Accounting question and answers for December 09, 2023
- Q if allisons form w-2 repoeted $5,000 of employer-paid dependent care benefits in box 10, how much would her child and dependent care credit be?1. $0,2. $600,3. $1,2004. $4,170...
- Q The method that first traces costs to a department and then to products is called: A. direct costing B. absorption costing C. unit-based costing D. indirect costing ...
- Q MC Qu.6-153(Static) The inventory method that will always...2pointsThe inventory method that will always produce the same amount for cost of goods sold in a periodic inventory system as...
- Q In which of the following situations can Josie file as an innocent spouse to obtain relief from joint and several liability? a) Josie files a separate return from...
- Q When a company has a contribution margin equaling total fixed costs, it is operating at a. positive pretax income b. zero gross margin c....
- Q ABC sells products to customers with a warranty. Customers can return the products to ABC for a free replacement within 90 days of purchase. During April 2022, ABC...
- Q When preparing a multi-product break-even analysis, the assumption is ordinarily made that the Blank______ will not change. Multiple choice question. sales mix total...
- Q following data are available for the month of July: Department Manufacturing Costs Added* Ending Work in Process Mixing $82,290 $21,670 ...
- Q Which of the following is included in the costs to be accounted for section of a cost reconciliation report when the FIFO method is used? ...
- Q QUESTION 1(30 marks) Hills Investors (Pty) Ltd (Hills) is a property development company that has a 31 December financial year-end. You are provided with an extract of...
- Q What are the benefits of using a Kaizen approach to budgeting? What are the limitations of this approach, and how might Carlson MartCarlson Mart management overcome them? Begin...
- Q Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active. Ken...
- Q Under common law liability, which of the following must be demonstrated to prevail against auditors in a claim for ordinary negligence? A loss was suffered. Auditors owed...
- Q In the current year, Paul acquires a car for $16,000. He uses the car in his advertising business and for personal purposes. His records indicate the car is...
- Q Hooplah manufactures air-filled pods used in shipping packages. Data for that product are: Sales price per unit $250 Variable cost per unit $180 ...
- Q During the current year, DonDon sells a tract of land for $ 550 comma 000$550,000. The property was received as a...
- Q Marider Industries makes two types of windbreaker jackets: one for spring and one for winter. Marider uses a traditional costing system and is considering switching to an Activity-Based...
- Q Flow of Costs and Income Statement Technology Accessories Inc. is a designer, manufacturer, and distributor of accessories for consumer electronic products. Early in 20Y3, the company...
- Q Below are several statemetns about internal controls. state whether the answer to each of the statements is true or false
- Q Which one of the following accounts is the most liquid? A. Building B. Equipment C. Cash ...
- Q It is January 1,2017 and Pegasus is contemplating the acquisition of competitor Chimera. The following details are available ($ in millions except per share data): ...
- Q The Allowance for Doubtful Accounts is what type of account and what is its normal side? Asset, Debit Asset, Credit Liability, Credit Expense,...
- Q Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $9,400 from a part-time job. With this income,...
- Q The accountant for Harper Company is preparing a flexible budget. The activity index is machine hours, and the relevant range is 4,000 hours to 26,000 hours. The increment...
- Q Net realizable value for damaged, obsolete (out-of-date), or deteriorated goods is sales price less the cost of making the sale. Group startsTrue or False ...
- Q The cost of goods manufactured is:Question 6 options:the amount transferred from Raw Materials to Finished Goods.the amount transferred from Work in Process to Finished Goods.the amount transferred from...
- Q Hilex incorporate structure a transaction to shift income from 20y0 tax years to 20y2, this tax planning strategy may be taking advantage of the jurisdiction variables...
- Q Which of the following accounts is debited over the vesting period for either a stock option or for restricted stock? Group of answer choices Common stock Cash...
- Q There is a cause-and-effect relationship between revenues and expenses that dictates: Multiple choice question. when revenues are recognized in the income statement. ...
- Q the equity method of accounting for an investment in the common stock of another company should be used when the investment
- Q Identify which of the following accounts should be closed with a debit and which should be closed with a credit to Retained Earnings at the end of the...
- Q Relevant costs are future costs that differ between competing decision alternatives. Select one: True False
- Q Which one of the following is excluded from the cash flow from assets? Question 2 options: Accounts payable Inventory Sales ...
- Q On consolidated working papers, a subsidiary's net income is
- Q When inventory is sold, inventory cost methods are used to determine how much cost to assign to Blank______. Multiple choice question. selling expenses ...
- Q Moonlight Bay Inn is incorporated on January 2,2017, by its three owners, each of whom
- Q Select all that apply Internal control consists of plans to (Select all that apply.) Multiple select question. minimize errors and theft. encourage...
- Q he area of accounting that provides managers inside the organization with information they need to make decisions is called: Group of answer choices A. Tax accounting....
- Q If overhead is over applied it means that individual jobs have been charged too much overhead during the year and the cost of good sold
- Q Costs that remain constant in total dollar amount as the level of activity changes are called Question Blank 1 of 2 type your answer... costs....
- Q For the hobby farmer, farming losses can be deducted against any source of income up to $2,500, plus one-half of the next $30,000 in each year. ...
- Q On January 1,Year 4,Goodkey Co.acquired all of the common shares of Jingya. The condensed income statements for the two companies for January, Year 5,were as follows: ...
- Q Commitments, such as contracts for future transactions: Select one: a. Are classified as liabilities. b. Are classified as assets. ...
- Q Register disbursement schemes are different from skimming and larceny at the register in that they: Group of answer choices Are on-book schemes where skimming and larceny...
- Q Show me the steps to solve
- Q n accountant who works for a single business or government agency is referred to as a __________Blank accountant. Multiple Choice public private certified commission
- Q Which of the following items would require an adjusting entry at the end of the accounting period? A. Cash receive in advance from customers for services to...
- Q An advantage of the weighted average method under a periodic inventory system is that iy
- Q Anna enters into contract offering variable consideration. The contract pay are 1400 a month for six months of consistent consulting service. In addition theres a 60% chance the...
- Q Managers who try to perpetrate fraud by understating expenses are more likely to hide the understatement in an operating expense account than in the cost of goods sold. ...
- Q Maceo paid $2,853 interest on a qualified student loan in 2023. He an his spouse are filing separate returns. Their MAGI is $167,000. The maximum amount of the...
- Q One of the assumptions of costminusvolumeminusprofit (CVP) analysis is that there are no changes in the________. Question content area bottom Part 1 A. ...
- Q a taxpayer has a son who the taxpayer claims as a dependent and who attended college this past year. payments for him of 1256 to bank a and...
- Q 1.Internal cash control procedures are required by law for publicly traded companies. enhanced by routine reviews of the accuracy of recorded cash transactions. enhanced...
- Q Which of the following business expenses is deductible? A. $25 late filing penalty charged by CRA. B. $50 speeding...
- Q Kurt exchanged Asset 1(real estate) to Goldie in return for Asset 2(real estate) and $50,000. Asset 1 and 2 are like-kind assets. Kurts basis in Asset...
- Q Robert is seeking additional capital expand ABC Inc. in order to qualify ABC as a corporation which type of investor group could Robert obtain capital from
- Q Convertible debt and debt with warrantsWhat accounting treatment is required for convertible debt? Why? What accounting treatment is required for debt issued with stock warrants? Why?
- Q All of the following are a cash control over receipts except daily recording of all cash receipts in the accounting records. daily deposit of all receipts in...
- Q Moonlight Bay Inn is incorporated on January 2,2025 by its three owners, each of whom
- Q GRAP 1 applies to all general-purpose financial statements presented under the accrual basis of accounting. What does accrual basis of accounting mean? Recording accounting transactions...
- Q On January 1,2024, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $102,000 each, beginning December 31,2024,...
- Q TB MC Qu.11-17 If a company's debt ratio was 25%, its... If a company's debt ratio was 25%, its debt/equity ratio would be:
- Q How would Fuzzy Monkeys 2024 statement of cash flows be affected by this investment assuming Fuzzy anticipates holding these investments for a sufficiently long period? (If more than...
- Q Trans. No. Cash Acc. Rec. +Supplies Ppd Rent Equipment = Acct. Pay. + Common Stock Dividends Fees Earned Supplies Exp. ...
- Q Which of the following statements true? check all that apply 1 The break-even point in unit sales differs between the two compensation schemes, but the...
- Q material amounts of underapplied or overapplie overhead should be
- Q In absorption costing, nonmanufacturing costs are assigned to units of product. Group of answer choices True False
- Q Nina who is consistently employed for several years at her job as a school bus driver was laid off in early 2021 as a result she did not...
- Q A company provides services on account. How will this transaction affect (1) assets, (2) stockholders equity, and (3) revenues? Multiple Choice (1) Increase,...
- Q In the context of Purchase Price Allocation (PPA), how do asset write-ups affect the future financial statements of the acquired entity? a, Asset write-ups typically...
- Q purchased 1,150 of merchandise from greenworld company with credit terms of
- Q What is the IS auditor's primary purpose in regard to life-cycle management? To verify that evidence supports the organizational objective and that each decision is properly authorized by...
- Q Predetermined overhead rate for "Finishing" = $18.00 per direct labor-hour, for "Fabrication" it is 110%(relative to Direct Materials cost); direct labor wage rate = $16.00...
- Q Suppose that Havana expects to sell 4,000 hats during the month of September and that each hat sells for $2.75. Havana performed a least-squares regression...
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