Accounting question and answers for January 22, 2024
- Q Operational auditing is oriented primarily towards: Multiple Choice the accuracy of data reflected in management's financial records. past protection provided by existing internal control. efficiency and future improvements to...
- Q Oehlers, CPA, is a staff auditor participating in the engagement of Capital Trust, Inc. Which of the following circumstances impairs Oehlers' independence? A. During the period of professional...
- Q Is the following statement correct when calculating the individual federal income tax formula? Taxpayers subtract Above Line Deductions from Gross Income to determine Adjusted Gross Income.
- Q The focus of an income statement is on Multiple Choice liabilities. cash. assets. profits.
- Q Miles Audio produces and sells car audio systems. They specialize in receivers and currently offer two models. The Growler is a high quality but affordable unit that the...
- Q Which of the following is not included in conversion costs? Multiple Choice Indirect Labor. Direct Labor. Factory Overhead. Factory equipment depreciation. Direct Materials.
- Q A Statement of Cash Flows would not report the effects of: Multiple Choice Cash dividends paid. A purchase and immediate retirement of common stock. Stock dividends declared and issued....
- Q When more than one different type of asset is acquired in one purchase transaction, the total purchase price is allocated among the assets in proportion to their fair values....
- Q How to solve A corporation may be a member of an LLC. True False
- Q In a standard cost system, the initial debit to an invemtory account is lbased onc: Multiple Choice standard cost rather than actual cost. actual cost rather than standard cost....
- Q Which of the following is an example of horizontal analysis? Multiple Choice Comparing the growth in sales with the growth in cost of goods sold. Comparing operating expenses with...
- Q On July 1,2025, Waterway C. pays $16,128 to Wildhorse Insurance Co. for a 3-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on...
- Q TipTop Filght School offers flying lessons at a small municipal alrport. The school's owner and manager attempted to evaluate performance and control costs using a varlance report...
- Q If Monson believes the accountant can issue an opinion about the achievability of the forecast, but later finds that such an opinion cannot be given, Monson is likely to...
- Q Manufacturing overhead is best described as A. Spoilage and other unproductive costs. B. Avoidable and discretionary factory costs. C. Indirect manufacturing costs. ...
- Q May 31 Powell paid the amount due from the May 1 purchase, minus the May 12 return. June 3 Powell sold merchandise for $495, with credit...
- Q ASC 740 applies a two-step process in determining if an uncertain tax benefit should be recognized. True or False
- Q June 1 Purchased, on credit, space for classified advertisements in the New York Times for $2,300. The advertising was run the day the space was purchased. ...
- Q Revenues earned in a period that are both unrecorded and not yet received in cash (or other assets) are referred to as accrued revenues. True or False...
- Q Variable costs consist of all the following, except. supplies. salary employees. hourly employees. medication. Question 11(1 point)
- Q Management: Operations/Production Management - Cost Control The menu priding method that multiplies raw food costs by a predetermined fraction is known as: A awrage theck is straight...
- Q Question 5 3.33 pts The accounting term depreciation measures: the amount of the assets cost allocated to expense over periods benefited by use of the...
- Q Discuss whether or not data analytics is a required skill set for every accounting graduate. Do you have plans to become a data analyst? If not, what skills or...
- Q Which of the following accounts is a temporary account? Multiple Choice Cash. Sto Interest payable. Accounts recelvable. Salarles expense. Accounts payable.
- Q On December 31,2024, Ivanhoe Inc. completed its fourth year of operations. Christina Georgiou is an aspiring CPA working part-time as a clerk in the company's accounting...
- Q The book value of an asset is equal to the blue book walue relied on by sectondary marketa. replacement cost of the astaet. asset's cost less acoumulated depreciation. asset's...
- Q TB MC Qu.06-47(Static) Kenneth lived in his home for the entire year... Kenneth lived in his home for the entire year except when he rented his...
- Q The gross estate less all allowable deductions plus adjusted taxable gifts is the
- Q Perez Glass Company makes stained glass lamps. Each lamp that it sells for $315.20 per lamp requires $17.70 of direct materials and $70.20 of direct labor....
- Q Search Google or type a URL Determining the intrinsic value of a stock based on forecasted financial performance and uncertainty would be an example of what type of...
- Q In 2023, the corporation's first year of operations, it incurs $20,000 of organization expenses. For book purposes, these expenses are deducted immediately. For tax purposes, the corporation...
- Q A customer who opens a margin account must provide a signed agreement which indicates that he's aware of the applicable rules: A Within 15 calendar days after the...
- Q Which of the following represents the factory overhead applied to a product a. predetermined factory overhead rate times actual activity base b. actual factory overhead rate...
- Q menufacturing overhead budget should be Muiliple Chotce $15.400 $58.460 $39360 $54760
- Q Larry and Paula are a married couple who file their federal income tax returns separately. They are both over 65 and still provide full support for a...
- Q When the periodic inventory system is used: Multiple Choice operating profit from the sale of an item from inventory is known when the item is sold. gross profit from...
- Q The cause and-effect relationship might arise as a result of which of the following: a physical relationship between the level of activity and costs. a contractual arrangement....
- Q A building was purchased for $75,000. Assuming annual depreciation of $5,000, the net book value (NBV) of the building two years later is $85,000. False...
- Q Brief Exercise 4-1(Static) Components of the COSO framework LO 4-1 Required: Which is not a component of the COSO framework? is not a component of the COSO...
- Q Brief Exercise 6-5(Static) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 470 remote-control airplanes for $110 each....
- Q What is the basic difference between fixed and variable costs/ Multiple Choice Fixed cost per unit and variable cost per unit remain the same as production decreases....
- Q The first step in activity-based costing is to assign overhead costs to products, using cost drivers. True False
- Q Question 8 Which of the following would have a normal balance of debit? Accumulated depreciation accounts Unearned revenue accounts Revenue accounts Expense accounts
- Q Equipment acquired on January 3,20Y1, at a cost of $427,500, has an estimated useful life of 17 years and an estimated residual value of $94,050. a....
- Q One way that underapplied or overapplied overhead can be reconciled at the end of reporting period is to adjust the differences directly to which account? Multiple Choice Direct Materials...
- Q decreases assets and stockholders' equity. increases assets and stockholders' equity. decreases assets and increases stockholders' equity. increases assets and decreases stockholders' equity.
- Q Which of the following most accurately describes fraud? A. knowledge and intent to deceive B. extreme or unusual negligence without the intent to deceive ...
- Q QUESTION 1 [13 MARKS] Magnolia Enterprises Limited (MEL), an engineering company, has commenced the preparation of its fixed production overhead cost budget for next...
- Q Which of the following are typical aspect ratios for monitors? Check All That Apply 16:9 4:3 3:4 24
- Q A corporation is popular because of its separate legal entity status ability to sell more products separation of owners and management possibility of unlimited liability Size
- Q Which of the following best defines Managerial Accounting? It is concerned with providing information to managers for planning, controlling operations, and decision-making within the organization. It primarily...
- Q Cost-volume-profit analysis is used primarily by management: as a planning tool for control purposes to prepare external financial statements to attain accurate financial results
- Q Margin of safety Margin of safety a. If Kirwan Company, with a break-even point at $352,000 of sales, has actual sales of $550,000, what is the margin...
- Q Assume that a company manufactures numerous component parts, one of which is called Part A. The company's absorption costing system indicates that it costs $23.00 to make one...
- Q Question 4 Cheryl Liao is an accountant at Folding Squid Technologies. While entering n adjusting entry to the company's ERP system, she received the following error message,...
- Q Because a cash-basis business does not report accrued or deferred revenues and expenses, the related will not report the business's trut income statement; profitability adjusted trial balance;...
- Q 1.) a.) If you were the cost accountant for Janus Motorcycles, what kinds of cost accounting issues would you be looking at? b.)...
- Q blossom medical manufactures hospital beds and other institutional furniture. the company's comparative balance sheet and income statement for 2019 and 2020 follows Question 7...
- Q Price Controls, Taxes Hwk Question Completed: 31 of 34 My score: 36.648 pts (76.25%) The portion of the Federal Insurance Contributions Act (FICA) tax...
- Q A cement manufacturer has supplied the following data: The company's contribution margin ratio is closest to: Multiple Choice 43.7% 63.0%
- Q Select all that apply A company with a high ratio of fixed costs: will be able to avoid some of the fixed costs when sales decrease by lowering production....
- Q A flexible budget: is based on the budgeted level of output is another name for management by exception provides favorable operating results is developed at the end of the...
- Q Raynor Company lost most of its inventory in a fire just before the company was to take it's year-end physical inventory. The company's records disclosed the following. ...
- Q Which one of the following primary assertions is satisfied when an auditor ensures that there are no unrecorded assets, liabilities, transactions, events, or undisclosed items in a firm's financial...
- Q Access Apple Inc.'s 10-K report for fiscal year ended September 25,2021, and locate the Footnote to Financial Statements on the topic of Revenue Recognition. When customers purchase...
- Q Question 12(4 points) When an accountant is not independent, the accountant is precluded from issuing a: Tax planning report. Compilation report. Review report. A Risk Analysis Report...
- Q If an accrual basis taxpayer prepays interest expense, the payment results in an unfavorable temporary book/tax difference. True or False
- Q Exercise 6-6A (Algo) Allocating costs for a basket purchase LO 6-1 Pitney Company purchased an office building, land, and furniture for $690,000 cash. The appraised value...
- Q In which of the following circumstances would a CPA be ethically bound to refrain from disclosing any confidential client information? A. The CPA is issued a summons enforceable...
- Q a. Sold merchandise for $870, with credit terms n60. The cost of the merchandise is $570.
- Q Question 28 If the individual subsidiary ledger accounts contained the following data: Cadence Company, Vendor, $200, credit balance Franklin Enterprises, Customer, $750, debit balance...
- Q \(\$ 12.25\) per unit of the component, based on the 110,000 components that Davey Enterprises currently produces. This current cost per unit is based on the following calculations:...
- Q Which of the following statements is false? Financial accounting information is important because it is sufficient to provide all the information for operational decistons commonly made by managers. The...
- Q During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and...
- Q In the accounting equation, if assets are $34,000 and liabilities are $29,000, then owner's equity is $63,000. True False
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!