Accounting question and answers for December 09, 2023
- Q The balance sheet for Kamel Corporation follows. Current assets $ 240,000 Long-term assets (net)760,000 Total assets $ 1,000,000...
- Q Maintaining a questioning mind, being alert to conditions that may indicate possible misstatements due to fraud or error, and critically assessing audit evidence are components of ...
- Q which of the following are allowable accounting methods? cash method
- Q In 2021, Sheryl is claimed as a dependent on her parents tax return. Her parents report taxable income of $500,000(married filing jointly at a marginal tax rate...
- Q in an operating lease the a. lessor records interest revenue b. lesse records an asset
- Q Number the following financial performance measures in order from most persistent to least persistent, with 1 being the most persistent and 5 being the least.
- Q which of the following is an example of a variable cost? O Material used to make the product.Depreciation expense.Insurance expense.Property taxes.
- Q If a bank uses credit risk score to determine who will receive a loan, the variable predicting who will receive a loan would be considered the:
- Q Accounting for Long-Term Investing and Financing Decisions
- Q When computing diluted earnings per share, convertible securities are
- Q Required information Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing...
- Q What are key audit matters? What does the key audit matters section in an auditor's report typically include?
- Q Controls on land use and development can potentially affect the value of property by: Question 13Select one: a. Allowing renovations to go ahead...
- Q Why is operating income an important metric to track
- Q The periodic inventory system requires updating the inventory account only at the end of the period. Group startsTrue or False
- Q On January 1,2024, Gundy Enterprises purchases an office building for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%,10-year mortgage. Installment payments of $3,483.25 are...
- Q The following information is avallable for Market, Incorporated and Supply, Incorporated at December 31.AccountsAccounts receivableAllowance for doubtful accountsSales revenueMarket,Incorporated$ 59,2002,848656,960Supply,Incorporated$ 77,8002,356907,100Requireda. What is the accounts receivable turnover for...
- Q the adjusted trial balance for violet advertising services
- Q true or false During periods of risking inventory cost cost of good sold under LIFO is understated because of the inventory holding gains that have occurred during the period...
- Q Match each of the control activities listed below with the most closely related type of control activity. 1. Only the cashier assigned to the cash register is...
- Q what is the allowance method formula
- Q What is the term for the massive sets of facts and statistics that companies collect and analyze to find important trans and insights?
- Q Rufus Inc and Hardy Company are negotiating a nontaxable exchange of business properties
- Q Which has the biggest impact on net income or the bottom line: cutting operating costs or increasing sales volume
- Q Which of the following accounts' balance is carried forward to the next accounting period? Question content area bottom Part 1 A. Accumulated Depreciation...
- Q Jeremy is a full-time student who lives with family. He pays a small amount toward household expenses. He works about 25 hours per week at $16 per hour....
- Q What is a requirement in determining whether an individual is in a key position under the AICPA
- Q A banks balance sheet information is shown below (in $000). On-Balance-Sheet Items Face Value Cash $ 124,600 Short-term government securities...
- Q the accounting concept that requires every business to be accounted for separately
- Q What are the two methods that might be used to record infrastructure expense from year to year?
- Q what would be the manufacturing overhead budget?
- Q The principal interest that will be paid on long term debt within the next operating cycle are reported on the balance sheet as "current portion of long term debt."...
- Q The date for identifying the stockholders to receive dividends is called the:
- Q is this statement correct the qualified dividends will be taxed at 15% yes or no
- Q Earned Income Tax Credits are given to wealthy Americans as a bonus for earning so much. True False
- Q Corral Corporation is experiencing errors with inventory tracking. Incorrect tracking causes errors in inventory balances and the financial statements. To make corrections cost the company $450,000 in labor...
- Q External confirmations are normally used to gather evidence for all of the following accounts except Blank______. Multiple choice question. accounts receivable notes payable...
- Q Duffy, Incorporated is considering the purchase of a new machine costing $720,000. The machine's useful life is expected to be 9 years with no salvage value. The straight-line...
- Q current assets divided by current liabilities equal
- Q Why is the flexible budget variance the same amount as the spending variance for fixed manufacturing overhead
- Q The balance sheet of Aylmer Enterprises as at December 31, Y4 is as follows: cash $ 68596 accounts receivable 106956 ...
- Q A. Record Transactions Lidia is looking to open another brick-and-mortar shop, but is not sure if she has the funding or the staff to...
- Q If the meaning of a statues language is unclear and an agency interpreted, a court must follow the interpretation as long as it is reasonable. True or false. ...
- Q Case Study: Process Cost Accounting at CleanWave Detergents Ltd. Background: CleanWave Detergents Ltd. is a manufacturer of liquid detergents. The company operates on a continuous...
- Q tribunal law services maintains its books using cash
- Q what happens when the ending inventory number is incorrect?
- Q Which of the following would be considered Option and qualified dividend option B Earth moving equipment option C purchase and sale of publicly traded stock option D qualified dividend...
- Q This is a sales-type lease to lessor because: Question 17 options: The present value of the lease payments exceeds 90% of...
- Q Management makes assertions for financial statements regarding all of the following except Blank______. Multiple choice question. fairness of the audit opinion properly presented...
- Q Ch 5 Continuing payroll Project
- Q What distinguishes FCA from other IncoTerms when it comes to delivery? Question 4Answer a. FCA allows delivery within a flexible period. ...
- Q The average tax rate is the total tax liability divided by the taxable income.
- Q Conrad, Incorporated recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of...
- Q Sheila extensively buys and sells securities. The IRS has determined upon examination that she is not in a trade or business concerning the securities' transactions and therefore, Shelia...
- Q Adam Corporation uses the cash-basis of accounting. Adam Corporation should record expenses when: Multiple choice question. incurred, regardless of when it is paid ...
- Q The company purchased $9,263 of supplies on credit.
- Q Which of the sources listed below are more responsible for detecting occupational fraud? AInternal auditors B By Accident External Auditors D By Law Enforcement .
- Q if the current ratio, which is current assets divided by current liabilities, is greater than one, what does that indicate?
- Q P7-1(Multiple Choice Problems and Computations) Identify the best answer for each of the following:1 Questions 1 through 3 are based on the following scenario: ...
- Q tamarisk enterprises had a tough month in may, but june's sales and cash activity are looking strong.
- Q how are taxable losses handled
- Q Total variable costs do not change within the relevant range of activity
- Q Explain the significance of the purchase order to adequate internal control over purchase transactions.
- Q The Revaluation Surplus of IFRS is
- Q Audit evidence in paper or electronic form that is obtained through inspection of records is referred to as ......evidence. (Enter only one word per blank.)
- Q A company is developing a new range of vacuum cleaners that use turbine power technology. From which activity do the research costs for this technology originate? a....
- Q a 2 for 1 stock split will
- Q Liabilities are increased with debits and decreased with credits. True False
- Q Notes receivable are used for Blank______.(Check all that apply.) Multiple select question. selling large dollar-value items extending payment periods lending money...
- Q chelm music corporation manufactures violins, violas, cellos, and fiddles and uses a job-order costing system
- Q 1. Explain the purpose of a digital audit trail and how it functions. (3 pts each)
- Q Asset purchases are like mergers and consolidations because a corporation that purchases the assets of another corporation generally acquires its liabilities.
- Q Which term is used for costs assigned to goods that were either purchased or manufactured for resale and are recorded as inventory?
- Q When obtaining audit evidence, inquiries of knowledgeable persons Blank______. Multiple choice question. may be oral or written but must receive a written reply ...
- Q What is ActiveActive Foot's current margin of safety in units, in sales dollars, and as a percentage? Explain the results. Begin by identifying the...
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