Accounting question and answers for January 22, 2024
- Q A)336 B)512 C)6 (D)56 How many ways can an IRS auditor select 4 of 10 tax returns for an audit?...
- Q Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information...
- Q Problem 3)8 Points (-2/error) ABC Company sells rolls for $15.50 per unit. To produce 8,250 rolls, the typical store uses 330 hours of direct...
- Q The auditor is determining that the correct selling price was used for billing and that the quantity of goods shipped was the same as the quantity billed. She or...
- Q The is a component of financial budgets. budgeted income statement direct materials budget cost of goods sold budget budgeted statement of cash flows
- Q A measure of a company's solvency is the current ratio. acid-test ratio. times interest earned. asset turnover ratio.
- Q Revenues and expenses are closed to: A. Retained Earnings. B. Cash. C. Net Income. D. Dividends.
- Q Current Attempt in Progress The manufacturing operations of Carla Vista, Inc. had the following inventory balances for the month of January: Carla Vista transferred $259,200 of completed goods...
- Q When the market value of inventory drops below the cost recorded in the financial records, applying the lower of cost or market or net realizable value (LCM or...
- 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 Question 15 Paid-in Capital represents: earnings retained for use in the business. the amount invested in the company by the stockholders. fair value of the...
- Q What is the net operating income for the month under variable costing? $15,200 $(6,600) $10,200 $5,000
- Q The Sarbanes-Oxley Act specifically gives the SEC the authority to intervene in any payments made by a company that may be the subject of an SEC investigation....
- Q Multiple Choice Question When performing a high-low analysis, the change in cost divided by the change in units estimates the cost per unit. total fixed variable ...
- Q Gains differ from revenues because gains: Multiple Choice are not a result of the entity's ongoing, central operations. do not have to be realized. are reported as income from...
- Q Transport Corporation is organized into four operating segments. The internal reporting system generated the following segment information: Required: Note: Use cells A2 to D9 from the given...
- Q 3.1 Accrual-Basis Accounting and Adjusting Entries Stefan Industries performs services but does not bill the customer or record these services until the end of the accounting period....
- Q If a company hires an auditor to check that the work done by others within the company is supported by documentation, it is doing so under principle? Multiple Choice...
- Q The surviving spouse filing status is available: for two years after the year of the spouse's death. in the year of the spouse's death. in the year of a...
- Q Requirement value, completeness, materiality, neutrality, or predictive value) for each of the following uses of accounting information. UseofAccountingInformationThisyear'sreportedearningspershareis$.50 Fundamental Characteristic Attribute a. below analysts'...
- Q When a leased asset is returned at the end of the lease term and the actual residual value is less than the initial estimated residual value, difference between estimate...
- Q Knowledge Check 01 Sellers allow customers to use credit cards for all of the following reasons: Note: You may select more than one answer. Single cllck the...
- Q Question 15 4 pts The proceeds from a life insurance policy are excluded from income UNLESS the policyholder sells the policy. is terminally ill. is...
- Q Saved Economic nexus: Multiple Choice May exist even though a firm has no physical presence in a state. Does not create taxing jurisdiction under the...
- Q In activity-based costing, unit product costs computed for external financial reports include: Multiple Choice direct materials and manufacturing overhead. direct labor and manufacturing overhead. direct materials, direct...
- Q How much is the standard deduction for taxpayers filing single? For married taxpayers filing jointly? (Select the best answer below.) A. The standard deduction...
- Q Which of the following is an example of a creditor? A government agency funded a grant written by a company and does not expect repayment. A bank loaned money...
- Q Section 3 Question 5 of 11. income for purposes of federal income tax? $912 $5,312 $24,000 ...
- Q The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined...
- Q All tax gains and losses are ultimately characterized as either ordinary or capital.
- Q Dividends per share During its first four years of operations, the following amounts were distributed as dividends: first year, $34,000; second year, $72,000; third year, $90,000; fourth...
- Q Alexa is auditing the accounts receivable department of a client. Alexa wants to check to see whether the client has sufficient controls in place compared to actual practice in...
- Q Which of the following methods are not used for inventory costing? (Select all that apply.) Simple-average FIFO LIFO Weighted-average Specific identification NIFO ...
- Q Sales less sales discounts, less sales returns and allowances equals: Multiple Choice Net purchases. Cost of goods sold. Net sales.
- Q Inspecting a newly purchased piece of equipment by the client is most relevant to which assertion? Completeness Valuation or Allocation Rights and obligations Existence Occurrence
- Q Manilow Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Manilow's Accounts Receivable account was $555,000 and...
- Q The essential elements of partnerships is Sharing of profits and losses Joint ownership of the business Equal right in the management of the business All of the answers listed...
- Q The term audit objective refers to all of the following except for A. transaction - related audit objectives. B. presentation and disclosure - related audit objectives....
- Q I need the Indirect method of the Satement of Cash Flows for this: Indigo Inc., a greeting card company that follows ASPE, had the following...
- Q Question 1 1 pts Why is it important to make adjustments to the Trial Balance for items such as depreciation, prepaid expenses, and accruals? ...
- Q Multiple Choice Question Which of the following is a disadvantage of the high-low method? Prone to inaccuracy Difficult to Total cost is not attainable
- Q ? Show all imagesShow all imagesShow all images done loading
- Q Harvey, a shareholder in Braxwell Technologies, reinvests 10% of the dividends received from the company back into it, partly to evade taxes and partly to support the company....
- Q Complete the following regarding the treatment of a business bad debt when the business also has long-term capital gains. The business bad debt is treated as ...
- Q Prepare a responsibility report for the Women's Shoe Division assuming (1) the data are for the month ended June 30,2027, and (2) all actual data equal...
- Q When making decision decisions manager should consider a cost B cost that do not differ between alternatives see only variable cost revenues and cost that differ between alternatives ...
- Q A certificate that authorizes an employer to withhold federal income taxes from each employee is called a q, a. Form W-2 b. Form 1040...
- 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 Last year, Jenesis Enterprises Limited reported revenues of $12,659,000, a gross profit of $4515477, EBIT of $2511173, and net income of $962,084. Compute Jenesis 's gross...
- Q Which of the following is not a characteristic of a liability? A. requires sacrifice of cash or other current asset in the current period B. probably...
- Q I need this answered please!
- Q Multiple Choice Question Using the high low method, estimated fixed costs are $100,000 and variable costs are $15 a unit. If 10,000 units are produced, the total estimated...
- Q At October 31, Whispering Winds Company made an accrued expense adjusting entry of $2,150 for salaries. Prepare the reversing entry on November 1, and indicate the...
- Q Vulcan Company's contribution format income statement for June is as follows: Management wants to improve profits and gathered the following data: a. The company is divided into two...
- Q Pharoah Corp. sells idle machinery to Carla Vista Company on July 1,2023, for \(\$ 93,000\). Pharoah agrees to repurchase this equipment from Carla Vista on June 30,2024, for...
- Q Determine the present value of the following single amounts. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV...
- Q Switching costs increase when customers are strongly linked to products and platforms. True False
- Q Blue-Sky External Auditors are working on the audit of Timber Company, a large company that specializes in wood and lumber products. During the course of the audit, it...
- Q Which of the following terms is applied to long-term assets that have no physical substance and provide rights and priviledges to businesses? Natural Resources Tangible Assest Intangible...
- Q TB TF Qu.01-16(Static) One purpose of generally accepted... One purpose of generally accepted accounting principles is to make accounting information prepared by different companies more comparable. ...
- Q What is (are) the term(s) used to describe the party who borrows money as evidenced by a note payable? Multiple Choice Payee Issuer and...
- Q Colby Company makes cases for cell phones of all sizes and types for sale through specialty retailers. The company makes a standard model for the most recent iPhone as...
- Q An error in ending inventory causes an error in the next period's: Multiple Choice Beginning inventory. Soles. Accounts poyable. Shipping costs. Accounts recelvable.
- Q Which of the following is an aggregation of all earnings recognized by the company since inception less amounts paid to shareholders via dividends or share buybacks?
- Q A report for a company's Assembly Department for the month of March follows: Required: Prepare a flexible budget performance report for the month of March. Complete this question by...
- Q E 19-2B (LO3) 4.clark: $35,500 ENTRIES FOR ALLOCATION OF NET INCOME John Clark and David Haase decided to form a partnership on July 1,20-6....
- Q Current Attempt in Progress The following are a series of unrelated situations. Answer the questions relating to each of the five independent situations as requested. Blossom Company's...
- Q Question 1 of 10. Myah has been appointed as personal representatre of Cole's estate. Which of the following is a responsibility of Myah's? Obtain a power of...
- Q The is a standard of conduct for all members of the AICPA. A. SEC Code of Conduct B. AICPA Code of Professional Conduct C....
- Q Multiple Choice opportunity cost. variable cost. product cost. period cost.
- Q Product code WSH500D08 is an example of group codes. sequence codes. mnemonic codes. block codesm
- Q Which of the following comes under the purview of the Public Company Accounting Oversight Board? Statements on Auditing Standards (SAS) Statements on Quality Control Standards (SQCS)...
- Q nine-year-old daughter, who is eligible to be claimed as her dependent. To determine her filing status, which question should the Tax Professional ask? What is your spouse's...
- Q Which of the following does NOT belong on the fraud triangle? Opportnity Rationalization Pressure Collusion
- Q The U.S. taik code distinguishes between a business and a hobby that earns or loses money. True Fatse
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