Accounting question and answers for November 12, 2023
- Q what are COSO Internal Controls for General Controls and Application Controls?
- Q You could not take the following as a Charitable Contribution. A: Value of mileage to distribute food at the Salvation Army B: Value of food given to the Salvation...
- Q A petty cash fund was established with a $600 balance. It currently has cash of $45 and petty cash tickets as shown below: Travel expenses $120 Office Supplies...
- Q A and B are two partners sharing profits and losses in the ratio of 2: 1. On January 01, 2011, their capital account showed balances of Rs 1,20,000 and Rs...
- Q (March 19): Taiwans central bank acknowledged in the clearest terms to date that it is intervening in foreign exchange markets, using the word that it had studiously avoided and vehemently...
- Q You've just been hired by ABC Inc to lead their managerial accounting department. On your first day they provided with data from their production department for the...
- Q Everest Corp. acquires a machine (seven-year property) on January 10, 2023 at a cost of $2,902,000. Everest makes the election to expense the maximum amount under Sec. 179, but bonus...
- Q How many years you must deposit 6000 per month (end of month deposits) to earn 10M with an interest rate of 15& effectively?
- Q Compare and contrast the three parts of the balance sheet, using examples of account names and/or items classified under those account names. Explain why they are classified in this way....
- Q The Brewing Company manufactures a single product; the standard costs per unit being variable manufacturing $8, fixed manufacturing $6. Selling and administrative costs are $2 per unit sold. The selling...
- Q Grouper corporation made the following cash purchases of securities during 2025, which is the first year in which Grouper invested in securities.
- Q Match the described job with the job title from 1. Revenue Officer 2. Tax Compliance Officer 3. Appeals Officer 4. Customer Service Representative 5. Revenue Agent 6. Special Agent 7....
- Q is a technique for analyzing the percentage change in individual financial statement items from one year to the next. The first period in the analysis is considered the base, and...
- Q Company overview: You have been appointed as one of the auditors for this company. The business has one main branch in the city and despite all its competitors...
- Q Which of the following statements is corrext with respect to the sale of a depreciable asset
- Q For its fiscal year ended December 31, 2023, Fruitful Products had credit sales of $750,000. At year end, the unadjusted trial balance shows a debit balance of $1,800 in the...
- Q Stanford issues bonds dated January 1,2021, with a par value of $250,000. The bonds' annual contract rate is 9%, and interest is paid semiannually on June 30 and...
- Q Tim is a baker who produces gourmet doughnuts. He can access labour at a rate of $2 per hour, and capital at a rate of $0.25 per machine hour. He...
- Q Aiden registered a private company in June 2021, and completed the transactions below during its first month of operations. For the sake of simplicity, GST is ignored.2/06/2021 The company issued...
- Q Can anyone please help me in urgent I will upvote anyway Computeq Ltd is a listed company incorporated in NSW with an issued capital of $20 million. It is mainly...
- Q The cost of equipment might include all of the following except: Multiple Choice Assembling cost. Invoice cost. Testing cost. Unpacking...
- Q . The gross payroll for McKinney Corporation was $100,000. Federal income tax withheld from employee paychecks amounted to $24,000, state income tax withheld amounted to $3,000, Social Security amounted to...
- Q A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130...
- Q Max can now see how both these systems work and can see the net sales method is much simpler to apply. He has asked you to explain why anyone would...
- Q 8- please explain provide examples Using the simplified method, determine the tax-free amount of the following distributions from a qualified pension plan. Contributions, if any, are made with previously-taxed...
- Q Tia Kline, a resident of Canada, is the sole shareholder of KI Inc. She plans to transfer four assets, which she owns, to KI Inc. in exchange for...
- Q On December 31, 2019, Oriole Company leased machinery from Terminator Corporation for an agreed upon lease term of 3 years. Oriole agreed to make annual lease payments of $18,500, beginning...
- Q Total assets always equals total liabilities plus owners' equity. True False
- Q Cash Payback Period, Net Present Value Method, and Analysis Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows: Year Plant...
- Q A diesel-powered tractor with a cost of $173,640 and an estimated residual value of $8,400 is expected to have a useful operating life of 81,000 hours. During April, the tractor...
- Q I will give thumbs up for answers!! Q. For each of the following independent situations prepare the required adjusting journal entry. Assume the economic events were correctly recorded initially. In...
- Q In Recent years the government and public more concern about the impact of corporate decisions on environmental pollution, the consumption of non-renewable resources and ecological factors ect. But Business today...
- Q Imagine yourself as the senior Quantity Surveyor in construction project and discuss on how accounting help for Quantity Surveyors job role
- Q Bonnie purchased a new business asset (five-year property) on March 10, 2023, at a cost of $30,000. She also purchased a new business asset (seven-year property) on November 20, 2023,...
- Q MANAGERIAL ACCOUNTING I. Profitability and Solvency. Following are data about Blite company: Average total assets 150,000 Average owners equity 60,000 Net income after...
- Q Inventory figures in the unadjusted trial are for the beginning of Year ...
- Q Christopher sold 300 shares of Cisco stock for $20,700 in the current year. He purchased the shares several years ago for $12,600. Assuming his ordinary income tax rate is 24...
- Q While James Craig and his former classmate Paul Dolittle both studied accounting at school, they ended up pursuing careers in professional cake decorating. Their company, Good to Eat...
- Q 2) Bradys company observes a seasonal demand for the services it offers to the customers. The workforce requirements over a six-month period are: Period 1 2 3 4...
- Q what is Segregation of Duties in accounting and how it can prevent fraud
- Q What are the chances of MMT becoming the prevailing policy after the COVID crisis? Are we already doing MMT without knowing it? Professor Kelton says we shouldn't worry about inflation...
- Q Identify a real-world example of a fraudulent event in health care. What happened in your chosen example and what could be the legal ramifications? Which internal controls failed to address...
- Q Historically, many countries had dissimilar and confusing intellectual property rules covering copyrights, trademarks, and patents. Which of the following served to clarify and harmonize the trade-related aspects of intellectual property
- Q Using the following information reported by a company, prepare the operating activities section of the statement of cash flows using the indirect method. Net Income $130,000 Depreciation...
- Q Frank Weston, supervisor of the Freemont Corporations Machining Department, was visibly upset after being reprimanded for his departments poor performance over the prior month. The departments cost control...
- Q Taxpayer X and Taxpayer Y each agree to pay their tax preparer, Randy, from the refund they receive from the IRS. Upon presenting their refund checks to Randy, Randy pays...
- Q A $1,000 par value bond has a coupon interest rate of 6%. If the bond matures in 9 years, and is currently selling for $875. What is the bond's yield...
- Q George was lucky at slots last year and won a few jackpots for a total of $17,0000. George has documentation to support $19,000 of losses on Schedule A. George will...
- Q New Horizons Ltd. is an electronic gadget retailer in Johannesburg, South Africa. The company has a 30 June financial yearend. As the...
- Q cash is the only payment method accepted for a cash sale? this is for Quickbooks online class
- Q The following selected liabilities of Blues Company were outstanding on December 31,2020. $50,000, ten-year, 10% note payable, originating September 30,2011. Sufficient cash is expected to...
- Q New Horizons Ltd. is an electronic gadget retailer in Johannesburg, South Africa. The company has a 30 June financial yearend. As the assistant...
- Q Suppose that a bank has agreed to the following terms of an interest rate swap: - The notional principal is CAD 300 million and the remaining life of the swap...
- Q At Extreme Routes, in what ways are employees paid for time? Check all that apply. Sick leave Worker's compensation Vacation Tuition reimbursement Holidays
- Q incone statement
- Q Your parents gave you a $50,000 savings bond when you were born. All interest accumulates and is part of the $50,000 that is paid to you when you receive age...
- Q 1. What are the concepts underlying a process costing system? How might a company identify and group activities into a particular process? 2. What information is contained in a...
- Q On January 1,2024, Displays Incorporated had the following account balances: \table[[Account titles,Debit,Credit],[Cash,$22,000,],[Accounts receivable,19,000,],[Supplies,25,000,],[Inventory,60,000,],[Land,227,000,],[Accounts payable,,$18,000 \table[[Requirement,\table[[General],[Journal]],\table[[General],[Ledger]],Trial Balance,\table[[Income],[Statement]],Balance Sheet,Analysis]] Prepare the journal entries for...
- Q Calculate the amount of retiring allowance that would be eligible to be paid into a personal RRSP without tax deduction based on the following assumptions: the employee started employment as...
- Q The income of a company for a year on a variable costing basis is $85 000 and on an absorption costing basis is $73 000. Fixed costs per unit were...
- Q Under IAS 1/AASB 101 Presentation of Financial Statements which format is prescribed for the statement of financial position? a.Assets Liabilities = Equity b. Assets = Equity + Liabilities c....
- Q Keller Company makes two models of battery-operated boats, the Sandy Beach and the Rocky River. Basic production information follows: Sandy BeachRocky River Direct materials...
- Q Your investment balance is $10,000. Three years ago you invested $7,938 and have not touched the investment since. What compound annual rate of interest have you earned?
- Q The depreciation process is an example of recognizing the expenses of a business within the same period as the revenues they helped to produce. true or false
- Q John Mlxer, Inc. is authorized to issue 11%,10-year bonds payable. On January 1,2025 , when the market interest rate is 12%, the company issues $1,100,000 of the bonds. The bonds...
- Q Continuing Payroll Project: Prevosti Farms and Sugarhouse (Algo) Skip to question [The following information applies to the questions displayed below.] Prevosti...
- Q 6: What type of entry is a delayed charge? Answer: A. B. C. D. O Adjustment O Depreciation O Invoice O Non-posting
- Q how many types of the fraud controls?
- Q Larry recently invested $32,500 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $32,500. In addition, Larrys share of the limited partnership loss for the year...
- Q William has $1,250 in his savings account and $150 in his bank account. His car payment is $420, and his mortgage is $1,150. Both are due today. He just spent...
- Q In October, Blue Company reports 21,100 actual direct labor hours, and it incurs $125,000 of manufacturing overhead costs. Standard hours allowed for the work done is 25,000 hours. The predetermined...
- Q 2. Prepare a horizontal analysis of Sports Unlimited's 2018 balance sheet using 2017 as the base year. (Negative amounts and Decreases should be indicated by a minus sign. Round your...
- Q #112) Let's say you are doing taxes for a taxpayer who is a college student, and she is being claimed as a dependent on her parents' tax return. If the...
- Q Q1.Discuss why some managers disclose fraudulent Financial Statements and give examples from international companies?
- Q Multiple Choice Question 94 Concord Inc. and Pharoah Co. have an exchange with no commercial substance. The asset given up by Concord Inc. has a book value of $51500 and...
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