Accounting question and answers for January 24, 2024
- Q Why would Unisys Corporation be interested in collecting cultural and sociological information? Multiple Choice It wants a general noneconomic review of conditions affecting a division's business. It wants general...
- Q Which of the following is false regarding the perpetual inventory system? The adjustment account is Inventory Over & Short. It updates the Inventory account with each purchase and sale....
- Q Which of the following is a stigmatizing factor? A. a woman was murdered by her husband in the home. B. the licensee lied about a problem...
- Q Unearned Revenue normally carries a balance. debit credit
- Q NewTech purchases computer equipment for $256,000 to use in operating activities for the next four years. It estimates the equipment's salvage value at $21,000. Exercise 8-7(Algo)...
- Q At the end of the fiscal year, the usual adjustment made at the end of an accounting period for accrued salaries owed to employees was omitted. Which of the...
- Q Ah auditor selected itemis for test counts from a client's inventiony listing before observing the client's physical inventary at the warehouse. The auditor then found the itertis selected at...
- Q Direct costs and indirect costs can be easily traced directly to a cost object. True False
- Q Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 200 units at $44 per unit. During the year, Cortez...
- Q I could use some help finding the shares outstanding at the beginning of the fiscal year ended 12/31/2023. I don't understand what numbers I need to use...
- Q Pathways Studios organizes its jobs by activity, such as production, marketing, accounting, and finance. Pathways Studios applies their efficiency, Multiple Choice functional product standardized customer
- Q Problem 5-5(Algo) Investment decision; varying rates [LO5-3,5-8] The Claussens are considering the purchase of a hardware store. The Claussens anticipate that the store will generate cash ...
- Q A factory supervisor's salary would be classified as a direct cost with respect to a unit of product. true false A credit balance in the Manufacturing Overhead account at...
- Q Cindy, the controller at the organization, asks David, an accounts receivable clerk, "We want to be able to collect all cash from customers who make purchases....
- Q Are cleaning supplies for the office considered product or period costs? Period Product
- Q Which of the following costs is relevant in a decision to replace existing machinery? (Assume the decision is based on pre-tax results.) Installation fee of the new...
- Q If a manufacturing company wants its Balance Sheet to report the accurate value of its current asset inventory, which account balances must be included' A. Raw materials, supplies...
- Q To prepare tax returns for a fee, the preparer must obtain permission from the IRS by requesting what? a. License b. PTIN c. EIN...
- Q QS 20-22(Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for June and July of $390,000 and $358,000, respectively. Cash sales are 60% of...
- Q The following information is availiable on Jan.31,2024 -The company estimates future uncollectible accounts. The company determines $5,000 of accounts receivable on January 31 are past...
- Q In regards to estate taxation, the alternate valuation date is A 3 months after the date of death 6 months after the date of death ...
- Q If an employee who has access to the custody of assets steals a cash remittance and covers the theft by recording a bad-debt write off, there was likely...
- Q According to The Financial Transactions of the Wholesale Distributor, one of the most basic wholesaling principles is to understand profit and the difference between gross margin andAccording to The...
- Q vary between the equity method and the initial value method? Multiple Choice Goodwill, Investment in Pitts Company, and Retained Earnings Expenses, Investment in Pitts Company, and Equity in Subsidiary...
- Q Question 6 An employee decides to accept an unauthorized payment from a customer. This employee may believe that this is okay because they can use this money...
- Q Debits reflect an increase and are entered on the right side of the balance sheet. 0.45 Points True False
- Q Companies are permitted to offset any balances in income taxes payable against income tax expense. related income tax refund receivable or prepaid income taxes balances. deferred tax liabilities balances....
- Q Willie, the owner of Willie's Sandwiches, contacts a new supplier, Gary. Willie promises Gary that Willie will pay Gary $375 when Gary acts by delivering 20 pounds of...
- Q Help Show all imagesShow all imagesShow all images done loading
- Q de Gobierno Timeleftis514 The Covernmental Accounting Standards Board establishes generally accepted accounting principles for all state and local governments and all not-for-profitentities. Selectone: nion True...
- Q If tootal assets decrease, then which of the following statements is true? Multiple Choice Liabilities, common stock, or retained earnings must increase. Common stock must decrease and retained earnings...
- Q Selected transactions for Novak Corp. during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,700 cash received from investors. ...
- Q A lease agreement that qualifies as a finance lease calls for annual lease payments of $26,269 over a six-year lease term (also the asset's useful life),...
- Q Why are physical records the most difficult to keep? Select one: a. The receipts have not been received in time to record. b. There are too...
- Q If you are self employed and pay for your insurance (self employment insurance) and your spouse works for a company that provides insurance. You are allowed an...
- Q assurance does the auditor provide that errors, frauds, and direct effect noncompliance that are material to the financial ents will be detected? Limited; Frauds: Negative; Direct effect noncompliance: Limited....
- Q Kelly Construction Company, a three-year-old business, provides contracting and construction services to a variety of clients. Given that each construction job is different from the others,...
- Q Deviations in controls would have what effect on the audit plan? Decrease in control risk Increase in control risk No effect on control risk Cannot be determined with given...
- Q Multiple Select Question Select all that apply To help prevent fraudulent employee activities from being covered up, those who authorize transactions should also record them only upper...
- Q The same as net income. The excess of expenses over assets. Resources owned or controlled by a company. Increases in equity from a company's sales of products and services....
- Q Select the term that best matches each definition. The amount of principal due at the maturity date When the final payment is due to the investor from the issuing...
- Q Current Attempt in Progress Crane Company makes three models of tasers. Information on the three products is given below. Fixed expenses consist of $308,000 of common costs allocated...
- Q On which financial statement(s) would we find Depreciation Expense? balance sheet and statement of retained earnings balance sheet income statement balance sheet and income statement statement of...
- Q Multiple Choice Question Performance evaluations are necessary because they are required by SOX for all public companies they are required by generally accepted accounting principles few people can objectively...
- Q 1 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. 3. Determine the cost...
- Q Gain Contingency On December 31, Year 1, Braino Tech Inc. learned that its competitor had introduced a product using an accessory to which Braino has exclusive patent ...
- Q A newer form of performance appraisal is called the because it encourages feedback from everyone working the employee including those who report to the employee. Multiple Choice environmental review...
- Q Ivanhoe Warehouse distributes hardback books to retail stores and extends credit terms of 410,n30 to all of its customers. During the month of June, the following merchandising...
- Q Current Designs faces a number of important decisions that require incremental analysis. One of Current Designs' competitive advantages is found in the ingenuity of its owner and CEO,...
- Q Items on the balance sheet that represent amounts owed to others are termed assets. liabilities. revenues. expenses. none of the above
- Q You are now single and have a 30 year old child (that has not found their way yet) and so you provide more than half of the...
- Q Multiple Choice Question Contribution margin is sales revenue minus fixed costs all revenues minus all costs sales revenue minus cost of goods sold sales revenue minus variable costs ...
- Q Which of the following would be considered a cash equivalent? Money market funds Money orders Bank deposits Currencies Bank drafts
- Q Exercise 18-22(Static) CVP analysis with two products LO P3 Handy Home sells windows (80% of sales) and doors (20% of sales). The selling price of each...
- Q Sheridan Supply Company reports net income of $110,400 in 2027. The ending inventory did not include goods valued at $8,280 that Sheridan had consigned to Windsor's Gift...
- Q Which of the following is not one of the elements that are typically present when fraud occurs? The assistance of others The capacity to rationalize The existence of pressure...
- Q Some of the cost of child-care expenses can be subtracted from your taxes through which of the following mechanisms? Deduction Credit Adjustment Exemption
- Q Requirement 3. Why does Piedmont Computer Company assign costs to jobs? Piedmont Computer Company assigns costs to jobs to help the company also can help Piedmont that...
- Q THIS IS ALL THE INFORMATION I HAVE. a. What was the dollar amount of the margin of safety? b. The marketing department suggests...
- Q Which is an example of a contra-revenue account? tw ponts fikmance ion Douthif Accounts Sales Discourts Accumulated Depreciation Sales Revenue
- Q A version of ABC that has found wide acceptance in service-industry settings is known as which of the following? Multiple Choice Storyboarding Time/Space based activity costing...
- Q Questions: A. Based on the following, how would you estimate fixed costs and variable costs? Sales in units 2018: 228,665 Sales in units 2019:...
- Q Which of the following is not a source document? Multiple Choice Sales receipts. Ledgers. Bills from suppliers. Purchase orders. Rank statements
- Q Production backlogs fall under which category of intangible assets? Marketing-related. Customer-related. Technology-related. Artistic-related.
- Q Detective controls are those applied before transactions have been processed to identify whether fraud or errors have occurred. True False
- Q Question 8 Net interest income / average earning assets Efficiency ratio Equity margin Expense ratio Net interest margin Income ratio
- Q You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has Calculate the activity variances for March. ...
- Q Question 9 Cost behavior refers to the manner in which a cost changes as a related activity changes is allocated to products is used in setting selling...
- Q Which of the following is not excluded from gross income of the recipient taxpayer? A. Lump-sum payment from an insurance policy for loss of a hand in an...
- Q Steps for Writing a Short Issues Memo-Inventory Valuation You have been asked to draft a brief issues memo ("to the files") analyzing the following issue....
- Q Question 8 A company has $516 in inventory, $1,777 in net fixed assets, $204 in accounts receivable, $77 in cash, and $226 in accounts...
- Q What were hotel revenues and park admission revenues in 2022 and what do you project they'll be for 2023 using the year-to-date monthly average? What were...
- Q Ionor Code was established by students udents to foster an atmosphere of intgrity. Question 24 CTI Company's direct materials costs are $4,200,000, its direct...
- Q When reconciling a bank account, the company has to prepare an adjusting entry for outstanding checks. True False
- 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...
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