Accounting question and answers for December 10, 2023
- Q When a state or local government agency receives federal funds, it is subject to the audit requirements of Yellow Book Single Audit Act OMB Circular A-133 ...
- Q how many assigned roles can a quickbooks online user have?
- Q A tax client asks Lara to perform additional tax related services her experience in this area of tax law is limited. Which staements best describes what Lara should...
- Q 1. The city council of Patin Heights adopted the budget for the Debt Service Fund for 2022. The estimated revenues totaled $1,000,000, the estimated other financing...
- Q which statement best describes the deduction for attorney fees and court costs associated with unlawful discri
- Q Exercise 3-26(Static) Computing the current ratio LO A1Use the information in the following adjusted trial balance for the Wilson Trucking Company:Account TitleCashDebitCredit IllAccounts receivable$ 8,000Office supplies17.500Trucks3,000Accumulated depreciation-Trucks172,000Land85,000$ 36,000Accounts...
- Q The carrying value of a bond issued at a premium is equal to the face value of the bond Blank______ the premium
- Q A home improvement store, like Lowes, carries the following items: Inventory ItemsQuantityUnit CostUnit NRVHammers110$6.40$6.90Saws609.408.40Screwdrivers1401.402.00Drills5024.4020.80One-gallon paint cans1704.904.40Paintbrushes1905.405.90 Required: 1. Compute...
- Q * What contributions do managerial accountants make to organizational decision-making?
- Q Which of the following is not a correct description of how an operating lease is recognized on thefinancial statements?A lease liability is recognized on the balance sheet and...
- Q What is the standard deduction for each filing status?
- Q Harper is considering three alternative investments of $10,000. Harper is in the 24% marginal tax bracket for ordinary income and 15% for qualifying capital gains in all tax...
- Q Mark sells his ESPP shares after holding them for six months he received a discount on the purchase price. What purchase what portion of his gaIn is subject to...
- Q One of the weaknesses of budgets is that they are of little value in uncovering potential bottlenecks. Question 9 options: TrueFalse
- Q an accrual of wages expense at the end of the period would produce what effect on the balance sheet
- Q Who are the primary users of a company's management accounting information?
- Q What is the criteria to categorize a lease as a finance lease?
- Q The balance sheet and income statement of Vista Analytics Inc. are given as follows (in thousands of dollar). Balance Sheet Vista Analytics, Inc. December 31,20X2 December 31,20X1 Assets:...
- Q from a taxpayers viewpoint, a good tax should be convenient to pay
- Q Define what healthcare and most other companies define allocation costs
- Q Computer searches and physical asset counts usually focus on which element of a fraud?
- Q Some accounting transactions have source documents whose preprinted numbers can be used effectively as audit trail reference identifiers. The preprinted number on other source documents evidencing transactions cannot be...
- Q Under activity-based costing, selling and administrative expenses may be allocated to
- Q Perimeter Realty Co. pays weekly salaries of $16,400 on Friday for a five-day workweek ending on that day.Adjusting Entries ...
- Q Tax Drill - Corporate Liquidations Indicate whether the following statements are "True" or "False" regarding liquidations. a.A corporate liquidation exists when a corporation ceases...
- Q When a borrower receives the face amount of a discounted note less the discount, the amount is known as the
- Q The process to manufacture custom machine parts involves two departments. Assume that manufacturing overhead is applied using direct labor hours in Department One and machine hours in Department Two....
- Q Which of the following types of earnings are subject to the labour standards contribution?
- Q On a master budget what is needed to assessthe effectiveness of the sensativity analysis on the master budget
- Q the percentage of net income that a company distributes in dividends is referred to as the
- Q A CPA reviews a client's payroll procedures. The CPA would consider internal control to be less than effective if a payroll department supervisor was assigned the responsibility for
- Q 7. Which of the following concepts are pervasive in the application of auditing standards? a. Internal control. b. Control risk....
- Q 1. Chrono Systems Inc., a cash-method C corporation, had taxable income of $500,000 for its initial taxable year (year 1). A review of company records revealed the following...
- Q when are taxes incorparted into the income statement
- Q In the General Ledger, the following acronym can be used to remember which side an account increases on:DADE Debit Assets Drawings Expenses Group of answer choicesTrueFalse
- Q Although a corporation may report a temporary book-tax difference for an item of income or deduction for a given year, over the long term the total amount of...
- Q How would the inclusion of the additional items in determining total debt affect
- Q Which of these individuals would be subjectthe kiddle tax Dana, age 12, earned $700 in dividends, with no other income. Gia, age 17, worked as a lifeguard all...
- Q Dr. Greenly is reviewing the hospital's balance sheet at the end of the year. Twenty percent of the patients did not pay anything on their medical bills. The...
- Q Your examination of Sullivan Companys records provides the following information for the December 31, year-end adjustments: 1. Bad debts are to be recorded at...
- Q 2.When the __________ method is used to apply overhead to products, overhead costs are first directly traced or distributed to support and manufacturing departments. activity-based...
- Q what are the eight steps in order that comprise a complete accounting cycle?
- Q To maximize it's total contribution margin when it has a limited supply of the mineral nickel Tesla should focus on producing the car model that has the highest
- Q Marcie and her husband, Franklin, each own 50 shares of Chestnut, Inc. Sally, Marcie's old high school friend, owns the remaining 50 shares (150 total shares outstanding). Chestnut...
- Q One reason why the independent auditors perform analytical procedures on the client's operations is to identify
- Q A statutory/legislative source of Federal tax law is: Question 7 options: various rulings of the Treasury Department and the IRS. Congressional Committee...
- Q To avoid double-counting realized loss in comprehensive income and net income
- Q A $22 credit to revenue was posted as a $220 credit by what amount is a revenue accountant error
- Q The balance sheet for Kamel Corporation follows. Current assets $ 240,000 Long-term assets (net)760,000 Total assets $ 1,000,000...
- Q P 7-1( Multiple Choice Problems and Computations )Identify the best answer for each of the following: 1 Questions 1through 3are based on the following scenario: Matthew County issued...
- 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 for...
- Q URA has the following entries summarized as below Balance b/f from Sep35,000,000 Receipts Grant for October 2023130,000,0000 ...
- Q Answer the following question:Q1. The following transactions are recorded in Rani's book ofaccounts during the week ending 6th May 2022:May 1- Sold 71,600 worth of goods to Raju...
- Q What are the components of the gross estate
- Q Should governmental entities be required report finanical information in the same way as a privatley owned business do?
- Q When calculating the cost per unit Variable Costing usesGroup of answer choicesNeither Fixed nor Variable costsOnly Variable CostsBoth Fixed and Variable co
- Q On its 2031 Statement of Comprehensive Income, amortization of uOn its 2031 Statement of Cash Flows, increase in accrued pension cost under operating activities should be...
- Q Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal...
- Q On 1/1/2024, ABC schools signed a contract to purchase software for 500 students at $4/student. The subscription runs from 2/1/2024 to 12/31/2024. They want to be invoiced half...
- Q The area of accounting at serving the decision making needs of internal users
- Q Which items are deducted from gross sales to arrive at net sales?
- Q When determining the costs of jobs, how does a company account for indirect materials
- Q the auditor's objective was to verify that all inventory was reflected
- Q Sufficiency relates to the quantity and relates to the quality of audit evidence needed. (Enter only one word per blank.)
- Q Which one of the following may be the best measure of company performance since it accounts for the opportunity cost of capital? Multiple Choice Net income ...
- Q the cvp income statement classifies
- Q Identify the type of costs that would be considered incremental cost for a decision to close stores.
- Q Question: Zenith Global Enterprises, a conglomerate with diversified interests across various industries and a global footprint, faces significant challenges in aligning its audit functions with its strategic objectives. These...
- Q Purchase discounts and sales discounts decrease the merchandise inventory account.
- Q Protecting against theft of assets and enhancing accounting information is the objective of: Multiple Choice loan covenants. the external auditors. internal controls. ...
- Q wilber corp. uses the allowance method for estimating is uncollectoble accounts receivable
- Q patterson compnay operates three segments. income statements for the segments imply that profitability could be improved if segment A were eliminated. Explain the effect on profitability if Segment A...
- Q Alyssa and Mary taxpayer has lived apart from her spouse Swan for five years and is no longer in contact with him. She has no dependence. What following status...
- Q which of following taxpayer will pay income tax on upto 50% of their social security
- Q Several specific items, such as the fact that all known liabilities are reflected in the financial statements, are included in the written the CPAs...
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