TRUE-FALSE STATEMENTS 1. Dividends may be declared and paid in cash or stock. True False 2. Cash dividends are not a liability of the corporation until they are declared by the board of directors. True False 3. The amount of a cash dividend liability is recorded on the date of record because it is on […]
Question Multiple Choice Question 129 Dillon has a standard of 1.5 pounds of materials per unit, at $6 per pound. In producing 2,000 units, Dillon used 3,100 pounds of materials at a total cost of $18,135. Dillon’s materials price variance is $1,050 F. $135 U. $465 F. $600 F. Multiple Choice Question 81 Scorpion Production […]
Tax Return Problem ( 1020 S ) chapter 12 John Parsons (123-45-6781) and George Smith (123-45-6782) are 70% and 30% owners, respectively, of Premium, Inc. (11-1111111), a candy company located at 1005 16th Street, Cut and Shoot, TX 77303. Premium’s Selection was made on January 15, 2009, its date of incorporation. The following information was […]
Question 1 When a taxpayer contacts a tax advisor requesting advice as to the most advantageous way to dispose of a stock, the tax advisor is faced with Answer a restricted-fact situation. a closed-fact situation. an open-fact situation. a recognized-fact situation. Question 2 During the course of an audit, a CPA discovers an error in […]
Question 1 Which of the following is not one of the PMBOKâ Guide’s five process groups? Answer Feasibility studies Planning Execution Closure 4 points Question 2 In which life cycle phase do project sponsors become most actively involved in the project? Answer Initiation Execution Monitor and control Closure 4 points Question 3 When team members […]
Question 1 Parent and Subsidiary Corporations have filed calendar-year consolidated tax returns for several years. Parent Corporation uses the cash method of accounting while Subsidiary Corporation uses the accrual method of accounting. If Parent lends Subsidiary money, Answer the interest expense is deductible when accrued. the interest expense and interest income may be reported in […]
Instructions: This quiz consists of 20 multiple choice questions and covers the material in Chapters 1 through 3 and 5. There are five questions from each chapter. The questions are in chapter order Question 1 4 out of 4 points Which of the following is a primary activity in the value chain? A) infrastructure B) […]
1. A correcting entry A). is another name for a closing entry. B). may involve any combination of accounts. C). is a required step in the accounting cycle. D). must involve one balance sheet account and one income statement account 2. A double rule applied to accounts in the ledger during the closing process implies […]
Question 1. Of the following account types, which would be increased by a debit? a. Liabilities and expenses. b. Assets and equity. c. Assets and expenses. d. Equity and revenues. 2. The following comments all relate to the recording process. Which of these statements is correct? a. The general ledger is a chronological record of […]
In this case, you have been provided financial information about the company in order to create a cash budget. Management is seeking advice or clarification on three main assumptions the company has been operating. Address Questions 1 and 2 at the end of the case. Based on the case questions, you are required to provide […]
