Accounting question and answers for January 22, 2024
- Q What is the future value of your investment? (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your...
- Q Which of the following is not an adjustment to reconcile net income to cash from operating activities? Multiple Choice Accrued liability change (increase or decrease) Amortization of...
- Q Alfaton's net pension liability (the amount to be reported on the accrual-based balance sheets) refers to the difference between the benefit plan's net position and the total...
- Q What is the tax treatment for a residence with minimal rental use (rented for less than 1.5 days per year)? Rental income must be included...
- Q Arizona Corporation has two classes of stock: common, $2 par value; and preferred, $10 par value. Requirements Journalize Arizona Corporation's issuance of 2,000 shares of common...
- Q Which of the following is not a typical example of a prepaid expense? Supplies Insurance Wages Rent
- Q Book/tax differences can be Indefinite or Temporary Complete or Partial Permanent or Temporary Permanent or Interim
- Q Within the relevant range, which of the following costs remains the same irrespective of the changes in production? A. total variable costs B. total mixed costs...
- Q The company is considering replacing its traditional costing system with an activity-based costing system that would assign its manufacturing overhead to the following four activity cost...
- Q According to some U.S. companies what gives foreign firms a competitive advantage in the capital market? The Sarbanes-Oxley Act which requires more stringent internal controls on...
- Q If an employer fails to file payroll tax reports, the firm will be penalized at a rate of per month. Multiple Choice 15% 2% 10% 5%
- Q Abina Mensah owns and operates Country Candies. Mensah specializes in making rich, creamy toffees that she packages in attractive gift boxes and sells through the mail. What would be...
- Q Question 5 The "tone at the top" refers to which component of the COSO framey ik? Monitoring Activities Information and Communication Control Environment None of...
- Q The purpose of cost accounting is to provide management with cost information. True False
- Q Trade or business expenses are treated as: Muttiple Choice Deductible only if the activity had substantial income. An itemized deduction if not relmbursed. Deductible as itemized deductions subject...
- Q P Corporation acquired 80% of S Corporation on January 1,2017, for $240,000 cash when Ss stockholders equity consisted of $100,000 of Common Stock and $30,000 of Retained Earnings....
- Q Which of the following is an accurate statement regarding a statement of cash flows? Multiple Choice Only cash items that affect the income statement are included. Only material cash...
- Q According to SEC rules, which of the following records is NOT required to be maintained for each customer? A The customer's telephone number B The customer's educational background The...
- Q Current Attempt in Progress Bridgeport Corporation, which uses a perpetual inventory system, purchased $2040 of merchandise on July 5 on account. Credit terms were 210,n30. It...
- Q Exercise 6-17(Algo) Present value calculations Appendix LO 6-10 Using a present value table (Table 6-4 and Table 6-5), calculate the present value for the following: ...
- Q To make informed decisions on investing, the most reliable information comes from which of the following? Select all that apply. local news economic indicators blogs market indexes company performance...
- Q Required information Bill's Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting so he hired a friend to "keep the...
- Q What is the default legal structure of a self-employed individual? Corporation. Employer. Partnership. Sole proprietorship.
- Q Manufactures homogenous products through a series of uniform steps Multiple Work-in-Process Inventory accounts Costs transferred at end of period h. Manufactures batches of unique products or...
- Q Multiple Choice represent obligations to repay debts. may increase when assets increase. are found on the claims side of the accounting equation. All of the answers are characteristics of...
- Q The most common way in which to transfer ownership interests in property is through: a will a deed tenancies in common a devise casements appurtenant
- Q What is the first stage of any audit? Risk response Client acceptance or a continuance decision Reporting Risk assessment
- Q CanCo Company manufactures a single product. The company keeps careful records of manufacturing activities, from which the following information has been extracted: The company's manufacturing overhead cost consists of...
- Q Under absorption costing, the more units added to ending Finished Goods Inventory, the less fixed manufacturing overhead is "'hidden" in ending Finished Goods Inventory at the end of...
- Q A company borrows $400,000 by issuing an 8% installment note, payable in annual installments over 15 years. Approximately how much is each annual installment? Multiple Choice ...
- Q Question 9 Jolene is warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates documentation procedures...
- Q Micah is the sole shareholder of Trident Corporation. He formed the corporation ten years ago when he transferred a building to the corporation in a section 351 ...
- Q Which of the following statements is false? Multiple Choice Prepaid insurance is a liability reported on the balance sheet. Prepaid insurance represents a future economic benefit. Prepaid insurance is...
- Q Bonita Industries produces flash drives for computers, which it sells for $25 each. Each flash drive costs $5 of variable costs to make. During April, 1000...
- Q QuickBooks considers all of the following to be vendors except: Multiple Choice Tax agencies such as the IRS Utility companies Customers purchasing products Suppliers of inventory and supplies ...
- Q The process by which companies produce their financial statements for a specific time is called the
- Q Please answer all of the questions and do not include any pictures it must all be in text. Please answer them correctly and carefully as I see this...
- Q Which of the following requires an adjustment to the cash book balance on a bank reconciliation? A. Outstanding checks (bank side B. Bank error (bank side)...
- Q Question: 5-74 Employer-paid premiums for accidental death and dismemberment coverage are non-cash taxable benefits in:All provinces and territoriesManitoba onlyQubec onlyOntario only ...
- Q June 30. A cash dividend of $2,193 was electronically transferred to the stockholders of Byte. which accounts are affected?
- Q In addition to focusing on controls, COBIT 2019 expands its scope by incorporating which of the following broad perspectives? Multiple Choice
- Q Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company's products, a football helmet for the North American market, requires a special plastic. During the quarter...
- Q Prepare a worksheet to determine the amounts that should appear on Holland's December 31,2024, consolidated financial statements. Note: For accounts where multiple consolidation entries are...
- Q Sports Unlimited reports net income of $240,000, sales revenue of $24 million, and average assets of $3 million. The profit margin is: Multiple Choice 1%....
- Q View Policies Current Attempt in Progress Which of these is not a major advantage of a corporation? Government regulations Transferable ownership rights Continuous life Separate legal existence
- Q A cement manufacturer has supplied the following data: What is the company's unit contribution margin? Note: Round your intermediate calculations to 2 decimal places. Multiple Choice ...
- Q What is the term for the stated and lived values of a company? Multiple Choice corporate values
- Q DeMark Industries is a conventional corporation with 487 stockholders. A number of the stockholders are citizens of Canada and Mexico, though most are citizens of the United...
- Q Which of the following would be considered as expense pass throughs in a lease? Multiple Choice Landscaping fees Electricity Security costs Property taxes
- Q Factory overhead is applied to production using a predetermined overhead rat True False
- Q The carrying value of a long-lived asset is referred to as its: Multiple Choice residual value. book value. market value. sales value.
- Q What does a debit balance of R10000 in the current account of a partner in a business mean? A. The partner owes the business...
- Q Shi Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only \(\$ 26,600\) in free cash. The following debts, totaling...
- Q When a company capitalizes a cost, its increase. Multiple Choice assets liabilities expenses revenues
- Q The only difference between a job order costing system and a process costing system is that work in process is accounted for by individual job in a job order...
- Q Critical lessons learned after analyzing major criminal cases against auditors include the fact that A. accounting principles can be relied on exclusively in deciding if the financial statements...
- Q Jill tells Ken, who has no knowledge of literary comedy, that she will tutor him in the subject for $50. As an offer, this is effective. not...
- Q Issuing a notes payable for cash immediately results in a(n): Multiple Choice increase in assets and an increase in liabilities. decrease in assets and an increase in...
- Q If factory overhead applied exceeds the actual costs, overhead is said to be unwi.applied. True Fatse
- Q TB MC Qu.02-40(Static) The valuation of assets in the... The valuation of assets in the balance sheet is based primarily upon:
- Q Is there a clear causal link between John's Auto Repair's actions and Sarah's injuries?
- Q If auditors conclude the company did not maintain effective ICFR over the period under audit, it would mean the auditors discovered a/an in the client's ICFR. ...
- Q Toledo District Manufacturing specializes in the production of dark chocolate bars. The company current produces 7,500 chocolate bars per month even though it has the capacity to produce...
- Q What is the difference in gross margin at Hooper's Outdoor Adventure from 2016 to 2017? Multiple Choice $87,000 $92,000 $75,000 ...
- Q Barry Minkow served the full prison sentence for his crimes related to ZZZ Best True False
- Q Supplies should be and Supplies Expense should be for the cost of supplies used up during the period. decreased; decreased increased; increased decreased; increased increased; decreased
- Q A voluntary transfer of amounts from Retained Earnings to inform users of special activities that require funds are called: special activity retained earnings restricted retained earnings prior period adjustments...
- Q Accruing a liability always involves Multiple Choice increasing; increasing increasing; decreasing decreasing; increasing decreasing; decreasing
- Q A more comparable measure of profitability than income is return on assets, which equals net income divided by average total assets. True or False
- Q Mosley Company's accounting records disclosed the following. Required: a. Use the conventional (average cost) retail method to determine the cost and retail of the ending inventory. ...
- Q Which of the following properly describes the auditor's responsibilities as opposed to management's responsibilities? Management is responsible for the entity's financial statements and the auditor is responsible for the...
- Q Question 10 Sasha, Kendall, Adam, and Julio are licensed producers in Michigan. The Director would NOT be able to suspend or revoke which producer's license for engaging...
- Q Required information [The following information applies to the questions displayed below.] The general ledger of Zips Storage at January 1,2024, includes the following account balances: ...
- Q Choose an example of unstructured data from the list below. Sales order transaction Employee record Credit card payment Social media post
- Q If $1,044,000 of 6% bonds are issued at 10234, the amount of cash received from the sale is a. $1,044,000 b. $783,000 ...
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!