Accounting question and answers for December 08, 2023
- Q Scenario: Carrie is the external auditor of Texas Two Steps, a privately owned dance company in Texas. Carrie believes the owner of the company is skimming cash off...
- Q Classifying costs based on their behaviour involves categorising them into: A. Historical and projected costs B. Direct and indirect costs C. Variable and fixed...
- Q 2. What does the 1) credit or 2) debit balance at the end of accounting period in the Manufacturing Overhead Account mean?
- Q Question Content AreaWhich of the following is not a characteristic evaluated in ratio analysis? profitability solvency liquidity marketability
- Q In a perpetual inventory system, the inventory account A) is updated after every sale. B) is only updated at the end of period. C)...
- Q 04 Match the AIS control on the left to the most applicable control activity on the right.Group of answer choices(a)Having a steering committee(1)Segregation of duties control (2)Design of...
- Q Kaiji would like to claim his mother as his dependent. His mother's only income is $5,000 of interest from a tax-exempt bond and Kaiji pays for the rest...
- Q True or False: Under accrual accounting, all expenses reported on the income statement represent cash costs. Group of answer choices True False
- Q when consolidating a subsidiary that was acquired on a date other than the first day of the fiscal year which of the following statements is true of the...
- Q Teresa converted $10,000 into Bitcoin in November of 2021. In July 2023, she noted the value had increased substantially. On July 10 at 10:00 a.m., she sold...
- Q g creates a trust income to L for life, remainder to R. The gift of the remainder interest to R clearly does not qualify for the annual exclusion....
- Q All contracts provide which of the following? I. an improvement in revenue recognition practices. II. transaction terms. III. measurement of the consideration. ...
- Q In September, one of the processing departments at Dunder Mifflin Corporation had ending work in process inventory of $10,000. During the month of September, $110,000 of costs were...
- Q Lin Corporation has a single product whose selling price is $120 per unit and whose variable expense is $80 per unit. The companys monthly fixed expense is...
- Q If the selling price is $23.50 per unit, the contribution margin per unit sold is closest to
- Q On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudsons perpetual inventory records included the following cost layers...
- Q The company offers a warranty for the services it sells. The expected cost of providing warranty service is 2.5% of the extermination services revenue of $57,760 for 2021....
- Q A contract asset Question 16 options: a) represents the seller's unconditional right to receive consideration from a customer. b) ...
- Q The Sharps were granted a decree of divorce effective January 1,2018. In accordance with the decree, S and then the payments will decrease by $11,000 per year. For2023,...
- Q Is the Clean Vehicle Credit available for used What type of vehicle qualifies for the Clean Vehicle Credit? or plug-in hybrid vehicles? ...
- Q Whendeliveryofgoodsandservicesfor$25,000resultsinacash receiptof$15,000 and the balance of $10,000 on account, the reported revenues for the time period are A) $15,000. B) $25,000. ...
- Q Fung Wo purchased vacant land on a remote island off the coast of British Columbia on January 1,2020 for $50,000. She intended to re-sell it for a profit...
- Q Variable costing is sometimes called __________ costing. a. profitability b. direct c. absorption d. differential ...
- Q At the beginning of last year, Bentley Corporation purchased a piece of heavy equipment for $ 49,000. The equipment has a life of five years or 100,000...
- Q IBN Company issued 50,000 shares of common stock in 2021. The par value of the common stock is $1 per share. The selling price is $10 per share....
- Q vaughn corporation had income from operations of 6534600. in addition, it suffered an unusual and infrequent pretax loss of
- Q Which of the following statements is true of entity in combinational logic VHDL? Group of answer choices The architecture body type specifies a bit that can have the...
- Q Dana intends to invest $30,000 in either a Treasury bond or a corporate bond. The Treasury bond yields 5 percent before tax, and the corporate bond yields 6...
- Q Which of the following is always equal to or less than performance materiality? Multiple choice question. Material misstatement Point estimate Allowance for sampling risk ...
- Q Disregarding cash flows with owners, over sufficiently long periods of time, net income equals: a) revenues minus dividends and expenses b) assets minus liabilities...
- Q Whexcluded ich of these can decrease a taxpayer's basis in their property A) The amount of canceled debt excluded from income. B) Assessments for...
- Q Earnings, allowance and benefits are a type of: a. Employment income b. Bonus c. Wages ...
- Q Bad Debts Account is ___ Account Question 22Answer a. Real b. Personal c. ...
- Q Variable costing is also known as direct costing. Question 11 options: TrueFalse
- Q Which of the following types of sampling is most likely used to provide an estimate of a dollar amount of misstatement and to perform substantive procedures? Multiple choice...
- Q What percent of New Yorks state high school teachers earn between $90,000 and $105,000?
- Q QuickBooks Online Plus allows you to restrict users' access to some features. true or false ...
- Q Code Sec. 362 provides that the basis of assets received by a corporation in a Code Sec. 351 transfer will be the Shareholders carryover basis in contributed property...
- Q On August 1,20Y9, Brooke Kline established western reality, Brooke completed
- Q 1. Which of the following is not a common restrictive covenant included in bond indentures to reduce risk to the investor? a. Restrictions on increases...
- Q Allison (32) is permanently and totally disabled and lived all year with her sister, Belinda (40). Belinda provided 100% of the support for the household and...
- Q In the current year, Blue Corporation (E & P of $1,000,000) redeems 600 shares from Eleanor for $260,000(Eleanors basis in stock was $120,000) in a transaction that does...
- Q A trial balance lists accounts in which order? A Assets, Liabilities, Revenues, Expenses, Stockholders' equity B C D Assets, Expenses, Liabilities, Revenues, Stockholders' equity Assets, Revenues , Liabilities...
- Q Zeke contributed $8,000 for a 25% interest in a mobile clothing boutique. He also contributed a point of sale system witth a fiar market value of $1200 and...
- Q Bernard Company manufactures 15,000 units of part A8 each year for use on its production line. The cost per unit of A8 is as follows: ...
- Q B&B Incorporated's taxable income is computed as follows: Book income before tax$ 9,882,590Net permanent differences447,600Net temporary differences(802,100)Taxable income$ 9,528,090 B&B's tax rate is 21%....
- Q Mrs. Turner is comparing her employers retiree insurance to Original Medicare and would like to know which of the following services Original Medicare will cover if the appropriate...
- Q During the current period, Stone, Inc. bought equipment on account. This transaction will affect: a. the income statement, owners equity statement, and balance sheet....
- Q In which of the following circumstances would a CPA who audits XZ Corporation lack independence? Multiple Choice The CPA and XZs president are both on the...
- Q 42) Superior Boat Tours showed store supplies on hand to be $450. If at the end of the period supplies used were $100, the adjusting entry would include...
- Q a test for chapters 2,3, and 4 in survey of accounting 10th edition
- Q In a job-order costing system, manufacturing overhead applied is recorded as an increase to: In a job-order costing system, manufacturing overhead applied is recorded...
- Q T-accounts represent debits and credits that relate to the transaction activity. If the resulting balance of a T-account has a dollar value on the...
- Q d. What is the effect on income if the sales price of product R is increased to $8.00 with a decrease in the number of units sold to...
- Q Earnings per share will increase when: Group of answer choices the average tax rate increases. operating income decreases. dividends per share decrease. depreciation decreases. ...
- Q Statement of stockholders equityClimate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal...
- Q A company can classify short-term debt expected to be refinanced as non-current if one of the following criteria is met as of the balance sheet date: A. Pays...
- Q A company purchased two identical inventory items. Item 101 was purchased in October for $100. Item 102 was purchased in November for $110. Assuming the item purchased in...
- Q The effectiveness of general controls is an important consideration for audit teams when assessing control risk on an audit. Which management assertions are primarily affected by general controls? Multiple...
- Q OpulenceOpulence. Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs(direct materialcosts, direct manufacturing laborcosts, and...
- Q 1. Determine the companys (a) bank balance and (b) book balance on November 30 before the bank reconciliation. 2. What is the amount of cash interest...
- Q The first budget to be prepared is usually the cash budget. True False
- Q oriole, inc has the following data for the year ended December 31,2025: Net sales $271,500 Loss on Discontinued operations 20,500 ...
- Q Debit cards work like writing a check. Group of answer choices True FalseUnidentifiedUnidentifiedUnidentified
- Q Boring Corp was formed 10 years ago. Exciting Corp owns 90% of the stock in Boring Corp and Frank owns the other 10% of the stock. Boring Corp...
- Q Ellington recently developed a new braking system for the CrossCountry Model-500 dirt bike. Because of the companys current availability of production capacity, Jim Walsh, production manager, recommended that...
- Q Question Content Area If granted, rest periods of 30 minutes or less count as hours worked. True False
- Q Your audit client, Steven Dabbs, has written a letter to you. He is concerned because he has just received an offer to purchase his business for $1,000,000...
- Q How much can eligible educators deduct for qualified expenses? Seleccione una opcin$300 $250 $100 $500
- Q Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold...
- Q Question Content Area Using multiple department factory overhead rates instead of a single plantwide factory overhead rate a. results in distorted product costs ...
- Q A business purchases equipment for cash in the amount of $8,000. Which account is credited? A Cash B Accounts payable . Utilities expense . D Equipment
- Q Property tax expense is an example of a controllable cost for the supervisor of a manufacturing department. Question 25 options: TrueFalse
- Q Debt investment (trading)(at cost, $145,000) Debit 156,200 do you need to put $145,000 or $156,000 under asset section in balance sheet?
- Q Revenues and expenses arising from activities that are not part of the company's operations are classified as Blank______ revenues and expenses. Multiple choice question. nonoperating...
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