Accounting question and answers for January 22, 2024
- Q Brief Exercise 3-17(Algo) Prepare a statement of stockholders' equity (LO3-5) The following account balances appear in the 2024 adjusted trial balance of Robin Corporation: Common Stock,...
- Q Question 22 "The business entity that converts purchased raw materials into finished goods by using labor, technology, and facilities ls a:" Manufacturer Merchandiser Service business...
- Q Which of the following is NOT a key financial statement in financial accounting? A. Statement of Performance B. Statement of Cash Flows C. Statement...
- Q The tax concept and economic concept of income are in agreement on which of the following? a. The fair rental value of an owner-occupied home should be included...
- Q A company had net sales of $780,300 and cost of goods sold of $557,970. Its net income was $23,830. The company's gross margin ratio equals: Multiple Choice...
- Q Suzy, age 12, lives in the same household as her grandparents because her parents passed away earlier this year due to an unfortunate accident. Her grandparents are...
- Q Fraudulent reporting by management includes (Select all that apply.) recording fictitious revenues from a phantom customer improper asset valuation reporting revenues before receiving the cash mismatching revenues...
- Q One of the differences in process costing compared to job order costing is that the amounts used to transfer goods from one department to the next come from the...
- Q If the credit to record the purchase of supples on account is not postec, A. liabilities will be understated. B. stocholders' equity will be understated. ...
- Q Which of the following is a permanent account? Multiple Choice Service Revenue. Retained Earnings. Dividends. Advertising Expense.
- Q Katrina is a one-third partner in the KYR partnership (calendar year-end). Katrina decides she wants to exit the partnership and she receives the following assets in the liquidating...
- Q Question 8 Which of the following is a characteristic of a public corporation? Profits are taxed as income to corporation and again as income to owners when...
- Q Materiality Is a standard for determining whether a financial event or issue must be reported Is no linger part of GAAP Is the reason EBITDA is now used Is...
- Q Question 23(4 points) According to the ethical standards of the profession, which of the following acts by a CPA is generally prohibited (not accepted)? Writing...
- Q Which of the following indicates that a firm has a full outright stake in an acquisition? Anderson Corporations acquires at least 75 percent of a company. ...
- Q Preferred stock. Goodwill. Salaries and wages payable Accounts payable. Buildings. Equity investments (to be sold within one year). Current maturity of long-term debt. Premium on...
- Q The total asset turnover ratio for 20X2 is (rounded): Multiple Choice 1.7 times. 20 times. 22 times 24 times ...
- Q In a make-or-buy decision, relevant costs are manufacturing costs that will be saved. the purchase price of the units. opportunity costs. All of the above.
- Q An offer may invite an acceptance to be worded in such specific terms that the contract is made definite. True False
- Q The underapplication of overhead will result in Multiple Choice overstatement of cost of goods sold. understatement of cost of goods sold. overvalued finished goods inventory. understatement of net income....
- Q Revenue should not be recognized until: Multiple Choice Work has been performed and customer has been billed. Contracts have been signed and payment has been received. The...
- Q On December 31,2024, the end of the fiscal year, California Microtech Corporation held its semiconductor business for sale at year- end. The estimated fair value of...
- Q When a company has extensive product diversity and complex overhead, it is best to assign overhead using q, departmental overhead rates activity-based costing a single...
- Q Hernandez Corporation uses a standard cost system and has established the following standards for one unit of product: During October, the company purchased 240,000 pounds of material...
- Q Menlo Company distributes a single product. The company's sales and expenses for last month follow: Required: What is the monthly break-even point in unit sales and in dollar...
- Q Discrepancies between your checkbook and bank statements mean that your information is inaccurate, because banks don't make mistakes. True False
- Q E4-3 Below are several statements about internal controls. The components of internal control are built on the foundation of the ethical tone set by top management. Once...
- Q Which of the following is an internal user of accounting information?
- Q Governmental funds report long-term liabilities cash long-term assets that will not be sold during the current year assets to be converted to cash in the...
- Q Single plantwide factory overhead rate Platzer Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted factory overhead cost is $143,700. Overhead is allocated to the...
- Q The term used for the relative proportion in which a company's products are sold is operating leverage break-even sales price sales mix
- Q In the following cost formula, the term "Total cost" is the: Total Cost Number of Tax Returns
- Q Some financial information for each of three companies is reflected below in columns A, B, and C. Use your knowledge of CVP relationships to fill in...
- Q Question 12 Which one of the following items would not be considered cash? Coins Currency Money orders Postdated checks
- Q Which of the following best describes the Matching Principle? All of these. Revenues are recognized when earned. Expenses are recorded at the same time that the revenue generated by...
- Q The names of different types of industry classifications used in industry reports include all but which of the following?
- Q Blanchard Corporation issued a 1-year, 9%,$150,000 note payable on April 30,2022. Interest expense for the year ended December 31,2021, is $8,000. $12,000....
- Q Plaza, Incorporated, acquires 80 percent of the outstanding common stock of Stanford Corporation on January 1,2024, in exchange for \(\$ 900,000\) cash. At the acquisition date, Stanford's total...
- Q Question 18 3.34 Which of the following is not one of the purposes of an internal control system? Safeguarding the company's assets. The evaluation of performance. The...
- Q has to be 100% right no errors!! Assembly Department-Production Cost Report For the Month Ended May 31,2022 Units to...
- Q Multiple Select Question Select all that apply The adjusting entry for antounts a company is obligated to pay an employee in the future affects liabilities assets retained earnings expenses...
- Q Ronald Corporation purchases inventory with terms FOB destination. The shipping costs are $300. The shipping costs are: paid by the supplier. deducted from Ronald's inventory. treated as...
- Q Comparative financial statements for Weaver Company follow: During this year, Weaver sold some equipment for $19 that had cost $30 and on which there was accumulated...
- Q Under Sarbanes-Oxley, which of the following would be a conflict of interest for the outside auditor of a company? Providing management consulting services to the company, too...
- Q Comparative financial statements for Weaver Company follow: During this year, Weaver sold some equipment for $19 that had cost $30 and on which there was accumulated...
- Q Which of the following statements is false concerning the direct contribution of supply? Supply managers are responsible for insuring that the acquisition process is transparent. Supply managers must be...
- Q If a company's Cash on the Balance Sheet increases during a year from that reported in the prior year, it must mean that: A. There was positive net...
- Q Returned unacceptable merchandise that was purchased for $3,380 in cash.
- Q Required information Exercise 6-7(Algo) Changes in Variable Costs, Fixed Costs, Selling Price, and Unit Sales [LO6-7] [The following information applies to the questions displayed below.] ...
- Q Which of the following will occur if, at the end of a financial year, an adjustment is made for an expense that was paid for the next...
- Q Required information [The following information applies to the questions displayed below.] Solomon Company makes and sells products with variable costs of $24 each. Solomon incurs annual...
- Q The Lakefront Company uses a weighted-average process costing system. The following data are available: \table[[Beginning inventory,--
- Q Interest Income includes: Loan interest Bank deposits at other banks Securities Federal Funds Sold All of the above
- Q Northern Corporation invested $800 cash in South Company stock. As a result of this transaction: Multiple Choice the balance in the Cash account on Northern Corporation's books...
- Q During JCL's month end close, only the debit side of a journal entry was posted. How will this affect JCL's trial balance?
- Q A transaction caused a $45,000 increase in both Total Assets and Total Liabilities. This transaction could have been which of the following? A. Investment of $45,000...
- Q Required information [The following information applies to the questions displayed below.] Alquist Company uses the retail method to estimate its ending inventory. Selected information about its...
- Q Which financial statement shows the ending cash balance? Select all that apply The statement of cash flows The Statement of Stockholders' Equity The income statement The balance sheet ...
- Q Which of the following costs is not included in the Merchandise Inventory account? Multiple Choice Import duties. Insurance. Storage. Invoire orice minus anv discount
- Q Closing Entries The adjusted trial balance prepared as of December 31, for Phyllis Howell & Company, Consultant, contains the following revenue and expense accounts: Prepare journal entries...
- Q Multiple Choice Question Providing services on account is a( n ) transaction. asset source claims exchange asset use asset exchange
- Q The Sarbanes-Oxley (SOX) Act provides increased regulations for (Select all that apply.) corporate executives internal controls auditors the International Accounting Standards Board
- Q On February 20,2025, Trevor Pickard was involved in an accident with his business use automobile. Trevor had purchased the car for $30,000. The automobile had a...
- Q December 2024: a. Jane must report $1,800 gross income. b. Tim must include all of the interest in his gross income. c....
- Q Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 11 Paid $440 cash for minor repairs to the company's computer. Note: Enter debits before...
- Q depreciation expense for $40,000 amortization entipense for $43,000 amortization expense for $40,000 depreciation expense for $43,000
- Q At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job 765 produced 234...
- Q A ledger is defined as All of these. a company's record containing all of its accounts and account balances. a report from the company's accounting system used to deternine...
- Q a. Anita House bought a duplex to earn additional income. compensation of eniployees proprietor's income miscellaneous adjustments net interest corporate profits rental income
- Q A bank statement Select one: a. is a credit reference letter written by the company's bank b. shows a company the financial position of the bank...
- Q The Wave Runner is a takeout food store at a popular beachside resort. Teresa Texton, owner of The Wave Runner, was deciding how much refrigerator space to devote to...
- Q Which of the following statements is correct about the high-low method? Multiple Choice The high-low method is complicated to apply. The high-low method is...
- Q 6.4 Gross Profit Rate and Profit Margin Dani's Denim sells blue jeans. In 2022. Dani's specialized in selling moderately priced jeans with a 25% markup. In...
- Q Sell or Process Further, Basic Analysis Carleigh, Inc., is a pork processor. Its plants, located in the Midwest, produce several products from a common process: sirloin roasts, chops, spare...
- Q A refundable tax credit is one that: may result in both the federal government giving money back in excess of taxes paid and a negative effective tax rate. may...
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