Accounting question and answers for January 24, 2024
- Q The 1998 pass-through deduction allows residential landlords to deduct: 35% of net rental income 25% of net rental income 15%...
- Q Sky High sells helicopters. During the current year, 130 helicopters were sold resulting in $820,000 of sales revenue, $250,000 of variable costs, and $345,000 of fixed...
- Q Pegasus Division earns a confribution margin of $200,000 and has a division margin of $75,000. If Pegasus Division is closed, the firm can eliminate all of...
- Q Required information [The following information applies to the questions displayed below.] The accounts and balances for Babysitting Company on June 1 are provided below. The...
- Q TB MC Qu.06-54(Algo) Berg Tooling reports net sales of... Berg Tooling reports net sales of $375,000, gross profit of $200,000, and net income of $20,000. The...
- Q Supplies normally carries a balance. debit credit
- Q Costing IMC activities and adding them up is an approach employed by which budgeting method? The Affordability method of budgeting The percent of sales method of budgeting The objective...
- Q Question 3 of 5 Using professional judgment, which explanation, if given in an interview, would most likely remove a deviation from a voucher? The accounts payable manager...
- Q Restate the the enterprice value in market terms
- Q During the adjusting process, two transactions were missed for P** ssy Al Steak Sauce Inc. The first is for unearned rent revenue of $600 that was...
- Q Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Steed Company: Required: Compute the missing amounts. \table[[,Year 1,Year 2,Year 3],[Beginning...
- Q How to solve 2 6 points Neha is the equipment manager at Toy Inc and needs to dispose of a long term asset. If...
- Q Exercise 4-44(Algo) Dropping Product Lines (LO 4-4) Lamothe Kitchen and Bath makes products for the home, which it sells through major retailers and remodeling (do-it-yourself, or...
- Q Which of the following costs at a manulacturing companty would be treated as a producl coxt under verubicecints? Multiple Choice sales commissions property taxes on the factory building sales...
- Q Accumulated Depreciation is a(n) Expense Contra-Asset Liability Contra-Revenue
- Q Which of the following is one of the key standards of ethical practice published by the Institute of Management Accountants (IMA)? A. technicality B....
- Q Which of the following items would not be a reconciling item on a bank reconciliation? a. outstanding checks b. NSF checks c. bounced checks...
- Q A linear cost equation is used to estimate future costs. is fixed when the volume is zero and increases at a constant rate per activity level after that. ...
- Q Steps for Question 1 You are auditing financial transactions in a specific account that are over $10,000. Over the past 7 months, the number...
- Q Determine the difference in allocation between the two approaches. Traditional costing Standard Custom $ Activity-based costing Standard $ Custom $ Attempts: unlimited
- Q Salaries Payable normally carries a balance. debit credit
- Q Current Attempt in Progress If total liabilities decreased by $3360, then assets and stockholders' equity each increased by $1680. stockholders' equity must have decreased...
- Q Question 15 On the Statement of Cash Flows, if the Change in Inventory is positive, the result is a decrease in the cash of the firm. True...
- Q ! Required information [The following information applies to the questions displayed below.] Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical;...
- Q ACCOUNTING
- Q The amount of time a direct labor employee spends on a job is recorded on a labor requisition ticket. True False
- Q View Policies Current Attempt in Progress This information relates to Crane Co. On April 5, purchased merchandise from Sheridan Company for $29,600 on account. ...
- Q ABC Company received very positive media success. Management of ABC Company believes the positive press will have the effect of doubling its sales in the next year. Due to...
- Q The conversion of preferred stock may be recorded by the par value method. incremental method. market value method. book value method.
- Q As soon as products are completed, their product costs are transferred from: Multiple Choice Raw Materials to Finished Goods. Direct Materials to Finished Goods. Indirect Materials to Finished Goods....
- Q The amount earned by selling goods or services to customers is called: expenses retained earnings revenues assets dividends liabilities
- Q Ans: a LO 1, SECTION 1 BT: K Difficulty: Easy TOT: 1 min. Credits a. decrease both assets and liabilities. b. decrease assets and...
- Q A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate...
- Q Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information...
- Q Per the company's books Balance July 1-$1,200 Bank service charge - $20 Deposit on 728 of $9,400 was incorrectly processed by bank (bank...
- Q Indirect labor costs are listed on the job cost sheet. True False
- Q Question 2 of 10. most accurately states your responsibilities as a tax preparer? Advise Harmon that: You will have to contact the IRS about his failure to...
- Q A report showing the actual financial results for a period compared to the budgeted financial results for that same period would most likely be called a A) strategic...
- Q The longer a customer's account balance remains outstanding, the greater the likelihood that it will be collected in the near future. True False
- Q 2 1 point validation can be used to apply multiple validation criteria to a cell. Complex Compound Custom Detailed
- Q In a nonmonetary exchange of equipment, if the exchange has commercial substance, the new equipment is recorded for: A) book value of the old equipment given plus any...
- Q Knowledge Check 01 The current ratio is computed as: current liabilities divided by current assets current assets multiplied by current liabilities current assets divided by current liabilities...
- Q Income earned from a hobby must be reported to the IRS on your income tax return. True False
- Q Steps for Shane wants to invest money in an investment account paying 6% interest compounding semiannually. Shane would like the account to have a balance of...
- Q Taxpayers need not include an income item in gross income unless there is a specific tax provision requiring the taxpayer to include the income item in gross income. True...
- Q Which costs will change with a decrease in activity within the relevant range? Multiple Cholce Total fixed costs and total variable cost: Unit fixed costs and total variable cost....
- Q Which of the following is considered a product cost? Multiple Choice Transportation cost on goods received from suppliers Salaries paid to the employees of a merchandiser Transportation cost on...
- Q True or false: Converting partially computed units into equivalent units is done for manufacturing purposes but has no impact on the financial statements. True False
- Q An auditor watching an employee prepare a bank reconciliation would be an example of observation professional skepticism recalculation inquiry
- Q Record this cash receipt and process the bank deposit for the day. File Doc. No.9 and Doc. No.11 in the Temporary file tab.
- Q Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31,20 Y 6 Direct materials: Factory...
- Q Multiple Select Question Select all that apply Prenumbered forms are mostly used to simplify recordkeeping, not prevent unauthorized use are used for all important documents do not need to...
- Q Allowance for Doubtful Accounts is subtracted from what line item on the balance sheet? Accounts Receivable Bad Debt Expense Sales Revenue Cash
- Q An Accounts Payable normally results from which of the following transactions? Multiple Choice Purchasing accounts for cash Purchasing land on credit Purchasing goods and services from suppliers...
- Q Using the expanded accounting equation, solve for the missing amount. Begin by selecting the formula for the expanded accounting equation. Then enter the amounts to solve for the missing...
- Q financial statements? Multiple Choice Fund balance-unassigned goes down and fund balance-assigned goes up. Fund balance-assigned goes down and fund balance-committed goes up. Fund balance-unassigned...
- Q Accelerating the collection of receivables will tend to cause the accounts receivable turnover to A decrease B remain the same C either increase or decrease increase
- Q Question 4 What is true about fraud? Fraud is only an issue in publicly traded companies. Fraud is not as much of an issue today as it...
- Q Joseph Company purchased a delivery van on January 1, Year 1 for $35,000. The van is estimated to have a 5-year useful life and a $5,000 salvage value...
- Q View Policies Current Attempt in Progress Which of the following rules is incorrect? Credits increase revenue accounts. Debits increase the owner's capital account. Debits decrease liability accounts. Credits decrease...
- Q HONESTY RESPONSIBILITY ETHICAL BEHAVIOR The Honor Code was established by students for students to foster an atmosphere of integrity. Question 32 P Corporation is using a predetermined...
- Q budgeted activity cost and activity base data by product are as follows: The activity rate (rounded to the nearest cent) for the production cost pool is ...
- Q A process to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the...
- Q Multiple Select Question Select all that apply Determine which of the statements below are correct regarding the current ratio. (Check all that apply.) The current ratio can...
- Q Multiple Select Question Select all that apply A good system of internal controls can be circumvented by collusion increases the likelihood of early fraud detection can be compromised by...
- Q Pharoah Company has cash in a checking account at Jackson Bank of $57000, a money market account of $23940, and a bank overdraft in a separate account at...
- Q Cullumber Corporation reported $250000 in revenues in its 2021 financial statements, of which $91800 will not be included in the tax return until 2022. The enacted...
- Q Music Flow is a streaming music service specializing in podcasts. Music Flow generates revenue through subscriptions that requires customers to pay using a credit card. Consider the following...
- Q Hardeep Rahman is an audit senior with a national audit firm. Hardeep has been on the audit engagement of a private company, Grey & Sons Construction Ltd. Grey...
- Q Revenues are? 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...
- Q . Financial reports are used by a. management b. creditors c. investors d. All of these choices ANSWER: ...
- Q During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) $30,000...
- Q At the end of 2023, Vernon Wells Inc. had the following account balances: Accounts Receivable: 45,000 & Allowance for Doubtful Accounts: and $18,000. Bad debt ...
- Q E-F:3-17 Comparing cash and accrual basis accounting and applying the revenue recognition principle Joyful Occasions is a photography business that shoots videos at college parties. The...
- Q Which of the following is considered a cash equivalent? a. coins and currency b. bank overdraft c. sinking fund d. commercial paper...
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