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Accounting Questions and Answers July 7, 2012

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A responsibility accounting performance report contains which of the following items? ( Check all that apply. ) Budgeted amounts The difference between actual and budgeted amounts Actual amounts A list of all controllable costs A list of all controllable direct costs A list of all indirect costs
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The following balances are included in the subsidiary records of Sinclair: Town hall building$ 5 , 4 0 0 , 0 0 0 Town pool ( supported by user fees ) 1 , 1 0 0 , 0 0 0 Town pool maintenance equipment 2 9 , 0 0 0 Police cars 2 4 0 , 0 0 0 Equipment 7 9 , 0 0 0 Office supplies 1 1 , 0 0 0 What is the total amount of general capital assets held by

For 2 0 2 3 , the payment of alimony may have tax ramifications. These tax ramifications only affect the payer of the alimony.Group startsTrue or FalseTrue

3 ) If an organization deducts $ 1 0 , 0 0 0 in Employment Insurance premiums, how much would have to be remitted in total to the Canada Revenue Agency? a ) $ 1 0 , 0 0 0 b ) $ 1 4 , 0 0 0 c ) $ 2 4 , 0 0 0 d ) $ 3 4 , 0 0 0

The accounting term "going concern" is exemplified by which of these scenarios? ( Indicate all that apply. Note that incorrect selections are penalised ) . Continued operations despite a division of an entity being closed to reduce costs A company receiving a government tender to provide in Gauteng for 2 0 2 0 A municipality determining that it is
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Revenue is also known as: cost of goods sold sales profit before taxes operating earnings
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Source - Chapter 1 4 ( 4 * 5 = 2 0 Marks ) Access the financial statements and accompanying notes of Brookfield Asset Management Inc. for the year ended December 3 1 , 2 0 2 0 , through SEDAR ( www . sedar.com ) or on the company's website and then answer the following questions. Instructions a . Using ratio analysis, prepare an assessment of
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The relotionship between revenue from selling inventory and the cost of that inventory is measured as: net income ( 1 1 i ) operating income. gross profit. pretax income. The relationship between revenue from selling inventory and the cost of that inventory is measured as: Multiple Choice net income. iIn operating income. gross profit. pretax
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Stocks are generally established with a maturity date when the principal or face amount is returned to the shareholders. Select one: True False

Required information [ The following information applies to the questions displayed below. ] Information for Pueblo Company follows: Required: The total fixed costs are $ 2 9 , 0 0 0 . Determine target sales needed to earn a $ 3 3 , 0 0 0 target profit. Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Required
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Activity - based costing treats organization - sustaining costs as _ _ _ _ _ expenses. (

Nash constructio Comapany began work on a $ 4 1 9 , 5 0 0 construction contract in 2 0 2 0 . During 2 0 2 0 , Nash incurredd Costs of $ 2 8 2 , 5 0 0 , billed its customer for $ 2 3 2 , 5 0 0 , and collected $ 1 8 1 , 0 0 0 . At December 3 1 , 2 0 2 0 , the estimated additional costs to complete the p [ roject total $ 1 6 4 , 1 4 0 . Prapare

An iventory count shows that teaching supplies costing $ 3 , 2 3 5 are available at year - end.

During 2 0 2 2 , $ 8 0 0 , 0 0 0 of raw materials were purchased, direct labor costs were $ 6 7 0 . 0 0 0 and manufacturing overhead were $ 6 4 0 , 0 0 0 . ( Assume that all raw materials used were direct materials. )

Manufactured inventory that has begun the production process but is not yet completed is The factor which determines whether or not goods should be included in a physical count of inventory is whether or not the purchase price has been paid. physical possession. legal title. management's judgment.
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Vista Company Inc. had a beginning inventory of 1 0 0 units of Product RST at a cost of $ 8 per unit. During the year, purchases were: Vista Company uses a periodic inventory system. Sales totaled 1 , 5 0 0 units. ( a ) Your answer is correct. Determine the cost of goods available for sale. B ) Calculate weighted average unit cost. B 2 ) Determine
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When a Bakery transfers goods from the Mixing Department to the Baking Department, the accounting entry would be _ _ _ _ _ _ _ _ . Question content area bottom Part 1 A . Debit: Work in Process long dash Mixing Department Credit: Work in Process long dash Baking Department B . Debit: Work in Process long dash Baking Department Credit: Accounts

Which of the following give rise to a note receivable? Question 5 options: Extension of credit to customers in normal operations with no written agreement. Loaning money to stockholders. Borrowing money from an affiliated company.

The FASB is a ( n ) : International organization. Group of accounting firms. Governmental unit. Private sector body. Which of the following is the objective of financial reporting? To provide information: that defines the process of how and at what cost money is allocated among competing interests. about the reporting entity that is useful to
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When a company sells inventory on account and uses a perpetual inventory system, the entry ( or entries ) to record this transaction includes: Question 4 Answer a . Debit to Cost of Goods Sold b . Credit to Inventory c . Credit to Sales Revenue d . Debit to Accounts Receivable e . All of the above are true

In 1 9 8 1 , Frances purchased a vacant lot for $ 2 5 , 0 0 0 . In 2 0 2 3 , she died and the land was passed on to her daughter Gail. The lot in 2 0 2 3 is worth $ 7 5 , 0 0 0 and Gail sold it at that price. Is there a gain for Gail? Group of answer choices No , loss of $ 2 5 , 0 0 0 Yes, gain of $ 5 0 , 0 0 0 Yes, gain of $ 2 5 , 0 0 0 No gain

Problem 3 - 3 8 ( LO 3 - 3 ) Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the 2 0 2 3 Tax Tables for taxpayers with taxable income under $ 1 0 0 , 0 0 0 and the 2 0 2 3 Tax Rate Schedules for those with taxable income above $ 1 0 0 , 0 0 0 .
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Which of the following statements are true? Specific FASB standards have been incorporated into the GASB codification. The government considers FASB an authoritative source. Current asset and liability classification for proprietary funds are covered by FASB standards. Governments may use FASB standards to provide guidance for all proprietary fund
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Under the temporal method, retained earnings would be remeasured at what rate? Multiple Choice Beginning of the year rate Average rate Current rate Historical rate Composite amount
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Maintenance expense for office equipment can be classified as Product cost Period cost Overhead cost Cost of goods sold
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Kilgore Company experienced the following events during its first accounting period. ( 1 ) Bohrowed $ 1 2 , 6 0 0 cash from a creditor. ( 2 ) Earned $ 6 , 3 0 0 of cash revenue. ( 3 ) Paid $ 2 , 5 2 0 cash to pay off a portion of its note payable. ( 4 ) Paid cash dividends amounting to $ 3 6 0 . ( 5 ) Paid $ 2 , 8 5 0 cash for operating cash
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\ table [ [ BALANCE SHEET ] , [ CURRENT ASSETS,,CURRENT LIABILITIES, ] , [ Cash , $ 6 8 7 9 , Account payable,$ 8 7 9 8
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In the formula Y = a + b x , b represents the estimated total manufacturing overhead cost variable manufacturing overhead cost per unit total emount of the alfocation base total fixed manufacturing overhead cost
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When Carson files his 2 0 2 2 return, what amount should be reported as an excess of AMT income over regular tax income on Form 6 2 5 1 , Alternative Minimum Tax - Individuals?

Which of the following is an other itemized deduction on the Schedule A ? Multiple Choice Gambling losses. Tax preparation fees. Union dues and fees. Safe deposit box fee.
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Home Town Company manufactures recliners. The budgeted sales price is $ 6 1 9 per recliner, the variable costs are $ 3 3 8 per recliner, and budgeted fixed costs are $ 2 1 , 0 0 0 . What is the budgeted operating income for 1 , 2 0 0 recliners? $ 3 1 6 , 2 0 0 $ 3 0 3 , 2 0 0 $ 3 0 0 , 2 0 0 $ 2 1 , 0 0 0
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( 2 5 pts ) Using the following accounts and their amounts, prepare in good format a balance sheet for Bright Futures Company for the month ended August 3 1 .
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Pension data for David Emerson Enterprises include the following: Required: Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 3 1 . Note: Enter your answer in millions ( i . e . , 1 0 , 0 0 0 , 0 0 0 should be entered as 1 0 ) .
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An account is a part of the financial information system and is described by each one of the following except an account is a source document. an account has a title. an account consists of three parts. an account has a debit and credit side.
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Which of the following activities is not a component of Ford Motor's operating cycle? Calculating depreciation Sale of merchandise Collection of cash from merchandise sales Purchase of merchandise
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Multiple Select Question Select all that apply Q - mart failed to include inventory that was kept in a separate warehouse in its end - of - the - period inventory count. Explain how this error will affect this year's balance sheet This year's total assets will be overstated. This year's total assets will be understated. This year's total equity
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Listed below are some transactions for Wildhorse Products L t d . , which uses a perpetual inventory system and reports under ASPE. May Sold inventory o n account t o Blossom Inc., terms 2 1 0 , n 3 0 . Selling price $ 2 4 , 4 0 0 ; c o s t $ 9 , 7 6 0 . 2 3 Received a portion o f the inventory sold o n the previous day because i t was damaged and
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QS 1 8 - 1 8 ( Static ) Margin of safety in dollars and as a percent of sales LO C 2 Zhao Company has fixed costs of $ 3 5 4 , 0 0 0 . Its single product sells for $ 1 7 5 per unit, and variable costs are $ 1 1 6 per unit. If the company expects sales of 1 0 , 0 0 0 units, compute its margin of safety eBook ( a ) in dollars and ( b ) as a percent
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The smoothing of pension expense is: Multiple Choice not allowed by GAAP if the sole purpose is to prevent earnings volatility. illegal and prohibited by SEC. allowed through amortization and deferral to prevent volatility in earnings. unethical and not allowed by GAAP.

Exercise 7 - 1 5 ( Algo ) Determine activity - based depreciation ( LO 7 - 4 ) Tasty Subs acquired a food service truck on October 1 , 2 0 2 4 , for $ 1 9 , 5 0 0 . The company estimates a residual value of $ 1 , 3 0 0 and a four - year service life. It expects to drive the truck 1 4 0 , 0 0 0 miles. Actual mileage was 4 , 6 0 0 miles in 2 0 2 4
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Sophie wants to work in the accounting department for Costco because she has heard that they give part - time employees medical benefits. Sophie wants to go into: Multiple Choice Public accounting Private accounting Forensic accounting Government accounting

Nicke's fiscal years 2 0 1 6 , 2 0 1 5 , and 2 0 1 4 , end on May 3 1 , 2 0 1 6 , 2 0 1 5 , and 2 0 1 4 , respectively. Nicke's asset turnover ratio for fiscal year 2 0 1 5 is

An investor company must consolidate its financial statements with an investee company if it owns more than _ _ _ _ _ _ of the voting stock of the investee company, and the portion not owned by the parent company is reflected as _ _ _ _ _ _ _ on the balance sheet. Question 3 options: 5 0 % , consolidated interest 5 0 % , non - controlling interest

A state provides pension benefits to retired employees who have worked at least five years for the state. Based on employee salaries during 2 0 2 2 , the state actuary calculated that the employees earned pension benefits totaling $ 1 5 , 4 0 0 , 0 0 0 . The state appropriated $ 1 1 , 0 0 0 , 0 0 0 to the General Fund for payment to its Pension

Which of the following is not a proper description of the pension Accumulated Benefit Obligation ( ABO ) ? Multiple Choice If excludes projected salary increases between the statement date and the employee s expected retirement date. The difference between the ABO and PBO represents the losses workers would suffer if they leave the company prior

2 . Two basic accounting principles determine when revenues and expenses are to be recorded under accrual basis accounting. They are _ _ _ A . revenue recognition and matching principles. _ _ _ B . revenue recognition and measurement principles. _ _ _ C . cost and matching principles. _ _ _ D . none of these

Sunland Company follows IFRS and sells consumer - relationship software to Bramble Inc. to be used for three years. In addition to providing the software, Sunland promises to provide consulting services over the life of the contract to maintain operability within Bramble computer system. The total transaction price is $ 2 0 5 , 2 0 0 . Based on

The company purchases 1 4 kayaks, paying $ 1 8 , 7 0 0 cash.

Unten Prutection wrwiftes underground stor age facilities for companies desiring off - site storage of sensitive documents, computer tecords anef uther items They have developed a sophisticated surveillance and security system which they initially used in their own factities and have recertily started to market elsewhere as well. The underground
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The estimated amount of manufacturing overhead appears on the schedule of cost of goods manufactured and sold. This statement is Multiple Choice true. false.

Accrued revenue on the books of one company is likely to be: Question 1 Select one: a . An accrued revenue on the books of the company that will make the future payment b . An unearned revenue on the books of the company that will make the future payment c . An accrued expense on the books of the company that will make the future payment d . A

The three tests that must be met to qualify as a qualifying relative are: , , and . ( Each blank may contain more than one word. )

during January the production department of a process operations system completed and transferred to finished goods a total of 7 0 , 0 0 0 units.

Current Attempt in Progress An investment by the stockholders in a business increases assets and liabilities. assets only. liabilities and stockholders' equity. assets and stockholders' equity.
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Dollar - Value LIFO Method On January 1 of Year 2 , Bryan Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory ( the base inventory for LIFO purposes ) was \ ( \ $ 7 5 , 0 0 0 \ ) . The following information is available from Bryan's records for the end of Year 1 through Year
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Accounting for Inventory ( 1 0 points ) Shown below is the activity for one of the products of Random Creations: January 1 balance, 8 0 units @ $ 5 0 $ 4 , 0 0 0 Purchases: January 1 8 : 4 0 units @ $ 5 1 January 2 8 : 4 0 units @ $ 5 2 Sales: January 1 2 : 3 0 units January 2 2 : 3 0 units January 3 1 : 4 5 units Required: Compute the January 3 1
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Hudson Corp. sells $ 3 0 0 , 0 0 0 of bonds to private investors. The bonds have a 7 % coupon rate and interest is paid semiannually. The bonds were sold to yield 1 0 % . What periodic interest payment does Hudson make to its investors? Select one: a . None of these are correct. b . $ 1 0 , 5 0 0 c . $ 3 0 , 0 0 0 d . $ 1 5 , 0 0 0 e . $ 2 1 , 0 0

Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1 . 6 % service years final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2 0 1 0 and is expected to retire at the end of 2 0 4 4 after 3 5 years' service. Her retirement is expected to span 1 8 years.
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The cost of shipping inventory to customers after it has been sold will the cost of inventory. increase not affect decrease
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An example of a enterprise system ( ES ) currently offered for the public sector. Examine the details on its accounting and financial reporting module. Describe your evaluation of its features

The required understanding of the client is used to help plan the audit and assess the risks of material misstatement at: Multiple choice question. the financial statement and assertion levels neither the financial statement nor assertion level the financial statement level only the assertion level only

Which of the following describes an activity that increases a company's bank account balance? Multiple Choice Credit memo Certified check Balance sheet Debit memo
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Required information [ The following information applles to the questlons displayed below. ] At December 3 1 , Hawke Company reports the following results for its calendar year. Cash sales $ 2 8 0 , 0 0 0 Credit sales $ 7 0 0 , 0 0 0 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful
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Which of the following is a contra asset account? Multiple Choice Cost of Goods Sold Goodwill Deferred Revenue Accumulated Depreciation

Accounting for held - to - maturity, trading, and available - for - sale debt securities differs with respect to Multiple choice question. Multiple select question.

On March 1 , Isaiah contributed $ 5 , 5 0 0 for a 1 0 % interest in the general partnership, Kyra's Kites took out a loan for $ 1 0 , 0 0 0 on May 1 5 . Isaiah's distributive share of income for the year was $ 3 , 8 0 0 . What is his ending basis in the partnership? 1 . 6 , 8 8 0 , 2 . $ 9 , 3 0 0 , 3 . $ 1 0 , 3 0 0 , 4 . $ 1 9 , 3 0 0

Based on the factors provided in the case which of the variances / factors are uncontrollable or controllable by Olympic s management? Based on your understanding / research of the car wash industry and consumer behavior, the measurement factors that are available and your variance analysis ( if performed ) should Jacques Van Raemdonck make any

The is a measure of a company's ability to pay its current liabilities from cash and cash equivalents. A . cash ratio B . debt equity ratio C . cash conversion cycle D . gross profit
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Multiple Choice Question Explain the relationship of inventory and cost of goods sold by selecting the correct formula below. Beginning inventory + Net purchases = Cost of goods sold. Beginning inventory + Net purchases - Ending inventory = Cost of goods sold. Beginning inventory + Ending inventory = Cost of goods sold. Beginning inventory + Cost
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Designer Cakes baked 1 0 dozen cupcakes expecting 1 5 % spoilage. The cupcakes cost $ 4 . 8 0 per dozen to make, and they need a 7 5 % markup on cost . Match each of the values to the respective term. Instructions
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What is the normal balance for each of these accounts? accounts receivable cash dividends accounts payable service revenue salaries and wages expense common stock

Which of the following is a drawback of converting an unincorporated sole proprietorship to an S corporation? 1 . S corporation owners cannot benefit from the qualified business income deduction. 2 . S corporations are more expensive than sole proprietorships to set up and administer. 3 . S corporation owners must pay self - employment taxes on

The first - in , first - out ( FIFO ) method creates better month - to - month cost comparisons than the weighted - average method _ _ _ _ _ _ _ _ . Group of answer choices when there are substantial quantities of units in process at the end of the period because it does not recognize transferred in units from other processes because it is used by

As occupancy increases, hotel managers should generally expect: An increase in the average fixed cost per room sold. A decrease in total fixed costs. A decrease in variable costs per room sold. An increase in total variable costs.
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Costs that have both variable and fixed components are calledO A . variable costsO B . contribution costsO C . mixed costsO D . fixed costs

Jagadison Company leases computer equipment to customers under sales - type leases. The equipment has no residual value at the end of the lease and the leases do not contain purchase options. Jagadison desires a return of 8 % interest on a five - year lease of equipment with a fair value of $ 7 4 5 , 9 7 6 . The present value of an annuity due of
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Feedback Theck My Work Subtract the lease costs from the lease revenues. Subtract the sell machine costs from the sell machine revenue. Determine the differential effect on income of the revenues, costs, and income ( loss ) by subtracting alternative 1 from alternative 2 . b . On the basis of the data presented, would it be advisable to lease or
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Which of the following is not an example or Multiple Choice Bonding employees Periodic bank reconciliations Use of passwords to restrict access to computer systems Customer satisfaction surveys
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When the Cash Short or Over account has a credit balance it is treated as what type of account? Multiple Choice Asset Liability Revenue Expense
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Which of the following statements regarding for AGI tax deductions is true? Select one: A . The deduction for qualified business income is a for AGI deduction Q . Taxpayers subtract for AGI deductions from gross income to determine Ahat ( G ) C . A taxpayer may deduct for AGI deductions only if the deductions exceed the taxpayer's itemized
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Calculate fully diluted equity value using the information below: Current share price 5 . 5 0 Basic shares outstanding 1 , 0 0 0 . 0 Diluted WASO 9 9 5 . 0 Options outstanding 3 6 . 5 Options strike price 4 . 0 0 Restricted stock units 1 0 2 . 0 Restricted shares 1 5 0 . 0

which of the following statements regarding trhe difference between the requirements for a qualifying child and the requiremtns for a qualifying relative is false? the relationship requiremtn is more broadly defind ( more inclusive ) for qualifying relative than for qualifying children, qualifying children are subject to age restrcitions while

ABC Company has the following information at the end of the current year: Direct Materials Used $ 2 5 , 0 0 0 Beginning Work - in - Process Inventory 2 , 0 0 0 Ending Work - in - Process Inventory 5 , 0 0 0 Direct Labor 1 0 , 0 0 0 Manufacturing Overhead 7 , 0 0 0 What is the cost of goods manufactured? Answer $ 2 5 , 0 0 0 $ 4 9 , 0 0 0 $ 3 9 , 0

The fraud in which a company inflates its sales revenue by forcing more products through a distribution channel than the channel is capable of selling is called channel stuffing. cutoff fraud. sham sales. unauthorized sales.
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3 / 2 8 / 2 0 2 4 WASHINGTON Within hours of receiving the request, the U . S . Department of Transportation s Federal Highway Administration ( FHWA ) today announced the immediate availability of $ 6 0 million in quick release Emergency Relief ( ER ) funds for the Maryland Department of Transportation to rebuild the Francis Scott Key Bridge after

Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: A total of 2 1 , 9 0 0 units were completed and transferred to the next processing department during the period. Required: Compute the cost of ending work in process inventory for materials,
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Claire is an ordained minister. Claire's salary from her employing church last year was $ 5 2 , 0 0 0 . The church did not designate any of her salary as housing allowance. Claire spent $ 1 2 , 4 0 0 to rent her home last year. How much of Clarie's salary must be included when figuring net income for self - employment tax? A ) $ 3 9 , 6 0 0 B ) $

Compute total assets for Catena s Marketing Company based on the adjusted trial balance. Compute the company's total asset turnover for the current year, assuming total assets at the end of the prior year were $ 1 6 , 0 5 0 .

A process cost system would be used for all of the following except the Question 9 Select one: a . manufacture of cereal. b . refining of petroleum. c . printing of wedding invitations. d . production of automobiles.

Entity - level controls that require specific evaluation by the auditor are the Blank _ _ _ _ _ _ . Multiple select question. interim financial reporting process period - end financial reporting process control environment management compensation and evaluation processes

1 . Neil, an audit manager at Bullock CPAs is currently working on the audit of Sandringham Enterprises, LLC . Neil is examining a sample of customers to check their payment history and credit limits . What type of control is Neil examining? 1 . Neil, an audit manager at Bullock CPAs is currently working on the audit of Sandringham Enterprises,

Shabby Dogs Ltd is a mobile dog grooming business. Charissa is the sole shareholder. Shabby Dogs Ltd owns a station wagon that Charissa uses to travel around to visit her clients. The station wagon is always full of dog grooming equipment and gets quite smelly at times so Charissa has another car for her private use. Charissa is also a shareholder

For income statement, all expenses incurred in producing the revenue for an accounting period should be included. True False
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An operating lease has unequal payments over the lease term during the first day. The payment is $ 1 4 , 0 0 0 total payments over the five - year lease term are $ 1 2 0 , 0 0 0 based on the present value of the total lease payments and the implicit interest rate interest expense occurred during the first $ 6 0 0 0 and more of the right to use for

1 . 1 Calculate the Payback Period of both machines. ( Answers must be expresses in years, months and days. ) 1 . 2 Calculate the Accounting Rate of Retum ( on average investment ) of Machine A . 1 . 3 Name one advantage of using net present value as a capital investment appraisal technique. 1 . 4 Calculate the Net Present Value of each machine. (

How would i fill out the income statement with the information provided?
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The Prince - Robbins partnership has the following capital account balances on January 1 , 2 0 2 1 : Prince is allocated 8 0 percent of all profits and losses with the remaining 2 0 percent assigned to Robbins after interest of 7 percent is given to each partner based on beginning capital balances. On January 2 , 2 0 2 1 , Jeffrey invests $ 2 8 ,
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Impairment occurs when the expected future cash flows ( expected future benefits ) generated for a long - term asset fall below its fair value.

Which of the following steps is not necessary in preparing a statement of cash flows? a . Determine the gross income. b . Determine the change in cash. c . Determine the cash provided by operating activities. d . Determine cash from financing and investing activities.

Janssen Company has old inventory on hand that cost $ 2 4 , 0 0 0 . Its scrap value is $ 3 2 , 0 0 0 . The inventory could be sold for $ 8 0 , 0 0 0 if manufactured further at an additional cost of $ 2 4 , 0 0 0 . What should Janssen do ?

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