Accounting question and answers for December 10, 2023
- Q Giannini incorporated Sales (5,000 units) $305,000 Variabke expenses 150,000 Contrigurioncmaegin 155,000 Fixed expenses 106,000 Net operating income 49,000
- Q Common-size analysis of financial statements is used to Multiple Choice compare companies of different sizes or compare a company with itself ove time. perform market value ratio...
- Q Which statement is false? Which statement is false? A Crowe 2019 survey suggests that worldwide annual fraud is $5.127 trillion. Two experts suggest that...
- Q Determine the amount to be paid in full settlement of the invoice assuming that credit for returns and allowances was received prior to payment and that all invoices...
- Q Exam Question 11 What is the default classification for federal tax purposes of a U.S. eligible entity with one owner? A Partnership B...
- Q A cost that differs between multiple options is categorized as _____. Question 2 Answer a. avoidable b. sunk ...
- Q Your client, Mr. and Mrs. Jones, have asked you about being able to deduct investment interest during 2023. They took out a loan to purchase a...
- Q COTB MC Qu.6-11(Static) Assume a merchandising company is deciding... Assume a merchandising company is deciding whether to keep or drop one of the many product lines that...
- Q The Sarbanes-Oxley Act prohibits external auditors from Blank______. Multiple choice question. providing tax preparation and management advisory services to nonaudit clients providing many types...
- Q For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows: Pretax accounting income $ 350,000 ...
- Q The Securities and Exchange Commission hires Gattonto procure and analyze data on the state's tax revenues and expenditures to ensure that they are recorded and reported in accordance...
- Q An item was shipped from asupplier under FOB shipping pount. The invoice in the amount of $2000 included payment terms of 2/10
- Q Instructions: For each case above, determine: 1. Any tax implications for Person S relating to stock option granting 2. Any tax implications for Person S relating to stock...
- Q Which of the following is not an effective implementation of the monitoring component of COSO's Internal ControlIntegrated Framework? a. Management determines which personnel have access...
- Q Which of the following are examples of non-taxable income choose all that apply income from self-employment most veteran benefits federal income tax refunds interest income from a savings...
- Q Kade just became a self-employed consultant. Prior to this year, Kade had always worked as an employee. He comes to discuss his new business with you. As...
- Q Select the necessary words from the list of possibilities to complete the following statements. the term _____ relates to the quantity of evidence that the auditors should obtain...
- Q When classifying risks as being significant consideration is not given to whether the risk: Select one: a. Is related to significant economic or accounting...
- Q a component of profitability, cqlculated by expressing by net income as a percent of net sales, is the:
- Q Current Attempt in ProgressManagerial accounting has become more important in service industries due toa service delivery is extremely complex and requires proper monitoring. the economy has become more...
- Q A sale of merchandise on account for $36,000 is subject to an 8% sales tax.a. Should the sales tax be recorded at the time of sale or when payment is received?b. What...
- Q A company issues 10,000 equity shares of rs. 10 each at par. the issue was underwritten by k and co. for maximum commission permitted by law. the public applied for...
- Q 92,000 ?shirts were consigned by Bhagwan & Co. ?of Delhi to Shreyans of Tokyo at a cost of ' 150 ?each.Bhagwan & Co. ?paid freight ' 20,000 ?and insurance ` 3,000 .During the transit 200 ?shirts...
- Q State how the ratio in question would compare (higher, equal, or lower) to what the ratio should have been had the error or fraud not occurred.
- Q Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year.Last Chance CompanyEnd-of-Period...
- Q Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all...
- Q Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and...
- Q Flint Corporation exchanged shares of its $2 par common stock for all of Mark Company’s assets and liabilities in a planned merger. Immediately prior to the combination, Mark’s assets and...
- Q The bookkeeper for Dole Yard Service made a number of errors in journalizing and posting as described below:1. ?A debit posting to accounts receivable for $500 ?was omitted. 2. ?A payment of accounts payable...
- Q A small business in Tokyo, Japan, is experiencing a slump in sales and decided to engage in a sales promotion tactic. Customers who use the store credit card and spend...
- Q Portmann Company, operating at full capacity, sold 1,000,000 ?units at a price of $187 ?per unit during the current year. Its income statement is as follows:Line Item Description Amount AmountSales $187,000,000 Cost of goods...
- Q On November 1, 2019, Campbell Corporation management decided to discontinue operation of its Rocketeer Division and approved a formal plan to dispose of the division. Campbell is a successful corporation...
- Q Which one of the following accounts, appearing on the books of an acquired company, will not appear on a consolidated balance sheet at the date of acquisition?Select one:a. Retained earningsb. Investments in...
- Q Exit Corporation has accumulated E&P of $25,000 ?at the beginning of the current tax year. Current E&P is $16,000. ?During the year, the corporation makes the following distributions to its sole shareholder...
- Q The net leased equipment reported on lessee's book on December 31,2030 should be
- Q the city of springvale levies a tax on the value of real property
- Q unit. Contrast in detail, its relationship to other funds that are found within the financial statements of a governmental entity.You can use the “City of Milwaukee” financial statements found in...
- Q At year-end BCE has $110,000 ?in accounts receivables from officers on the books. The Board ofDirectors approved these loans which are in the form of “demand” ?notes. One of the staff assistantsasked whether...
- Q The statement of financial position of Delacosta Corporation as at December 31, 2020, is as follows:DELACOSTA CORPORATIONStatement of Financial PositionDecember 31, 2020AssetsGoodwill (Note 1)$70,000Buildings (Note 2)1,640,000Inventory312,100Investments—trading (Note 3)100,000Land950,000Accounts receivable170,000Investments in...
- Q An analysis of the cost of sales account revealed that the inventory is valued at average cost within each of the different styles carried. Since the owner is still learning...
- Q The gross profit rate represents: Multiple Choice Total sales revenue. The percentage change in net sales from the prior period. The percentage...
- Q Bank fees for check printing are recorded by the bank as: CA), An increase in the bank's asset account.B) A decrease in the bank's asset account.C) A...
- Q The Ministry of Labour - ESA has two relatively new sections that employers must have in place each year: written policy on electronic monitoring written policy on...
- Q Requirement 3. Compute the current ratio for Mark's Bowling Alley. Select the labels, enter the amounts, then compute the current ratio. (Round your answer to two...
- Q increase by $21,000The term used for the relative proportion in which a company's products are sold is Blank______. Multiple choice question. sales...
- Q Budgets Blank______. Multiple select question. and the budgeting process can uncover potential bottlenecks before they occur provide each department with...
- Q Which of the following statements is correct? Multiple Choice The LIFO recapture tax precludes an S corporation from using the LIFO method. The...
- Q Describe your understanding of the closing process by identifying the correct steps below. (Check all that apply.) Multiple select question. Close all asset accounts....
- Q Hanover Medical Supplies uses the shipping terms FOB shipping point. Who pays for the cost of freight when a sale occurs? a. The customer ...
- Q In a make or buy decision, the costs involved in buying will include: a. All of your manufacturing overhead, since it did not change when...
- Q A management representation letter is dated as of the balance sheet date. addressed to the client. prepared on the CPA's letterhead. signed by high-level...
- Q David Ross files as head of household. His income from rentals units was $39,000. How much of his social security benefits may be subject to tax?Question 46 Select...
- Q Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 69 units @ $21...
- Q A mining operation has annual sales revenue of $1,00,000 from an iron ore, with an operating cost and depreciation of $40,000 and $10,000. If the...
- Q The journal entry to record direct labor used in process costing is a(n): Multiple choice question. increase in assets and an increase in liabilities. ...
- Q if sales are 100,000, fixed expenses are 30,500, and the contrubution margin is 40,000,
- Q Why do investors calculate different EPS levels? A. Some income items can be used to predict future earnings, while others are unusual items that only affect the...
- Q Which are considered disciplines within the accounting profession? (More than one answer may be correct) Multiple select question. investment accounting tax accounting managerial...
- Q Stodgy Industries Ltd. has barely made a profit over the past few years and is looking for ways to improve its results. It has hired a consultant who...
- Q On January 1, a company purchased a five-year insurance policy for $2,200 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and...
- Q What is the difference between the assertions of PCAOB standards compared with ASB standards? Select answer from the options below The ASB standard has 2 categories of assertions...
- Q When an actual expense is greater than budgeted in Year 1 and there is no other new information, the Year 2 budget should use the ...
- Q Gains and losses may result from: Question 6Select one: a. All of the available choices b. Selling equipment c....
- Q what is the total period cost for the month under variable costing? $149,600 $89,600
- Q A qualified education loan is one incurred by the taxpayer solely to pay qualified education expenses incurred on behalf of the: Multiple Choice taxpayer. ...
- Q Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by...
- Q Nagin Incorporated transferred an old asset in exchange for a new asset worth $84,000 and $6,000 cash. The old asset and new asset were like-kind properties. Which of...
- Q From an accounting standpoint, favorable cost variances are debit entries, while unfavorable ones are credits (true false)
- Q max company reports net income of 140,000 each year and declares an annual cash dividend
- Q Tableau DA 8-2(Algo): Exercise, Straight-line depreciation and sale of asset LO C2, P2 The company founder hires us as consultants and asks that we oversee...
- Q In Canada what is correct for large public corporations filing and notice of objection is it 90 days or 180 days and what else has to be correct...
- Q Discuss the culture that existed within EY that allowed the sexual harassment situation to take place. Do you believe this case is illustrative of one individual acting unethically or...
- Q The capital impairment restrictions are established to________.
- Q Assuming increasing prices, the inventory cost flow assumption used by Chipotle to value inventory results in: a. the same amount of net income on...
- Q Ann Franco's capital statement reveals that her drawings during the year are $40,000. She made an additional investment of $20,000 and her share of the net...
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