Accounting question and answers for January 23, 2024
- Q Question 16(5 points) Which of the following pairs of variables directly determines the REVENUE in a business? fixed and variable costs price and quantity selling price and...
- Q Which of the following is true concerning goodwill? A Goodwill is recorded when the market value of a company exceeds the fair value of its identifiable net assets B...
- Q Which one of the following applies to the corporation but not to other business organizations? A Limited liability B Limited life C Lower organizing costs D Ease of organizing...
- Q Select all that apply Which of the following are monetary liabilities? (Select all that apply.) bond payable at 4% interest due in 20 years accounts...
- Q How many workers do the majority of small businesses employ? 1,000 or more 100 or fewer Only the owner
- Q The variable expense ratio is the ratio of variable expense to the contribution margin sales fixed expense net operating income
- Q At the beginning of the current period, Ayayai Corp. had balances in Accounts Receivable of $244,000 and in Allowance for Doubtful Accounts of $10,980. During the period, it...
- Q Pete Inc. purchased 80% of Paul Co, for $240,000 when Paul's book value was $300,000. Paul has 50,000 shares outstanding and currently has a book value...
- Q Registered charities in Canada are required to file an annual information return with the Canada Revenue Agency (CRA). True False
- Q Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Shown below are some of the costs incurred by Vignana for last year: Cost of...
- Q Additions and improvements to a plant asset that increase the asset's operating efficiency, productive capacity, or expected useful life are generally non-depreciable over time. debited to the...
- Q Rheah McFarlane BA 1216 Winter 2024 Excel Template Critical Thinking Case CP4-8(edited) Part 2
- Q Cost allocation is the practice of determining what a patient should be charged. Select one: True False
- Q Cash may not include: Multiple Choice Undeposited customer checks. Accounts receivable. Money orders. Foreign currency.
- 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 Current Attempt in Progress The trial balance of Cullumber Company at the end of its fiscal year, August 31,2025, includes these accounts: Beginning Inventory \(\$ 18,930\), Purchases...
- Q The two fundamental types of costing systems are A. periodic costing and perpetual costing B. periodic costing and process costing C. process costing and...
- Q Which of the following is not a characteristic of a bottom-up budget environment? Executive management creates the budget. At each higher level of management, the budget is...
- Q Taxable entities in the federal tax system include all of the following EXCEPT a. individuals. b. municipalities. c. non-profit organizations. d. trusts....
- Q Which of the following statements is correct concerning analytical procedures used in planning an audit engagement? Multiple Choice They typically use financial and nonfinancial data aggregated at a high...
- Q Required information The Foundational 15(Algo)[LO4-1, LO4-2, LO4-3, LO4-4, LO4-5] [The following information applies to the questions displayed below.] Diego Company manufactures one product...
- Q \table[[Date,Beginning Balance,Purchased,Sold],[June 1,Beg Balance 300 @ $10=$3000,,],[June 10,,,200 @ $24= $4800],[June 11,,800 @ $12= $9600,],[June 15,,,500 @ $25= $12,500],[\table[[June 20],[June 27]],,500 @ $13= $6500,300 @ $27= $8100],[June 27,,,],[,1600...
- Q Which of the following would not be recorded as a cash sale? Multiple Choice Customer who pays with a credit card Customer who pays with a check A customer...
- Q In the stockholders' equity section of the balance sheet, the classification of capital stock consists of common stock and preferred stock. common stock and treasury stock. common stock, preferred...
- Q Which services are highest in functional value? painting classes flower arranging wine tasting tax preparation
- Q Throughout your life, youir tax strategy: changes as you go through different life stages never changes only changes when you retire should stay the same
- Q The flexible-budget variance for revenues arises from the difference between the actual selling price and the budgeted selling price and the difference between budgeted sales volume...
- Q Identify the formula to calculate units started. a. Units Started = Total Units Completed + Units in Beginning Work-in Process (BWIP) b. Units Started = Total...
- Q Which of the following is not a factor that indicates a business enterprise that establishes a Variable Interest Entity should consolidate such Variable Interest Entity with its own financial...
- Q The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold...
- Q Which activity requires a taxpayer to invest effort in an ongoing activity to produce a profit? Passive activity Personal Trade or business Investment
- Q Current Attempt in Progress Which of the following ratios measures how effectively the company uses its assets? Coverage ratios Liquidity ratios Activity ratios Profitability ratios
- Q Which of the following about rationalization is NOT true? Rationalization is a form of self-justification. Rationalization is a way to lie to one's self. People who rationalize...
- Q typically require accounting information of a firm to evaluate its creditworthiness by analyzing the firm's financial statements. Creditors Employees Suppliers Managers
- Q The normal operating range for a business is called the: -Relevant range of operations. Contribution range. High-low point. Break-even point. Margin of safety....
- Q Which of the following actions can result in damage to systems and equipment that may result in a disruption of business activities and financial losses? Documenting policies and procedures...
- Q Cash transactions that have been recorded by the company but not the bank include: Multiple Choice Interest earned. Service fees. Deposits outstanding. NSF checks from customers.
- Q United States Motors Incorporated (USMI) manufactures automobiles and light trucks and distributes them for sale to consumers through franchised retail outlets. As part of the franchise...
- Q (a) Y Your answer is correct. Assume that Bramble Gems uses the specific identification cost flow method. (1) How could Bramble maximize its gross profit...
- Q Multiple Select Question Select all that apply Determine which of the items below would appear in the Deposits column of a bank statement and would cause an increase in...
- Q Which body of a corporation has the duty to appoint and to remove the corporation's officers? Multiple Choice The principals The shareholders The executive officers The board of directors...
- Q Management's emphasis on meeting projected profit goals most likely would significantly influence an entity's control environment when External policies established by parties outside the entity affect accounting policies. The...
- Q If an individual passes a rigorous examination established by the AICPA and meets a state's educational and experience requirements, they can be recognized as a(n) CPA FASB GAAP CMA...
- Q Fury Company invested $1,600 for 1 year at a stated rate of 12%. Interest is compounded semiannually. What interest rate is used for the computations? What is the...
- Q Which of the following is a progressive tax in the United States? sales tax estate tax value-added tax income tax
- Q asset tumever ratio. Round the answer to two (2) decimal places. A.119 times B.1.35 times C.15 times D.18 times ...
- Q Enabled: Exam # 2(Chapters ??,8) Saved Help Save The financial records for Manual Manufacturing are being held for ransomware by a group of hackers. The following...
- Q Harvey's Junk Jewelry started business January 1,2024, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year...
- Q Question 1(4 points) Which of the following statements is correct? Working papers prepared by the auditor solely for the engagement need to be returned to the client....
- 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 On May 1,2024, Jennifer Lobo has an unincorporated business called Lobo Enterprises with a December 31 year end. She purchased the licence to manufacture the boardgame and...
- Q During 2021, Barron Network, Inc., which designs network servers, earned revenues of $880 million. Expenses totaled $590 million. Barron collected all but $23 million...
- Q The accounting system used to assess the specific cost components of producing a product or service is known as q, economic value added. activity-based costing. economies of...
- Q The Health Insurance Portability and Accountability Act of 1996(HIPAA) protects employees who have pre-existing
- Q During Heaton Company's first two years of operations, it reported absorption costing net operating income as follows: Production and cost data for the first two years of operations are:...
- Q Both interest and principal amounts can be deducted from taxable income. True False
- Q Nower 1 Year 2 tament Mriyurec: Fix al wicehaslen
- Q Process costing works well whenever relatively homogeneous products: a. pass through a series of processes and receive similar amounts of manufacturing costs. b. pass through a...
- Q Solve A realized gain or loss may result in all of the fotlowing EXCEPT: Debt gain or loss Deferred gain or loss Recognized gain or loss Excluded gain...
- Q Greenham Corporation uses the weighted-average method in its process costing. The following data pertain to its Materials Preparation Department for November. Units in process, November...
- Q Sandhill Company uses a periodic inventory system and reports the following for the month of June. (a1) Calculate weighted-average unit cost. (Round answer to 3 decimal...
- Q A realized gain or loss may result in all of the fotlowing EXCEPT: Debt gain or loss Deferred gain or loss Recognized gain or loss Excluded gain or loss...
- Q In QBO, a Sales Receipt is used when a product is sold or a service is rendered on account. True False
- Q at the current year end ruiz compant found that its overhead was underapplied by $2500, and this amount was mot considered material Based on this information ruiz should:...
- Q Lewis Company has outstanding 25,000 shares of $42 par value common stock that was issued for an average of $24 per share. It also has $2,158,800 of retained...
- Q Speedy Auto Repairs uses job-order costing. Its direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics' hourly wages....
- Q Journal entry worksheet Record the materials used in production. Note: Enter debits before credits.During June, Briganti Corporation purchased $84,000 of raw materials on credit to add...
- Q Primary data are collected by some other entity for a different research purpose facts from credible third-party sources collected specifically for the research problem at hand internal...
- Q TB MC Qu.02-97(Static) A revenue transaction may result in all of... A revenue transaction may result in all of the following except:
- Q Excuses are never a part of repairing trust. True False
- Q Assume that a company pays a 5% sales commission. Also, assume the job cost sheet for Job x : It used 18 direct labor-hours and incurred...
- Q Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year...
- Q For publicly listed companies, the auditor also issues which of the following reports in addition to a report containing the auditor's opinion? A. a report on compliance with...
- Q Required: Complete the following bank reconciliation. (Use cells A2 to B14 from the given information above to complete this question. Amounts to be deducted should be indicated with...
- Q Which of the following would be a consideration in a make - or - buy decision? A. audit expenses B. excess capacity ...
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