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Accounting Questions and Answers August 20, 2025

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a taxpayer is single 56 years old and took a distribution from their employers 401k qualified plan. the taxpayer may be exempt from an early withdrawal if the distribution was paid to an alternate payee under a qualified domestic relations order

Assumptions: A free-standing ambulatory care center has variable costs that are approximately $15 per admission, and fixed costs are $1.2 million per year. At a volume above 7,000 patients, the ambulatory care center must bring in additional staff at a cost of $200,000 annually. Create a cost behavioral table over a range from 0 to 15,000

How could Jeong increase projected operating income without increasing the total sales revenue?

Which of the forms of incorporation has recently become the most popular?Multiple choice question.LLCLLPC corpS corp

Does the following scenario correctly describe income limitions on credits for tax year2024? a married filing jointly couple has two quailfying dependents, ages 6 and 8. The taxpayer has a w-2, and the spouse has been a full-time volunteer with a local charity. they have childcare expenses of 4500 for the year. They can take a child and dependent

A major ethical concern in the AL setting is gaining a balance between: All of the above Non-maleficence vs. benevolence. Fee for service payment vs all-inclusive payments. Autonomy vs. safety.

Which of the following statements is not true? A minority, active investment occurs when the irvesting firm has between 20% and 50% ownership in, and exerts significant influence over, the other company. A majority, active imestment occurs when the investing frm has more than 50% ownership in and has effective control over, the other company. A

Which of the following procedures would an auditor most likely rely on to verify manugement's assertion of completeness?Multiple Choice reverwing standard bera confrmations for indications of caph manisulations comparing

Accounting for financial transactions in differing currencies is complex. Generally, firms can use one of two methods to generate their financial statements. If the foreign currency is the functional currency, firms use the All-Current Translation Method and if the US dollar is the functional currency, they use the Monetary/Nonmonetary Translation

the expenses recognition principal indicates the expenses are related to revenues. one way of standing this principal is to say that

A wealthy philanthropist donates three buildings to Hypericum. Each building has a fair market value of $5 million. The town plans to use Building 1 as a new fire station and sell Buildings 2 and 3.Building 2 is sold after year-end, but within the availability period. Building 3 fails to sell by the time the town issues the financial statements.

Question 52 ptsIn preparing a statement of cash flows, which cash flow statement starts with net income? Direct method therect method Current cash method Alencurrent earh method

a tax professional needs to determine if a tax payers prior years refund is taxable on the current years federal return. is this one of the steps used to make this determination? review current years tax withheld

Question 292 ptsIf a company employs the gross method of recording accounts receivable from customers. then sales discounts taken should be reported as a deduction from sales in the income statement. in life "de "other expense" in the income thatement. a deduction from accounts receivable in determining the net realizable value of accounts

Which of the following is not a consequence of stolen material?Increased insurance costsProject schedule delaysNone of the answers presentedThe cost of substitutionLoss of business

Information about cash flows can influence decision makers in important way. Which of the following questions could be answered by the statement of cash flows? (Check all that apply) Can the compary pery its debsts? Does the company have the resources to pursue opponunities? How does a comouny soend its caush

This exam is open book and open note. You may use paper or electronic versions of all notes and the textbo Search [Google] and AI [ChatGPT] websites are permissible.This exam is to be worked on independently. As such, chat rooms and Discord type websites are not allowed Discussing questions with other students is not allowed. Copying and parting

36) Indicate whether each of the following statements is true or false.1. a) A merchandising company generates revenue primarily by selling goods to customers.2. b) All costs incurred to acquire merchandise and ready it for sale are included in the Supplies account.3. c) Retail companies are firms that sell goods to other businesses.4. d) Product

Marc and Mikkel's address is 19010 N.W.135th Street, Miami, FL 33054.Social security numbers:Marc Taxpayer: 111-22-3333 Mikkel Taxpayer: 222-33-4444Mason Taxpayer: 333-44-5555 Prior Spouse: 111-11-1111Note - Input all the values as positive numbers. Enter any non-financial information, (e.g. Names, Addresses, social security numbers) EXACTLY as

Which of the following forms of business has two classes of partners?Multiple choice question.Limited liability partnershipSole proprietorshipGeneral partnershipLimited liability corporation

Question 492 ptsIn accrual accounting expenses are recorded when they are: earned Thcurred paid for recleved

At the beginning of its fiscal year, the local government of Queen Annes Lace Township was given 100 acres that the town council voted to use as a central park and business center. The land had an historical cost of $100 but was appraised at the time of donation at $500. The amount that should be recognized on the governmental fund financial

Please complete the 2024 federal income tax return for Maggie Flores. Maggie (age 46) resides in Bridgewater, MA with her two children Alyssa (age 23) and Tyler (age 16). Maggies husband passed away in 2023 and she is not remarried as of the end of 2024. Maggie works full-time as a business manager and part-time selling real estate. Maggie has

Question 101 ptsWhich of the following is true concerning a 10% stock dividend? It changes the total amount of shareholders' equity on the balance sheet. It imvolves halanne trancfers hetween the retained evering ad contribeted - pital sections of shareholders' equity. It results in transfers of assets to shareholders. It afferts wealth ed

The Older Americans Act (OAA) seeks to provide: Services to retain older adults in a least restrictive environment. Demonstration programs regarding aging-in-place. All of the above. Legal services.

5.53 Which of the following items is net one of the five components of an internal control system, acconding to the COSO framerock?a. Control environment.b. Rid asseument.c. Information and communication.d. Control activities.e. Completeness and accuracy.

atonc Wages and taxes examQuestion 12How do employers ensure that a $1,000 bonus awarded to employees will be issued to them as $1,000 in their paycheck?Select an option, and then select Submit. By calculating the value before deductions needed to result in the bonus value being awarded to the employee By making up the deductions using a cash

Management typically prefers reporting liabilities as long-term rather than current because financial statement users perceive current liabilities as:Multiple choice question.a sign of poor debt managementriskier than long-term liabilitiesa sign of imminent default

Managers can be focused on short-term earnings because a. it can change the interest rate they pay on their bond issuances. b. management bonuses are paid on the projection of long-term earnings. c. management bonuses are often paid on the most recent carnings. d. it means that research and development costs are higher.

How does the classification of a cash equivalent differ from the classification of a current asset?Select answer from the options belowA cash equivalent is a trading security, whereas a current asset is all other assets except trading securities.A cash equivalent is an investment that will be turned into cash within one month or less, whereas a

What is the cost (in \$) to paint a room (walls and ceiling) with two coats of paint using the following information? One gallon of paint covers 350

An example of two firms that face each other in maltiple narkets is Apple and Samsung. Both compele in various industries and markets, including smarybones, tablets, smartwathes, ad offer consumer electronics. Bod. companies are major players in the global smarphone market and are knew for their flaphip devices, such as the iPhoee from Apple and

Thapters 1-5(3Cy. owner of Mooke the Beagle" Concierge, would like to be able to view his company bark balances when he is planning his business operations and cash flow. How would you instruct Cy to view Bank account balances in QBO?Multuple ChoiceFrom the Navigetion Bar, select Transactions > Expenses TransactionsFrom the Navigetion Bac, select

Current Attempt in ProgressThe financial statement which summarizes the operating, investing, and financing activities of an entity for a period of time is the retained earnings statement. income statement. statement of cash flows. statement of financial position. Attempts: 0 of 2 used

Sick pay is part of the employees salary or wages and is:Choose only ONE best answer.AFully taxableBNot taxableCTaxable only if the employee is uninsuredDNot taxable if the employer is covered under worker's compensation

When you are reconcining Mookie The Beagle" Concierge bank statements, which of the following is not a timing difference?Multiple Choice Interest Earned on the Account Outstanding Checks Deposits in Transit Bark Enon?

In today's competitive environment, cost containment is eatremely important to survival. What tends to increase efficiency in the production and distribution of goods? vablets fra Former data matrationse tax

If Cy, owner of Mooke The Beagle" Concierge, asks you to prepare financial statements for ham to review, which of the following reports would you include?Multiple Choice Tax Return Accounts Recelvable Aging Profit and Loss Sastement Cash Forecass

In the Monroe v. Hughes case, the auditor: (Select all that apply.)Multiple select question.was liable to investors due to negligence.disclosed the internal control irregularities.issued an unqualified audit report.found internal control irregularities.

A firms expenditures that must be made before production starts are called what

If Cy, owner of Mookie The Beagle" Concierge, asks you to prepare company financial statemerts, which of the following would be considered a financial statement?Multiple ChoiceAccounts Receiveble Aging reportCash Flow ForeceryAccounts Peryable Agrog repon

Which of the following is another name for the outcome variable in a regression analysis?Multiple ChoiceDependent variableIndependent variablePrimary variableSecondary variable

An accountant may escape liability under Section 11 by successfully asserting one of the following defenses: (Check all that apply.)Multiple select question.Reasonable basis existed to believe the statements were not materially misstatedThe plaintiff knew the statements were incorrect at the time of purchasing the investmentReasonable

Can you fill in the Ledger Accounts, Balance Sheet, and Income Statement tabs with actual dollar amounts from the provided screenshots so I can have a completed financial statement?

Which of the following may be used to deter-LO 4.2mine fair value based on Level 1 inputs?EstimatedMarket ValuePresentValueNoNoa b.NoYesYesNoYesYes

Suppose you are an advisor to Jerone Powell, chairman of the Federal Resorve System. He wants to know whether to lower interest rates, raise interest rates. He bells your "by lewering intereat rates we will let the market do is job, and businesses will want to invest". You rophy thA. Yes, 1 ow ering inlered rales will aloays let the market do is

The QBO SatNav, which assists with understanding and navigating QuickBooks Online, contains which of the following main processes?Multiple Choice QBO Transections None of these Accoment Settinge Ask MV Accountart

Bart and Simone are married, and both were nonresident aliens at the beginning of the year. In July, Bart became a resident alien and remained a resident for the rest of the year. Bart and Simone agree to report their total worldwide income for the entire year. They wish to file only one return.What is Bart and Simone's correct and most favorable

10/3/25,6:03 AMTraining detail: CurriculumTest - Quality and Accuracy: Retirement (2025)Section 1Question 1 of 12.All of the following may impact the ability of a taxpayer to contribute to a Roth IRA, EXCEPT: Being covered by an employer plan at work. Compensation. Filing status. Modified Adjusted Gross Income.

PRE-TESTProblem #14 of 16Which of the following conditions would cause the break-even point to decrease?13a. Unit varlable cost increases14b. Unit selling price decreases15c. Total fixed costs increase16d. Total fixed costs decrease

Which of the following procedures is most effective in detecting unrecorded liabilities? Observing physical inventory counts Reviewing subsequent involces and unmatched receiving reports after year-end Confirming outstanding accounts receivable balances Analyzing gross profit trends for unssual fuctuations

2Which of the following statements is correct regarding the performance of consulting activities by internal auditors? a. Consulting activities, by definition, impair the independence of the auditor and therefore should only be performed on areas the internal audit department does not plan to audit in the future. b. Consulting engagements that

Which of the following may be used to deter-LO 4.2mine fair value based on Level 3 inputs?EstimatedMarket ValuePresentValueNoNoa b.NoYesYesNoYesYes

Myung Company purchased an ultracentrifuge on January 1,2025, at a cost of $32,350. The equipment has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $3,100. On January 1,2027, the estimate of useful life was changed to a total of 10 years, and the estimate of residual

When you are explaining to Cy, owner of Mookie The Beagle" Concierge, when you can update a QBO List, which of the following are correct? Sefect all options that apply.Check AI That ApplyBefore entering transactionsWhile entering transactionsAfter entering transactionsNever, once a list is created, thems cannot be added or updated

Which of the following are examples of taxable income?Choose only ONE best answer.AChild supportBInterest on state and local bondsCAccidental health insurance proceedsDSeverance pay

Cy, owner of Mookie The Beagle" Concierge, indicates be warts to wew information about customers and customers transactions in QBO to assist in planning business operations. Which Navigation Bar option would you advise Cy select?Multiple Choice Expenses Soles Teres My accoumart

416"According to COSO, which of the following factors presents the greatest financial statement risk associated with public permissionless blockchains? A. Anorymous parties. B. Automated processes. C. Decentralized controls. D. Voluminous data.

Ridley had an accident while rock climbing on vacation. Ridley sustained facial injuries that required cosmetic surgery. While having the restoration surgery done, Ridley had additional surgery done for nose reshaping, which was not injured in the accident. The surgery to restore appearance cost $12,000, and the surgery to reshape the nose cost

Which of the following is an example of a risk factor that affects incentives presures for misuppropriation of assets? Weak segregation of duties in the cash disbursements process Significant personal fruncial obligations of employees with access to canh Lack of oversight by the board of directors Ineffective system for moniloring inventory courts

A corporations net operating loss deduction in 2025 is the greater of the net operating loss or80% of taxable income.

Ken has a savings account at his local credit union. He earned $50 on deposits made to this account. How is this income reported on his tax return? The income will be reported as nominee interest. The income will be reported as ordinary dividends. The income will be reported as qualified dividends. The income will be reported as interest income.

Bowler Inc. paid $75,000 in premiums for life insurance coverage for its key employees. What is the nature of the book-tax difference created by this expense?) Temporary, unfavorablePermanent; favorablePermanent; unfavorableTemporary, favorable

Choose the term that describes the type of costs that are able to be tracked back to a specific service that was provided.A Direct costs8 Indirect costsC Overhead costsD Measured costs

34 of 100(PD74) Which of the following statements about the Alternative Minimum Tax (AMT) is incorrect? A taxpayer may elect to not pay tax based on the AMT calculation if it produces a higher tax result. The AMT is designed primarily to change the timing of tax payments to more current tax payments.The AMT frustrates efforts by taxpayers to

Parts administration is an example of a:00:59:50Multiple ChoiceProduct-level activity.Organization-sustaining.Unit-level activity.Batch-level activity.

Which of the following occurred as a result of the Sarbanes-Oxley Act? (Select all that apply.)Multiple select question.The Act specifies the scope of third parties to whom an auditor owes a duty of care.Enhanced corporate disclosure and governance practices.Accounting firms must review and assess management's report on internal controls.The Act

Accounting information provides useful information about business transactions and events. The FASB statement on qualitative characteristics of accounting information examines the characteristics of accounting information that make it useful for decision-making. Describe the fundamental characteristics of Relevance and Faithful Representation.

The occurrence of events that result in losses for users of the financial statements comes about as a result of which of the following loss-generating events? (Check all that apply.)Multiple select question.Client bankruptcyFraudulent financial reportingAudit failureMisappropriation of assetsFalse certification of the financial statements

Part 1-GeneralWhat is the difference between a Standard and Guidance in the MUTCD?List the 5 basic requirements that a traffic control device should meet in order to be effective.

ErelogurWhich of the following refers to management accounting information?a. Primarily concerned with the past.It is driven by generally accepted accounting standards.c. It provides relevant information for decision making.d. It is propared for shareholders.The value chain is the sequence of business functions in whichvalue is deducted from the

Ellis Travel records an $800,000 loan for upgraded computers and software for the entire company in a Notes Payable account. The loan has an interest rate of 5.5%, which is recorded in the Interest Payable account before it is paid. The Interest Payable account would be considered a ________ account.Select answer from the options

Module 7- Histogram Lab Part 2(22 of 25) This is Part 2 of the Histogram Lab. Consequently, this assignment is based on your work in Part 1 of the lab. Progress Check Use this activity to assess whether you can: Interpret a histogram in context. Directions Please open the accordion drop-downs below to learn about the requirements in each of the

For each of the following indicate the internal control activity or component at issue. No explanation is required.1) The same employee is responsible for handling all aspects of a financial transaction, from authorization to recordkeeping and reconciliation. This gives them an unchecked opportunity to commit and conceal fraud.2) Financial

View PoliciesCurrent Attempt in ProgressIn calculating diluted earnings per share, how are dividends on cumulative preferred stock treated? The current year dividend is deducted from net income whether declared or not in the calculation of diluted EPS. Dividends on cumulative preferred stock are not included in the calculation of diluted EPS. The

Which of the following statements is true regarding reporting dependent care benefits on Form W-2?Choose only ONE best answer.ADependent care benefits are reported in Box 1(Wages, tips, other compensation) of Form W-2.BDependent care benefits are exempt from being reported on Form W-2.CDependent care benefits are reported in Box 10(Dependent care

On January 1,2027, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Leasepayments are made annually. Title does not transfer to the lessee and there isno purchase option or guarantee of a residual value byNIC. Portions of the United Leasing's lease amortization schedule appear

Collaboration communication and decision making for health care professionals.AenhancesB hindersC rewardsDenables

(OD39) Which entity would best suit Brody's needs for limited liobility, flow-through taxation and no separate tox return filing? Ceneral or Limited Portnership single-member uc C corporation Proprietorship

Current Attempt in ProgressThe statement of cash flows helps meet the objective of financial reporting, which is to assess all the following except the amount of future cash flows. source of future cash flows. timing of future cash flows. uncertainty of future cash flows. Attempts: 0 of 2 used

Question 3\(0/2\) pointsWhich of the following is not a control account?1) Finished Goods Inventory2) Raw Materials Inventory3) Work in Process Inventory4) All of these are control accounts.

In April 2023, Ellis, a calendar year cash basis taxpayer, paid the state of Kansas additional income tax for 2022. Since it relates to 2022, for Federal income tax purposes the payment qualifies as a tax deduction for tax year 2022.TrueFalse

Time left 0:25:54A basic principle of governance is: a. Assessment of the governance process by an independent internal audit function. b. Separation of the governance process from promoting an ethical culture in the organization. c. Holding the board, senior management, and the internal audit function accountable for the effectiveness. d.

Question 6(4 points) accounting, records transactions when cash is received or paid. If cash is not received or paid, no transaction is recorded. Carh basls Accrual

1Multiple Choice 2 pointsWhich ONE of the following budgets is based on the expected sales volume and the desired ending inventory of finished goods and is adjusted for the expected beginning inventory of finished goods? Advertising budget Production budget Building acquisition budget Sales budget

According to COSO's Blockchain and Internal Control: The COSO Perspective, which of the following features of a blockchain enhances the COSO control environment? A. Its completed transactions can easily be modified. B. Its governance structure is unique and decentralized. C. Its transactions can be immutably recorded on a shared ledger. D. Its

Instead of investing the entire $1,079,000, Bogut invests $322,600 today and plans to make 9 equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $2,156,921 foundation at the end of 9 years? (Round factor values to 5 decimal places, e.g.1.25124 and final answer to

DPL Inc. is finalizing the Dec 31,20X4 year-end financial statements. Two subsequent events occurred in February, 20X5.Event 1: A existing major customer declares bankruptcy.Event 2: DPL issued 50,000 new common shares for cash. The new issue increased the total number of shares outstanding by 20%.Which of the following is most likely

Question 51 ptsAccording to the inovertion theory of profit, above-normal protits are necessary to compensate the owners of the firm for the risk they assume when making their investments. true Ralse

The PSLRA changes the legal liability standard for auditors from - and several liability to liability. (Enter one word per blank.)

Which of the following may be used to deter-LO 4.2mine fair value based on Level 2 inputs?EstimatedMarket ValuePresentValueNoNoa b.NoYesYesNoYesYes

Question 3 of 12.What is a potential consequence if a tax preparer assumes multiple Forms 1099-R from the same payer are duplicates omits one? The taxpayer may receive an IRS notice due to unreported income. The taxpayer will receive a refund sooner. The taxpayer's return will be more accurate. The unreported income will not affect the taxpayer's

To say Grace was stressed out would be an understatement. This was her first engagement as a senior and she wondered whether it would be her last. Grace knew she had to make a convincing case for her judgments or suffer the consequences. She responded to each point as follows.The client had problems with their systems and had to contact the vendor

Carlos, owner of Xafra Cyber, hands you a stack of documents to record in QBO. Which of the following should be recorded using the Bark Deposit form?Multiple OnoiceInsurance expenseCash neceived from loansOffice supplies expense Interest paid

Carios, owner of Xafra Cyber, hands you a stack of bills to pay. Which transaction should not be recorded using the Expense or Check form?Multiple Choice Rent expense Papthecks to employees for wages and salanes Legal bill Office number purchaned

Which of the following is the best control procedure to prevent paying an invoice twice? a. Reconciliation of vendor statements to accounts payable. b. Requiring dual signatures on checks. c. Review of supporting documentation by the person signing the check d. Use of a check protector.

11Multiple Choice2.5 pointsWhich of the following products is least likely to be produced in a process operation? Smartphones Slacks for casual wear Hammers?5 Custom cabinets

Is a deduction allowed for the contribution of one's services to a charitable organization?a. Yes, as long as the organization is a qualified charitable organizationb. Yes, as long as the services provided are not within one's usual line of workc. Yes, as long as the services provided are within one's usual line of workd. Yes, but the deduction is

In the QBO SatNav, which of the following is not a transaction group?Multiple Choice Customers and Sales Vendors and Expenses Banking Reoorts

Question 37 of 80.Which taxpayer has a potential qualifying child that meets the age test? (Unless stated, none of these individuals are permanently or totally disabled.)Catch and Zula are married and have a son, Bobby (25). Bobby is unmarried and a full-time student. Bobby earned $11,000, all from wages, and he did not provide more than half of

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