Accounting question and answers for January 22, 2024
- Q Type of adjustment Classify the following items as (1) accrued revenue, (2) accrued expense, (3) unearned revenue, or (4) prepaid expense: a. Cash paid for future...
- Q A seller is allowed to sell goods to another buyer when the original buyer is in breach and the goods have not yet been delivered. True False
- Q The management of Blossom Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2027, the accounting records show...
- Q What is the Sampsons' marginal tax rate? The Sampson's marginal tax rate is Help the Sampsons determine their personal income tax by accounting for the child tax credits. The...
- Q Ludmilla Construction Company is composed of two divisions: (1) Home Construction and (2) Com- mercial Construction. The Home Construction Division is in the process of building...
- Q A correction of an error in prior periods' income will be reported. In the income statement Yes Net of tax No Yes No Yes
- Q Par value is the legal capital per share of stock that's assigned when the corporation is first established. True or False
- Q Which of the following is not a vendor transaction? Multiple Choice Order products Make deposits Receive bills Pay bills
- Q Consider the planning phase for the audit of BFA's trust department operations. As an auditor, what type of evidence would you want to collect and examine ... ...
- Q Factors in a decision problem that connot be expressed in numerical terms are: Multiple Choice uncertain in nature. predictive in nature. sensitive in nature. qualitative in nature. quantitative in...
- Q Generally accepted accounting principles require companies to use only one factory overhead rate for product costing. True False
- Q Multiple Choice Question Which of the following is an advantage of the high-low method? Simple and easy to calculate Provides a verydaccurate calculation of fixed cost. Provides...
- Q Question 28 Lucille owns a home in a Colorado ski area (the ski home). She stays at the ski home most weekends and...
- Q A covered member, under the independence rules in the AICPA Code of Professional Conduct, is best defined as a person in a positic to potentially influence decisions or...
- Q Bondholders are willing to pay a premium to acquire a bond because the: Multiple Choice company has a low credit rating. bond's stated interest rate is higher than the...
- Q The four financial statements prepared by a business bear no relationship to each other. True or False
- Q Which of the following is a client-related factor indicative of lower inherent risk? Industry is not competitive Operates out of many locations Able to adjust to changes...
- Q A calendar-year S Corp has the following information for the current taxable year (see table below) Z is a 40% owner with a $100,000 basis...
- Q Mini-Exercise 6-3(Algo) Capitalizing versus expensing LO 6-2 Stucki Holdings Corporation incurred the following expenditures: $4,700 cost to replace the transmission in a company-owned vehicle;...
- Q Current Attempt in Progress Prepare year-end adjustments for the following transactions. (List all debit entries before credit entries. Credit account titles are automatically indented...
- Q Python Company leased equipment from Hope Leasing on January 1,2021. Hope recently purchased the equipment at a cost of $200,398.
- Q Herman Containers manufactures a variety of boxes used for packaging. Sales of its Model A20 box have increased significantly to a total of 430,000 A20 boxes. Herman has...
- Q Joe Steel invested $30,000 into a new company, Magnolia Steel Works, Inc. and received stock. As a result of this event, Magnolia Steel's: cash increased and retained...
- Q Venice Legal Association performs legal services for Ponce Construction for $2,000 on account with credit terms of 110,n30. If Ponce pays the invoice within the discount period, Venice...
- Q Under the provisions of the Sarbanes-Oxley Act, corporate executives: Multiple Choice Have limited responsibility for financial statements. Must personally prepare the company's financial statements. Must personally certify...
- Q 47% Proc base v2.cengagenow.com #10 of 20 Credit terms are terms for when a. the payments for merchandise are to be made....
- Q Sharman Athletic Gear Inc. (SAG) is considering a special order for 15,000 baseball caps with the logo of East Texas University (ETU) to be purchased by the...
- Q The tax base for calculating self-employment taxes is total income from self-employment and employee wages. net earnings from self-employment multiplied by 0.9235. net earnings from...
- Q Required information [The following information applies to the questions displayed below.] Errors versus Fraud Misstatements can be of two types. The first--an error--is deemed to be...
- Q Current Attempt in Progress On December 1,2025, Carla Vista Distributing Company had the following account balances. \table[[,Debit,,Credit],[Cash,$7,000,Accumulated Depreciation-Equipment,$2,200
- Q Blue Spruce, Inc. provided the following information: \table[[,March,April,May],[Projected merchandise purchases,$67,000,$77,500,$81,500
- Q What is another name for a pivot? Slice-and-Dice Rotation Drill-down Consolidation
- Q Sage Hill Limited is a private company that follows ASPE. It is authorized to issue an unlimited number of both common and $5 cumulative preferred...
- Q Joseph found out that the president of a corporation in which he holds stock was found to have committed fraud at his church with church funds. Joseph cna present...
- Q 4 GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up...
- Q Any promise to pay the debts of the estate using the executor's or the administrator's own funds is enforceable without a writing. True or False
- Q A variance is the difference between the actual cost for the current and expected (or budgeted)performance. True or false
- Q If the primary allocation of protective clothing to Production Department A is R20000 and the employees of Production Department A comprise 40% of the total number...
- Q Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for t year ending December...
- Q Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): On July...
- Q bb5s 7-24 In a partnership, the type of partner that is responsible for all claims against the company is called a(n) limited partner unlimited partner...
- Q office supplies expense for the year? Multiple Choice $480. $220. $360. $120. $240.
- Q What action is used when the executive branch and Congress fail to enact a budget by the beginning of a fiscal year? none of the above
- Q Pension plan assets are not specifically recognized in the company's accounts or its financial statements. True False
- Q Exercise 4-8(Algo) Computing ABC Product Costs [LO4-2, LO4-3] [The following information applies to the questions displayed below.] Performance Products Corporation makes two products, titanium Rims...
- Q Johnson Beverage produces flavored water drinks. Information on the work in process follows: Beginning inventory, 45,000 partially complete gallons. Transferred out, 207,000 gallons. Ending...
- Q M11-2(Static) Matching Terminology [LO 11-1,11-3,11-5] Required: Match each definition with its related term by selecting the appropriate term in the dropdown provided. Note: Select "None of these...
- Q On September 30,2024, the Techno Corporation issued 8% stated rate bonds with a face amount of $120 million. The bonds mature on September 30,2044(20 years)....
- Q Poplar Corporation issued 40,000 shares of $3 par value common stock in exchange for a building with a fair value of $180,000. Record the stock issuance....
- Q Journalize the entry for the factory overhead incurred during April. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not...
- Q Atticus Books is the lessee in a lease agreement. From the perspective of the lessee, the lease may be classified as: operating, sales-type, or indirect financing. ...
- Q What is trend analysis? Reviewing financial statements as of a specific date Assessing the general direction of operating ratios over several periods Comparing performance to industry norms Analyzing nonrecurring...
- Q For which of the following businesses would a job order cost system be most appropriate? Multiple Choice A CPA firm specializing in individual tax returns. An apple juice manufacturer....
- Q When a sale occurs under the periodic inventory system, we record: both the sale and the related cost of goods sold only the cost of goods sold, but not...
- Q A Type q, report assesses the controls and their suitability. A Type q, report assesses the controls, their suitability, and operating effectiveness. ...
- Q Chester transfers property with a basis of $400,000 and a fair market value of $500,000 to Arthur Corporation in exchange for stock with a fair market...
- Q ABC Ltd. reported a gain from discontinued operations of $40,000, net of tax. This item should be separately presented in the: Multiple Choice Single-step format only...
- Q In Louisiana School Employees' Retirement System v. Ernst & Young, in which the Sixth Circuit Court of Appeals affirmed the dismissal of a securities fraud complaint...
- Q The process by which a company's products or services are measured relative to the best possible levels of performance in competing companies is known as: benchmarking a standard costing...
- Q Show me the steps to solve Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead...
- Q What is the contribution margin? The direct costs excluding costs that are fixed The difference between sales and variable expenses The net operating income
- Q Who is responsible for the freight costs when the terms are FOB shipping point? The seller Neither the buyer or the seller The buyer Freight costs are always free...
- Q Which of the following items would not appear in an income statement? Multiple Choice Service revenue. Cash. Salaries expense. Advertising expense.
- Q Select all that apply There are advantages to using each of the four inventory costing methods. Identify the statements below that are correct regarding these advantages. (Check all...
- Q In variable costing, the balance of ending Finished Goods Inventory includes fixed manufacturing overhead. True False
- Q What sometimes makes implementation of activity-based costing difficult in service industries is that a smaller proportion of overnersts costs are company-wide costs. True False ...
- Q Which accounting concept can be used by some companies to justify the use of the direct write-off method? Multiple Choice The materiality concept The entity concept The...
- Q Ethical relativism can best be described as Multiple Choice an ethical reasoning method that holds one should always consider the effect of one's actions on others. a concept that...
- Q choose an oprion please tell Hi, To keep up with our culture of innovation and technology, we are considering making use of virtual reality (VR)...
- Q Which of the following assertions would the auditor usually consider most relevant for notes payable? Completeness. Existence. Valuation. Rights. Disclosure.
- Q Most entities satisfy the accounting criteria for recognizing an expense when: Multiple Choice a commitment is made to purchase a product or service. cash is paid to a supplier....
- Q Prepare Coronado Corp's production budget and DM purchases budget for the second quarter. (Round DM cost per pound and total budgeted cost of DM purchases to 2 decimal...
- Q Question 13 of 15. In 2022, all of the following taxpayers placed a car into service for their Schedule C sole proprietorship. In all cases, the...
- Q The component of internal control that includes the formal procedures for reporting control deficienc is: Monitoring. Information and communication. Risk assessment. Control activities.
- Q The revenue recognition principle a. controls all tewende feperting for the cash basis of accounting b. states that revemse is not recorded until the cash is...
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