Accounting question and answers for December 08, 2023
- Q In order to make good product introduction decisions in todays digital age, managers need to be able to accurately estimate Blank______. Multiple choice question. activity...
- Q Factory overhead cost is applied to jobs at the rate of $1,300 per machine hour. There were an additional 22,000 cut and stitched iLeathers waiting to be...
- Q a. For each procedure, explain the weakness in internal control, and identify the control principple that is violated. b. For each weakness, suggest a...
- Q Which of the following systems focuses on activities as the fundamental cost objects and uses the costs of those activities as building blocks for compiling the indirect costs...
- Q Question Content Area The role of accounting is to provide many different users with financial information to make economic decisions. True False
- Q Which of the following ratios measures management's ability to convert shareholder equity into profit? Question 3 options: a. Return on Assets (ROA) ...
- Q Which financial statement is expected to show the value of the investments of an entity on a specific date? A. Statement of Cash Flows...
- Q buffalo company manufactures a check-in kiosk with an estimated economic life of 12 years and leases it to national airlines for a period of 10 years. the normal...
- Q As you read the notes to the financial statements for each company, identify how many tangible long-lived assets are listed and the ranges for their useful life. (Note:...
- Q A company reports sales of $5,000,000, net income of $800,000, total assets of $2,000,000, taxes $30,000, interests $43,200, and operation expense $670,000. What is the firm's operating...
- Q Kevin is a wine connoisseur and has a collection of wine glasses to use with different kinds of wine. He is always looking to expand his collection, in...
- Q An employer was very pleased with the performance of its employee and declared a $15,000 bonus to the employee on December 20,2023. The employer only paid $5,000 of...
- Q Manufacturing overhead includes:Multiple Choice11.66points80136:46all direct material, direct labor and administrative costs.all manufacturing costs except direct labor.all manufacturing costs excot direct labor and direct materials.all selling and administrative costs....
- Q 1.Wildhorse corp. issued $20,100,000 par value 10% convertible bonds at 98.If the bonds had not been convertible, the company's investment banker estimates they would have sold at...
- Q Andrew and Marlene are at a restaurant discussing Marlene's potential purchase of Andrew's car. At length Andrew presents Marlene with an offer and indicates that he will hold...
- Q Show me the steps to solve The balance sheet data of Alaska Company at the end of 2025 and 2024 follow: 20252024 cash...
- Q LO 4.2Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, deferred expense, or estimate. utilities owed but...
- Q The following data from the just completed year are taken from the accounting records of Mairead Company: Sales $ 656,000 Direct labor...
- Q Filmore Corporation manufactures artificial limbs for humans. Filmore is a publically traded company with approximately 30 million shares outstanding. However, Filmore has recently had quality control issues in...
- Q Angela (23 years old) is claimed as a dependent on her mothers tax return. She could continue to be claimed as a qualifying dependent child even if ...
- Q Contract terms: Multiple Choice cannot be designed to eliminate or reduce conflicting incentives. depend on data in financial statements that are issued before the...
- Q ncome tax expense increases when a. A b. B c. C d. D...
- Q Novak Industries has recently reported steadily increasing income. The company reported income of 25,600 in 2019,32,000 in 2020, and 38,400 in 2021. A number of market analysts have...
- Q David is a CPA and enjoys playing the lottery. This year David won $10,000 in lottery scratch-off tickets. He spent $200 purchasing the tickets. Which statement is true...
- Q The cash flow statement reports the firm's revenues and expenses and computes its net income or earnings bottom line. Question 1 options: TrueFalse
- Q On 1 May 2023, Vusi Maseko, purchased 1700 shares in a South African company listed on the JSE for R50 per share. Vusi is not a share dealer...
- Q The Independence Rule of the AICPA Code of Conduct cites several other services that do and do not impair audit independence.
- Q 1. Evergreen Corporation (calendar year-end) acquired the following assets during the current year: a.What is the allowable depreciation on Evergreen's property in the current year,...
- Q TB Problem 6-241(Static) Beck Construction Company began work on a... Beck Construction Company began work on a new building project on January 1,2023. The project...
- Q Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if...
- Q Caroline and David file married filing jointly. Caroline receives compensation from her employer, who deducts federal withholding taxes and remits that money to the IRS. David is self-employed...
- Q On the balance sheet, owner's equity is Question 16 options: added to assets and the two are equal to liabilities. added to liabilities and...
- Q What is Lucys share of ordinary business income from L and S cleaning that should be reported to her in part 3 of her schedule K-1?
- Q A payroll employee of a caf finds that a vendor may have inadvertently been billed twice. As per invoice 1343, the vendor was billed $1,315.67 for supplies, and...
- Q crane reports the following information at the end of the current year: what is crane's cost of goods sold at year end?
- Q Lisa would like to create and fund an Achieving a Better Life Experience (ABLE) account for the benefit of her nephew, Sawyer. Sawyer meets all requirements to be...
- Q In the case of an activity with respect to which any deductions or credits are disallowed for a taxable year: The taxpayer may reduce the amount of passive...
- Q 102) Which of the following is considered a "contra" account? Group of answer choices A) Deferred Revenue. D) Cost of Goods...
- Q Retrospective application means: multiple choice Applying the same accounting principle to current and future periods. Applying a different accounting principle to current and future periods. ...
- Q a local government's basic financial statements would include a statement of cash flows for all A proprietary fund types. B. governmental fund types. ...
- Q Unit fixed costs A. Include both fixed and variable elements. B. Are determined by dividing total fixed costs by a denominator such...
- Q If a CPA recklessly departs from the standards of due care when conducting an audit, the CPA will be liable to third parties who are unknown to the...
- Q A company that discontinues and disposes of an operation (component) should include the gain or loss on sale in the income statement as a(n)
- Q Crane and Loon corporations, two unrelated calendar year C corporations, have the following transactions for the current year. CraneLoonGross income from operations$180,000 $300,000 Expenses from operations255,000310,000 Dividends received...
- Q shell city purchase 40,000 office supplies. during the year 35,000 of these were used
- Q The term reserve as it relates to the preparation of financial statements is used correctly in which of the following ways? Select answer from the options...
- Q The essence of a financial report audit is to: examine individual transactions so that the auditor may certify as to their validity. detect fraud. assure the...
- Q Excel Manufacturing has an activity-based costing system with three activity cost pools-Machining, Batch Setup, and Other. The company's overhead costs have already been allocated to the cost...
- Q A company manufactures a product that sells for $395 per unit. Variable costs are $235 per unit, and the company's total fixed costs are $640,000. ...
- Q Which statement is not true about employer identification numbers (EINs)? All taxpayers who file a Schedule C must obtain an EIN Companies file Form...
- Q Darren installed an air conditioner for $7,500 and a biomass stove for $8,500, including labor. He had no other qualified energy efficient home improvements. How much can he...
- Q Internal audit provides A objective assessment of the company through an independent consulting point of view. B assurance that the organization is operating in accordance with management's plan. ...
- Q An individual accounting record of increases and decreases in a specific asset, liability, or shareholders' equity item is called a(n) Question 3Select one: ...
- Q For TY2024, which of the following separated taxpayers cannot claim the EITC? (Assume they meet all other tests except possibly their own filing status)
- Q A taxpayer received a nonliquidating distribution of a building from an active business. At the date of distribution, the tax basis of the building was $50,000, and the...
- Q Which of the following accounts in the General Fund is credited when a purchase order is approved? Multiple Choice Budgetary Fund BalanceReserve for Encumbrances. ...
- Q 24. In 2025 the Cullumber Company had a net income of $84200. In addition, selected accounts reported the following information: Accounts Receivable $3300 increase ...
- Q Mohammed is a financial analyst at GreenTech Manufacturing. He is reviewing the company's Statement of Financial Position to prepare for an upcoming audit. One of his tasks is...
- Q If the profit before tax is R120000 and the interest expense is R30000, then the income from operations would be R90000(assuming that no income was earned outside...
- Q A manufacturer is considering dropping a product line. It currently produces a multi-purpose woodworking clamp in a simple manufacturing process that uses special equipment. Variable costs amount to...
- Q You have just joined a firm as an IS Auditor trainee and your first audit job is to audit the Information Technology Department of a small community college...
- Q Her Company purchased 26,000 common shares (20%) of Him Inc. on January 1, Year 4, for $442,000. Additional information on Him for the three years ending December 31,...
- Q : Abby pays Brandon 100, in return he pays 20 at times 1,2,3,4,5, and 6. Each time Abby gets a payment, she invests it at 2% interest and...
- Q What are the broad types or classifications of funds for a governmental entity such as a city? A. general, governmental, and trust funds. B....
- Q Which of the following is an example of a long-term liability? Which of the following is an example of a long-term liability? Inventories...
- Q The ABC Partnership has grown significantly over the past five years. The partnership is considering changing from the cash to accrual method of accounting. In their calculations for...
- Q Which of the following is not considered a liability? A) Bank loan B) Accounts payable C) Prepaid expenses D) Unearned...
- Q On November 1 of the current year, Ms. Ramus purchases 1 comma 200 shares of Burnsboro Ltd. under a stock option plan. Burnsboro Ltd. is a public corporation....
- Q General ledger, payroll, patient accounting, claims processing, claims denial management, contracts management, and fixed asset management are basic applications for which system(s)?
- Q Knowledge Check 01 Under the indirect method of preparing the statement of cash flows, depreciation and amortization should be: multiple choice Deducted from...
- Q Harwood Company's job-order costing system applies overhead cost to jobs based on its machine-hours. The predetermined overhead rate of $2.40 per machine-hour was based on a cost formula...
- Q The DRP Company began business on the first day of 2020. The following are DRPs purchases of inventory:
- Q Which of the following statements is true of costing systems? Group of answer choices Single-indirect cost pool systems classify some direct costs as indirect costs. ...
- Q Garner Strategy Institute (GSI) presents executive-level training seminars nationally. Eastern University (EU) has approached GSI to present 40 one-week seminars during 20X1. This activity level represents the maximum...
- Q The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: ...
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