Accounting question and answers for December 09, 2023
- Q Show me the steps to solve the following are selected account balances of Jackson company in random order as of December 31st 2025 Sales returns $2000...
- Q Question 1 occurs when managers must justify every detail of a budget. flexible budgeting budget padding zero-based budgeting management by objective
- Q Purchasers most commonly debit which account for transportation costs that they are responsible for paying? Multiple choice question. Accounts Receivable
- Q all of the following taxpayers were more than 10% owners of rental property. which one meets the requirement for active participation? Grace whoc spends four hours...
- Q Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting?
- Q Analyze the components affecting retained earnings
- Q If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB destination. True False
- Q Questio QuestionQuestion Content Area In order to be useful to managers, managerial accounting reports should possess which of the following characteristics? a. provide objective measures of past operations...
- Q Which of the following is not one of the elements that are typically present when fraud occurs the capacity to rationalize the assistance of others the presence of opportunity...
- Q Which of the following statements is true for partnership deducting organization expenses in the year the business operations begin? A. Partnership can deduct up to $10,000 of...
- Q The interest on a $6,000,6%,90-day note receivable is Group of answer choices $90. $360. $270. ...
- Q The process of allocating the cost of a plant asset to expense while it is in use is called depreciated or salvage
- Q A manager of a profit center does not controlGroup of answer choicescosts.revenues.investments.profits.
- Q If David, an accountant, agrees to provide tax services to a neighbor in exchange for the neighbor agreeing to fix his pool, David but not his neighbor will have...
- Q Which company has the highest cash flow on total assets ratio? Note: Round your answer to 1 decimal place.
- Q What are consolidated financial statements? Question 20 options: Statements which are prepared from the actual company books of the consolidated company, and from a working...
- Q Logan has two daughters, Paige H4 and Natalie. Age 10. Logan paid a local daycare provider $5,000 for Paige from January through December and $3,000 for Natalie from...
- Q A cost driver is: A. An overhead or activity rate. B. A basis used to allocate each of...
- Q Why does Rudy Winters initial the write off the uncollectible account?
- Q Given Short Trial Balance as of December 31,2023Account Name Debit ($) Credit ($)Cash 12,000 Accounts Receivable 8,000 Supplies 3,000 Equipment 25,000 Accumulated Depreciation...
- Q Required: What percentage of Johnson & Johnsons total liabilities of $110,574 million at January 1,2023, constitutes interest-bearing debt? Note: Enter your percentage answer rounded to...
- Q How does the allowance method of accounting for bad debts provide better matching of expenses with revenues? Select answer from the options below by recording exactly the...
- Q The primary objective of analytical procedures used near the end of an audit is to assist auditors in evaulating the overall financial obtain evidence from details tested...
- Q calvins agi is 320000 but the state museum told calvin that it plans to sell the painting
- Q Is it preferable to use an accelarated depreciation method rather then the straight line method for tax purposes?
- Q The following Trial Balance is the financial details of West Municipal Assembly for the year ended 31 December, 2021. $ 000 $...
- Q 15. Each of the following would be reported as items of other comprehensive income EXCEPT:a. Gain on Pension Benefit Obligationb. Gain on foreign currency translation adjustmentc. Gain on...
- Q Please describe your training and experience in the following areas of Finance/Accounting: financial analysis, budget analysis and forecasting, accounting for capital assets and infrastructure assets, debt financing, grant...
- Q consolidation eliminating entries, several years since acquisition "ibm corporation acquired all of the outstanding stock of red hat software. cash paid for outstanding"
- Q what type of audit opinion is used when financial statements have material departures from GAAP
- Q Fred and Ethel are in the process of a divorce and decide to file Married Filing Separately for the year. Fred moved out of the house in June....
- Q Control activities intended to ensure that transactions are recorded in the right period are designed to achieve the ASB assertion of
- Q shouldnt the formula for contemporary be ROE = RNOA +(FLEV x Spread)
- Q ari and matt had the following investment transactions: sold a stock after hold it for 5years for a gain of 5000,sold a stock after holding it for 5months...
- Q 1. A mixed cost 2. remains constant when the output level increases. cannot be separated. contains both a fixed and...
- Q One of the purposes of closing entries is to transfer net income or net loss for the period to the owner's capital account. True or False?
- Q Research has found that three factors exist when fraud occurs. Which of the following is one of the three factors of the fraud triangle? Multiple Choice Rationalization...
- Q ari and matt had the following investment transactions: sold a stock after hold it for 5years for a gain of 5000,sold a stock after holding it for 5months...
- Q Provide an example in which a gain generated by the sale of an equity security may be labeled as a peripheral activity by one firm but is considered a...
- Q Question 18 of 30. A partner's distributive share is: The contribution of cash or property made by the partner to the partnership. The income,...
- Q Thanks to his firm's decentralization and use of responsibility accounting, Matt has more time to review a proposed new joint venture with one of the firm's business partners. What...
- Q The GRAP Standards are continually evolving. ASB researches the appropriate reporting frameworks to ensure the standards are updated. Which framework informs these standards? International Accounting Standards...
- Q Ruth Annes Fabrics accepts cash, personal checks, and two credit cards when customers buy merchandise. With the Great American Bank Card, Ruth Annes Fabrics...
- Q An advantage of decentralization is that it
- Q Which of the following is NOT a major provision of the sarbanea-oxley act
- Q 1. What do the terms "periodic inventory system" and "perpetual inventory system" mean, and do companies have a choice between the two systems?
- Q What is the term for expenses paid in cash and recorded as assets before they are used or consumed?
- Q Companu market value is generally less than its book valueTwrue or false
- Q A company sells equipment and service contracts. When purchased separately, the equipment costs $4,365 and a four-year service contract costs $8,057. When purchased together, the equipment cost is...
- Q Select three of the eight states that doesn't have a state sales tax. research the alternative methods used by these states to generate funds.
- Q Concept of kaitiakitanga?
- Q IRS scrutiny of reasonable compensation usually deals with excess compensation paid to the shareholders of closely held corporations and unreasonably low salaries to shareholders of an S corporation.
- Q Your accounting firm has accepted a compilation engagement from a client in which your firm is not independent. In that case you may accept the engagement and not...
- Q UTEC electronics sell computers and provide hardware maintenance services on April 1 you tech sold a package deal containing a computer and one year unlimited maintenance/repair services for...
- Q Which of the following will increase a shareholders basis in an corporation stock corporation stock
- Q shift deduction from low tax rate to high tax rate
- Q Christopher died in 2022 and is survived by his wife, Chloe, and their 18-year old son, Dylan. Chloe is the executor of Christophers estate and maintains the household...
- Q The statement of cash flows is divided by all of the following categories except: Group of answer choices Cash flows from operating activities Cash flows from investing...
- Q The taxpayer served on jury duty for two weeks and collected $2000. They should be reported as miscellaneous income.
- Q Which of the following fringe benefits would be excluded from an employees gross income? 1. Business magazine subscriptions paid for by an employer in the...
- Q Commitments, such as contracts for future transactions: Select one: a. Are classified as liabilities. b. Are classified as assets. ...
- Q The confirmation of accounts receivable balance provides primary evidence
- Q what is true regarding the married filing separately filing status when a couple decides to file married filing separately
- Q What is the effect on the accounting equation when cash is paid on account? a. An asset account decreases and a liability account decreases. ...
- Q Fixed costs are fixed with respect to changes in: Question 3 options: output. time. wages. capital expenditure.
- Q how is the qualified busness inccome qbi deduction treated on a partnership return
- Q Explain why the sufficiency and appropriateness of audit evidence are inversely related.
- Q E5.17(LO 8,9)(Preparation of Statement of Cash Flows) The comparative statement of financial position of Dropafix Inc. as at June 30,2023, and a statement of comprehensive income for the...
- Q The earliest businesses in the modern era were created to meet on objective when it was finished the business came to an end. True or false
- Q Companu market value is generally less than its book value
- Q Generally, filing a joint tax return with your spouse results in Choose your answer here tax liability compared to filing separately.
- Q Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31,2021. ...
- Q Should Mason have been required to report the additional cash payment to the police department, his employer, for money he earned while off-duty?
- Q A materials quantity variance is the standard price multiplied by standard quantity, less actual quantity. True False
- Q 3 Main adjustments in accounting
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