Accounting

Dominic and Morgan are partners. Dominic has a capital balance of $360,000 and Morgan has a capital ...

Dominic and Morgan are partners. Dominic has a capital balance of $360,000 and Morgan has a capital ...

Dominic and Morgan are partners. Dominic has a capital balance of $360,000 and Morgan has a capital balance of $225,000. Morgan sells $125,000 of his ownership to Lance. Which of the following is true of the items in balance sheet?
A) The total equi

alockridge95   51   2 Replies

alockridge95

The balance in the Bonds Payable is a credit of $79,000. The balance in the Premium on Bonds Payable ...

The balance in the Bonds Payable is a credit of $79,000. The balance in the Premium on Bonds Payable ...

The balance in the Bonds Payable is a credit of $79,000. The balance in the Premium on Bonds Payable is a credit of $1,600. What is the bond carrying amount?
A) $1,600
B) $80,600
C) $79,000
D) $77,400

fudger   51   2 Replies

fudger

An accounts receivable turnover that is too high may indicate that credit is too tight, causing the ...

An accounts receivable turnover that is too high may indicate that credit is too tight, causing the ...

An accounts receivable turnover that is too high may indicate that credit is too tight, causing the loss of sales to good customers.

Jeslinn   51   2 Replies

Jeslinn

A radial tire manufacturer produces products in two departmentsDivisions A and B. The company uses ...

A radial tire manufacturer produces products in two departmentsDivisions A and B. The company uses ...

A radial tire manufacturer produces products in two departmentsDivisions A and B. The company uses separate predetermined overhead allocation rates for each department to allocate its overhead. Divisions A and B have estimated manufacturing overhead

mzeplin   51   1 Reply

Maserati

Sherman Hats, Inc. has two product linesbatting helmets and football helmets. The income statement ...

Sherman Hats, Inc. has two product linesbatting helmets and football helmets. The income statement ...

Sherman Hats, Inc. has two product linesbatting helmets and football helmets. The income statement data for the most recent year is as follows:

TotalBatting HelmetsFootball Helmets
Sales revenue$1,050,000$700,000$350,000
Variable costs(500,000)(

aswizzlebizzle   51   3 Replies

hpascoe

Pena Corporation manufactures two styles of lampsa Bedford Lamp and a Lowell Lamp. The following per ...

Pena Corporation manufactures two styles of lampsa Bedford Lamp and a Lowell Lamp. The following per ...

Pena Corporation manufactures two styles of lampsa Bedford Lamp and a Lowell Lamp. The following per unit data are available:

Bedford LampLowell Lamp
Sales price$27$38
Variable costs$16$21
Machine hours required for one lamp14

Total fixed co

fifadaniel   51   3 Replies

RoxBox11

Sand Corporation manufactures two styles of lampsa Bedford Lamp and a Lowell Lamp. The following per ...

Sand Corporation manufactures two styles of lampsa Bedford Lamp and a Lowell Lamp. The following per ...

Sand Corporation manufactures two styles of lampsa Bedford Lamp and a Lowell Lamp. The following per unit data are available:

Bedford LampLowell Lamp
Sales price$30$50
Variable costs$20$25
Machine hours required for  one lamp15

Total fixed c

kaylie.yardley   51   2 Replies

kaylie.yardley

Financial planning models:

Financial planning models:

Financial planning models:
A) are primarily used to evaluate the differences between actual and planned  volume
B) are not part of sensitivity analysis
C) are mathematical representations of the relationships among factors such as operating and fi

nuttyprof   51   2 Replies

nuttyprof

Monopolists can charge prices without limitations as there is no competition for the product or ...

Monopolists can charge prices without limitations as there is no competition for the product or ...

Monopolists can charge prices without limitations as there is no competition for the product or service the monopolist provides.
[True or False]

kodan   51   2 Replies

kodan

Which of the following departments would not be considered a service or support department?

Which of the following departments would not be considered a service or support department?

Which of the following departments would not be considered a service or support department?
A) assembly
B) information systems
C) shipping
D) plant maintenance

hauser27584   51   3 Replies

askhat9

Which of the following is a chart which indicates how frequently each type of defect occurs?

Which of the following is a chart which indicates how frequently each type of defect occurs?

Which of the following is a chart which indicates how frequently each type of defect occurs?
A) control chart
B) Pareto diagram
C) scatter diagram
D) fishbone diagram

moonflowerz   51   1 Reply

Olivia foy

If Kenton Inc. has a safety stock of 215 units and the average weekly demand is 35 units, how many ...

If Kenton Inc. has a safety stock of 215 units and the average weekly demand is 35 units, how many ...

If Kenton Inc. has a safety stock of 215 units and the average weekly demand is 35 units, how many days can be covered if the shipment from the supplier is delayed by 16 days?
A) 16 days
B) 43 days
C) 59 days
D) 27 days

jmg89   51   2 Replies

jmg89

The president of XBC was granted a stock option for 1,000 common shares. On the grant date,

The president of XBC was granted a stock option for 1,000 common shares. On the grant date,

The president of XBC was granted a stock option for 1,000 common shares. On the grant date,
the option price was $40 and the market value was $38 per share. Give the entry to record the
option at the date of the grant.

Shiki   51   2 Replies

Shiki

Brimley Corp. leased an asset from Geisler Corp. At the end of the first year Brimley Corp.

Brimley Corp. leased an asset from Geisler Corp. At the end of the first year Brimley Corp.

Brimley Corp. leased an asset from Geisler Corp. At the end of the first year Brimley Corp.
reported a leased asset of $87,098, accumulated amortization of $8,710 and a lease liability of
$74,567. The temporary difference for tax purposes is:
A) $

ashkatnew   51   2 Replies

ashkatnew

On January 1, 20x11, CDE Company leased an asset from LMN which originally cost the lessor

On January 1, 20x11, CDE Company leased an asset from LMN which originally cost the lessor

On January 1, 20x11, CDE Company leased an asset from LMN which originally cost the lessor
$75,000. The lease agreement was an operating lease and specified that three $10,500 annual
rentals were to be paid at the beginning of each year. LMN should

brandanb6   51   2 Replies

brandanb6

At the end of the accounting year, December 31, 20x4, adjusting entries were not made for wages

At the end of the accounting year, December 31, 20x4, adjusting entries were not made for wages

At the end of the accounting year, December 31, 20x4, adjusting entries were not made for wages
that had been earned but not yet paid, $1,800, and rent revenue of $1,400 that had been earned but
not yet collected. As a consequence, the 20x4 amount

Shiki   51   2 Replies

Shiki

COSO requires that any internal deficiencies identified through monitoring be reported to whom?

COSO requires that any internal deficiencies identified through monitoring be reported to whom?

COSO requires that any internal deficiencies identified through monitoring be reported to whom?

• The external auditor.

• The company's management.

• The board of directors.

• The audit committee.

daniellasousa   51   1 Reply

amw87470

Encryption is not a panacea to protecting confidential information.

Encryption is not a panacea to protecting confidential information.

Encryption is not a panacea to protecting confidential information.

• true

• false

justinw2200   51   2 Replies

justinw2200

The creation of a digital signature is a two-step process.

The creation of a digital signature is a two-step process.

The creation of a digital signature is a two-step process.

• true

• false

wildcat290   51   2 Replies

wildcat290

What is a RFP and how can management use it to improve its production operations?

What is a RFP and how can management use it to improve its production operations?

What is a RFP and how can management use it to improve its production operations?

Yeeeee89   51   1 Reply

Antoinette12

Assume that you are looking at a REA diagram that depicts only one event. Which of the following ...

Assume that you are looking at a REA diagram that depicts only one event. Which of the following ...

[html]Assume that you are looking at a REA diagram that depicts only one event. Which of the following must be on the REA diagram?

• An external agent.

• An internal agen

Nica   51   2 Replies

Nica

Norah's Music Lessons Inc. is a calendar year taxpayer using theaccrualmethod of accounting. On ...

Norah's Music Lessons Inc. is a calendar year taxpayer using theaccrualmethod of accounting. On ...

[html]Norah's Music Lessons Inc. is a calendar year taxpayer using the accrual method of accounting.  On October 1 of this year, the corporation received $1,200 for a one-year contract beginning on that date to provide 10 lessons. The company

judithogudo   51   1 Reply

BenDover@1

Which of the following statements isfalse?

Which of the following statements isfalse?

[html]Which of the following statements is false?

▸ Under the cash method, prepaid income such as rent is usually taxed when received rather than when earned.

▸ Municipal bond interest is taxable.

▸ Alimony received by the taxpayer is taxab

justin762   51   1 Reply

unicorn555

Foreign real property taxes and foreign income taxes are not deductible as itemized deductions.

Foreign real property taxes and foreign income taxes are not deductible as itemized deductions.

Foreign real property taxes and foreign income taxes are not deductible as itemized deductions.

▸ true

▸ false

nwill1104   51   1 Reply

jp2189

An error has been made on the worksheet if:

An error has been made on the worksheet if:

An error has been made on the worksheet if:

Psyche Taloza M-Verano   51   1 Reply

bio_man

In addition to attestation and assurance services, CPA firms provide other services to their ...

In addition to attestation and assurance services, CPA firms provide other services to their ...

In addition to attestation and assurance services, CPA firms provide other services to their clients. List three of these services.

abdallaex   51   1 Reply

micp3537

Auditing standards require that the audit report must be titled and that the title must

Auditing standards require that the audit report must be titled and that the title must

[html]Auditing standards require that the audit report must be titled and that the title must

▸ include the word "independent."

▸ indicate if the auditor is a CPA.

▸ indicate if the auditor is a proprietorship, partnership, or corporation.

▸ indi

makalisek   51   1 Reply

jennaforiero

The audit report date is the date the auditor completed audit procedures in the field.

The audit report date is the date the auditor completed audit procedures in the field.

The audit report date is the date the auditor completed audit procedures in the field.

▸ true

▸ false

supersour   51   1 Reply

richardbugg

An unmodified opinion audit report with an emphasis-of-matter paragraph is issued when the auditor ...

An unmodified opinion audit report with an emphasis-of-matter paragraph is issued when the auditor ...

An unmodified opinion audit report with an emphasis-of-matter paragraph is issued when the auditor believes the financials are fairly stated but also believes additional information should be provided.

▸ true

▸ false

ktpizzle1993   51   1 Reply

ydnam23

When an audit has failed to uncover material misstatements and the wrong type of audit opinion is ...

When an audit has failed to uncover material misstatements and the wrong type of audit opinion is ...

[html]When an audit has failed to uncover material misstatements and the wrong type of audit opinion is issued, it is not appropriate to question whether the auditor exercised due professional care in the perfo

nitnit   51   1 Reply

jd1044

The Sarbanes-Oxley Act requires the CEO and CFO of a public company to certify the annual and ...

The Sarbanes-Oxley Act requires the CEO and CFO of a public company to certify the annual and ...

The Sarbanes-Oxley Act requires the CEO and CFO of a public company to certify the annual and quarterly financial statements filed with the PCAOB.

▸ true

▸ false

asaini1254   51   1 Reply

amandashimkus

Which of the following statements best describes the auditor's responsibility regarding the ...

Which of the following statements best describes the auditor's responsibility regarding the ...

[html]Which of the following statements best describes the auditor's responsibility regarding the detection of fraud?

▸ The auditor is responsible for the failure to detect fraud only when such failure clearly results from nonperformance of audit pr

ang359   51   1 Reply

sillysquirrel

Other than inquiring of management about policies they have established to prevent illegal acts and ...

Other than inquiring of management about policies they have established to prevent illegal acts and ...

[html]Other than inquiring of management about policies they have established to prevent illegal acts and whether management knows of any laws or regulations that the company has violated, the auditor should not search for illegal acts that do not ha

flemingpk   51   1 Reply

abu-jahdo

Auditors must make decisions regarding what evidence to gather and how much to accumulate. Which of ...

Auditors must make decisions regarding what evidence to gather and how much to accumulate. Which of ...

[html]Auditors must make decisions regarding what evidence to gather and how much to accumulate. Which of the following is a decision that must be made by auditors related to evidence?

▸

kmonette   51   1 Reply

cherylel

Audit documents are the joint property of the auditor and the audit client.

Audit documents are the joint property of the auditor and the audit client.

Audit documents are the joint property of the auditor and the audit client.

▸ true

▸ false

vlademirsimon   51   1 Reply

bjee231

Auditors allocate the preliminary judgment about materiality to financial statement segments rather ...

Auditors allocate the preliminary judgment about materiality to financial statement segments rather ...

[html]Auditors allocate the preliminary judgment about materiality to financial statement segments rather than by financial statements as a whole. What is the term for the auditor's allocation of preliminary misstatement to account balances? What are

Lettucebereal   51   1 Reply

bcyber

Audit reports contain the phraseobtain reasonable assurance, which is intended to inform users that ...

Audit reports contain the phraseobtain reasonable assurance, which is intended to inform users that ...

[html]Audit reports contain the phrase obtain reasonable assurance, which is intended to inform users that auditors do not guarantee or ensure the fair presentation of the financial statements which the audit

Septeos   51   1 Reply

culwri204

An auditor who audits a business cycle that has low inherent risk should

An auditor who audits a business cycle that has low inherent risk should

An auditor who audits a business cycle that has low inherent risk should

▸ increase the amount of audit evidence gathered.

▸ assign more experienced staff to that area.

▸ expand planning procedures.

▸ do none of these.

farendrn   51   1 Reply

karisanti

If the audit assurance rate is 95%, then the level of acceptable audit risk is 5%.

If the audit assurance rate is 95%, then the level of acceptable audit risk is 5%.

If the audit assurance rate is 95%, then the level of acceptable audit risk is 5%.

▸ true

▸ false

RichaDuggi13   51   1 Reply

mbiij16

According to the Association of Certified Fraud Examiners, losses from misappropriation schemes are ...

According to the Association of Certified Fraud Examiners, losses from misappropriation schemes are ...

According to the Association of Certified Fraud Examiners, losses from misappropriation schemes are higher than losses from financial statement frauds.

▸ true

▸ false

wallyboy   51   1 Reply

angelofavarice