Accounting question and answers for January 23, 2024
- Q Wages paid to a factory supervisor are treated as: a. a direct labor cost but not as a period cost. b. a period cost but not...
- Q Which of the following would not be reported as a current liability? Notes payable due within one year Accrued payroll Current maturities of long-term debt All of...
- Q 3.3 Adjusting Entries for Accruals Salaries and wages payments may be paid in the accounting period after the work is performed. The accrual of these amounts will...
- Q Which of the following would not be reported as a current liability? Accrued payroll Current maturities of long-term debt Notes payable due within one year All of...
- Q (1) What is a temporary account and which specific accounts or types of accounts are considered temporary? (2) Is "Owner's Capital" a temporary or permanent account?...
- Q Fillmore Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor- hours. The company based its predetermined overhead...
- Q A grocery store chain notices that shrink (theft and loss) is higher at one of its locations. After evaluating the risks, what would be an example of ...
- Q Which of the following items are considered alimony? payments made to a third party on behalf of the former spouse for the former spouse's dental expenses payments...
- Q the mationg minctits Question 10 The matching principle addresses the relationship between the journal and the balance sheet states that the revenues and related expenses...
- Q Excel Manufacturing has an activity-based costing system with three activity cost pools-Machining, Batch Setup, and Other. The company's overhead costs have already been allocated to the cost...
- Q Excerpts from Huckabee Company's December 31,2024 and 2023, financial statements are presented below: Huckabee's 2024 receivables turnover (rounded to 2 decimal places) is: Multiple...
- Q Obj. 2 Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations: a. Materials...
- Q Exercise 10-1(Algo) Direct Materials Variances [LO10-1] Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the...
- Q When a revenue is collected and recorded in advance, it is normally accounted for as a(n) revenue. prepaid unearned cash accrued
- Q The account represent(s) a short-term liability created by making purchase of goods or services "on account." Accounts Receivable Notes Payable Expenses Accounts Payable
- Q In a period of falling prices, the inventory costing method that will cause the company to have the highest cost of goods sold is: Multiple Choice Specific identification. FIFO....
- Q GAAP does not allow cash basis accounting to be used in external financial reports. True or False False
- Q The ledger of Whispering Winds Lake Lumber Supply on July 31,2025, includes the selected accounts below before adjusting entries have been prepared. An analysis of the company's...
- Q On January 1,2025, total assets for Wininger Technologies were $139,000; on December 31,2025, total assets were $158,000. On January 1,2025, total liabilities were $114,000; on December 31,2025, total...
- Q Strategizing so that you can pay less in taxes is - Deliberately misrepresenting income or expenses is and is illegal. tax avoidance tax dependency incitement tax...
- Q Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of...
- Q A responsibility center in which the department manager has responsibility for and authority over costs and revenues is called a(n) center. a. cost b....
- Q GARDEN WIZARDS ADJUSTED TRIAL BALANCE DECEMBER 31, CURRENT YEAR Debits Credits \table[[,$ 33,360,],[Cash.,5,160,],[Accounts recelvable....,10.440,],[Unexpired insurance. ...........,3840,],[Prepaid rent.,3,8401,680,],[Supplies,1.680,],[Tucks ....................,168.000,],[Accumulated depreciation: trucks ..,,$90,000
- Q Allocate Payments and Receipts to Fixed Asset Accounts a. Architect's and engineer's fees for plans and supervision b. Cost of filling and grading land ...
- Q A process cost system would be used for all of the following except the printing of wedding invitations. production of kayaks. manufacture of ramen noodles. refining of petroleum. ...
- Q What is "recourse" as it relates to selling receivables? a. The obligation of the seller of the receivables to pay the purchaser in case the debtor fails...
- Q What would differ between a statement of cash flows for a consolidated company and an unconsolidated company using the indirect method? Multiple Choice Loss on sale of equipment would...
- Q After preparing a bank reconciliation, a check outstanding for the payment of advertising would be recorded with a: Multiple Choice Credit to Advertising Expense. No entry is...
- Q Accounts receivable turnover is defined as Gross Profit/Sales. Debt/Long-Term Capital. Sales/Average Accounts Receivable. Net Income/Sales. Operating Profit/Sales.
- Q Question 1(2 points) Which form of business ownership requires owners to perform the most functions and possess diverse skills to make decisions? an S corporation ...
- Q The kiddie tax applies to children under the age of 19 and means that the child's earned and uneamed income is taxed at their parents' marginal tax...
- Q Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost. True False
- Q Which of the following terms is used to describe long-term assets that have no physical substance and provide rights, privileges and special opportunities to businesses? Multiple Choice...
- Q The managing partner at Sarah's Accounting Service typically hires one part-time intern to complete her clients' basic tax returns. Sarah expects her intern to complete 300 of these...
- Q i calculated 445,000 and when i input 445 it is showing as incorrect am i missing something?
- Q Direct costs are: a. easy traceable to a cost object. b. also referred to as opportunity costs. c. cannot be easily traceable to a...
- Q The price charged when one segment of a company provides goods or services to another segment of the same company is called a(n) A negotiated price B...
- Q Multiple Choice Question An unqualified audit opinion is issued when the auditor is not qualified to issue an opinion company being audited is unqualified to conduct reliable business operations...
- Q QUESTION 5- CASH BUDGET (35 marks) Moeketsi Molokomme (Pty) Ltd is a retail distributor of automotive parts in Gauteng. The Finance Director has prepared...
- Q Policies and procedures designed to reduce the opportunities for fraud are often called:
- Q 1-a: (6 points) using the facts from the Background and Part 1, compute (showing your work) the 202X estimated sleeping room revenues for ABCD using industry averages....
- Q FIFO Weighted Average Assumes costs flow in the order incurred Assumes costs flow can be specifically matched with the physical flow of items Assumes costs...
- Q Meenach Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor- hours. The company based its predetermined overhead...
- Q Multiple Choice Question Review the following credit terms and identify the one that states that the buyer will recerve payment is expected within 45 days of the invoice...
- Q What account tracks the inflow of net assets that occurs when a business provides goods or services to its customers? Gains Revenues Gross profit Net income
- Q Required information [The following information applies to the questions displayed below.] Iguana, Incorporated, manufactures bamboo picture frames that sell for $25 each. Each frame requires 4...
- Q For the self-employed, should be made to avoid penalties or interest. estimated payments itemized statements payment to loans taxes on income earned
- Q What would be evaluated in the feasibility study prepared prior to the izsuance of revenice bonds? A Enabling legislation B Tax statutes Bond trust indenture Expected operating costs of...
- Q Neutrality is an ingredient of which fundamental quality of information? Understandability Faithful representation Relevanc Comparability
- Q Non-resident firms selling tangible goods to in-state residents can use P.L.86-272 to avoid having income tax nexus in a state. True or False
- Q A business function is a high-level business area or department that performs business processes to achieve company goals. profit. accounting goals. revenue. Question 11 ...
- Q On October 1,2002 Mandeep purchased an annuity for $50,000. On the date of his 65th birthday-October 1,2020-the annuity began making payments of $1,000 per...
- Q Classic Windows Classic Windows is a small company that builds specialty wooden windows for local builders. For the year 2022, Lori Newman prepared the following profitability statement...
- Q Internal control is enhanced by separating the control of a transaction from the record-keeping function. True False All work saved.
- Q Below are two independent problems related to bad debt estimates. 1. An unadjusted trial balance for Highperformance Co. shows the following balances at December 31: ...
- Q Multiple Choice Preferred stockholders are paid their dividends before any dividends are paid to common stockholders. Preferred shareholders are guaranteed dividends. Dividends are paid quarterly. Common stockholders receive dividends...
- Q Audit committees of public companies consist of Multiple Choice Directors who are responsible for establishing and maintaining effective internal control. Independent directors. Members assigned from within the company to...
- Q Scenario: Alan establishes a Family Limited Partnership (FLP), transferring $12,000,000 in real estate for a 1% general partnership interest, while his children receive 1% each as limited partners....
- Q A company that uses the perpetual inventory system sold goods to a customer on account on May 7 for $77. The company has the following inventory information: ...
- Q Moving to another question will save this response. Question 6 With the acquisition of Elsa State Bank, Rio Bank now has approximately $450 million in total...
- Q For the purpose of the generation-skipping transfer tax, which of the following current-year transfers was made to a skip person? Gigi (35) transferred $50,000 to her...
- Q Question 1(2 points) This is used to itemize assets and liabilities, and determine net worth. Personal Financial Statement Statement of Cash Flows Income Statement Net Worth Predictor...
- Q Problem Solving Questions Flint Hills, Inc. has prepared a year-end 2021 trial balance. Certain accounts in the trial balance do not reflect all activities that have occurred....
- Q The starting point for the rate reconciliation is the amount of income tax expense that would result from applying the domestic federal statutory tax rate to the book equivalent...
- Q Chang Company provided the following data for this year: The company uses a predetermined overhead rate of $26 per machine-hour to apply overhead cost to jobs. A...
- Q Currently, the unit selling price of a product is $675, the unit variable cost is $450, and the total fixed costs are $405,000. A proposal is being evaluated...
- Q Only natural children, adopted children, and stepchildren can be a qualified dependent for tax purposes. 03:22:08 True or False
- Q Mason Company provided the following data for this year:Sales$ 656,000Direct labor cost$ 83,000Raw material purchases$ 139,000Selling expenses$ 110,000Administrative expenses$ 49,000Manufacturing overhead applied to work in process$ 229,000Actual manufacturing...
- Q A process manufacturer reports the following: \table[[,Conversion],[,Units P,Percent Complete],[Beginning work in process inventory,150,000,-80%
- Q Chart of Accounts Journal Journalize the December 31 adjusting entry required if the amount of unearned fees at the end of the year is $12,025. Refer to the...
- Q Question 11 Using accrual accounting, revenue is recorded and reported only When cash is received at the time services are rendered if cash is received after the...
- Q Required: Prepare an income statement for the year ended December 31,2024. Prepare the statement of stockholders equity for the year ended December 31,2024, note that during...
- Q Automated Reminder Notices for Balances Due Question 9 of 100.2024. Jan is eligible for automatic abatement of which of the following related to her 2021 tax (assuming they...
- Q investment. a. If Betty collects $3,000 in 2024, her gross income is $630(0.03$21,000). b. If Betty lives to collect more than 96 payments, all of the...
- Q Ty is a rising star at Texas State Country \& Western Shores. He is the controller of the company. His wife Rosie is the lead auditor of...
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