Accounting question and answers for January 23, 2024
- Q QBO uses the "Payments to deposit" Account to record cash receipts from customers prior to recording the "Bank Deposit." True False
- Q Home Office, Inc., an accrual basis taxpayer, leases a copying machine to a new customer on December 27, Year 1. The machine was to rent for $1000 per...
- Q Rita Jekyll operates a sales booth in computer software trade shows, selling an accounting software package, Abacus. She purchases the package from a software company for $165 each....
- Q Steps for M1 Supply Company purchased merchandise with an invoice price of $2500 and credit terms of 212,n30. Assuming a 360-day year, what is...
- Q The target cost is determined by taking the a. expected selling price and subtracting the desired profit b. expected selling price and subtracting the budgeted standard...
- Q Question 77 of 8s. All of the following are deductible reital experses, ExCept: Clearing of oummon areas. Real estate laves. Repaing, but not replacing s rodt The...
- Q Which one of the following items would never appear on a cash budget? Inventory payments Salary payments Depreciation payments Borrowing repayments
- Q Select all that apply Not recording an adjusting entry for accrued revenue will result in: accounts receivable being overstated. accounts receivable being understated revenue being understated revenue being overstated...
- Q If a credit was made to the fund balance in the process of recording a budget for a governmental unit, it can be assumed that: estimated expenses exceed actual...
- Q Revenues of governmental fund types should be recognized when: Multiple Choice measurable and available. taxes become delinquent. collected in cash. authorized by the budget ordinance.
- Q During a recent fiscal year, Creek Company reported income of $121,000 $360,000. Total variable costs must have been: Multiple Choice
- Q A company held some land for speculation for $1000,000. They included this amount in PPE. (Single choice) PPE is overstated PPE is understated Investments is...
- Q Which of the following statements is false? Multiple Choice Only items specifically identified in GASB standards may be reported as deferred inflows or deferred outflows. Deferred Inflows of Resources...
- Q The opportunity cost of making a comporyem part in a factory with no excess capacify is the: (CMA adapted) Multiple Choice variable manufacturing cost of the component....
- Q Watunga County Bank agrees to lend Bonita Granite Company $609000 on January 1. Bonita Granite Company signs a $609000,8%, 9-month note. What entry will Bonita Granite...
- Q John, a single taxpayer, is self-employed as a CPA in a 3-person firm in which he materially participates; each partner owns 13 of the firm and is allocated...
- Q What would be evaluated in the feasibility study prepared prior to the iss tance of revencibohe? AEnabling legislation B Tax statutes Bond trust indenture Expected operating costs...
- Q The moving expense deduction has been eliminated for all taxpayers. True False
- Q $1,000, a Condo worth $120,000 and stamp collection of $1,000. She also has mortgage on condo for $97,500 of which $3,200 is payable during the current year. ...
- Q Multiple Select Questlon Select all that apply Determine which of the items below would appear in the Deposits column of a bank statement and would cause an incregse in...
- Q Question 5 of 11. higher than his allowance, how much income must Rabbi Shlomo include as gross income for purposes of calculating his federal income tax? ...
- Q CompZ Inc, is in a big city so parking is limited. Salaried employees are reimbursed for parking. Everyone in the Accounting department is paid by salary. Based...
- Q You have been assigned to compute the income tax provision for Herky Corporation. The company's income statement for 2024 is as follows: Herky Corporation Income Statement ...
- Q A partnership is agreement between Two or more persons to carry on, as co-owners, a business for profit Two or more shareholders in a corporation Two or...
- Q The formula for the costs of goods sold is purchase price + freight charges + taxes purchase price + freight charges + storage costs ...
- Q Exercise 18-10(Algo) Income reporting and break-even analysis LO P2 Sunn Company manufactures a single product that sells for $220 per unit and whose variable costs are...
- Q Which of the following is not a requirement of the Sarbanes-Oxley Act? a. Internal audit outsourcing can no longer be provided by a publicly-traded corporation's external...
- Q Under IFRS, current assets are listed in: the descending order of their balances. the ascending order of their balances. the reverse order of liquidity. the order of liquidity. ...
- Q Comprehensive Compute the answers to each of the following independent situations. is $100,000. How many units of spray mouthwash would Orlando Ray sell at the break-even point? ...
- Q Miller Company's contribution format income statement for the most recent month is shown below: Required: (Consider each of the four requirements independently): Assume the sales volume...
- Q Which balance sheet accounts are included in the payroll and personnel cycle? A. cash in bank, accrued payroll, trade accounts receivable B. salaries and commissions, cash...
- Q Required information Comprehensive Problem 20-81(LO 20-1, LO 20-2, LO 20-3, LO 20-4, LO 20-5, LO 20-6)(Algo) [The following information applies to the questions displayed below] ...
- Q The salaries of employees who spend all their time working in one department are:
- Q a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assume the following costing...
- Q Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building...
- Q Sales and Production Budgets Archer Company produces two products: the custom and the basic. The custom sells for $30, and the basic sells for $8. Projected...
- Q Question 2 4 pts Which is an example of tax evasion? Cindy has her child on December 31st to claim the child tax credit...
- Q One purpose of a trial balance is to prove that debits and credits are equal in the general ledger. True False
- Q Therese is an independent auditor who was hired to write an auditor's report for the shareholders of an entertainment-focused holding company. During her review, she found major...
- Q High-income households who have sufficient adjustments, deductions, and credits to reduce their income tax liability to a lower level may have to forfeit some legitimate deductions and...
- Q A company has an employee who records transactions and another employee who authorizes payments. Which risk is the company minimizing by segregating these duties? Risk of technical failure Risk...
- Q Question 11 Match the correct budget type to their unique focus. Object classification or line item budget [Choose] [ Choose ] Program and...
- Q Organizations that manufacture products such as light bulbs for lamps or chargers for electrical vehicles are called Multiple Choice moderators lead users complementors incubators
- Q The acquisition cycle begins with which of the following? a. A payment. b. A receiving report. c. A purchase order. d. A...
- Q Which of the following statements is correct regarding sales and costs presented in breakeven charts? A. Sales only equal total costs at the breakeven point. ...
- Q Grouper Construction Company began work on a $402,000 construction contract in 2020. During 2020, Grouper incurred costs of $297,000, billed its customer for $205,500, and collected...
- Q Select all that apply correct statements betien. Terma FOB shipping point mears The buper accepts ownership whien the gonds depart the vellerts place of busheas Terms FOB destination...
- Q Because support department costs are directly related to production, they are applied to product costs as a part of direct labor. True False
- Q Question 1 When a company delivers goods or provides the services before receiving payments, this results in what type of adjustment? Prepaid expenses Accrued revenues
- Q The normal balance of a liability account is a debit. True False
- Q The concept of interperiod equity refers to whether Multiple Choice Revenues equaled or exceeded expenses for the year. Total astets (curent and noncurent) were sufficient to ...
- Q Current Attempt in Progress Your friend Isobel tells you she is interviewing for an accounting job at the local university. When you remind her that she should learn...
- Q Raul is working through tutorials and tips to learn to use the accounting program at his new company. What type of documentation is he using? System Program Operator User...
- Q To help ensure that low-income taxpayers are NOT required to pay the alternative minimum tax, AMTI is reduced by a(n) amount to determine the alternative minimum tax...
- Q Question 5 What is the trial balance that is prepared after the adjusting entries have been journalized and posted? Postclosing trial balance
- Q If a gain of $6,708 is realized in selling (for cash) office equipment having a book value of $59,543, the total amount reported in the investing activities...
- Q a volume based cost system is likely to assign more manufacturing overhead costs to products: A volume-based cost system is likely to assign more manufacturing overhead costs...
- Q Which of the following is the formula to calculate prime cost? a. Prime Cost = Direct Labor + Manufacturing Overhead b. Prime Cost = Direct Materials...
- Q View Policies Current Attempt in Progress Which one of the following would not be classified as manufacturing overhead? Indirect labor Direct materials Insurance on factory building Indirect materials ...
- Q Financial accounting standards are known collectively as GAAP. What does that acronym stand for? Muhtiple Choice Generally Authorized Auditing Principles Govemmentally Approved Accounting Practices Generally Accepred Accounting Principles Generally...
- Q Current Attempt in Progress Which of the following variances would not be investigated by a manager following the management by exception principle? A 10% unfavorable variance in payroll...
- Q The relationship among assets, liabilities, and owners' equity is a fundamental concept in accounting known as the equation. income profit accounting equity
- Q A taxpayer who claims the standard deduction will not be able to claim an office in the home deduetion. True False
- Q Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107-were worked on during November and December. Job 105 was...
- Q Knowledge Check Which statement is correct? An activity index is a driver. Cost behavior analysis begins with determining a company's profit. Cost behavior analysis is the study of how...
- Q Amanda has been married to Javier for 45 years. Javier is a Puerto Rican citizen. Amanda would like to make an inter vivos transfer to Jadier. What...
- Q Which of the following is the current status of the exemption deduction? a. It has been suspended through 2025. b. It is the same as it...
- Q On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory...
- Q Rico Musgrove is an 18 year-old worker in the receiving department of Trynix, Incorporated in Alabama. Rico received $170.00 gross pay for 40 hours of work on the...
- Q Methods that can be used to estimate progress toward completion are referred to as (Enter one word per blank.) based and based mlon ...
- Q is the risk that is common to all assets of a certain type, while than to the market as a whole. is the risk that pertains to a particular...
- Q Nonuniform Inputs Dulce Company produces 70 percent dark chocolate truffles. Conversion costs are added uniformly. For the first week in March, EWIP is 30 percent complete with...
- Q A company's senior management has determined that the actual full cost will be used to determine the transfer price for goods sold from one division to another division. The...
- Q Required information [The following information applies to the questions displayed below.] On September 30 of last year, Rex received some investment land from Holly as a...
- Q The financial statements required under IFRS include: a. the balance sheet, income statement, statement of shareholders' equity, and statement of changes in cash. b. the balance...
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