Accounting question and answers for January 22, 2024
- Q What is book value? ANSWER The cost of a plant asset. The cost of a plant asset divided by the useful life. The sum of all the depreciation recorded...
- Q Classify each of the activities as a value-added activity or a non-value-added activity. Bonita, Inc. manufactures two products, wheels and seats. The company has estimated its...
- Q The cost of Repairs & Maintenance normally represents 1.5% of total sales dollars. If a restaurant expects to pay $2,400 in Repairs & Maintenance cost...
- Q Which of the following types of accounts is closed at the end of an accounting cycle? Multiple Choice Dividends Common stock Assets Liabilities
- Q A large furniture store has several sales clerks who ring up sales for customers and receive cash. At. the end of the day, the clerks tally their...
- Q The following book and fair values were available for Beech Company as of June 1 : Alder pays cash of $4,200,000 to acquire Beech. No...
- Q classic motorcycles, as well as other classic automobiles. could hire its own repair workers for $36.00 per hour, including leasing an adequate work area. What is the...
- Q For each of the following cases, indicate (a) to what rate columns, and (b) to what number of periods you would refer in looking up the interest...
- Q What are total current liabilities at December 31,2021? $70000 $87600 $119200 $17600
- Q The services provided by a bank help business control cash by restricting access and preparing bank reconciliations restricting access and providing documentation and independent verification restricting access, providing imprest...
- Q Multiple Select Questlon Select all that apply Describe the purpose of a purchase order by selecting the correct statement(s) below. A purchase order is a bill received...
- Q Accounting information users need reports about the economic activities and condition of businesses. True FalseAccounting information users need reports about the economic activities and condition of businesses. True FalseAccounting...
- Q In order for a service provider to use activity-based costing, they should classify costs by level.
- Q Marvin and Troy co-own a ski rental shop in Colorado for profit. This is an example of a partnership. sole proprietorship. quasi-public corporation. cooperative. C...
- Q One advantage of an S corporation is that the profits are taxed as each owner's personal income, thus avoiding the problem of double taxation. True False ...
- Q The Sarbanes-Oxley (SOX) Act aims to reduce fraud by (Select all that apply.) counteract incentives encouraging honesty in employees reducing opportunities increasing bonuses based on...
- Q Conrad, Incorporated recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold Work-in-Process Inventory,...
- Q Which of the following shields the personal assets of all the owner(s) from the liabilities of the business? General partnership. Sole proprietorship. Capital partnership. Limited liability company....
- Q AF Assume that two firms are both following generally accepted accounting principles. Both firms commenced operations two years ago with $1 million of identical fixed assets, and ...
- Q Objectivity requires that a CPA should Multiple Choice act in accordance with the best interests of one's employer. maintain a mental attitude of intellectual honesty and impartiality. maintain a...
- Q per unit. The manager would like to cut costs as much as possible and comes to you for advice. Relevant cost information includes: A) What is the...
- Q An appropriation of retained earnings by the board of directors of a corporation for bonded indebtedness will result in The establishment of a sinking fund to retire bonds when...
- Q Triad Children's Center (TCC), a non-profit organization, uses relevant cost analysis to determine whether new services are desirable. TCC is looking at adding a new educational program...
- Q Set up T-accounts for the accounts on the trial balance. Enter beginning balances and post the transactions from January 1-25. Then post the adjusting journal entries from...
- Q The cOSO Cube is used to illustrate the relationship between: A The five components of internal control, the three categories of objectives, and the 17 principles Categories...
- Q m#11 of 20 The difference between the balance sheets of a service company and a retail company is that the ret company's balance sheet includes a....
- Q Costs will not change in total within the relevant range of activity. True False
- Q Dropping a product line or business segment that is experiencing a loss will cause the overall profitabilityDropping a product line or a business segment that is experiencing a loss...
- Q Which of the following types of Regulations has the highest legal authority? A)Temporary B)Legislative C)Interpretive D)Procedural E)None of these ...
- Q Which of the following accounts usually has a debit balance? Sales Tax Payabie Accounts Payabie Inventory Sales
- Q Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The...
- Q Choose True or False to indicate whether the following statements are ways Vale could be defrauding Black of cash. Vale could be writing business checks to herself. Vale could...
- Q \table[[,Standard Quantity and Cost,Actual Results],[Direct materials,6 pounds @ $7 per pound,45,500 pounds @ $7.10 per pound],[Direct labor,3 DLH @ $16 per DLH,22,300 hours @ $16.40 per hour],[Overhead,3 DLH...
- Q Jourral entry worksheet (1) 2 3 4 5 6 7 Allied sold 1,000 of the units in inventory for $16 per unit (invoice total: $16,000 to Macy Company...
- Q Low-volume products often require more special handling than high-volume products. True False
- Q An understatement of ending inventory will cause Multiple Cholce An overstatement of assets and equity on the balance sheet. An understatement of assets and equity on the balance sheet....
- Q What is theoretically the most defensible method for allocating service division costs? The method is theoretically the most defensible method because it , irrespective of whether those divisions...
- Q President Company purchased merchandise from Captain Corporation on September 30,2024. Payment was made in the form of a noninterest-bearing note requiring President to make six...
- Q In January of current year, Wanda transferred machinery FMV $200,000 AB $30,000 to controlled corporation. Oriole, In a sec.351 transfer. Wanda deducted depreclation on the machinery...
- Q Underapplied or overapplied manufacturing overhead can be disposed of by closing it to Finished goods or allocating it to Work in process, Finished goods, and Raw materials Cost of...
- Q The following events took place during 2024: Additional supplies were purchased on account in the amount of $38,000. Services provided to other departments on account...
- Q Please answer the 6 questions provided.
- Q Tableau DA 5-1(Algo): Quick Study, Computing goods available for sale and assigning costs u specific identification LO P1[similar to PR 5-1A] ATV Co. began...
- Q Which of the following accounts normally has a credit balance? A. Land B. Advertising Expense C. Retained Earnings D. Inventory ...
- Q TB TF Qu.02-29(Static) The owner of a sole proprietorship... The owner of a sole proprietorship is personally liable for the debts of the business, whereas the stockholde...
- Q Tamarisk Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in...
- Q The cash basis of accounting is a system in which revenues are recorded when earned and expenses are recorded when incurred. True or False
- Q If 5000 units are produced the toal amount of manufacturing overhead cosg is closest to
- Q LLCs are pass-through entities for tax purposes; however, LLPs are taxed at the entity level without tax liability passing to partners other than their personal salary income...
- Q Wayman Corporation reports the following amounts in its December 31,2024, income statement. \table[[Sales revenue,$355,000,Income tax expense,$45,000
- Q The statements from the previous answers are all incorrect. Show all imagesShow all imagesShow all images done loading
- Q E4-2 Below are several statements about the Sarbanes-Oxley Act (SOX). SOX represents legislation passed in response to several accounting scandals in the early 2000s. The...
- Q This year Mary received a $485 refund of state income taxes that she deducted on her tax return last year. Mary included a total of $5,250 of state...
- Q Assume the following information from a schedule of cost of goods manufactured: Total manufacturing costs to account for Ending work in process inventory What is the cost of goods...
- Q When an auditor is auditing a client's inventory accounts, the primary focus is on the assertions of rights and obligations, existence and occurrence, disclosure completeness, existence, valuation and allocation,...
- Q James transfers property with a basis of $12,000 and a fair market value of $17,800 to Garfield Corporation in exchange for stock with a fair market...
- Q Question 7 (Inventory valuation: WAM) Squeezi Salad dressing CC manufactures and bottles salad dressing. They recorded the following transactions for the plastic bottles used to...
- Q A dog training business began on December 1. Use additions and subtractions to show the dollar effects of each transaction on individual items of the accounting equation....
- Q Which of the following is a filing status? Qualifying household. Qualifying child. Head of household. All of these answer choices are correct.
- Q Manufacturing overhead is overapplied when which of the following is true? Multiple Choice The company used the incorrect allocation base. When a company has applied more overhead to inventory...
- Q Qualified dividends received by individuals are taxed at either a 0 percent, a 15 percent, or a 20 percent preferential rate. True or False
- Q Which of the following statements are true? The deferral of gain on a qualified like-kind exchange is required, while the deferral of gain on a qualified involuntary conversion...
- Q On April 6, Year 1, Home Furnishings purchased $25,200 of merchandise from Una Imports, tems 2/10 n45. On April 8, Home returned $2,400 of the merchandise...
- Q prepare joyrnal entry to record payroll tax evoense in fringe benefits expense for webber packing co for the week
- Q On January 1, Wei Company begins the accounting period with a $34,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined...
- Q The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,060 purchase with cash. The goods cost...
- Q When evaluating an internal control deficiency as part of a financial statement audit, the primary difference between a significant deficiency and a material weakness depends on: Multiple Choice whether...
- Q The five main methods for budgeting are Percentage-of-Advertisements Budgeting, The Objective-and-Task Budgeting Method, Budgeting via the Competitive Parity Method, The Go-With-the-Flow, Budgeting via the Affordability Method...
- Q A static budget report is appropriate for only fixed manufacturing costs. only fixed selling and administrative expenses. variable selling and administrative expenses. both fixed manufacturing costs and fixed selling...
- Q Multiple Select Question Select all that apply Assuming purchase costs are rising, determine which of the statements below are correct regarding the cost of goods sold under FIFO, LIFO...
- Q Revenues and expenses are recognised in the same accounting period that cash receipts and payments occur under the: cash basis of accounting accrual basis of accounting adjusting method of...
- Q ABC Co. purchased 30% of the shares of xYZ Co. on January 1,2022, for $150,000. For the year ended December 31,2022,xYZ reported net income of $180,000...
- Q Current Attempt in Progress Communication of economic events is the part of the accounting process that involves preparing accounting reports. identifying economic events. recording and classifying information. quantifying transactions...
- Q Which of the following is least likely to be a factor in the auditor's decision about the extent of the documentation of a particular audit area? The risk of...
- Q Which one of the following items is a current hability? Multiple Choice An amount due from a customer within 90 days An invoice payable to a...
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