Accounting question and answers for December 10, 2023
- Q . What is the net book value (NBVor remaining depreciation) on the organizations 200 beds?
- Q To recognize such basic personal living costs as food and clothing, each individual taxpayer is allowed a personal exemption of $4,150 in 2018
- Q The cost, which is related specific cost object and economically traceable will be classified as: a. Indirect cost b. Fixed cost c. Variable cost...
- Q cullumber manufacturing inc. is installing a new plant at its production facility. it has incurred these costs: cost of the manufacturing plant initial delivery and handling...
- Q John Lasseter manufactures toys on a highly automated assembly line. John uses a costing system that has two cost categories: direct materials and conversion costs. Direct materials are...
- Q Rex and Mary are married and file a joint return. Their dependent daughter, Olivia, is a full-time student at a state university. During the school year,...
- Q Under IFRS, which of the following is a fundamental qualitative characteristic of financial information? Question 5Answer a. Relevance b. ...
- Q Fancy Imports applies International Financial Reporting Standards. The company issued shares of the companys Class B stock. Fancy Imports should report the stock in the companys statement of...
- Q Identify the statements below that are correct regarding the advantages of the four inventory methods using a perpetual inventory system. Multiple select question. Weighted average tends to...
- Q Identify which financial statement elements apply to each item described below. and if is credit or debit. 1. Cash is used to purchase a machine that will be...
- Q Duck, an accrual basis corporation, sponsored a rock concert on December 29,2024. Gross receipts were $300,000. The following expenses were incurred and paid as indicated: ...
- Q Corral Corporation is experiencing errors with inventory tracking. Incorrect tracking causes errors in inventory balances and the financial statements. To make corrections cost the company $450,000 in labor...
- Q The contribution margin is calculated by subtracting: Question 14Answer a. Variable costs from fixed costs b. Fixed costs...
- Q Distinguish among spoilage, rework, and scrap. Question content area bottom Part 1 is units of production that do...
- Q Orion Inc. has a 40 percent interest in Petra Company, reported using the equity method, and carried at $25 million. Orion acquires the remaining stock of Petra for...
- Q The auditors main GAAP concerns surround revenue recognition criteria. Examples of GAAP issues to consider are: Timing of revenue recognition insofar as there...
- Q Question content area top Part 1 When determining the cost of a manufactured product, the cost of lighting the factory would be classified as Question...
- Q Problem 3-6(Static) Balance sheet preparation; disclosures [LO3-2,3-3,3-4] The following is the ending balances of accounts at December 31,2024, for the Vosburgh Electronics Corporation.
- Q Under general circumstances, debt is allocated from the partnership to each partner in the following manner: Multiple Choice recoursecapital ratios; nonrecoursecapital ratios. recourseto...
- Q the adjusted trial balance of rocky acre spread inc
- Q tucki Holdings Corporation incurred the following expenditures: $4,900 cost to replace the transmission in a company-owned vehicle; $18,200 cost of annual property insurance on the companys production facilities;...
- Q A sales increase of 10% should produce a supplies expense increase of 1%, but a review of your budget to actual shows an increase in your supplies of...
- Q o Providing an allowance of 70 cents per work kilometer driven or instead paying a flat rate car allowance of $3,500 per employee. Since most employees travel around...
- Q If partnership debt is reduced and a partner is deemed to receive a cash distribution, what impact does the deemed distribution have on the partner if it is in...
- Q Carl purchased some equipment for $400,000 to be used in his business on 1/1 of this year. He purchased another $200,000 on 12/31 of this year. Five year...
- Q During the month, the company purchased $656,000 of raw material; direct material used during the period amounted to $504,000. Factory payroll costs for July were $788,000, of which...
- Q Vaughn Manufacturing is a retailer operating in Calgary, Alberta. Vaughn Manufacturing uses the perpetual inventory method. Assume that there are no credit transactions: all amounts are settled in...
- Q On May 31,2022, Hughes Construction recorded $50,000 in bonds payable, $30,000 in notes payable, $9,000 in wages payable, $3,000 in accounts payable, and $1,450 in taxes payable. How...
- Q Which of the following is incorrect regarding working papers? Select answer from the options below Working papers consist of two main files. Auditors document each stage of the audit...
- Q Question Content Area Using the sequential method, Pone Hill Company allocates Janitorial Department costs based on square footage serviced. It allocates Cafeteria Department costs based on the number...
- Q Determine how the transaction below affects the fundamental accounting equation. Bolton Designs, Inc. purchased supplies for $1,100 on account. Group of answer choices Assets...
- Q Lina made the following transfers during the current year: $20,000 to her grandson for his law school tuition. $1,000 to her neighbor...
- Q Which of the following is not a common feature of a promissory note? Multiple choice question. A statement of the maturity date The identification of the maker...
- Q Consider this information: Support Departments Operating Departments Human Resources Information Systems Corporate Sales Consumer Sales Budgeted costs incurred before any interdependent cost allocations $80,000...
- Q On its 2031 Balance Sheet, reported Prepaid/Accrued pension cost under liabilities should be Question 7 options: $162,800 $158,970...
- Q Exercise 8-55(Static) Operations Costing (LO 8-8) Devereaux Cycles makes three models of scooter: Commuter, Sport, and X-treme. The scooters are produced in four departments: Assembly,...
- Q Question Content AreaWhich of the following is deductible in 2023? a. Moving expenses in excess of reimbursement. b. Allowable hobby expenses in excess of...
- Q Assume an audit client identified in the planning stage of the audit the risk of material misstatement for revenue recognition and accounts receivable due to complex valuation...
- Q Monthly remittance of sales tax: Multiple Choice Reduces liabilities. Is a claims exchange transaction. Reduces stockholders' equity. All of these answer...
- Q BlueJay Company, a calendar year accrual basis taxpayer, has its busy season at the end of the year and typically hires an additional 50 temporary workers. The temporary...
- Q Palvia Service Company views share repurchases as treasury stock. Palvia purchased shares and then later sold the shares at more than their acquisition price. What is the effect of...
- Q Which of the following is not a source document? Multiple Choice Ledgers. Bills from suppliers. Bank statements. Sales receipts. ...
- Q Which of the following is presented in a statement of stockholders' equity? Select one: A. Revenues B. Expenses C. Net...
- Q On April 30,2021, Marie Claire sold 1,000 shares of her Spectrum Company's common stock to Fountain of the Sun for $16,000. The stock cost Marie Claire $10,000. Spectrum...
- Q The appropriate approach to recognize long-term contract revenue under ASPE is Group of answer choices earned and realized approach to revenue recognition. asset-liability...
- Q Which of the following is NOT an objective of internal control? Answer preventing and detecting error and fraud encouraging operational efficiency encouraging employees to change...
- Q The following extracts were taken from the income statement of Leyla plc for the most recent financial year. m Gross profit 42 Financing expenses 4...
- Q Problem 6-14 The Individual Alternative Minimum Tax (AMT)(LO 6.5) What are the two tax rates which are used to calculate AMT, ignoring the...
- Q What follows are a number of resources that are used by a manufacturer of futons. Assume that the output measure or cost driver is the number of futons produced....
- Q Jamar Jackson (50) took a distribution of $4,800 from his health savings account (HSA) to pay for qualified medical expenses. Jamar's federal adjusted gross income (AGI) is $52,930....
- Q Case 2.3 Balance Sheet Netting Cooper Motors has an account receivable from a customer, Rusty Services. Cooper also has an account payable balance due to Rusty Services. Cooper...
- Q fasheh corporation relevant range of activity is 7000 units to 11000 units
- Q Internal auditors are expected to add value to the organization through improved operational effectiveness. In addition, their responsibilities include all the following except ensuring compliance with applicable governmental...
- Q Alex and Sarah formed a general partnership. Their partnership agreement states that profits will be allocated 60% to Alex and 40% to Sarah. The partnership agreement is silent...
- Q An IRS auditor construes your client's ownership of an exchange property of less than a year to be the actions of a real estate dealer. What would most likely...
- Q Which of the following correctly describes an installment note? Multiple Choice An installment note requires equal payments of interest and principal in which the amount of interest...
- Q For the fiscal year ended September 28,2019, what amount is debited to Income Summary to summarize its expenses incurred?
- Q Kilbourne Appliances produces two models of beverage coolers for homes and offices, the KA-15 and the KA-24. Data on operations and costs for March follow. ...
- Q Angel Rodriguez (married; 3 federal withholding allowances) earned biweekly gross pay of $1,020. He participates in a flexible spending account, to which he contributes $50 during the period...
- Q A company is facing a class-action lawsuit in the upcoming year. It is possible, but not probable, that the company will have to pay a settlement of approximately...
- Q Identifying the accounting concept that describes each situation below only use the idea once. Is the rationale for why plant assets are not reported at...
- Q The following information relates to 2025.Income before income taxPrior period adjustment: understatement of 2023 depreciation expense (before taxes)Cumulative decrease in income from change in inventory methods (before taxes)Dividends...
- Q The __________ blankassociated with a project include overhead, facilities, and resource opportunity costs. Multiple Choice direct costs insurance premiums indirect costs environmental costs depreciation...
- Q If underapplied overhead is closed out to cost of goods sold, will the cost of goods sold account be increased or decreased? Multiple choice question. Decreased ...
- Q The change in retained earnings is caused by which of the following? a. Net income and the change in common stock. ...
- Q Smile Develops 35mm film using a four-step process that moves progressively through four departments. The company specialized in overnight service and has the largest drug store chain as...
- Q 7. The broadest level of services is provided by a. Audits. b. Attestations. c. Assurance services. ...
- Q Which of the following are requirements for satisfying the bona fide resident test necessary for excluding foreign earned income? The taxpayer must establish permanent quarters in the foreign...
- Q The basic standard deduction in 2023 for a Head of Household taxpayer who is 41 years old and not blind is: Group of answer choices ...
- Q For IRS depreciation, commercial property is allowed:
- Q What account is found in the statement of owner's equity and the balance sheet? Net income Total revenues Total assets Owner's capital
- Q A successor auditor may perform which of the following for a new audit client? Question content area bottom Part 1 A. ...
- Q On December 31, Year 1, a company recognized $750 of accrued salary expense. The company paid cash to the employees in Year 2. Which of the following shows...
- Q Sanderson has made deductible contributions to his traditional IRA for many years. Sanderson recently retired at age60 and received a distribution of $150,000. In which way, if any,...
- Q Caron Corporation is a merchandiser and sold a car for $25,000 in December. How will this be recorded in the income statement if the car was purchased in...
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