Accounting question and answers for January 23, 2024
- Q Which of the following account titles is normally used in a periodic inventory system? Multiple Choice Transportation-in. Purchases. Purchase Returns and Allowances. All of these answer choices...
- Q A refundable tax credit is one that: may result in both the federal government giving money back in excess of taxes paid and a negative effective tax rate. may...
- Q iments QUESTION 5 Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following...
- Q Which of the following is not a basic function of accounting? To summarize and communicate financial information to decision makers. To process transactions through the accounting cycle. To interpret...
- Q Knowledge Check Which of the following is part of the income measurement process for a merchandising company? Gross profit less operating expenses equals net income or loss. Sales revenue...
- Q What is the impact of inaccurate inventory numbers? When undercounting, the F&B costs are too high, then if puts pressure on the staff There is not too much impact...
- Q enses equal $200,000, and fixed expenses equal $80,000, then the degree of operating leverage is:
- Q A qualifying relative must meet which of the following tests? a. Relationship, gross income, and exemption tests b. Gross income, exemption, and residency tests ...
- Q When does a company account for revenue if it uses cash basis accounting? B. before services are performed C. when the services are being performed ...
- Q Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Parker Plastic had the following actual...
- Q A company reports the following information: Month Units Sold Total Cost Using the high-low method, the estimated variable cost per unit is: $5.80. ...
- Q If a company estimates its bad debt expense on the basis of a receivables aging, the balance in the Allowance for Doubtful Accounts account will not affect the...
- Q Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you're unsure about whether you're a monthly schedule depositor or a...
- Q Agency relationships are formed To permit the principal to conduct multiple business operations simultaneously. Whenever tow people do something together To permit the agent to do whatever he likes...
- Q The Rogers Corporation has a gross profit of $880,000 and $360,000in amortization expense. The Evans Corporation has $880,000 in gross profit, with $60,000in amortization expense. Selling...
- Q If new bonds are issued from a parent to its subsidiary, which of the following statements is false? Multiple Choice Interest expense needs to be eliminated on the consolidated...
- Q Solomon Manufacturing Company makes a product that sells for $75.80 per unit. Manufacturing costs for the product amount to $25.90 per unit variable, and $77,700 ...
- Q All of the following actions would strengthen internal control over a petty cash fund except cancellation of paid vouchers. submission of supporting documents. multiple petty cash custodians. surprise counts...
- Q Required information [The following information applies to the questions displayed below.] Whitney received $75,000 of taxable income in 2024. All of the income was salary from...
- Q Sanders Company is planning to finance an expansion of its operations by borrowing $54,600. City Bank has agreed to loan Sanders the funds. Sanders has two...
- Q services: As a result of this, Orange Cable should report as gross income for 2025, the year following receipt: a. $78,000. b. $258,000. ...
- Q Which approach to social auditing focuses on describing particular programs or initiatives, including an indication of the resources committed? Multiple Choice Inventory Social responsibility accounting Social indicators Process Program...
- Q A firm with three owners must be a partnership. may be a partnership. cannot be a partnership.
- Q In its first month of operations, Blossom Company made three purchases of merchandise in the following sequence: (1)380 units at $7,(2)480 units at $9, and (3)580...
- Q The Menu: The Foundation for Control Step #1: Determine the average contribution margin required per guest. This can be accomplished by using the following formula: ...
- Q Leslie made a mathematical mistake in computing her tax liability. Which audit program will likely catch Leslie's mistake? Multiple Choice DIF system Mathematical correction Document perfection Information...
- Q Question 29(3 points) An accounting information system (AIS) processes to provide users with data; information data; transactions information; data data; benefits
- Q Required: Use the following information to prepare a classified balance sheet for Alpha Company at the end of Year 1.
- Q In which transaction cycle would customer sales transaction information be most likely to pass between internal and external accounting information systems? the human resources / payroll cycle ...
- Q . Which of the following refers to your income after deductions? Gross income. Adjusted gross income (AGI). Assessed income. Tax formula.
- Q Flint company paid 10,400 to purchase equipment on Jan 1,2024. Flint company has a Dec 31 fiscal year end and uses straight line depreciation. The company estimates the...
- Q In the long run, for a business to remain in operation, the revenues from products sold should normally cover all costs and expenses and provide a reasonable income. True...
- Q Current Attempt in Progress The Sheridan Law Office has the following monthly telephone records and costs: Identify the fixed and variable cost components using the high-low method....
- Q Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Parker Plastic had the following actual results for the...
- Q How will a certified check be treated in a company's bank reconciliation? Multiple Choice As an increase to the bank's unadjusted bank balance. As a deduction to the bank's...
- Q Uncollectible Accounts-Allowance Method Pyle Nurseries uses the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31,20--: ...
- Q Question 6 of 6 The unadjusted and adjusted trial balance for Blossom Company are as follows.
- Q Which of the following statements is false? Multiple Choike The break-even point is the level of soles et which the teral sales doilar amount equals the tocel fred...
- Q Required information Problem 4-32(LO 4-1)(Algo) [The following information applies to the questions displayed below.] Ekiya, who is single, has been offered a position...
- Q Randall's saving accounts earns interest at 4% APR, compounded on the first day of each month. He makes the following deposits: October 4th 2024: $100. ...
- Q What is limited liability? Select one: a. Limited liability refers to the ability of a member to limit his liability to the extent of his unpaid shares...
- Q What do we mean by remoteness in the context of the demand for audit services? Motivation to provide biased disclosures to distort perceptions of the business and to maximize...
- Q Which of the following are(is) tax credit(s) for qualifying higher education expenses? The earned income credit The American Opportunity credit The American Oppottunity credit and lifetime learning...
- Q Straight-line depreciation produces a lower net income than accelerated methods in the earlier years of an asset's life. True or False
- Q Match each statement with the word or phrase that is defined or indicated. Net income minus preferred dividends divided by the weighted-average of shares outstanding. All changes...
- Q An independent auditor is generally an employee of the organization it is auditing. Select one: True False
- Q Inventoriable costs are only purchased goods for resale. a category of costs used only for manufacturing companies. recorded as expenses when incurred and later reclassified as assets. recorded as...
- Q Which of the following types of accounts are found in closing journal entries? Revenue and expense accounts. Revenue accounts, expense accounts, and the Dividends account. Revenue accounts, expense accounts,...
- Q Multiple Cholce Questlon Fontaine Incorporated issued a 10% stock dividend on its $20 par value common stock. On the distribution date, there were 12,000 shares issued and 10,000...
- Q Multiple Choice Question A credit union is owned by the government the shareholders large businesses the members
- Q Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: ...
- Q QUESTION 5 The Current Ratio is equal to: The number of days a company is ahead in paying their bills, expressed in days. the Total Current Assets...
- Q Blue Company is well known for its high-quality men's shoes. It manufactures all of its products in regional facilities throughout North America, trying to source DM locally when...
- Q Asset retirement obligation is estimated to be $250K at origination (based on an 8% discount rate). The entry to record accretion expense at the end of the asset's...
- Q Cost-volume-profit analysis cannot be used if which of the following occurs? Costs cannot be properly classified into fixed and variable costs. The total fixed costs change. ...
- Q Members of the board of directors of Safety Systems have received the following operating income data for the year just ended: View the operating income data. Members of...
- Q Which of the following statements concerning the employer-employee relationship is true? Multiple Choice An employer generally sets the employee's work schedule. At the end of each...
- Q Question 3(1 point) To ensure accuracy and consistency in the way financial information is reported, accountants follow rules known as: accounting rules and principles principled accounting procedures...
- Q Reversing entries are expensive to record and time consuming dated the last day of the new period the exact opposite of a prior adjusting entry required according to GAAP...
- Q Question 17 3.33 pts Music Company made a loan of $11,600 to one of the company's employees on April 1, Year 1. The one-year...
- Q Sara is single and has no dependents. What is her standard deduction for tax year 2020? Tax Year 2020- Standard Deduction Filing Status Single Married...
- Q Required information Problem 8-70(LO 8-4)(Algo) [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14...
- Q For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the inancial statements, select "Note to Financial...
- Q True or False Question Cost structure refers to the relative portion of product and period costs in an organization. True False
- Q Under the Ultramares doctrine, ordinary negligence is insufficient for liability to third parties unless the third party is A. a foreseen user. B. an injured party....
- Q A client asks his accountant to ignore a mistake which overstated the accounts receivable account. The accountant decides that the accounts receivable account has to be corrected to state...
- Q A company orders office supplies in June. Those supplies are received and paid for in July. The supplies are used in August. In which month should the company record...
- Q Kenny is a CPA, and his employer pays $120 for his CPA license renewal, $60 for his membership dues to the American Institute of Certified Public...
- Q Garfield Company manufactures a popular brand of dog repellant known as DogGone It, which it sells in gallon-size bottles with a spray attachment. The majority of Garfield's...
- Q q, exposure is far more important for the long-run health of a business than changes caused by or q, exposure. Translation; operating; transaction...
- Q Question 6 of 10. college, and she lives at home with Dwight. Emma is filing as a non-dependent this year and claiming the AOTC. Dwight wants...
- Q Alabama Corporation has two classes of stock: common, $3 par value; and preferred, $40 par value. Requirements Journalize Alabama Corporation's issuance of 6,000 shares of common...
- Q As a result of their divorce, Bill agreed to pay alimony to Jenny of $18,000 per year. The payments are to cease in the event of Bill's or...
- Q At the beginning of his current tax year, David invests $12,000 in original issue U.S. Treasury bonds with a $10,000 face value that mature in exactly...
- Q Which accounting method provides the taxpayer with more control over the timing of income recognition? Accrual method Cash method Revenue recognition method Tax method
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