Accounting question and answers for December 10, 2023
- Q The standard inquiry to the client's attorney should be prepared on plain paper (no letterhead) and be unsigned. client's letterhead and signed by a company...
- Q The Doral Company manufactures and sells pens. Currently, 5,000,000 units are sold per year at $0.50 per unit. Fixed costs are $900,000 per year. Variable costs are $0.30...
- Q If manufacturing labor costs are added to the process at a different time compared to other conversion costs, an additional cost categorydirect manufacturing labor costswould be needed to...
- Q Thomas Corporation borrowed $600,000on December 1,2018,to finance construction of a new office building. The interest rate on the loan was 8%. Construction began on January 1,2019, and...
- Q Opportunity costs are costs and benefits of those options not used or taken. costs that never change from decision to decision. costs that are not avoidable . costs...
- Q In a partnership, how are profits and losses typically shared? Question 4Answer a. Equally b. Based on capital...
- Q Carlos Gonzalez pays bonuses to his four employees at the end of the third quarter. He withholds federal income tax from their regular paychecks. They are paid the bonuses...
- Q Which of the following is a qualified education expense for the lifetime learning credit? Activity fee paid to the institution for intramural sports. Audited courses....
- Q When calculating diluted earnings per share, convertible bonds are: Question 7Select one: a. Ignored. b. Assumed converted whether...
- Q Select all that apply When a company produces and sells multiple products Blank______. Multiple select question. each product most likely has different costs ...
- Q The amount of time spent by an employee on an individual job is recorded on Group of answer choices pay stubs in-and-out cards time...
- Q The taxpayer takes his two (2) children to a daycare facility and pays the facility $1,250 apiece during the year for the sporadic care. The taxpayer also pays...
- Q bakesale enterprises purchased equptment on may 1,2022 for 6,300
- Q Goodwill Accounting Alternative An accounting alternative is available within the Goodwill topic of the Codi- fication (ASC 350-20), specifically as it relates to the...
- Q which of the following is a true statement? the standard deduction is increased for taxpayers who are blind or deaf at year-end ...
- Q Question Content Area A tax preparer is in violation of Circular 230 if they: a. Fail to inform the IRS of an error...
- Q How does the income statement of a merchandiser differ from a service company?Question content area bottomPart 1A.A merchandiser reports gross profit while a service company does notB.A service...
- Q For an employee who has submitted a pre-2020 Form W-4, the number of federal withholding allowances impacts the withholding amount calculated under the wage-bracket method but not under...
- Q Which of the following would best describe controlling for your new business? Select one: A. Assigning workers to perform lawn services for various clients...
- Q Liabilities are: Multiple Choice What a company owes. What is left after liabilities are satisfied. What a company owns. All of these choices are...
- Q Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide...
- Q Question Content Area Lola, a calendar year taxpayer subject to a 40% marginal Federal gift tax rate, made a gift of a sculpture to Redd, valuing...
- 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 The WebTrust service requires that a CPA update its testing of the e-commerce aspects of an entity's website at least every ninety days. twelve months....
- Q Cryptocurrency must conduct research and review the requirements set forth by GAAP, GAAS and IFRS and provided a well thought out knowledge paper which answers the questions: 1....
- Q For bonds issued at a premium or discount, Interest Expense is the bond stated rate of interest, multiplied by the bond face value. For bonds issued at a...
- Q Badgersize Company has the following information for its Forming Department for the month of August: Work in Process Inventory, August 1: 20,000 unitsDirect materials: 100% complete$ 80,000Conversion:...
- Q All of the long-term employees of Salter Inc. are allowed to participate in the company's stock option plan. In January 2021, Sharon Poulter was granted options...
- Q when a company buys equipment for $150,000 and pays for one third in cash and the other two thirds is financed by a note payable, which of the...
- Q Transactions happening at odd times or places; being performed by people who would not normally participate; or including odd procedures are typically associated with which type of fraud symptom?...
- Q In the manufacture of 10,000 units of a product, direct materials cost incurred was $165,000, direct labor cost incurred was $105,000, and applied factory overhead was $53,000. The...
- Q During Year 1, Moersch Company issued common stock to stockholders for $11,900; purchased land for $3,300 cash; provided services to customers for $7,000; paid cash operating expenses...
- Q WilkeWilke Pharmacy, part of a large chain ofpharmacies, fills a variety of prescriptions for customers. The complexity of prescriptions filled by WilkeWilke ...
- Q The accounting records of Walls China Shop reflected the following balances as of January 1, Year 2: Cash $18,300 Beginning inventory...
- Q External auditors accessing their client's accounting information system would be serving the accountant's role in an accounting information system of a(n) Blank______. Multiple choice question. ...
- Q Which of the following is deductible in 2023? a. Allowable hobby expenses in excess of hobby income. b. Moving expenses in excess of reimbursement....
- Q A preparer must exercise what in the course of practice? Select one: a. Due Diligence b. Discretionary Diligence c. Diligent Discretion ...
- Q The Newbury Company sold inventory costing $600 for $750 on account. If the Newbury Company operates under the accrual basis, what affect will this transaction have on the...
- Q mike received the following interest payments this year. what amount must mike include in his gross income (for federal tax purposes)? general motors 1800 ...
- Q Under IFRS, which of the following is classified as an intangible asset? Question 11Answer a. Buildings b. Land...
- Q The IFRS standard that provides guidance on accounting for employee benefits is: Question 14Answer a. IFRS 2- Share-based Payment ...
- Q 1. March 10: 500 units of raw materials were purchased on account at $4.00 per unit. 2. March 15:...
- Q A credit to Accounts Payable for $180 was omitted. Yes No Debit Credit The $520 Accounts Receivable balance in...
- Q JAll of the following must be included in taxable income, EXCEPT: Elective contributions to an employee's 401(k) plan. Tips received by a waiter....
- Q James owns 30% of Sands and uses the equity method. During 2023 James sells Sands inventory for $75,000. The original costs was $50,000. Sands sells all...
- Q Z-Mart is a retail merchandising business. What line-item on its multi-step income statement represents Z-Mart's profit from its main day-to-day merchandising activities? Group of answer choices...
- Q Questions asked in tax accountingTools and techniquesShould the company move operations to Ireland to minimize taxes?Why is the difference between taxable income and net income getting bigger?How big...
- Q Match the term on the left with the correct definition on the right. Group of answer choices Perpetual Inventory System [ Choose ] Sales Discount ...
- Q A trial balance prepared after the closing entries have been posted would exclude which one of the following accounts? Multiple Choice Prepaid insurance Service revenue. Trade receivables. Accumulated...
- Q Wayne Company wishes to allocate overhead costs in a heavily automated production department. Direct labor hours would be a less appropriate cost driver than machine hours. Group startsTrue...
- Q On December 31,2024, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,600. The company estimates that $1,200 of the year-end receivables will...
- Q Chapelle Appliances sells dishwashers for $ 1,200 each, which includes a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During...
- Q Which of the following statements are true? A bill of materials is a document that lists the type and quantity of each type of direct material needed to...
- Q Choose the response that correctly completes the next sentence: When a taxpayer disposes of their entire interest in a passive activity, the prior-year suspended passive activity losses _____:...
- Q Generally accepted accounting principles are a common set of standards applied by accountants. Accounting principles aid in producing relevant, reliable, and comparable information. Four principles underlying financial statements...
- Q Which of the following statements regarding cost systems is true? a. A company must use either job order costing or process costing Ob. A manufacturer must...
- Q Which of the following correctly lists all the information needed to calculate a labor rate variance? Multiple Choice Standard labor rate and actual hours worked Actual...
- Q Which of the following Regulations deal with estate taxes? None of the above Reg. Subsection 1.6662-5T Reg. Subsection 31.31219(a)-2 Reg. Subsection 1.162-21(a)(2)
- Q Mark wants to see where his biggest expenses are and where he can best reduce expenses to increase his personal profit. Which kind of financial statement does he need?...
- Q A new auditor prepared accounts receivable confirmation request to be sent to the customer. He mentioned in the letter to only reply if the information presented is not the...
- Q Problem 6-57(LO 6-3)(Static) Skip to question [The following information applies to the questions displayed below.] Amelie, a retired physician, is 66...
- Q You will know if you are an independent contractor if Select answer from the options below your paycheck statement has no income taxes withheld. you perform tasks or functions...
- Q Atlantic Como; ny sells product with a break-even point of 5,043 sales units. The variable cost is $90 per unit, and fixed costs are $206,763. Determine...
- Q a corporation issued 10000 shares of 10 par value common stock for 120000 cash
- Q Question 21 of 45. Which of the following expenses is deductible as a vehicle expense for a self-employed taxpayer who uses either the actual expense...
- Q AGING SCHEDULEACCOUNT RECEIVABLE AMOUNTALLOWANCE FOR UNCOLLECTIBLEUNCOLLECTIBLE AMOUNT1-30 days$5%$3,75031-60 days$10%$2,50061-90 days$15%$2,250Total Uncollectible Balance$12,250 Based on the above information, what amount would be recorded in accounts...
- Q ClaClaire is a unmarried 29 year old tax. He receives the following income this year wages for 4500 interest from bank statement $50 and employment compensation 7000 gift...
- Q Inventory is substantially appreciated if the fair market value of all inventory items exceeds 100 percent of their basis to the partnership. false true
- Q The costs and revenues that remain constant in all decision scenarios are: a. Opportunity costs and sunk costs. b. Relevant costs...
- Q On September 22, Jedi Lumber sold building materials to Lando Limited for $25,000 with terms of 3/10, net 30. What amount did Jedi record as revenue on October...
- Q Problem 6-44(LO 6-2)(Algo) Skip to question [The following information applies to the questions displayed below.] This year Randy paid $30,850 of...
- Q Costs incurred in the operation of a production plant or process or service organization, but normally cannot be related directly to any given unit of production or service...
- Q Current Designs faces a number of important decisions that require incremental analysis. Current Designs is always working to identify ways to increase efficiency while becoming more environmentally...
- Q Bella is an unmarried (single filing status) MBA student at the University of Texas, a qualified educational institution. Over time, she has borrowed $50,000 to pay for...
- Q Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting principles. The before-tax loss on disposal was $385,000. The division...
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