Accounting question and answers for December 09, 2023
- Q Which of these statements regarding a deductible casualty loss incurred by an individual taxpayer is CORRECT? B) may be recognized without limitation. ...
- Q An approach to budgeting that requires the very existence of each program and the amount of resources requested to be allocated to that program to be justified each year...
- Q Choose a company and discuss the direct and indirect costs listed on their financial statements Compare your chosen company's direct/indirect costs with their largest competitor and explain...
- Q Which form or schedule is used to calculate AMT on the return?
- Q what is an underlying assumtion of cost volume profit analysis
- Q All owners in a general partnership and the general partners in a limited partnership face the same unlimited liability as sole proprietors. True False
- Q List three major purposes of the tax system.
- Q The role of qualitative characteristics in the conceptual framework is to increase the decision usefulness of financial information.true false
- Q salary payable land and retained earnings have normal balances of
- Q ulie paid $4,000 to the day care center, and her AGI is $14,000($2,000 salary and $12,000 unearned income).
- Q Question Content Area Beginning inventory, purchases, and sales data for hammers are as follows: Line Item DescriptionValueMarch 3 Inventory12 units @ $15March 11 Purchase13 units...
- Q When stock is sold after the date a dividend is declared but before the record date, the buyer must recognize as income the dividend declared. True False
- Q ?_______shouldbeusedinsomecasesintheshortrun.Forexample,ifacompanyhasexcesscapacityandhasa oneminustime opportunitytoacceptacustomerorderatadiscountedpricethatexceedsvariablecosts. Questioncontentareabottom Part1 A. Markminusup costing B....
- Q The first-quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 30,2023. For the taxes, assume the second February payroll amounts were duplicated...
- Q During periods of risking inventory cost cost of good sold under LFO is understated because of the inventory holding gains that have occurred during the period true or false...
- Q The last item on the income statement, net income, is also the first item on the statement of cash flows. What is the last item on the statement of...
- Q hort-term creditors are usually most interested in assessing: Multiple Choice solvency. managerial effectiveness. profitability. liquidity.
- Q obligations due after one year (or the companys operating cycle if longer) are reported as
- Q the type of account and normal balance of unearned fees is
- Q 2. Walmart sells its investment in Kmart bonds on November 1,2025, at 99 plus accrued interest.Walmart records this discount amortization as follows.A. Computation of Gain on Sale of...
- Q Should I add deferred tax expense to net income for pretax income
- Q The internal control framework developed by COSO includes five components of internal control. What are these components? Analyze the significance of each component for external auditing purpose. ...
- Q b. What amount of gain or loss does James recognize if he sells the stock for $6,278?
- Q The inventory cost flow assumption that is least likely to match the physical flow of inventory for most companies is:
- Q the following selected accounts appear in zimmerman company's unadjusted trial balance
- Q The asset's book value (or cost minus accumulated depreciation) must equal its residual (salvage) value at the end of its useful life using which depreciation method? (Select all...
- Q Which quadrant in the cost of downtime includes equipment rental, overtime costs, and travel expenses?
- Q When inventory is sold, inventory cost methods (specific identification, FIFO, LIFO, weighted average) are used to determine how much cost to assign to
- Q all of the following are non-volume-based cough drops except number of setups inspections machine hours design changes which one
- Q We can use the LIFO inventory method only if we know that the newest units are always sold first. Group of answer choices True False
- Q The major criticism of the lower of cost or market rule for valuation of inventory is that
- Q A single step income statement can be identified by which of the following format
- Q Performance materiality is commonly set at 50minus75 percent of overall materiality. Question content area bottom Part 1 True False
- Q The outstanding share capital of Grouper Corporation consists of 2,970 preferred shares and 5,400 common shares for which $243,000 was received. The preferred shares carry a dividend of...
- Q If 8,000 units are produced, the total amount of direct manufacturing cost incurred is closest to:
- Q Financial accounting and reporting for deferred taxes: Multiple Choice does not require disclosure of a firms effective income tax rate. results in a...
- Q Which changes in assets also result in a change in stockholders' equity?
- Q cost object is a product, process, department, or customer to which costs are assigned. Group startsTrue or False
- Q what is meant by the term "LIFO reserve"?
- Q Requirement b. Provide at least two examples of the accounting methods commonly covered in your first accounting course.
- Q Which characteristic of a corporation is a disadvantage?Question content area bottomPart 1A.Double taxation
- Q the merchandise inventory account on a balance sheet is reported in the : a) investments section, b) intangible assets section, c) plant assets section, d) current assets section...
- Q Accounting equation and its 3 Components
- Q Analyzing Goodwill Impairment Telecom giant AT&T Inc. reported the following information in its recent 10-K filing. Our annual goodwill impairment analysis resulted in noncash...
- Q Anna receives a loan from her employer in the amount of $10,000 on August 1st.The annual interest rate on the loan is 1.5%. The prescribed rate for July...
- Q U.S. GAAP and IFRS identify the same three point-in-time elements. True False
- Q Dristell Incorporated had the following activities during the year (all transactions are for cash unless stated otherwise): A building with a book value of...
- Q A CPA firm with an appropiate quality management system has reasonable assurance that
- Q The additional cost associated with one more unit of an activity is the cost. (Enter one word in the blank.)
- Q a short term note payable is a
- Q The amount of cash that is actually expected to be collected on accounts receivable is referred to as: Multiple Choice
- Q The type of audit procedures performed by auditors to obtain audit evidence include Blank______. Multiple select question. tests of controls financial statement reconciliations...
- Q True / False 1: Chipmunks Company was formed by Dave and AST Partners, a partnership owned by Alvin, Theodore, and Simon. Dave, Alvin, Theodore, and Simon are all...
- Q characteristics of the gift tax marital deduction
- Q Which of these are cash equivalents?Which of these are cash equivalents?Which of these are cash equivalents?
- Q What is true when the income for tax purposes is higher than the accounting income
- Q Classify each company transaction to its type of cash flow activity: Cash from customers Question 6 options: Operating Activity Investing Activity...
- Q -A cash basis, calendar-year taxpayer purchased on annuity policy at a total cost of $20,000. Starting on January 1,2022, he began to receive annual payments of $1,500. His...
- Q The LIFO conformity role is
- Q Which component of the income statement is reduced by the cost of good sold to arrive at gross profit
- Q Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: Building Cash Common Stock Land ...
- Q Note: This problem is for the 2023 tax year. David earned consulting fees of $145,000 in 2023. He maintains his own office and...
- Q On January 1, Company A received $14,200 from Company B in exchange for a product that it will deliver to Company B later that year on December 31....
- Q Which costing system is most likely to produce the least cost distortion? Question content area bottom Part 1 A. ...
- Q Internal controls over financial reporting are intended to improve the efficiency and effectiveness of a companies operations ensure that firm managers do not receive executive excessive compensation for services...
- Q The following data were taken from the financial statements of Loveseth Inc. for the current fiscal year. Property, plant, and equipment (net)$2,046,600Liabilities:Current liabilities$228,000Note payable, 6%, due in...
- Q governing body that has vision to be the world leader in driving vitality relevance and quality across the accounting profession furthering its trust and influence is
- Q The difference between a the weight-average and FIFO approached is that the weight average method includes only current period costs, while the FIFO method includes all costs associated...
- Q Question Content Area One of the main disadvantages of the corporate form is the
- Q Julia Dumars is a licensed CPA. During the firstg month of operations of her business, Julia Dumars, Inc., the following events and transactions occurred.
- Q In which circumstances you will be able to be released from your student loan and it will be forgiven and not by the President!?
- Q Select the statements below that correctly described the flow cost in merchandising accounting cycle
- Q A manufacturer purchased $100,000 of raw materials on credit. The journal entry to record this transaction includes a credit to Raw Materials Inventory for $100,000. Group...
- Q Bret sold a houseful of items at a tag sale prior to selling his home of 15 years. He realized income from many asset sales this year. However,...
- Q Identify the accounts that are closed at fiscal year-end. Multiple select question. Appropriations Budgetary Fund Balance Expenditures2020 ...
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