Accounting question and answers for December 07, 2023
- Q In which of the following situations is a paid prepare required to file form 8867
- Q Generally accepted auditing standards require that auditors always prepare and use: Multiple Choice a written audit plan. a written client consent to discuss audit...
- Q Brielle is negotiating a contract with Susana. Brielle hires an attorney because she knowsQuestion 3 Answera.an attorney will protect her interests.b.an attorney will signal to Susana that Brielle...
- Q explain how accountants support the management decision-making process
- Q Cause volume profit and be used to calculate the sales dollars or sale units needed to achieve a target profit. Which statement is false
- Q Chapter 5 Financial Statements Practice Problem Cost of Goods Sold 7,980,178 Depreciation Expense, Store Equipment 1,395,000 Rent Expense - Office Space...
- Q All of the following are part of the FASB conceptual framework:
- Q what goes in the revenues on a income statement
- Q suppose a customer enrolled in the loyalty program purchases a coffee for $5 and pays using cash (ignore sales tax). if the customer earns stars as a part...
- Q Carrington Company applies the lower-of-cost-or-market rule to each individual item in its ending inventory. The company determines that it must write down its inventory by $4,000. Which of...
- Q If the following adjusting entry is omitted, what effect will it have on the financial statements? Account Debit Credit Unearned Rent 2,600 ...
- Q What is the 2024 standard deduction for a 50 year-old married couple filing jointly, neither of whom is blind: A. $9,200...
- Q Peerless Manufacturing makes insulated windows for residential homes. A contractor places an order for 16 windows from Peerless on November 1, with a requested delivery date of...
- Q The use of computerized accounting systems
- Q which of these accounts would be closed by posting a debit to it? unearned revenue
- Q an ownership interest of 15% in another company's voting stock should be accounted for using the
- Q Relative to the old system, the new system is predicted to feature: J 1) Less time for store managers to post their orders O 2) More time for...
- Q In accordance with current GASB standards, a deferred inflow of resources is reported on the financial statements the same as an unearned revenue. true or false
- Q What does precedent mean in legal terms? A rule created by the PCAOB for financial audits. A law passed by the legislature that applies to audit firms....
- Q Calculating EVA Brewster Company manufactures elderberry wine. Last year, Brewster earned operating income of $192,000 after income taxes. Capital employed equaled $2.6 million. Brewster is40 percent...
- Q Financial statements provide information about business activities to decision makers. True or false?
- Q match the analytics type to the accounting questions
- Q Question Mode Multiple Select Question Select all that apply T. Thomas withdraws from his partnership with five other partners and takes cash equal to his...
- Q Which of the following is NOT included in the Integrity and Objectivity Rule? Multiple Choice prudent assessment of facts free of conflict of interests ...
- Q The following disclosures (excerpted) are from the annual report of Costco Wholesale Corporation. The Company recognizes sales for the amount of consideration collected from the member,...
- Q Transaction Sales Revenue Sales Discounts (taken) Sales Returns and Allowances Bad Debt Expense a. $268,000 b.9,000000 c.26,000000 d.08000 ...
- Q A1 Define and interpret the accounting equation and each of its components.
- Q Interdepartment Services: Direct Method Tucson Manufacturing Company has five operating departments, two of which are producing departments ( P 1 and P 2) ...
- Q What are the effects on the accounting equation from the adjustment for depreciation?
- Q For which of the following judgments may an independent external auditor share responsibility with an entity's internal auditor who already has been assessed to be both competent and...
- Q Oversees the creation and governance of accounting standards in the United States
- Q lives in Duncan, a small town in Arizona. Because of a rare blood disease, DanDan is required to take special medical treatments once a month....
- Q when stock is acquired what is the effect on assets and stockholders equity
- Q kiara is unmarried with one dependent and files as head of hosuehold. she had 2023 taxable inxome of 45000 which included 16000
- Q Under the terms of their divorce agreement, Humphrey transferred Corporation H stock to his former wife, Greta, as a property settlement. At the time of the transfer, the...
- Q The financial statement that shows the results of a business operation for a specific period of time, and details revenues and expenses during this time, is called the...
- Q Why can internal auditors not achieve the same independence as external auditors? Their work is subject to oversight by external auditors. Internal auditors are not licensed by...
- Q Which of the following outcomes is (are) sometimes associated with participative budgeting? Group of answer choices Employees make little effort to achieve budgetary goals The...
- Q In a nonprofit organization donations received for a particular purpose are recorded as 2. Net assets
- Q g. Average collection period for accounts receivableh. P/E ratioi. Dividend-payout percentagej. Dividend yield2. Answer yes or no to each of these questions and indicate which of the computations...
- Q ngel was in an accident and required cosmetic surgery for injuries to his nose. He also had the doctor do additional surgery to reshape his chin, which had...
- Q QUESTION 1[50 MARKS] Demure Lux (Pty) Ltd is a high-end brand that manufactures and sells luxury bags and wallets. Each division has its...
- Q Factory overhead includes: Group of answer choices Supervisors salary. Sales managers salary. Tax accountants salary. Wages of office clerk....
- Q which of the following statments relfects the tranferabilty of ownership rights in a corporation
- Q An adjusting entry always involves two statements of financial position accounts. Question 2Answer True False
- Q During periods of rising costs, FIFO generally results in a higher cost of goods sold. Group startsTrue or False True, unselectedFalse, unselected
- Q Reviewing the following, select either "Yes" if they can be shareholders of an S corporation or "No" if they cannot. a.Partnership YesNo ...
- Q the amount of any goodwill impairment for lydia's silver reporting unit would be
- Q QS 15-6(Algo) Recording materials LO P1, P3
- Q True or false GAP requires the cost flow assumption to correspond to the actual physical flow of inventory
- Q which of the following is an important difference between a gross margin, income statement, and a contribution margin income statement? The contribution margin income statement shows various categories of...
- Q Statistical procedures typically used for substantive tests of details include Blank______ sampling plans. Multiple select question. sequential (stop-or-go) classical variables monetary...
- Q If ending inventory is understated, then cost of goods sold is understated. True False
- Q What is the maximum contribution that an employer can make to an employee's SIMPLE account?
- Q Management accountants would not Determine cost behavior be concerned with the impact of cost and volume on profits prepare reports primarily for external users assistant budget planning
- Q Assess the following situation in determine whether you need to report the income to the IRS on your tax. Return you receive thousand dollars in tax exempt interest. You...
- Q The office manager for Freeman and Associates is concerned that subcontractors are billing the company twice for work that is performed. Which of the following reports would help...
- Q What is the ending balance in the Finished Goods Inventory?
- Q Morrison Company uses job-order costing to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet ...
- Q The TCJA made major changes to that individual taxpayers are allowed to claim as Itemized Deductions
- Q A large company that uses activity-based costing would do which of the following?
- Q A warranty may be generally defined as: Group of answer choices none of the other choices a statement by the buyer that it accepts responsibility for any...
- Q If goods are shipped FOB shipping point, which party (buyer or seller) is responsible for the shipping costs?
- Q All of the following would generally be considered a qualified nontaxable distribution from a section 529 plan except what
- Q Presented below is a balance sheet for John Hon Service at December 31,2024. John Hon Service Balance Sheet December 31,2024 ...
- Q if a check correctly written and paid by the bank for 628 is inncorectly
- Q what is balance for cost of good sold (510) Dedit?
- Q Tax credits benefit taxpayers who itemize deductions and those who don't itemize.
- Q On January 1, year 2, the Carpet Company lent $100,000 to its supplier, Loom Corporation, evidenced by a note, payable in 5 years. Interest at 5% is payable...
- Q In the case of a taxpayer electing to have their losses from a 2023 federal declared disater claimed on their 2022 tax return the taxpayer has untell what...
- Q what is the amount of additional paid-in capital reported on bailey's book
- Q Suppose that on January 6,2024, East Coast Motors paid $ 280 comma 000 comma 000 for its 35% investment in Boxcar Motors. East Coast has significant influence over...
- Q List five examples of liabilities whose amounts are determined based upon contractual amounts.
- Q GAAP is the term used to indicate the whole body of FASB authoritative literature.
- Q The type of transaction that would be represented by a debit to one asset and a credit to another asset is an asset source transaction. Group starts...
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