Accounting question and answers for January 24, 2024
- Q Question 5 Many companies pay bonuses to management based on revenues. To increase the bonus, management may create fictitious sales. According to the fraud triangle, this presents...
- Q Which of the following is not an external user of accounting information? Lenders. Shareholders. Politicians. Chief executive officer (CEO). Customers.
- Q For the year ended December 31, Orion Realty mistakenly omitted adjusting entries for $1,500 of supplies that were used, (2) unearned revenue of $4,200 that was earned, and...
- Q Under the modified accrual basis of accounting for the general fund, expenditures should be recognized in the period in which the related liability is: I. paid. II. incurred....
- Q The expense recognition (matching) principle states that: a company must report details behind financial statements that would impact users' decisions financial statements must reflect the assumption that...
- Q If $4,000 is invested at the end of every year for six years, how much money juvill be accumulated at the end of the six years if the...
- Q Eastern Imports Incorporated sold 12,000 units in August. Per unit selling price and variable expense were $30 and $15, respectively. Fixed expense incurred for August totaled $120,000....
- Q An activity that has a direct cause-effect relationship with the resources consumed is a(n) product activ cost driver. overhead rate. cost bool.
- Q Failure to make an adjusting entry to recognize service revenue receivable would cause which of the following? Multiple Choice an overstatement of assets, net earnings, and shareholders' equity. no...
- Q A physical inventory on March 31, Year 2, shows 6,200 units on hand. Required: Prepare schedules to compute the ending inventory at March 31, Year 2,...
- Q The gross profit from a sale of inventory manufactured in the United States and sold by a U.S. retailer to a customer in Spain will always...
- Q All information is given. the chief accountant for Grandview Corporation provides you with the company's 2024 statement of cash flows and income statement. The accountant has asked...
- Q One month after Sally incorporates her sole proprietorship, she gives 25% of the stock to her children. Section 351 cannot apply to Sally because she ...
- Q A transaction which does not involve cash is typically not of interest to financial statement users. True False
- Q Which of the following is not an adjusting entry? Multiple Choice Dr. Depreciation expense Cr. Accumulated depreciation
- Q Formulate and solve a linear programming model for this problem on a spreadsheet. a. Which investment plan maximizes the amount of money that can be accumulated by the...
- Q Mitchell Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Mitchell Bicycle Shop uses a periodic inventory system....
- Q Which of the following is true about closing the books of a corporation? Multiple Choice Revenues and expenses are closed to the Income Summary account. Only revenues are closed...
- Q Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $5,000, less a 10% trade discount and credit terms of 310,n30....
- Q Joe Smith Company owns 34% of ABC Company's outstanding voting stock. This is classified as a(n)
- Q An integrated audit refers to the audit of the financial statements as well as the system of internal control. True False
- Q Question 4 The accounts that are found on the balance sheet include: Revenues and Expenses. Retained Earnings and Dividends. Revenues, Expenses, and Dividends. Assets, Liabilities, and Equities....
- Q The operating budgets of a company include the cash budget capital expenditures budget financial budgets production budget
- Q A manufacturing firm produces goods in accordance with customer specifications, commencing production upon receipt of a purchase order. To accumulate the cost of each order, the company would use...
- Q Boxer Company sells $117,000 of product to King Company, and also purchases $13,400 of advertising services from King. The advertising services have a fair value of $9,700. Boxer...
- Q Sales of Blistre Autos are 380,000, variable cost is 230,000, fixed cost is 90,000 tax rate is 40%. Calculate the operating leverage of the company. A)1.50...
- Q Madsen Company reported the following information for 2021: Sales revenue $2,500,000 Cost of goods sold 1,750,000 Operating expenses 300.000 Unrealized holding gains on available-for-sale...
- Q Which of the following areas can external auditors rely on internal auditors' work in auditing internal controls? Multiple Choice evaluation of the auditing environment testing of low-risk internal...
- Q The Act includes civil, criminal, and accounting reforms that drastically expand the accountability demanded of corporate officers and directors. Multiple Choice Sarbanes-Oxley Foreign Corrupt...
- Q The equation for the materials quantity variance is (AQAP)-(SQSP) (AQAP)-(AQSP) (SQAP)-(SQSP) (AQSP)-(SQSP) Attempts: 0 of 1 used
- Q Under the Sarbanes-Oxley Act, corporations are required to Multiple Choice have executives vouch for the accuracy of a firm's financial reports. have their audit committee comprised of...
- Q The Blue Hotel Ltd. opened for business on May 1,20XX. Here is its trial balance before adjustment on May 31. Other data: Insurance expires at...
- Q Harvey and Quick have decided to form a partnership. Harvey is going to contribute the following to the partnership: Note payable as a bank loan for the new business...
- Q The accounting term depreciation measures: q, the amount of the assets cost allocated to expense over periods benefited by use of the asset the amount of cash a company...
- Q Req 1 and 2 Indicated below whether each item is a separate performance obligation and allocate the transaction price of 100,000 Prota Packages...
- Q Ivan Turner, a truck driver, was injured in an accident in the course of his employment in the current year. As a result of injuries sustained, he received the...
- Q Canadian accountants rely on to help them apply the conceptual framework to specific situations. Select one: t. identifiable rules the Canada Business Corporations Act professional...
- Q One of the main objectives of performing analytical procedures during the planning phase of the audit is to identify: Multiple Choice Inefficient operations. Illegal acts undetected as a result...
- Q Which of the following is a NOT a contra account? Bad Debt Expense Credit Card Discount Sales Returns and Allowances Allowance for Doubtful Accounts
- Q One advantage of LIFO over FIFO under normal conditions is that: it results in higher gross margins. it results in higher current ratios. it results in higher...
- Q On January 1,2023, Corgan Company acquired 70 percent of the outstanding voting stock of Smashing, Incorporated, for a total of \(\$ 1,120,000\) in cash and other consideration....
- Q Question 10 All of the following are overarching principles in the IMA Statement of Ethical Professional Practice except responsibility. integrity. fairness. objectivity.
- 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; however,...
- Q Ending Work - in Process Inventory is subtracted from Cost of Goods Manufactured when calculating Cost of Goods Sold. True False
- Q Which of the following is an example of an operating activity? Declaring a stock-split Issuing common stock Repaying a loan Paying salaries to employees Distributing cash dividends...
- Q Florrick, Agos, and Lee have been partners for years, but a court is now dividing the assets and liabilities of the partnership separate from the assets and liabilities of...
- Q On December 31,2023, Metlock Co. performed environmental consulting services for Bonita Co. Bonita was short of cash, and Metlock Co. agreed to accept a $70,000...
- Q The more assurance the auditor wants, the more representative a sample should be of the population, and the more testing the auditor needs to do the less representative a...
- Q Three identical units of merchandise were purchased during July, as follows: Assume one unit sells on July 28 for $27. Determine the gross profit,...
- Q Which of the following accounts is an owner's equity account? a. Prepa Insurance b. Acoounts Payable c. Josh Smith, Capital d. Cash...
- Q Which of the terms is not used to identify owners' equity or stockholders' equity? Multiple Choice Paid-in-capital and retained earnings Partner's capital Additional-paid-in-retained earnings...
- Q Multiple Select Question Select all that apply Examples of physical controls include keeping accounting records in a fireproof safe unannounced counts to verify the presence of company-owned equipment...
- Q The IRS has issued a document that purports to be what they consider to be the best practices for anyone who prepares returns. A violation of these rules could...
- Q Determine which of the statements below accurately describe services provided by a bark. To limit access to a bank account, all persons authorized to write checks on the account...
- Q Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required \(4 a \)...
- Q Karlie Hasting is a writer for a gazette-annual salary is $64,100. Self-employment earnings of $105,000 from a book. What portion of her self- ...
- Q Suppose the following items were taken from the 2025 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Prepare a classified balance sheet in...
- Q Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the...
- Q differs from concealment in that there is a failure to volunteer information. Multiple Choice Misrepresentation Fraud Nondisclosure Duress
- Q Shawnee owns a bond that will pay her $60 each year in interest plus $1,000 as a principal payment at maturity. The $1,000 is referred to as the:...
- Q L06-2 E6-38. Adjusting Balance Sheet and Income Statement for LIFO to FIFO ANALYST AdJUstmENTS 6.1 PHILLIPS 66 (PSX) In a recent...
- Q roblem #1 of 31 Jordan and Brianna moved from Virginia to Arizona where they purchased a new home for $950,000. They had lived in their old...
- Q The process of making sense of big data is known as data practice. True or False
- Q In performing a vertical analysis, the base for prepaid expenses is total liabilities and stockholders' equity. total current assets. total assets. prepaid expenses. Each of the following is...
- Q The bookkeeper for Pharoah Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, ...
- Q The owner of a computer selvices business was able to acquire a new computer, valued at $5,000, by establishing an account with the computer vendor, Com Pewters ...
- Q Select all that apply Internal controls are enhanced by quality, well trained employees because they are able to perform tasks as expected will accept lower wages are able to...
- Q 2013, Elsie purchased a house for $110,000 to use as her personal residence. She paid $22,000 and borrowed $88,000 from the local savings and loan company....
- Q Two important elements of cash management include a petty cash fund and: a. cash vouchers. b. a petty cash custodian. c. a Cash Short...
- Q cash flows arise from intracompany and intercompany receivables and payments while q, cash flows are payments for the use of loans and equity. Financing; operating Operating; financing...
- Q Which of the following would be considered as primarily a merchandising business? Multiple Choice West Consulting Sandridge and Associates Law Offices KPM Accounting and Tax Service Martin's Supermarket ...
- Q Nicole receives a loan from her employer in the amount of $7,000 on July 1 st. The annual interest rate on the loan is 1.7%. The prescribed rate...
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- Q Turner Company reported assets of $20,000(including cash of $9,000), liabilities of $8,000, common stock of Based on this information, what can be concluded? Multiple Choice 25%...
- Q Campbell Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to Campbell Books buys books and magazines directly from publishers...
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