Financial Accounting

Which of the following phrases describe an aspect of f.o.b. Destination? A. Lega

Which of the following phrases describe an aspect of f.o.b. Destination? A. Legal title passes when goods are delivered to common carrier B. Goods are transferred to another compa…

Which of the following potentially is a disadvantage of electing to file a Feder

Which of the following potentially is a disadvantage of electing to file a Federal consolidated corporate income tax return? a. The tax basis of investments in the stock of subsid…

Which of the following potentially is a disadvantage of electing to file a Feder

Which of the following potentially is a disadvantage of electing to file a Federal consolidated corporate income tax return? a. The tax basis of investments in the stock of subsid…

Which of the following procedures is not part of the preparation of a bank recon

Which of the following procedures is not part of the preparation of a bank reconciliation for a checking account? a. Looking for bank services charges and other items on the bank …

Which of the following procedures should an auditor perform concerning litigatio

Which of the following procedures should an auditor perform concerning litigation, claims, and assessments? A. Inspect legal documents in the possession of the client’s legal coun…

Which of the following procedures would an accountant be most likely to perform

Which of the following procedures would an accountant be most likely to perform during an engagement to review the financial statements of a nonissuer (nonpublic entity)? A. Compa…

Which of the following procedures would an auditor least likely perform before t

Which of the following procedures would an auditor least likely perform before the year-end balance sheet date? (Points : 2) Identification of related parties. Observation of merc…

Which of the following procedures would an auditor most likely perform to obtain

Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events? (Points : 2) Investigating changes in stockhol…

Which of the following producers would you expect to support a tax on beer? Whic

Which of the following producers would you expect to support a tax on beer? Which would not? a. Producers of hard liquor. ( would or would not ) Cross-price elasticity with beer: …

Which of the following provides an explanation of why the variable overhead rate

Which of the following provides an explanation of why the variable overhead rate is separated from the fixed overhead rate in standard costing? A. There is no justifiable reason; …

Which of the following qualify as like-kind exchanges under § 1031? Improved for

Which of the following qualify as like-kind exchanges under § 1031? Improved for unimproved real estate. Vending machine (used in business) for inventory. Rental house for persona…

Which of the following qualify or qualifies as replacement property under § 1033

Which of the following qualify or qualifies as replacement property under § 1033 (nonrecognition of gain from an involuntary conversion)? (1) An office building occupied by the ta…

Which of the following questions which companies consider is best aligned with t

Which of the following questions which companies consider is best aligned with the production orientation philosophy? What are the product preferences of our customers? What can o…

Which of the following ratios is not considered to be a test of profitability? a

Which of the following ratios is not considered to be a test of profitability? a)Current ratio Profit margin Return on assets d) Earnings per share -------------------------------…

Which of the following reflects the effect of the year-end adjusting entry to re

Which of the following reflects the effect of the year-end adjusting entry to record estimated uncollectible accounts expense using the allowance method? Assets = Liab. + Equity R…

Which of the following reflects the impact of a transaction where $330,000 cash

Which of the following reflects the impact of a transaction where $330,000 cash was invested by stockholders in exchange for stock? Assets and revenues each increased $330,000. St…

Which of the following represented the position of the Supreme Court of Tennesse

Which of the following represented the position of the Supreme Court of Tennessee in the Case Opener in which the plaintiff attempted to hold a hospital vicariously liable for her…

Which of the following represents an amount deductible as a charitable contribut

Which of the following represents an amount deductible as a charitable contribution? Question 24 options: The FMV of capital gain property held over 12 months. The FMV of ordinary…

Which of the following represents the correct order in problem resolution? Defin

Which of the following represents the correct order in problem resolution? Define the problem, recognize the problem, define the problem perform feasibility studies, specify syste…

Which of the following represents the correct order in which the indicated budge

Which of the following represents the correct order in which the indicated budget documents for a manufacturing company would be prepared? Sales budget, cash budget, direct materi…

Which of the following represents the impact of a taxable cash sale of $1,080 on

Which of the following represents the impact of a taxable cash sale of $1,080 on the accounting equation if the sales tax rate is 5%? An increase to cash for $1,134, an increase t…

Which of the following represents the impact of a taxable cash sale of $1,080 on

Which of the following represents the impact of a taxable cash sale of $1,080 on the accounting equation if the sales tax rate is 5%? An increase to cash for $1,134, an increase t…

Which of the following represents the impact of a taxable cash sale of $500 on t

Which of the following represents the impact of a taxable cash sale of $500 on the accounting equation if the sales tax rate is 4%7 Multiple Choice None of these answer chaices is…

Which of the following requires an explanatory paragraph in the independent audi

Which of the following requires an explanatory paragraph in the independent auditors' report? Select one: a. Basing the opinion on the work of another auditor. b. Uncertainties ab…

Which of the following resources should be accounted for in a Private Purpose Tr

Which of the following resources should be accounted for in a Private Purpose Trust Fund? a. a gift received from a donor who stipulates in a formal trust agreement that the princ…

Which of the following resources should be accounted for in a Private Purpose Tr

Which of the following resources should be accounted for in a Private Purpose Trust Fund? a. sales taxes received by a state and held pending distribution to the local governments…

Which of the following responses from customers, regarding their accounts receiv

Which of the following responses from customers, regarding their accounts receivables balances on December 31st 2013 requires an adjustment to accounts receivable? a. “I paid the …

Which of the following results in fewer transactions in just-in-time accounting?

Which of the following results in fewer transactions in just-in-time accounting? On the variable costing income statement, the figure representing the difference between the contr…

Which of the following scenarios is a sale under threat or imminence of condemna

Which of the following scenarios is a sale under threat or imminence of condemnation? Greta sold her land in the Everglades the week before the Corps of Engineers announced a new …

Which of the following scenarios is a sale under threat or imminence of condemna

Which of the following scenarios is a sale under threat or imminence of condemnation? Greta sold her land in the Everglades the week before the Corps of Engineers announced a new …

Which of the following security risks associated with electronic commerce is fal

Which of the following security risks associated with electronic commerce is false? A firewall is a system used to insulate an organization's intranet from the internet. A common …

Which of the following should be considered as cash by an accountant? a. Postage

Which of the following should be considered as cash by an accountant? a. Postage stamps b. Corporate bonds c. Money orders d. Government bonds Which of the following of internal c…

Which of the following should not be considered when comparing the Adjusted Tria

Which of the following should not be considered when comparing the Adjusted Trial Balance to the Post-Closing Trial Balance to ensure that no errors were made in the closing proce…

Which of the following situation would present a challenge for a just-in-time (J

Which of the following situation would present a challenge for a just-in-time (JIT) investment system? Increase in the number of suppliers Long-term relationships with suppliers V…

Which of the following situations involving an exchange of business property exe

Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange ? Giving up a machine and $5,000 for another machine; giving u…

Which of the following situations is a violation of the revenue recognition prin

Which of the following situations is a violation of the revenue recognition principle? Recording revenues when the goods or service is provided Recording expenses when the cost is…

Which of the following situations is an example of adequate internal controls? H

Which of the following situations is an example of adequate internal controls? HiTimes Motorcycles is a small cycle shop in Destin Florida. Eddie Cruzin, the company accountant, p…

Which of the following situations were probably not result in an asset impairmen

Which of the following situations were probably not result in an asset impairment? A. Construction on a Manessa Pole sports complex stops when the cities major league baseball tea…

Which of the following situations will result in a tax preparer\'s penalty? I. A

Which of the following situations will result in a tax preparer's penalty? I. At a client's insistence, the preparer takes and properly discloses a tax position which does not mee…

Which of the following situations would cause the balance per bank to be more th

Which of the following situations would cause the balance per bank to be more than the balance per books? add the amount of the outstanding checks to the balance per bank. deduct …

Which of the following situations would most likely violate cost-volume-profit a

Which of the following situations would most likely violate cost-volume-profit assumptions about fixed costs? a. When production volume increases beyond the capacity of the plant,…

Which of the following stanemets is correct regarding the use of the cash accoun

Which of the following stanemets is correct regarding the use of the cash account in deferral and accrual edjustments at the end of the accounting period? O Transactions involving…

Which of the following statement about going concern is correct? Select one: Sma

Which of the following statement about going concern is correct? Select one: SmallCircle Liquidation value is used when the company will not continue in operation for the foreseea…

Which of the following statement about the relationship between financial planni

Which of the following statement about the relationship between financial planning and sales forecasts is true? Financial planning is futile because its inputs, sales forecasts, a…

Which of the following statement is correct? a. A shareholder’s basis in S corpo

Which of the following statement is correct? a. A shareholder’s basis in S corporation stock can be reduced below zero only by losses from the corporation and not distribution b. …

Which of the following statement is incorrect? a. the further into the future a

Which of the following statement is incorrect? a. the further into the future a cash receipt is expected to occur, the lower is its present value. b. the return on investment meas…

Which of the following statement is true regarding OPR sanction for Circular 230

Which of the following statement is true regarding OPR sanction for Circular 230 Violations? Which of the following statement is true regarding OPR sanction for Circular 230 Viola…

Which of the following statement regarding c corporation I false C corporation a

Which of the following statement regarding c corporation I false C corporation are generally not subject to corporate income tax C corporation are entities that are separate from …

Which of the following statement regarding the minimum wage is FALSE? (IT\'S NOT

Which of the following statement regarding the minimum wage is FALSE? (IT'S NOT C) a. Supporters for raising minimum wage believe that higher wage can ensure a decent living life …

Which of the following statements about GDP is correct? A. Nominal GDP values pr

Which of the following statements about GDP is correct? A. Nominal GDP values production at constant prices, whereas real GDP values production at current prices. B. Nominal GDP c…