Accounting question and answers for December 08, 2023
- Q A ________ is an explicit or implicit promise in a contract with a customer to transfer goods or services. Question 20 options: ...
- Q Anstell Corporation operates a Manufacturing Division and a Marketing Division. Both divisions are evaluated as profit centers. Marketing buys products from Manufacturing and packages them for sale. Manufacturing sells...
- Q A client inquires about the tax implications of selling their rental property. They purchased the property in 2010 for $200,000 and have been claiming depreciation deductions throughout their...
- Q If auditors find that 10 of the 50 invoices in a test of control were not properly approved, the Blank______. Multiple choice question. deviation...
- Q fill in blanks: When using the BLANK method to evaluate capital investments, the company determines the number of years it will take to recover the asset's original BLANK...
- Q Under the revised ABC system, supervision costs allocated to Sweatshirts will be: (A) $48,720 B) $100,800 C) $100,920 D) None of these answers are correct.
- 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 To meet due diligence requirements for the Earned Income Credit Worksheet and Form 8867, a record must be kept of how, when, and from whom the information used...
- Q Where would you go to find the accountant-only features such as Prep for taxes or Write off invoice IN qUICKBOOKS ONLINE Reports Banking ...
- Q Read the article Why Big Data Is a Big Deal by Jonathan Shaw in the MarchApril 2014 Harvard Magazine. For your initial post, address the following: (1) "What...
- 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 Decide whether you should itemize your deductions or take the standard deduction in the following case. State how much the better option will save you. Assume the standard deduction...
- Q Xavier, filing single with taxable income of $38,350, has a mutual fund investment account. The account earned $602 in qualified dividends for 2022. Xavier elected to reinvest...
- Q Bill and Janet are a married couple filing jointly in 2022. They have one 12-year-old child, Robert, whose only income in 2022 is $3,000 of interest income. Bill...
- Q Show me the steps to solve The balance sheet of Aylmer Enterprises as at December 31, Y4 is as follows: Effective January 1,...
- Q Show me the steps to solve t the beginning of 2023, crane company, a small private company aquired a mine for 1235000. of this amount 210000 was allocated...
- Q Graffiti Advertising, Incorporated, reported the following financial statements for the last two years. a.What is the value of the shareholders' equity account for this firm?...
- Q From and individual form1040perspective amounts reported on Form1099-K attributes from the operation of a trade or business will mostly be reported on which form or schedule? ...
- Q Conversion costs include Blank______. Multiple select question. nonmanufacturing costs direct materials direct labor manufacturing overhead
- Q If a patent is acquired near the end of its legal life, it will usually be a good idea to elect to include its cost in Class 14....
- Q If an investment in debt securities is reclassified from available-for-sale securities to trading securities, the investment should be recorded on the date it is reclassified If an investment...
- Q Auditors should be concerned with controlling this type of sampling risk when performing tests of controls because it relates to the effectiveness of the audit as a means of...
- Q What is the companys Medicare liability on $175,000 of wages earned by an employee in 2023? Group of answer choices $13,387.50 $2,537.50...
- Q With respect to personal-use property(PUP), which of the following statements is NOT correct? A. In determining gains or losses on the...
- Q What information can pro forma or "non-GAPP" earnings as supplemental information whenreporting their General Accepted Accounting Principals (GAAP) earnings.
- Q Which of the following is true concerning related party transactions? Group of answer choices a. They are illegal. b. While not illegal, they...
- Q Boring Corp was formed 10 years ago. Exciting Corp owns 90% of the stock in Boring Corp and Frank owns the other 10% of the stock. Boring Corp...
- Q Interest Payable is Blank______. Multiple choice question. a liability on the balance sheet and reports the amount owed a deferred liability on the...
- Q The Sarbanes-Oxley Act of 2002 created: Multiple Choice The Security and Exchange Commission. The Financial Accounting Standards Board. The Public Company Accounting Oversight...
- Q Darla owns a dress shop called Darla's Darling Dresses. During the past year, Darla traded her current location for a building a little farther out of town. Her...
- Q On June 5, Sheffield Company discounted at Sunshine Bank a $7,080(maturity value),120-day note dated March 7. Sunshines discount rate was 10%.(Use Days in a year table.) ...
- Q Scenario 1: Handling the VP's Request The AP clerk should not prepare the check without proper disclosure, as this raises concerns about internal control violations like...
- Q Parks, Incorporated paid $10 per share for 80,000 of the 100,000 shares of KO, Incorporated, when KOs net assets had a total fair value of $950,000. During the...
- Q The basis for classifying assets as current or noncurrent is conversion to cash within Select one: OA. the operating cycle or one year, whichever is longer. ...
- Q The balance of the Retained Earnings account in the post-closing trial balance will be different from that of the adjusted trial balance. Group startsTrue or...
- Q Loyola, Inc. purchased debt securities during 2024 and classified them as securities available-for-sale: All declines are considered to be temporary. How much gain will be reported...
- Q Which of the following refers to the arrangements between buyers and sellers regarding the payments for merchandise? a. Operating cycle b. Accounting cycle c....
- Q Garth Company sold goods on account to Kyle Enterprises with terms of two out of 10 N 30 the goods had a cost of $600 in the selling...
- 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 Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made the following expenditures associated with getting the corporation started: ...
- Q REQUIRED Use the information provided below to calculate the following: 5.1.1 Payback Period (expressed in years, months and days) (3 marks) 5.1.2 Accounting Rate...
- Q What form of business organizationproprietorship, partnership, or corporation do you recommend that Natalie use for her business? Discuss the benefits and weaknesses of each form that Natalie might...
- Q A company collects a customer's account within the discount period. How will this transaction affect (1) assets, (2) stockholders' equity, and (3) net revenues?
- Q Cost-volume-analysis is not typically used to determine the break-even point. Select one: True False
- Q Auditors will test every item with a book balance of mAs an alternative to classical variables sampling methods for performing substantive tests of transactions or balances, auditors may...
- Q According to SSTS No.4, what should a member do if they become aware of taxpayer conduct that may be fraudulent or criminal in nature:...
- Q Kylie and Brandon are a married couple who will file jointly. They own and operate their business, Liedon Laboratories, together, splitting their income and expenses evenly between them....
- Q Under the current rate method, inventory at net realizable value would be translated for the balance sheet at what rate? Multiple Choice Current rate Historical...
- Q Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing...
- Q The average budgeted total compensation per professional for 2020 is $ 97 comma 500. Each professional is budgeted to have 1 comma 500 billable hours to clients in...
- Q A credit entry: Question 2 options: a) increases expenses. b) decreases common stock. c) ...
- Q When the full costs of production are included, this is called but it is sometimes more appropriate to use either variable...
- Q On /ung 30,2024. Singie Computers issued 5% stated rate bonds with a face amount of $120 million. The bonds mature on June 30,2039/15 yars) The market rate of...
- Q Which of the following is not a component of the Taxpayer Bill of Rights: A. the right to have a refund issued within 10 ...
- Q Milton Test Laboratories does heat testing(HT) and stress testing(ST) on materials and operates at capacity. Under its current simple costing system, MiltonMilton aggregates all operating costs of $...
- Q A client has omitted a significant disclosure from the financial statements. The auditor has asked the client to include the information, but the client refuses and claims the information...
- Q Which of the following is NOT correct about accounting information systems? A) An accounting information system (AIS) is defined as a system that records, processes and reports on...
- Q The direct method presents a summary of all operating transactions that result in either a debit or credit to Blank______.(Enter one word per blank.) Multiple choice...
- Q nternal controls have limitations from (1) human error or fraud and (2) the cost-benefit constraint. Group startsTrue or False True, unselectedFalse, unselected
- Q Financial institutions are required to file a FINCEN form 104 for cash transactions above $5000 true or false
- Q Indicate whether each of the following statements is true or false. (Assume a periodic inventory system) 8 00:34:42 a) ...
- Q Franco is a shareholder in S corporation. At the beginning of the year he purchased 1500 shares of the corporation for 30,000. He didn't receive a schedule K...
- Q Complete the responses for a- i in the first step and then j through r in the next step. Term a. Total revenues less total expenses b....
- Q White Oaks Properties builds strip shopping centers and small malls. The company plans to replace its refrigeration, cooking, HVAC, and other equipment with newer models in the...
- Q Question Nrew Company manufactures furniture in two departments: molding and finishing. It uses a process-costing system. For March, the company had the following activities for the finishing ...
- Q A local Chevrolet dealership carries the following types of vehicles: Inventory ItemsQuantityUnit CostUnit NRVVans2$17,000$15,000Trucks516,00015,0002-door sedans111,00013,0004-door sedans615,00018,000Sports cars227,00030,000SUVs726,00018,000 Because of recent increases in...
- Q Father Hoffman received $45,000 in mimisterial earnings: $30,500 salary for ministerial services, $1,750 for performing weddings, and a $12,750 excluded parsonage allowance. If Father Hoffman's housing expenses were...
- Q Ace Company compiled the following financial information as of December 31,2025:Service revenueCommon stockEquipmentOperating expensesCashDividendsSuppliesAccounts payableAccounts receivableRetained earnings, 1/1/2025$840,000180,000240,000750,000210,00060,00030,000120,00090,000240,000Ace's retained earnings balance on December 31,2025 is $270,000.$330,000.$ 30,000. $240,000....
- Q During 2024, Adelle has the following cash receipts: Wages $18,000 Interest income from investments in municipal bonds 400 Unemployment compensation 1,500 ...
- Q Which of the following would be least likely to be supported by subsidiary accounts or ledgers in a company that employs a job-order costing system? ...
- Q Costs are classified according to behavior on which of the following? Select one: A. Functional Income Statement B. Cost of Goods Manufactured ...
- Q When auditors expect a very low rate of occurrence of some critical deviation, Blank______ sampling is often used. Multiple choice question. classical variables discovery...
- Q Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity Increases to assets Increases to liabilities. is...
- Q When a gain results from the sale of Section 1245 property, how does the taxpayer determine the amount that should be taxed as ordinary income? Multiple...
- Q Peterman Company owns 55% of Samson Company. Under what circumstances would Peterman not be required to prepare consolidated financial statements?
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