Financial Accounting

Which of the following is not a permissible method of calculating a bonus to an

Which of the following is not a permissible method of calculating a bonus to an employee?             a.   The bonus is based on income before deductions for the bonus and income …

Which of the following is not a permissible method of calculating a bonus to an

Which of the following is not a permissible method of calculating a bonus to an employee?             a.   The bonus is based on income before deductions for the bonus and income …

Which of the following is not a piece of qualitative information in a decision?

Which of the following is not a piece of qualitative information in a decision? a. The effect of the decision on employees' morale b. The effect of the decision on customer percep…

Which of the following is not a possible purpose of an operating budget within a

Which of the following is not a possible purpose of an operating budget within an organization? a. Assist in planning and setting objectives b. Create better communication in the …

Which of the following is not a primary purpose of budgeting? a] planning b] con

Which of the following is not a primary purpose of budgeting? a] planning b] controlling profit and operations c] evaluating performance and providing incentives d] facilitating c…

Which of the following is not a prime cost? Period costs include: Current liabil

Which of the following is not a prime cost? Period costs include: Current liabilities on the balance sheet Operating costs that are shown on the income statement in the period in …

Which of the following is not a problem caused by assigning actual service depar

Which of the following is not a problem caused by assigning actual service department costs to operating departments based on actual usage of service department activities by the …

Which of the following is not a profitability ratio? A company had a stock price

Which of the following is not a profitability ratio? A company had a stock price of $45 per share, earnings per share of $0.75, and dividends per share of $0.20. What is the compa…

Which of the following is not a reason that companies allocate costs? A) to calc

Which of the following is not a reason that companies allocate costs? A) to calculate the full cost of products for financial reporting purposes B) to discourage managers from usi…

Which of the following is not a reason to invest excess cash in temporary invest

Which of the following is not a reason to invest excess cash in temporary investments? Answer a) earn interest revenue b) influence the operations of another company c) receive di…

Which of the following is not a reason why companies need transfer pricing syste

Which of the following is not a reason why companies need transfer pricing systems? A)transfer pricing is always profitable for the segments involved and the organization as a who…

Which of the following is not a requirement for claiming the credit for child an

Which of the following is not a requirement for claiming the credit for child and dependent care expenses? Payments for employment-related care may not be made to relatives of the…

Which of the following is not a right possessed by common stockholders of a corp

Which of the following is not a right possessed by common stockholders of a corporation? the right to vote in the election of the board of directors the right to receive a minimum…

Which of the following is not a search function in the FASB Codification System?

Which of the following is not a search function in the FASB Codification System? a. Topical Category Search b. Master Glossary search c. Search inquiries d. Search of Codification…

Which of the following is not a social objective of the tax laws? A. Fight unemp

Which of the following is not a social objective of the tax laws? A. Fight unemployment problems of certain disadvantaged groups of citizens through the Work Opportunity Tax Credi…

Which of the following is not a true statement regarding comprehensive income ta

Which of the following is not a true statement regarding comprehensive income tax allocation? Which of the following is not a true statement regarding comprehensive income tax all…

Which of the following is not a true statement regarding revenues from various t

Which of the following is not a true statement regarding revenues from various types of nonexchange transactions? Multiple Choice a. Derived tax revenues occur as a result of sale…

Which of the following is not a valid comparison of internal controls performed

Which of the following is not a valid comparison of internal controls performed in the audit of ICFR (integrated audit) and those performed in the audit of financial statements (f…

Which of the following is not a violation of the independence rule of the AICPA\

Which of the following is not a violation of the independence rule of the AICPA's Code of Professional Conduct but is a violation of the independence rule of the SEC? a. A CPA is …

Which of the following is not an appropriate use of a fund balance reserve? a. T

Which of the following is not an appropriate use of a fund balance reserve? a.       To report amounts loaned to another fund for more than one year. a.       To indicate that the…

Which of the following is not an assumption for the simple linear regression mod

Which of the following is not an assumption for the simple linear regression model? Answer The individual error terms are statistically independent. The distribution of the error …

Which of the following is not an assumption of the regression model? Answer The

Which of the following isnotan assumption of the regression model? Answer The errors are independent. The errors are normally distributed. The errors have constant variance. The m…

Which of the following is not an example of conflicts created in the budgeting p

Which of the following is not an example of conflicts created in the budgeting process? A. Because firms want to use the most up-to-date information about local operating conditio…

Which of the following is not an example of the application of professional skep

Which of the following is not an example of the application of professional skepticism? (Points : 5) Designing additional auditing procedures to obtain more reliable evidence in s…

Which of the following is not an underlying assumption of cost-volume-profit ana

Which of the following is not an underlying assumption of cost-volume-profit analysis? Revenues and costs categorized as variable or fixed, Revenues and costs behave in a linear m…

Which of the following is not automatically an s Corp shareholder A bypass trust

Which of the following is not automatically an s Corp shareholder A bypass trust with spouse as beneficiary A grantor trust with all assets treated as if owned by us citizen A qua…

Which of the following is not characteristic of an excise tax? A) An excise tax

Which of the following is not characteristic of an excise tax? A) An excise tax is levied on the retail sale of specific goods. B) Excise tax rates typically are higher than gener…

Which of the following is not considered a coat an auguring a plant asset? Freig

Which of the following is not considered a coat an auguring a plant asset? Freight charge to have asset delivered to vaunt. Labor incurred by an outside company 10 ready the asset…

Which of the following is not correct regarding IFRS with regard to accounting f

Which of the following is not correct regarding IFRS with regard to accounting for investments? Minority passive equity investments are accounted for under the Fair Value through …

Which of the following is not correct regarding the manufacturing overhead budge

Which of the following is not correct regarding the manufacturing overhead budget? Total budgeted cash disbursements for manufacturing overhead is equal to the total of budgeted v…

Which of the following is not immune from state income taxation, even if P.L. 86

Which of the following is not immune from state income taxation, even if P.L. 86-272 is in effect? Sale of office equipment that is used in the taxpayer’s business. Sale of office…

Which of the following is not included in performance reports? a. Standard costs

Which of the following is not included in performance reports? a. Standard costs b. Normal capacity c. Budgeted costs d. Total plantwide overhead costs When compared with which of…

Which of the following is not included in the Auditors Responsibility section of

Which of the following is not included in the Auditors Responsibility section of the standard (unmodified) report on the entitys financial statements? The fact that an audit inclu…

Which of the following is not one of the four basic financial statements? a. inc

Which of the following is not one of the four basic financial statements? a. income statement b. balance sheet c. statement of changes in financial position d. statement of cash f…

Which of the following is not one of the pofccies and procedures that make up an

Which of the following is not one of the pofccies and procedures that make up an internal control system? Protect assets. Ensure reliablo accounting Guarantee a return to invostor…

Which of the following is not one of the three unrelated business income activit

Which of the following is not one of the three unrelated business income activity categories? A) the organisation must be conducting a trade of budiness, B) an activity carried on…

Which of the following is not one of the three unrelated business income activit

Which of the following is not one of the three unrelated business income activity categories? A) the organisation must be conducting a trade of budiness, B) an activity carried on…

Which of the following is not one of the three unrelated business income activit

Which of the following is not one of the three unrelated business income activity categories? The organization must be conducting a trade or business, including activities (even i…

Which of the following is not part of the production activity in the flow of man

Which of the following is not part of the production activity in the flow of manufacturing activities? 5. a) Beginning Work in Process Inventory b) Cost of goods manufactured c) D…

Which of the following is not required to be disclosed in an entity\'s financial

Which of the following is not required to be disclosed in an entity's financial statements or footnotes? A)The total amount of research and development costs charged to expense du…

Which of the following is not required to be disclosed in financial statements u

Which of the following is not required to be disclosed in financial statements under nature of operations? A. Industries in which the entity operates. B. Major competitors. C. The…

Which of the following is not required to be disclosed in financial statements u

Which of the following is not required to be disclosed in financial statements under nature of operations? A. Industries in which the entity operates. B. Major products or service…

Which of the following is not true about a sell side analyst? They would write a

Which of the following is not true about a sell side analyst? They would write a Buy / Sell Hold opinion They would create a forecast of a company's financial performance They wou…

Which of the following is not true concerning requirements of when a company sho

Which of the following is not true concerning requirements of when a company should recognize revenue? Answer When delivery has occurred or services have been provided (rendered).…

Which of the following is not true regarding Title VII of the Civil Rights Act o

Which of the following is not true regarding Title VII of the Civil Rights Act of 1964? It prohibits discrimination in hiring, compensation, terms, conditions, and privileges of e…

Which of the following is not true regarding a credit card expense? Credit card

Which of the following is not true regarding a credit card expense? Credit card expense may be classified as a "discount" deducted from sales to get net sales. Credit card expense…

Which of the following is not true regarding a responsibility accounting system?

Which of the following is not true regarding a responsibility accounting system? A. It is designed to measure the performance of managers in terms of controllable costs. B. It ass…

Which of the following is not true regarding professional service firms? The SEC

Which of the following is not true regarding professional service firms? The SEC is in favor of professional service firms expanding their businesses to include consulting service…

Which of the following is not true regarding the revenue-expense approach to def

Which of the following is not true regarding the revenue-expense approach to defining accounting elements? The revenue-expense approach defines assets and liabilities as a by-prod…

Which of the following is not true regarding the trust fund recovery penalty? Th

Which of the following is not true regarding the trust fund recovery penalty? The penalty may only be assessed against what the IRS defines as "responsible persons." The penalty m…