for Section 179 or bonus depreciation? Parking lot resurfacing Office furniture Machinery...
- Q Payment for erection of machinery is an example A. Deferred revenue expenditure B. recurring expenditure C operating expenditure D. Capital expenditure...
- Q A taxpayer who receives a Schedule K-1(Form 1065) typically Is the beneficiary of a decedent's estate.
- Q Fixed costs expressed on a per unit basis:Multiple Choice11.66points801:3137SavedHelpSave & ExitRelaunch to updateSubmitRelaunch to utle thev cannotincrease with increases in activity.decrease with increases in activitv.are not affected by...
- Q Assume that on January 1,2011, a wholly owned subsidiary sells to its parent, for a sale price of $129,000, equipment that originally cost $152,000. The subsidiary originally purchased...
- Q In 2023, isabella is single, is a full time student and lives with her parents. She receives $3,800 of taxable interest income from some bonds she inheritied. Determine...
- Q Money received for Babysitting is taxable income or an allowed deduction and where it would be reported on Form 1040(or associated schedules).
- Q ?_______accountingdealswithreportingtooutsiders._________accountingdealswiththeinternaloperationsofthefirm.
- Q Cost drivers are used to determine the cost of _blank_ cost objects. Multiple choice question. primary both primary and secondary secondary ...
- Q What is the current status of each of the following IRS pronouncements? a. Notice 2015-79 b. Revenue Ruling 2004-28 ...
- Q Which internal control activity is followed when the work of one department acts as a check on the work of another? . Segregation of duties. . Safeguarding of...
- Q Question content area top Part 1 Budgets are the way that managers can express their Question content area bottom Part 1 A. control....
- Q Which of the following is the fund balance that provides the balance for all current financial resources that must be used in a designated fashion as specified by a...
- Q Recently Jill's investments have plummeted, and she can no longer make timely payments on her debt obligations. As a result, the bank decided to forgive $45,000 of debt...
- Q In a normal year, Maroone Inc normally runs about 20,000 direct labor hours. In 2017 the company identified the following overhead costs and activity drivers for the year...
- Q Match each qualitative characteristic with its definition: A. All information necessary to describe an item is reported. B. Information provides feedback on past activities....
- Q west rock technologies Inc. was organized as a C corporation on January 12023 During its first year in buisness the company earned enough profits to pay dividends to...
- Q Calculate the December 31,2025 adjusting journal entry for each of the independent situations below.Comptex Corporation purchased a two-year fire insurance policy on August 1,2025 for $6,000. The original...
- Q In the liquidation of a partnership, any partner who has a capital defiency
- 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 Five years ago, Bob retired from Main, Inc., a national iron manufacturer. When Bob retired, he had 1,000 shares of Main, Inc. stock in his stock bonus plan....
- Q From the Dashboard tabs in quickbooks you can easily access: ...
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