Accounting question and answers for January 24, 2024
- Q Financially, profit centers cannot run as separate entities within the global profit and loss statement of the health club. True False
- Q Discussion memorandums (DMS) are the output of which of the following organizations? Select one: a. AAA b. IMA c. SEC ...
- Q For 2020c calculate Coca-Cola's return on net operating assets (RNOA) and then disaggregate RNOA into net operating profit margin (NOPM) and net operating asset turnover (NOAT). Assume a...
- Q Beginning inventory, purchases, and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 ...
- Q Multiple Choice Question Employing a public accounting firm to conduct an audit is an example of physical control performance evaluation assigning authority and responsibility bonding employees
- Q Multiple Choice Question A price reduction granted to customers for goods or services is called a sales
- Q What is the effect of an entry to record the purchase of inventory on account under the perpetual inventory system? Multiple Choice Total assets increase Total liabilities increase Total...
- Q Question 3(1 point) In an activity-based costing system, costs are allocated to jobs and products based on: resource usage. simplicity. profit margins. historic costs. ...
- Q Estimating taxes requires taxpayers to send quarterly installment payments to the RS. True False
- Q A company issues $90,000 of 5%,5-year bonds dated January 1 that pay interest semiannually on June 30 and December 31 each year. If the issuer accepts...
- Q Which of the following financial management positions would be most likely to manage the entire finance and accounting function? Multiple Choice Internal Auditor CFO (Chief Financial Officer) ...
- Q The total costs accounted for in a production cost report are equal to the cost of units completed and transferred out plus the cost of ending work in process...
- Q Nash Incorporated factored $163,900 of accounts receivable with Crane Factors Inc. on a without-recourse basis. Crane assesses a 235 finance charge of the amount of accounts...
- Q Question 49 2 pts Using your knowledge of the relationships among acceplable audit nisk, inherent nisk, contsol risk, planned delection nisk, planing materiality, performance...
- Q At the start of the year, Shamrock Company issued $18,500,000 of 12% bonds along with detachable warrants to buy 1,400,000 shares of its $10 par value...
- Q Identify whether the following statements are true or false. With the periodic inventory system, the inventory account is updated after each sale or purchase. In periods of declining prices,...
- Q Current Attempt in Progress Metlock, Inc. began the year 2025 with $113400 in its Common Stock account and a debit balance in Retained Earnings of $48600. ...
- Q Question 19(2 points) The income statement for the year 2020 of Poole Co. contains the following information: After the revenue and expense accounts...
- Q Determine the net income (loss) for the period. net income $9,250 net loss $790 net loss $5,670 net income $3,580...
- Q The best interpretation of the word debit is the right side of a T-account. increase side of a T-account. left side of a T-account....
- Q An account used with a related account to bring about a decrease in the net amount of the two account balances is called a(n) a. adjusting...
- Q Question 3(20 Marks) a) Saif and Sarah, both Malaysian citizens, and they have been friends since their time in college. They are also passionate about...
- Q For each procedure, explain the weakness in internal control and identify the internal control principle that is violated. Procedure Weakness' Each week, 100 company checks are left in...
- Q Ashley Bakery uses the modified half - month convention to calculate depreciation expense in the year an asset is purchased or sold. Ashley has a calendar year accounting...
- Q Suppose the following information is available for Callaway Golf Company for the years 2025 and 2024.(Dollars are in thousands, except share information.) There were...
- Q Watunga County Bank agrees to lend Crane Granite Company $590000 on January 1. Crane Granite Company signs a $590000,6%, 9-month note. What is the adjusting entry...
- Q Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the transactions it recorded during a recent month is shown below. a. Purchased $76,200 in...
- Q Smoky Mountain Corporation makes two types of hiking boots-Xtreme and Pathfinder. Data concerning these two product lines appear below: The company has a traditional costing system...
- Q Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholders'...
- Q Required 1 Required 2 Required 3 Required 4 What amount should Northwest report as its income from its investment in...
- Q Which of the following is a disadvantage of the corporate form of organization? limited liability continuous life owner is separate from management ability to raise capital
- Q A company's current ratio is 2:1. What effect will borrowing $100,000 cash on a two-year note have on this company's current ratio?
- Q Which of the following is a characteristic of adjusting entries? Multiple Choice Reduces the balances of revenue accounts to zero. Recorded at the beginning of the accounting period. ...
- Q de Gobierno Timeleftiso. 5 A primary characteristic that distinguishes governments from busininssesis Selectone: a. The need to provide goods or senvices. b. The need...
- Q Why does a difference exist between net income and net cash flow from operating activities? Multiple Choice The difference between net income and net cash flow from operating activities...
- Q How ard Corp. sponsors a defined-benefit pens ion plan for its employees. On January 1,2031, the follow ing balances are related to its defined-benefit pens...
- Q Depreclation is the process of allocating the cost of a tangible asset in a rational and systematic manner over the asset's estimated useful ife. True or False
- Q Let's see how you did. What is your actual current ratio? 11.0 2.1 10.3
- Q Which one of the following would not be considered an advantage of the corporate form of organiz Government regulation. Separate legal existence. Continuous life. Limited liability of stockholders. ...
- Q A company has $85,000 in outstanding accounts receivable, and it uses the allowance method (balance sheet method) to account for uncollectible accounts. Experience suggests ...
- Q What amount would appear in Doggy's construction in progress (CIP) account at December 31,20X1?
- Q In calculating the contribution margin, variable selling and administrative costs are included in the variable costs. included in the fixed costs. included in the variable costs, but only if...
- Q Users access the database a. by constantly interacting with systems programmers b. by direct query c. by developing operating software d. all...
- Q The expected proceeds from accounts receivable, determined by taking accounts receivable less the allowance for doubtful accounts, is called: accounts receivable turnover total receivables contra receivables realizable value ...
- Q Multiple Select Question Select all that apply To help ensure proper segregation of duties, which of the following functions should be performed by separate individuals whenever possible? recording performance...
- Q Boxwood Company sells blankets for $34 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May...
- Q Knowledge Check 01 A company will debit when recording a credit sale. Multiple Choice Cash Accounts Receivable Accounts Payable Sales Revenue
- Q Current Attempt in Progress Book value is equal to cost minus accumulated depreciation. True False
- Q determined that $1940 of the Prepaid Insurance had expired. The adjusted balance for Prepaid Insurance for the year would be: $2600. $6160. ...
- Q Limited liability companies have both flexibility in tax treatment of earnings and limited liability protection for owners. True or False
- Q Which of the following assets are eligible for bonus depreciation? Multiple Choice Used office machinery Qualified improvement property A new delivery truck Used office furniture All of the choices...
- Q Greater emphasis is being placed on internal control systems as they apply to computer technology because physical source documents are available to verify cash inflows and outflows. a....
- Q The benefits and costs of the options you explore and reject in arriving at your chosen outcome are opportunity costs irrelevant costs oppressive costs relevant costs
- Q Cheng Corp. purchased equipment with a cash cost of $500000. The seller has offered to accept $95500 payments at the end of each of the next seven years....
- Q Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university...
- Q Which of the following is got a business entity? a. entrepreneurship b. proprictonship c. partnership d. corporation ANSWER:
- Q Which of the following statements regarding financial statement analysis reports is false? Multiple Choice The executive summary provides a brief analysis of results and conclusions. The analysis overview includes...
- Q Which of the following is correct regarding the changing role of manageriat accounting?
- Q Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units...
- Q A company has just invested in a capital project. Suppose the company uses straight line depreciation for reported taxes and MACRS depreciation to determine actual tax payments. a....
- Q Consolidated financial statements are appropriate when an investor controls an investee by ownership of more than 50% of the investee's common stock. True False
- Q Contribution margin is the amount of revonue remaining after deducting fixed costs. available to covor fred costs and contribute to income for the company. sales less fured costs. unit...
- Q Adjusting entries are typically entered in the accounts at the end of the accounting period. True or False
- Q If the control risk in an entity is assessed as low, which of the following conclusions must be reached? All the choices are correct. A strong control environment Strong...
- Q ALLENDALE COMPANY ALLENDALE COMPANY Statements of Income and Retained Earnings For the Years Ended December 31 Balance Sheets As of December 31 Please...
- Q Which of the following is used by companies to increase the number of visitors to their websites via platforms such as Google or Bing? Data encryption Sheltered outdoor advertising...
- Q Income Statement for a Manufacturing Company a. $ b.,$ c.,$ d. $ e. $ f.,.
- Q Most companies record short-term trade receivables at their: a. discount values. b. net realizable values. c. present values. d. maturity...
- Q Specific identification - Exactly matches the costs of items with the revenues they generate. Knowledge Check 01 An advantage of the costing method is that...
- Q Professor John Morton has just been appointed chairperson of the Finance Department at Westland University. In reviewing the department's cost records, Professor Morton found the following total cost...
- Q i. Eddie was hit and injured by a drunk driver while crossing a street at a crosswalk. He was unable to work for a month. He received $5,000...
- Q Multiple Choice Question If the amount of ending inventory is overstated, the amount of liabilities will be overstated cost of goods sold will be understated net income will be...
- Q Current Attempt in Progress A company has total fixed costs of $220000 and a contribution margin ratio of 10%. The total sales dollars necessary to breakeven are ...
- Q Patricia had a total salary of $120000. Her employer deducted a total of $7500 from her salary for her tax-qualified retirement account and $5600 in tax-qualified...
- Q Multiple Choice Question Choose the formula below that is used to calculate the current ratio of a business. Current liabilities divided by long-term liabilities Current assets divided...
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