Acct4 - Study guides, Class notes & Summaries

ACCT402 WITH Verified Answers

Attempt 3 Written: Jan 16, 2020 3:54 PM - Jan 16, 2020 3:57 PM Submission View Your quiz has been submitted successfully. Question 1 0.4 / 0.4 points How long is this quiz on the syllabus and schedule available to you for completion? 1) 24 hours from the beginning of the first class 2) 48 hours from the beginning of the first class 3) 5 days from the first class session 4) Until the third class session 5) 2 weeks from the first class session Question 2 0.4 / 0.4 points How many ti...

Attempt 1 Written: Feb 11, 2020 10:43 PM - Feb 11, 2020 10:56 PM Submission View Your quiz has been submitted successfully. Question 1 0.91 / 0.91 points Questions 1-6 are based on the business process in the CarStar BPD. Suppose the dealer’s net sales numbers are correct but the CarStar dashboard shows higher net sales than the dealer’s dashboard shows. The most likely source of this discrepancy is: 1) Dealers issued duplicate refunds for returned vehicles 2) Dealers recorded no sal...

A penalty for failure to pay the tax due as shown on the return is imposed in the amount of 0.5% per month up to a maximum of 25% For failure to file a tax return by the due date, a penalty of _____ per month up to a maximum of _____ is imposed on the amount of tax shown as due on the return. Any fraction of a month counts as a full month. a. 7%; 35% b. 1%; 5% c. 4.5%; 13.5% d. 2.5%; 10% e. 5%; 25% - ANSWER e. 5%; 25%

An auditor is examining loan receivables at a local bank. The population of loans contains two strata. One stratum is composed of 25 loans that are each greater than $1 million. The second stratum contains 450 loans that are less than $1 million. The auditor has decided to test all loans greater than $1 million and 15 loans less than $1 million. a. statistical b. nonstatistical 3. no sampling - ANSWER no sampling Assume the same facts as number 1 except that the auditor decides to apply ...

ACCT413 Exam 1 (Income Tax Accounting) questions with correct answers.

Direct costs - ANSWER costs that can be easily and conveniently traced to a product or department Indirect costs - ANSWER costs that must be allocated in order to be assigned to a product or department Opportunity costs - ANSWER the benefit that is sacrificed when the choice of one action precludes taking an alternative course of action

The software system used to record purchases made by the company. - ANSWER information and communication systems Training procedures for new employees. - ANSWER control environment The hiring of a new CEO with a very different management style. - ANSWER risk assessment

correct order of a multi step income statement with the following: - revenue, gross profit, income from continuing operations, net operating income, net income - ANSWER 1. revenue 2. gross profit 3. net operating income 4. income from continuing operations 5. net income

How does the accounting treatment for downstream and upstream sales of inventory vary? - ANSWER For downstream transfers, the income from subsidiary will increase by the beginning inventory profits multiplied by the non-controlling interest percentage. On December 31 of the current year, ABC Corp sells $100,000 inventory to its 70% owned subsidiary Sun, Co. for $120,000. At the end of the year, all of the inventory is still on hand with Sun, Co. The consolidated working paper entry to eli...