Accounting question and answers for January 23, 2024
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- Q Which of the following is a fundamental quality of useful accounting information? Relevance Materiality Comparability Neutrality
- Q Conversion costs can be defined as Variable costs plus fixed costs. Direct labor plus direct materials. Manufacturing costs plus non-manufacturing costs. Total Manufacturing costs minus direct materials....
- Q Retained Earnings can be subject to appropriation by a corporation represents the total amount of net income earned by the company during its existence is decreased by a stock...
- Q Starr Company shows the following information for the month. Prepare journal entries to record the following. Raw materials purchased. Direct materials used. Direct labor used. Applied overhead. Journal entry...
- Q Activity-based costing provides more accurate and useful cost data. True False
- Q Which of the following is not required to determine the best timing strategy? The taxpayer's after-tax rate of return The taxpayer's tax rate this year The taxpayer's...
- Q Required information [The following information applies to the questions displayed below.] On January 1, Mitzu Company pays a lump-sum amount of $2,650,000 for land, Building...
- Q An individual must complete Schedule B if the following situation occurs: Received interest income of \(\$ 600\). Received interest income of \$1,500. ...
- Q The difference between Cost of Food Consumed and Cost of Food Sold is:
- Q Amount that the signer agrees to pay back, not including interest One who signed the note and promised to pay at maturity Day that the principal and interest must...
- Q Which statement best describes professional behaviour? Accountants discharging their duties in an honest way None of the other alternatives Accountants avoiding bias, conflict of interest or undue influence Accountants...
- Q Question 12 A Corporation sells hats to upscale retailers across the world. Information about inventory is contained in the table below. The company uses a perpetual...
- Q Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below: The company estimates 30% of...
- Q Multiple Choice Question Some of the estimates made and reporting options used when preparing financial statements are explained in notes to the financial statements management's discussion and analysis...
- Q In the COSO framework, which component involves identifying and analyzing risks that could prevent the achievement of business objectives? Monitoring Activities Information and Communication Control Environment None of the...
- Q PSB 4-10 CALCULATE DEPRECIATION USING TWO METHODS Calculate depreciation on a truck for the first two years of its useful life, using both the straight- ...
- Q Question 4 of 10 On May 10, Pharoah Co. buys $850 of merchandise on account from Shamrock Supply, terms 210,n30. Pharoah pays Shamrock on...
- Q rear ??? February 14 Received Todd's payment of principal and interest on the note dated December 16. "March 2 Accepted a(n)$6,600,7%,90-day note in granting...
- Q What is the result when a partnership agreement allocation fails to have substantial economic effect? The partners may modify the agreement for the tax year after the due date...
- Q Which of the following is not one of the articles of the AICPA Code of Professional Conduct? Multiple Choice Objectivity and Independence Integrity Conservatism Due Care
- Q The Floyd Company had two jobs in process at the end of the financial year but had yet to apply overhead to each. \table[[,Job #101,Job 102,Total],[Materials,$40,000,$20,000,$60,000],[Direct Labor,$30,000,$90,000,$120,000],[Overhead,?,?,],[Total,,,]] ...
- Q Which of the following statements about a job cost sheet is false? A job cost sheet is a form that is used to record the costs that are chargeable...
- Q Why is real-time processing essential in an ERP system?
- Q Cost of goods sold can be determined from analysis of all the control accounts in the cost system. the Work in Process Inventory records. the Finished Goods Inventory records....
- Q Economic value added is used to measure the company's expenses None of the above measure the company's profits measure the company's sales
- Q Smith industries manufactures a variety of custom products. The company has traditionally used plantwide manufacturing overhead rate based on machine hours to allocate manufacturijg overhead to it product ...
- Q FIII In the Blank Questlon Notes receivable normally has a(n) balance because it is classified as a(n) (Enter only one word per blank.) ...
- Q 7.d In cell B20, enter a formula to calculate the number of clients the sales associate had with annual sales reaching the target set in cell B16.(Hint: This...
- Q Which of the following is not one of the reasons The budgeting process enables managers to uncover bottlenecks as they occur. Budgets communicate financial goals thitoughout the organization. Budgets...
- Q Instructions On December 11,2019, Hooper Inc. made a credit sale to Marshall Company and required Marshall to sign a $15,000,60-day note. Required: Prepare the journal entries...
- Q On October 1,2002 Mandeep purchased an annuity for $50,000. On the date of his 65th birthday-October 1,2020-the annuity began making payments of $1,000 per...
- Q Northwood Company manufactures a basketball selling for $25 per unit in a small plant heavily relying on direct labor workers. Thus, variable expenses are high, totaling...
- Q The IRS can impose a penalty on the tax due on a retuin where there is negligence. Multiple Choice 5% 75% 20% 25%
- Q Which of the following is a product cost for a construction company? Multiple Choice Cost of transporting raw materials to the job site Wages paid to the company's payroll...
- Q The audit assertion addresses the risk that long term liabilities are understated because the company did not record all of their obligations. a. Completeness b. Cutoff...
- Q Which of the following is true of cost of goods sold? a. It includes all selling and administrative expenses. b. It is an expense that appears...
- Q The SOX Act requires that public companies maintain committees composed entirely of independent audit; stakeholders ethics; officers ethics; shareholders audit; directors
- Q Rizio Company purchases a machine for $9,500, terms 210,n60, FOB shipping point. Rizio paid within the discount period and took the $190 discount. Transportation...
- Q A trial balance prepared before any adjustments have been recorded is: An adjusted trial balance. Used to prepare financial statements. An unadjusted trial balance. A balance sheet. Only prepared...
- Q Pumpkin and Spice Company had the following transactions for the month of November: Provided $8,000 of services to customers. All customers paid in cash at the time ...
- Q Solaris Corporation prepared the following estimates for the four quarters of the current year: Additional Information First-quarter administrative costs include the $140,000 annual insurance premium. Advertising...
- Q A cash flow statement is the exact opposite of a(n) Multiple Choice float. balance sheet. income statement. budget
- Q Beth's disability income insurance policy provides benefits for accidental death, dismemberment, and loss of sight. The maximum amount payable under this benefit is known as the face value. cash...
- Q Company A and Company B operote in the some industry and region. Compared to Company B, company A has a low receivables turnover ratio and a correspondingly high...
- Q 5. What is the sensitivity to sales in both units and %? 6. What are the drawbacks of using the financial statements to estimate fixed...
- Q QS 15-24(Algo) Gross profit ratio LO A1 A manufacturer reports sales of $110,000 and cost of goods sold of $77,000. Compute its gross...
- Q Which of the following is not a requirement of the Sarbanes-Oxley Act (SOX)? Multiple Choice Adoption of a code of ethics covering all employees. Evaluation and reporting...
- Q Which three components make up the fundamental accounting equation? income assets expenses owners' equity liabilities
- Q Question 17(Mandatory)(1 point) A variable that is a "stock" has the same units as a flow variable. has meaning only at a point in time. has only...
- Q The "tone at the top" refers to which component of the COSO framework? None of the above Control Activities Control Environment Monitoring Activities Information and Communication
- Q Required information Comprehensive Problem 9-81(LO 9-1, LO 9-2, LO 9-3, LO 9-4, LO 9-5, LO 9-6)(Algo) [The following information applies to the questions displayed below.] ...
- Q Identify which of the following items should be paid from the owner's personal checking account. Owner's clothing purchases Mortgage payments for the company office building Mortgage payments for the...
- Q Question 24 Sam works for a company as an accountant, and he believes strongly in his profession. Sam is likely to face person-role conflict when he...
- Q Knowledge Check 01 The potential benefit that is given up when one alternative is selected over another is called relevant cost avoidable cost differential cost opportunity cost...
- Q Requirements: 1) Using the data below, create a multi-step GAAP Income Statement in appropriate professional Excel format (i.e., use cell referencing and formulas, no hard coding numbers).2) All...
- Q Knowledge Check 01 Financial statement analysis applies tools to financial statements for decision-making. analytical information financial data
- Q What is the purpose of the adjusted trial balance? to verify that all of the adjusting entries have been posted to verify that the net income (loss) is...
- Q View Policies Current Attempt in Progress Pina Colada Ltd. has the following equity accounts at January 1,2023. Preferred shares outstanding: 3,000 shares $75,000 Common...
- Q Preparing Income Statements and Balance Sheets 15pts For both 2&3 prepare a classified income statement and a classified balance sheet Tax Rate is22% ...
- Q Goo Goo Enterprises invested in the bonds of Greater Glouster. These bonds pay interest of 2%. The effective rate of interest for similar bonds on the...
- Q \table[[Accum. Depr.-Equipment],[,Bal.,76,390,],[vv,,,],[,,,],[,,,]] Insurance Expense Post adjusting entries to the ledger accounts. (Post entries in the order as displayed in the part above.)Post adjusting entries to...
- Q Review the dashboard you created for the city of mesa aeixkba before answering the queztions. What was the highest totam budget for sny year in any deoartment? A....
- Q Multiple Select Question Select all that apply A financial audit includes a guarantee that fraud does not exist in the company being audited an assessment of the investment quality...
- Q Dividends become a liability of a corporation: Multiple Choice On the date the board of directors declares the dividend. When cumulative preferred stock dividends are in arrears....
- Q Determine the missing amount for each letter (a) through (i).
- Q A good system of internal control requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and...
- Q A flexible budget is a budget that shows how costs vary with different levels of sales and revenue. False True
- Q Question 12 Where do you customize QuickBooks Online to show product/service column on sales forms? The Customization button from the Products and Services screen The...
- Q Marigold Corp. paid or collected during 2020 the following items: The following balances have been excerpted from Marigold's balance sheets: The insurance expense on the income...
- Q Public Corporation acquired 90 percent of Station Company's voting common stock on January 1,20X1, for $513,000. At the time of the combination, Station reported common stock...
- Q Question 4 Movers, LLC promises to deliver a certain couch to Nora, who promises to pay for the service. If Movers does not perform, it may be...
- Q The following transactions for Carleton Company occurred during January 2020: 1 Purchased a two-year insurance policy for cash, $8,400. 4 Paid utilities bill received...
- Q I just need part E and F E. Assume the company wants to earn a $1,582,600 target operating income. What sales revenues must be generated? ...
- Q Which one of the following is required in order for an activity base to be useful in cost behavior analysis? The activity level should be an approved GAAP activity...
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