Accounting question and answers for December 07, 2023
- Q New and used personal property that is used in a trade or business qualifies for additional first-year depreciation.
- Q You are an accounting advisor working with state and local government clients. A city official sent an email asking about two citizen concerns. The first concern is about...
- Q Assume that the entry closing total revenues of $3,190,000 and total expenses of $2,350,000 has been made for the year ending December 31. At the end of the...
- Q materials requisition 104800 direct materials for job 402 materials requisition 117400 direct materials the job 404 material requisition 121900 and direct materials
- Q The inventory method that will always produce the same amount for cost of goods sold in a periodic inventory system as in a perpetual inventory system would be Group...
- Q For the 2nd Avenue rental, what is net income (loss)?
- Q Which of the following is NOT a component of manufacturing overhead in the production of wine for a winery? Group of answer choices A. Depreciation on the...
- Q Revise the data in your worksheet as follows: If your formulas are correct, you should get the correct answers to the following questions. What is...
- Q Question Content Area Agility Aids Co. reports assigned accounts receivable of $190,000 that relate to an unpaid note payable of $75,000. Which of these represents correct...
- Q Graham is so excited about how quickly Newman is building his new pool house he promises to pay him a $5,000 bonus. Graham must pay the $5,000 when...
- Q The process by which management plans, evaluates, and controls investments in fixed assets is known as capital a. gearing. b. budgeting. c. management. ...
- Q 3. The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why...
- Q What percentage of shareholders must consent to the S corporation election? 50% 67% 75% 100% 5
- Q Question Content Area Agility Aids Co. reports assigned accounts receivable of $190,000 that relate to an unpaid note payable of $75,000. Which of these represents correct...
- Q Starwood Capital Group is a private investment firm headquartered in Miami, Florida. In 20X3, Starwood Capital Group collected rent revenue in advance for 20X4 rental occupancy by its...
- Q Thornton Corporation is a manufacturing company that makes small electric motors it sells for $45 per unit. The variable costs of production are $29 per motor, and annual...
- Q One goal of ________ is to design costs out of products in the research, development, and engineering stage.Select one:a.cost-plus pricingb.traditional costingc.Kaizen costingd.target costing
- Q Period costs include Select one: a. Distribution costsOutside processing costsSales commissionsnoyesyes b. Distribution costsOutside processing costsSales commissionsyesyesyes c....
- Q Multiple Choice $97.11 $104.05 $93.65 $108.93 $99.39
- Q In a recent year's financial statements, Procter & Gamble showed an unfunded pension liability of $4,391 million and a periodic pension cost of $208 million. ...
- Q When calculating your taxable income, you must choose between Select answer from the options below the standard deduction and itemized deductions. business deductions and personal deductions. FOR AGI and...
- Q Which one of the following would be reported as an operating activity on a statement of cash flows? Amount received as new investment from stockholders Amount collected...
- Q Tom and Shari were married residents of California until Tom died this year. They owned their house together as community property with right of survivorship. Before Tom's death,...
- Q In 2024 Hill Corporation reported a net operating loss of $10,600 that it carried forward to 2025. In 2024 Hill also reported a net capital loss of...
- Q Depreciation is: A) A way to increase the value of an asset. B) The allocation of the cost of an asset over its useful life....
- Q Which of the following is typically treated as a separate performance obligation? Multiple Choice Quality-assurance warranty. An option to purchase additional goods at the...
- Q Question 16 Mark this question Although shareholders may receive profits from a corporation's business, __________.
- Q On April 1,2022, Wong Corporation paid $50,000 cash for equipment that will be used in business operations. The equipment will be used for four years. The company records...
- Q Consider the following accounting terms and definitions, and match each term to the definition: Question content area bottom Part 1 Term Definition 1....
- Q last year adriana earn $40000 and paid 6000 in income tax, while gaby earned 60K and paid 7,500 income tax, assuming all other conditions are equal, income tax...
- Q List the assumptions required to identify relevant information in cost-volume-profit analysis.(3 Marks)
- Q A corporation sometimes issues a _____ as proof of share ownership. Multiple choice question. stock transfer stock certificate registrar transfer agent ...
- Q Which of the followinf is not an external user of accounting information? Shareholders Customers Purchasing managers Governmemt regulators Creditors
- Q What is depreciation? Multiple choice question. Depreciation is the process of allocating the costs of long-term assets over their expected useful life. Depreciation is the...
- Q For a period during which the quantity of product manufactured exceeds the quantity sold, operating income reported under absorption costing will be smaller than operating income reported under variable...
- Q On January 1,2024, Baddour, Incorporated, issued 10%,12-year bonds with a face amount of $174 million. The bonds were priced at $152 million to yield 12%....
- Q Managerial Accounting helps managers perform all of the following activities EXCEPT:Multiple Choice00:54:36reporting financial information to external partiesplanningcontrollingdecision-making
- Q If two different direct materialslong dashsuch as the circuit board and microphonelong dashare added to the process at different times,...
- Q Logan Coy is the founder and director of media and entertainment outlet Waistnotime Limited, where he holds 60% of the companys shares. The rest of the companys shares...
- Q A sales discount represents a reduction, not in the selling price of a good or service, but in the amount to be paid by a credit customer if payment...
- Q There is a relationship between the beginning balance of cash, the ending balance of cash, and the various cash flows from operating, investing, and financing activities. Required: Compute...
- Q Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate...
- Q Lorraine is 42 years old. She is a single taxpayer, is covered by a retirement plan at her place of employment, with a modified adjusted gross income (MAGI)...
- Q A firm's accounting performance during a particular period of time is reported on the: (a) income statement (b) tax reconciliation statement (c) statement of cash flow (d) statement...
- Q During the current year, Jacob Corporation incurred costs of $45,000 for leasehold improvements to its newly rented building. The lease was signed in the current year for an...
- Q AssumeA is a fixed cost andB is a variable cost. During the current year the level of activity has decreased, but is still within the relevant range. We...
- Q Multiple Choice Question Cost of goods available for sale is allocated between Blank______. Multiple choice question. beginning inventory and purchases ending inventory and cost of...
- Q I have a practice exercise in accounting about analysis in trial balance. My question is, could I make a Income statement, statement of retained earnings and...
- Q AG The financial cycle is all started from firm procures assets, asset produce goods/ services, goods /services generate revenue, revenue translates to net income and net income can...
- Q Discontinued operations, extraordinary items, and unusual gains and losses are all reported net of tax in the income statement. Group of answer choices True False
- Q Pursuant to a complete liquidation, Oriole Corporation distributes to its shareholder Tom land with a basis of $350,000 and a fair market value of $800,000. Tom had purchased...
- Q Adjusting entries that are made to recognize revenue that has been received but not yet earned are classified as Question 1 options: A) ...
- Q Assume Joe Harry sells his 25% interest in Joe's S Corp, Inc. to Tyrone on January 28. Using the daily allocation method, how much income does Joe...
- Q Under Article 5.5 it states that audit documentation must be maintained by a CPA firm for a minimum of _____ years. (Enter just the number)
- Q Outback Outfitters sells a small camp stove for $120 per unit. Variable expenses are $84 per unit, and fixed expenses total $172,800 per month. Required: ...
- Q Arthur Weasley runs Muggle Electronics, a merchandiser selling televisions, sound systems, and gaming equipment to consumers in the United States. On December 31,2002, Muggle Electronics had ending inventory...
- Q HiFiber produces fiber-optic cable and uses the FIFO method of process costing. Direct materials are all added at the beginning of production and conversion costs are incurred uniformly...
- Q Question content area top Part 1 Lowerminusofminuscostminusorminusmarket requires that LIFO inventory be reported in the financial statements at whichever is...
- Q Which of the following most likely explains an increase in the "common stock" balance on a company's balance sheet? The company issued new shares to investors ...
- Q The entities that are subject to income tax in Canada consist of________. Question content area bottom Part 1 A. individuals, corporations, and...
- Q The operating cycle of a service company begins with __________. purchasing inventory getting customers allocating revenue having cash available
- Q madison spent $5,500 in moving expenses after the death of her deployed husband, she also drove 2,300 miles and spent $900 for lodging. She received $6,314 of...
- Q Brian is age 24 and Wes and Tina's son. He is a full-time student and lives in an apartment near campus. Wes and Tina provide over50% of...
- Q Which of the following is a community asset under California community property laws? A $60,000 inheritance. Gloria inherited $60,000 from her grandmother this year. She was married...
- Q Data World,Inc., reported sales revenue of $ 1,125,000, net income of $ 67,500, and average total assets of $ 450,000. Data World's return on assets is
- Q The Royal Motor Company manufactures automobiles. Nonmanagement employees of the company can buy a new automobile for Royal's cost plus 2%. The automobiles are sold to dealers at...
- Q Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are as follows: Balance, December 31Balance, January 1Accrued...
- Q Noncash items refer to: Question 20 options: fixed expenses. inventory items purchased using credit. the ownership of intangible assets such as...
- Q At the beginning of 20X1, Sawyers Corp.'s "Allowance for Uncollectible Accounts" had a credit balance of $10,000. During 20X1, account receivable balances totaling $8,000...
- Q An example of revenue overstatement is Multiple Choice manipulating reserves. recording gross, rather than net, revenue. reporting cost of sales as a non-operating expense. deferring...
- Q Amy is the sole shareholder of Big Corporation. Amy has a $100,000 basis in her Big Corp stock. Big Corp is struggling and Amy decides to liquidate the...
- Q Lou and Lisa Lord, who are married and file a joint tax return, have owned and lived in their home for over 20 years. They originally purchased the...
- Q Smismiles zone professional corporation operates a dental practice with a December 31 fiscal year end at the beginning of the current year smile zone has a class eight...
- Q ??????????????Blankreferstothevaluethatstockholdersorownershaveinacompany. Multiple Choice Assets Liabilities Owners equity Liquidity
- Q Carla Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the...
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