Accounting question and answers for January 22, 2024
- Q When goods are sold, their costs are transferred from Work in Process to Finished Goods. True False
- Q Sunland Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,300 units. The utilities and maintenance costs...
- Q A component that is valuation-relevant, but is not expected to persist into the future is a: Multiple Choice permanent earnings component. transitory earnings component. noise component. quiet...
- Q An example of a liquidity ratio is Fixed asset turnover Acid test or quick ratio Net Worth Ratio Company Ratio
- Q On January 1,2020, Mcllroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $384,000. Stinson's book value on that date consisted of common...
- Q Which form of business is the easiest to establish? a. Entrepreneurship b. S corporation c. Partnership d. Corporation e. Sole...
- Q What is the effect of a write-off of a specific customer's account on net receivables on the balance sheet. The net receivable balance is reduced. The net...
- Q Skypress Company collected $11,200 in September of 2021 for 4 months of service which would take place from October of 2021 through January of 2022. The...
- Q Reported sales revenue for the year is $2,125,300. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax...
- Q A(n) is a legal entity, created by the state, whose assets and liabilities are separate from its owne Multiple Choice general partnership unlimited partnership corporation proprietorship strategic group ...
- Q Which of the following accounts are temporary? (select all that apply) Account payable Service revenue Prepaid expense Advertising expense Cash
- Q Question 2 of 5 01 On January 1,2020, Bridgeport Company purchased 10% bonds having a maturity value of $380,000, for $410,343.38. The bonds provide the bondholders...
- Q Estimated Returns Inventory is an asset account that represents the estimated costs of merchandise inventory sold this year, but expected to be returned next year. True False
- Q Which of the following does a budget include? Assets. Income only. Expenses only. Income and expenses.
- Q Assume the Howells' short-term capital loss carryover from prior years is $83,600 rather than $3,600 as indicated above. If this is the case, how much short-term and long-term...
- Q The asset turnover ratio and inventory turnover ratio are both efficiency ratio: Select one: True False
- Q Which subscription level of QBO lets you use Budgets? Plus and Advaligced All subscription levels EasyStart Essentials
- Q If the adjusting entry for depreciation is not made, assets will be understated. stockholders' equity will be understated. net income will be understated. expenses will be understated.
- Q How to solve Including income from continuing operations before tax, net income, comprehensive income, and eps
- Q Multiple Select Question Select all that apply A segment should probably be dropped when the segment has a positive segment margin but cannot cover any common fixed costs has...
- Q ANSWER Accounts Receivable increases with a credit entry. Accounts Receivable decreases with a debit entry. Cash increases with a debit entry. Cash decreases with a debit entry. Which is...
- Q Current Attempt in Progress Hardeep Rahman is an audit senior with a national audit firm. Hardeep has been on the audit engagement of a private company. Grey & ...
- Q ANSWER to ensure that total Income equals total Expenses to ensure that total Assets equal total Liabilities. to ensure that total Debits equal total Credits. Which is a trial...
- Q Tempo Company's fixed budget (based on sales of 12,000 units) follows. Compute total variable cost per unit. Compute total fixed costs. Prepare a flexible budget at...
- Q The Retained Earnings account normally Multiple Choice Has a debit balance. Increases stockholders' equity Is equal to the balance in the Cash account. Decreases stockholders' equity.
- Q A farm business's utility bill that is due in 30 days is a: current asset noncurrent asset current liability noncurrent liability
- Q Which of the following is a reason why relevant dates should be determined while framing a case? It defines the time to be taken to complete the engagement. ...
- Q Which of the following does a conflict of interest generally indicate? The objectivity of the forensic accountant is likely to be impaired. The outcome of the trial will be...
- Q The case states that the hair on the back of Jeremy's neck rose during a discussion with IC's Controller when he learned about the first of several red flags...
- Q The daily cash count of cash register receipts made by department supervisors is an example of establishment of responsibility. other controls. independent internal verification. segregation of duties.
- Q Baker Winery manufactures a fine wine in two departments, Fermenting and Bottling. In the Fermenting Department, grapes are aged in casks for a period of 30 days. In...
- Q components of Nevaeh's compensation? a. Social Security taxes and unemployment insurance taxes only b. salary, health insurance, and pension plan contribution only c. salary,...
- Q Cash flows from operating activities Net income (loss) including non-controlling interestsUsing Uber Technologies statement of cash flows provided, answer the following:-Prepare a summary analysis of the...
- Q Question 2 Which of the following would we credit to record the purchase of merchandise inventory on account if the company uses a perpetual inventory system? purchases...
- Q During 2027, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $13,440....
- Q Sold 70 units of inventory for $5 per unit (invoice total: $350) under credit terms 210,n60
- Q Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1.503 per unit and then sells them to retall customers for an average...
- Q Prepare journal entries for the following transactions. The discount terms are 2/10, net 30 Bad Debt Expense is 3% of credit sales Unit price...
- Q Contribution margin, break-even sales, cost-volume-profit chart, margin of safety, and operating leverage \table[[,\table[[Estimated],[Fixed Cost]],\table[[Estimated Variable Cost],[(per unit sold)]]],[Production costs:,-,],[Direct materials,-,$46
- Q Question 1 Marketing, selling, distribution, and administrative expenses: Select one: a. do not work well with activity based costing b. can be traced through...
- Q True or false: Without knowing the future, it is best to have a cost structure with high variable costs. True False
- Q Current Attempt in Progress Selected transactions for Pharoah Company are presented below in journal form (without explanations).
- Q A multi-step income statement is prepared by a service business. True False
- Q Restate the following income statement for a retailer in contribution format. Less operating costs: Per Unit
- Q Olongapo Sports Corporation distributes two premium golf balls-Flight Dynamic and Sure Shot. Monthly sales and the contribution margin ratios for the two products follow: Fixed expenses...
- Q Multiple Choice Question Munster Inc. issues $20 million in bonds and pledges its land holdings as collateral. Munster's bonds are: secured convertible unsecured
- Q From the seller's standpoint, an example of money that is owed to the seller from a legally enforceable claim for goods or services provided is: A receivable Cash Inventory...
- Q etermine whether each of the following is an internal control strength or weakness. Several salesclerks share the same cash drawer. Employees that handle easily transferable assets such as cash...
- Q Given non-current assets of $40,000, current assets of $12,000, current liabilities of $5,000 and a long-term loan of $10,000, owners' equity will be: $67,000 ...
- Q The Federal estate and gift taxes are not examples of progressive taxes. True False
- Q Question 4 The inherent risk for Griswold Company is low. The control risk for Griswold Company is low. Audit Risk needs to be low. Detection risk is...
- Q is the money a company earns from providing services or selling goods to cuitomers. Revenue Opportunity Gross margin Amortization Profit
- Q The payment of a liability Multiple Choice decreases assets and increases liabilities. decreases assets and shareholders' equity. increases assets and decreases liabilities. decreases assets and liabilities.
- Q In project evaluation, which of the following costs are excluded? Amortization expenses Opportunity cost Incremental fixed cost Loan interest expenses Sunk cost
- Q Question 21 of 40. Which taxpayer is required to check the "Yes" box on page 1 of the Form 1040 in response to the question about...
- Q Texas Inc. has 10,000 shares of 6%,$125 par cumulative preferred stock and 50,000 shares of $1 par common stock outstanding at December 31. What is the ...
- Q Harvested crops stored in a grain bin are a: current asset noncurrent asset current liability noncurrent liability
- Q Joseph has incurred substantial losses in his sole proprietorship as a travel agent. He recently filed for bankruptcy. As part of the bankruptcy process, $108,600 of...
- Q The Saint Lucla Blood Bank, a private charity partly supported by government grants, is located on the Caribbean Island of Saint Lucla. The blood bank Just finlshed...
- Q TB TF Qu.04-47(Static) A perpetual inventory system is... A perpetual inventory system is able to directly measure and monitor inventory shrinkage, and thus there is never a...
- Q i keep getting the wrong npv it should 109,084.94. can you help me figure what I did wrong.
- Q Which is an incorrect statement of a job-costing system? Orders are for large quantities. Orders are customized. Costs are assigned to each job or each batch. Average...
- Q What kind of account is Deferred Revenue? Multiple Choice Asset Liability Revenue Expense
- Q If $84,000 is deposited annually starting on January 1,2020 and earns 10%, how much will accumulate by December 31,2029?(Round factor values to 5 decimal places, eg.1.25124...
- Q Financing activities include: Multiple Choice Issuing common stock to stockholders. Paying salaries to company employees. The purchase of a warehouse. Selling goods or services to customers.
- Q Exercise 13-22(Algorithmic)(LO.4) Rafael and Lucy, married taxpayers, each contribute $3,500 to their respective 401(k) plans offered through their employers. The AGI reported on the...
- Q Which of the following is false in terms of guarantees? Multiple Choice Guarantees are not a type of contingency. Guarantees must be disclosed in the notes. Guarantees are an...
- Q WRequired information [The following information applies to the questions displayed below.] Raner, Harris and Chan is a consulting firm that specializes in information systems for medical and...
- Q Multiple Select Question Select all that apply A change in stockholders' equity is caused by purchasing a building for cash issuing stock paying dividends earnings
- Q Which of the following accounts are examples of revenues? Sales Accounts payable Fees earned Accounts receivable Service revenue
- Q A static budget is useful in controlling costs when cost behavior is fixed. variable. mixed. linear.
- Q When checks are received in the mail by a retail company, which of the following internal controls assures that the employees will not engage in undetected fraud? making duplicate...
- Q Which one of the following is an example of accounts receivable? Sales made to customers on credit Revenue earned but not yet recorded Payments received prior to providing the...
- Q Question 4 Barneys Oldyork Corp, a clothing retailer, reported the following quarterly financial information to Fidelity Fiduciary Bank in compliance with the terms of a...
- Q Net Income is defined as: A. The excess of credit balances over debits balances on the Trial Balance. B. The excess of Revenues over Expenses on...
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