Accounting furnishes data on A) Income and cost for the managers B) Financial conditions of the institutions C) Company’s tax liability for a particular year D) All the above

Accounting furnishes data on A) Income and cost for the managers B) Financial conditions of the institutions C) Company’s tax liability for a particular year D) All the above
by

1 Answer

Answer :

Answer: D
by

Related questions

Which of the following is/are advantage(s) of a functional structure? I. Permits growth and diversity of products and services. II. Power and prestige. III. Clarity about career paths. IV. Furnishes measurable training ground for general managers. (a) Only (I) above ; (b) Both (I) and (IV) above ; (c) Both (II) and (III) above ; (d) (I), (II) and (III) above

Description : Which of the following is/are advantage(s) of a functional structure? I. Permits growth and diversity of products and services. II. Power and prestige. III. Clarity about career paths. IV. Furnishes measurable training ground ... (c) Both (II) and (III) above ; (d) (I), (II) and (III) above

Last Answer : (c) Both (II) and (III) above ; 

The project scope statement furnishes the basis for: 1. Provides links to the clients functional management groups 2. Allowing the project to move to the next phase. A way to provide updated information to the accounting department

Description : The project scope statement furnishes the basis for: 1. Provides links to the clients functional management groups  2. Allowing the project to move to the next phase . A way to provide updated information to the accounting department

Last Answer : 1. Provides links to the clients functional management groups

Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: a. A measure of management performance in meeting organizational goalsb. The results of internal examinations of financial and accounting matters to a company's top-level management. c. Aid to the independent-auditor, who is conducting the examination of the financial statements. d. A means of assurance that internal accounting controls are functioning as planned.

Description : Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: ... statements. d. A means of assurance that internal accounting controls are functioning as planned

Last Answer : A measure of management performance in meeting organizational goals

Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations othe company. b. It concentrates on implementing financial and accounting control in a newly organized company. c. It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls. d. It attempts and is designed to verify the fair presentation of a company's results of operations.f

Description : Which of the following best describes the operational audit? a. It requires the constant review by internal auditors of the administrative controls as they relate to operations ofthe company. b. It ... attempts and is designed to verify the fair presentation of a company's results of operations.

Last Answer : It concentrates on seeking out aspects of operations in which waste would be reduced by the introduction of controls

Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance

Description : Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance

Last Answer : c. Journalizing and posting closing entries

Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis of accounting only (B) Financial statements should be prepared according to the accrual basis of accounting only (C) Financial statements should be prepared according to either the cash basis or accrual basis of accounting (D) Financial statements should be prepared according to both the accrual and cash basis of accounting

Description : Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis ... Financial statements should be prepared according to both the accrual and cash basis of accounting

Last Answer : Answer: Financial statements should be prepared according to the accrual basis of accounting only

Operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of one othese differences? a. The usual audit of the financial statement covers four basic statements, whereas operational audit is usually limited either the statement of financial position or the income statement. b. Operational audit do not necessarily result in the preparation of a report. c. The operational audit deals with pre-tax income. d. The boundaries of an operational audit are often drawn from an organization chart and are not limited to a single accounting period.f

Description : Operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of one of these differences? a. The usual audit of the financial statement ... audit are often drawn from an organization chart and are not limited to a single accounting period.

Last Answer : The boundaries of an operational audit are often drawn from an organization chart and are not limited to a single accounting period.

A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted accounting principles. c. Supported by the client’s audited financial statements. d. Not subject to change upon audit

Description : A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted ... principles. c. Supported by the client's audited financial statements. d. Not subject to change upon audit

Last Answer : The legal minimum

Which of the following factors does not need to be considered when formulating policies on the level and financing of working capital? A. The attitude to risk of a company’s managers B. The relative cost of short-term and long-term finance C. The availability of revenue reserves and capital reserves D. Terms of trade offered by competitors

Description : Which of the following factors does not need to be considered when formulating  policies on the level and financing of working capital? A. The attitude to risk of a company's managers B. ... C. The availability of revenue reserves and capital reserves D. Terms of trade offered by competitors

Last Answer : C. The availability of revenue reserves and capital reserves

Government grants related to income as per the Accounting Standard (AS)-12 should be– (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset side of the balance sheet (C) Presented as a capital grant on the liability side of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet

The risk of material financial statement misstatement may be greater when the following conditions exist except a. When there is greater management intervention to specify the accounting treatment. b. When there is sufficient personnel with appropriate accounting and financial reporting skillsc. When there is greater manual intervention for data collection and processing. d. Complex calculations or accounting principles is involved.

Description : The risk of material financial statement misstatement may be greater when the following conditions exist except a. When there is greater management intervention to specify the accounting treatment. ... for data collection and processing. d. Complex calculations or accounting principles is involved

Last Answer : When there is sufficient personnel with appropriate accounting and financial reporting skills

Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use? A. Financial accounting B. Tax accounting C. Management accounting D. Inflation accounting

Description : Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use? A. Financial accounting B. Tax accounting C. Management accounting D. Inflation accounting

Last Answer : C. Management accounting

The International Bank for Reconstruction and Development(IBRD) is an international financial institutions that offer loans to _____ A. Multinational Banks B. Multinational Financial Institutions C. Middle Income Developing Countries D. Non Government Organizations E. None of the Above

Description : The International Bank for Reconstruction and Development(IBRD) is an international financial institutions that offer loans to _____ A. Multinational Banks B. Multinational Financial Institutions C. Middle Income Developing Countries D. Non Government Organizations E. None of the Above

Last Answer : C. Middle Income Developing Countries Explanation: The International Bank for Reconstruction and Development (IBRD) is an international financial institution that offers loans to middle-income developing countries.

In "auditing" accounting data, the auditor is concerned with a. Analyzing the financial information to be sure that it complied with government requirement. b. Determining if fraud has occurred. c. Determining whether recorded information properly reflects theeconomic events that occurredduring the accounting period.d. Determining if taxable income has beencalculated correctly

Description : In "auditing" accounting data, the auditor is concerned with a. Analyzing the financial information to be sure that it complied with government requirement. b. Determining if fraud has ... that occurred during the accounting period. d. Determining if taxable income has been calculated correctly

Last Answer : economic events that occurred during the accounting period.

A tax is characterized by horizontal equity if its liability is - (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Description : A tax is characterized by horizontal equity if its liability is - (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Last Answer : (1) proportional to the income of tax payers Explanation: The principle of equity includes both horizontal and vertical. Equity is determined by first assessing an individual's ability-to-pay. The idea of ... equity suggests it is fair for people of equal ability to pay the same amount in taxes.

Depreciation (A) Costs (on annual basis) are constant when the straight line method is used for its determination (B) Is the unavoidable loss in the value of the plant, equipment and materials with lapse in time (C) Does figure in the calculation of income tax liability on cash flows from an investment (D) All (A), (B) and (C)

Description : Depreciation (A) Costs (on annual basis) are constant when the straight line method is used for its determination (B) Is the unavoidable loss in the value of the plant, equipment and materials with lapse in time ... income tax liability on cash flows from an investment (D) All (A), (B) and (C)

Last Answer : (D) All (A), (B) and (C)

Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities

Description : Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities

Last Answer : c) Current liability

A tax is characterised by horizontal equity if its liability is (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Description : A tax is characterised by horizontal equity if its liability is (1) proportional to the income of tax payers (2) similar for tax payers in similar circumstances (3) proportional to the expenditure of tax payers (4) the same for every tax payer

Last Answer : proportional to the income of tax payers 

(i) Goodwill is a tangible asset. (ii) For income tax purposes an accounting year starts on 1st January and ends on 31st March.

Description : (i) Goodwill is a tangible asset. (ii) For income tax purposes an accounting year starts on 1st January and ends on 31st March.

Last Answer : Do you agree or disagree with the following statement : (i) Goodwill is a tangible ... paid on installation of machinery are revenue expenditures.

For small business owners, freelancers, and finance managers in small enterprises, what financial data is important to have easy access to?

Description : For small business owners, freelancers, and finance managers in small enterprises, what financial data is important to have easy access to?

Last Answer : answer:Target market characteristics and then on the other site of the POS statistics of actual patron/client characteristics. Additionally, often the information you mentioned above doesn't truly capture volume ... that was product A and how many were product B. Does this answer your question?

The underlying conditions that create demand by users for reliable information include the following except: a. Decisions are not time-sensitive. b. Transactions that are numerous and complex. c. Users separated from accounting records by distance and time. d. Financial decisions that are important to investors and users

Description : The underlying conditions that create demand by users for reliable information include the following except: a. Decisions are not time-sensitive. b. Transactions that are numerous and complex. c. ... records by distance and time. d. Financial decisions that are important to investors and users

Last Answer : Decisions are not time-sensitive

There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the: a. Users of the statements may not fully understand the consequences of their actions. b. Auditor must anticipate all possible consequences of the report issued. c. Impact of using different accounting methods may not be fully understood by the users of the statements. d. Financial statements are used for important decisions

Description : There are four conditions that give rise to the need for independent audits of financial statements. One of these conditions is consequence. In this context, consequence means that the: a. ... fully understood by the users of the statements. d. Financial statements are used for important decisions

Last Answer : Financial statements are used for important decisions

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party

Which of the following is an example of an assurance engagement?a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Description : Which of the following is an example of an assurance engagement? a. Management advisory services b. Reporting on financial statements prepared using other comprehensive basis of accounting. c. compilation of financial information d. preparation of tax returns

Last Answer : Reporting on financial statements prepared using other comprehensive basis of accounting.

Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Description : Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Last Answer : D] Solving tax disputes with tax authorities

Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. b. To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration. c. To adopt a Code of Ethics for the practice of accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Description : Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. ... accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.

Last Answer : To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration.

Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets

Description : Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets

Last Answer : Answer: Impairment of Assets

In financial accounting of a chemical plant, which of the following relationship is invalid? (A) Assets = equities (B) Assets = liabilities + net worth (C) Total income = costs + profits (D) Assets = capital

Description : In financial accounting of a chemical plant, which of the following relationship is invalid? (A) Assets = equities (B) Assets = liabilities + net worth (C) Total income = costs + profits (D) Assets = capital

Last Answer : (D) Assets = capital

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

The volume of `0.1 N` dibasic acid sufficient to neutralize 1g of a base that furnishes `0.04` mole of `OH^-` in aqueous solution is :

Description : The volume of `0.1 N` dibasic acid sufficient to neutralize 1g of a base that furnishes `0.04` mole of `OH^-` in aqueous solution is :

Last Answer : The volume of `0.1 N` dibasic acid sufficient to neutralize 1g of a base that furnishes `0.04` mole of `OH^-` ... 400 mL B. 600 mL C. 200 mL D. 80 mL

Illegal signifies (a) Everything which is an offence (b) Everything which is prohibited by law (c) Everything which furnishes ground for civil action (d) All the above.

Description : Illegal signifies (a) Everything which is an offence (b) Everything which is prohibited by law (c) Everything which furnishes ground for civil action (d) All the above.

Last Answer : (b) Everything which is prohibited by law

First law of thermodynamics furnishes the relationship between  (a) heat and work  (b) heat, work and properties of the system  (c) various properties of the system  (d) various thermodynamic processes  (e) heat and internal energy.

Description : First law of thermodynamics furnishes the relationship between  (a) heat and work  (b) heat, work and properties of the system  (c) various properties of the system  (d) various thermodynamic processes  (e) heat and internal energy.

Last Answer : (b) heat, work and properties of the system

Tying agreements occur when a A)producer distributes the same product through two or more different channel structures. B)manufacturer forbids an intermediary to carry products of competing manufacturers. C)supplier furnishes a product to a channel member stipulating that the channel member must purchase other products as well. D)producer refuses to deal to channel members that seem unethical or illegitimate.

Description : Tying agreements occur when a A)producer distributes the same product through two or more different channel structures. B)manufacturer forbids an intermediary to carry products of competing manufacturers. C ... well. D)producer refuses to deal to channel members that seem unethical or illegitimate.

Last Answer : C)supplier furnishes a product to a channel member stipulating that the channel member must purchase other products as well.

Is accrual accounting more closely related to a company’s goal of profitability or liquidity?

Description : Is accrual accounting more closely related to a company’s goal of profitability or liquidity?

Last Answer : Profitability

What is a systematic evaluation of a company's activities in a given area of social interest such as environmental protection, workplace safety or community involvement, called ? (A) Social responsibility (B) Social accounting (C) Social audit (D) Social forecasting

Description : What is a systematic evaluation of a company's activities in a given area of social interest such as environmental protection, workplace safety or community involvement, called ? (A) Social responsibility (B) Social accounting (C) Social audit (D) Social forecasting

Last Answer : Answer: Social audit

The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.

Description : The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.

Last Answer : b. liquidity.

Warning signs that cause the auditor to question management integrity must be taken seriously and pursued vigorously. Which of the following may lead the auditor to suspect management dishonesty? a. The client has been named as a defendant in a product liability suit. b. The client has experienced a decrease in revenue from increased import competition. c. A new statutory regulation making customer licenses more difficult to obtain may adversely affect the client's operations. d. The president and chief executive officer of the client corporation has held numerous meetings with the controller for the purpose of discussing accounting practices that will maximize reported profits

Description : Warning signs that cause the auditor to question management integrity must be taken seriously and pursued vigorously. Which of the following may lead the auditor to suspect management ... with the controller for the purpose of discussing accounting practices that will maximize reported profits

Last Answer : The president and chief executive officer of the client corporation has held numerous meetings with the controller for the purpose of discussing accounting practices that will maximize reported profits

Transformation of the accounting result on the basis of income tax PO

Description : Hi, I need to list accounts that are not recognized for tax purposes during the transformation, thank you in advance for your answer.

Last Answer : Need Answer

Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Description : Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Last Answer : Answer: Meeting the cost of issue of shares or debentures

What's the highest interest rates that the online financial institutions paying for 2 year CDs?

Description : What's the highest interest rates that the online financial institutions paying for 2 year CDs?

Last Answer : The higest rates can be between 1.5%-3% APR. The APR is different for each financial institution.

Which of the following statements is correct? Options: A) Syllabus is a part of curriculum. B) Syllabus is an annexure to curriculum. C) Curriculum is the same in all educational institutions affiliated to a particular university D) Syllabus is not the same in all educational institutions affiliated to a particular university

Description : Which of the following statements is correct? Options: A) Syllabus is a part of curriculum. B) Syllabus is an annexure to curriculum. C) Curriculum is the same in all educational ... university D) Syllabus is not the same in all educational institutions affiliated to a particular university

Last Answer : A) Syllabus is a part of curriculum. 

Which of the following statements is correct? Options: A) Syllabus is a part of curriculum. B) Syllabus is an annexure to curriculum. C) Curriculum is the same in all educational institutions affiliated to a particular university. D) Syllabus is not the same in all educational institutions affiliated to a particular university.

Description : Which of the following statements is correct? Options: A) Syllabus is a part of curriculum. B) Syllabus is an annexure to curriculum. C) Curriculum is the same in all educational ... university. D) Syllabus is not the same in all educational institutions affiliated to a particular university.

Last Answer : A) Syllabus is a part of curriculum. 

If a solution to a particular problem is not vital to the functioning of an organization and management is willing to overlook the causes of the conflict, managers may choose to use which type of conflict resolution? (a) Confrontation ; (b) Avoidance ; (c) Dominance ; (d) Compromise

Description : If a solution to a particular problem is not vital to the functioning of an organization and management is willing to overlook the causes of the conflict, managers may choose to use which type of conflict resolution? (a) Confrontation ; (b) Avoidance ; (c) Dominance ; (d) Compromise

Last Answer :  (b) Avoidance ;

A product item can be best described as a 1. component of a marketing mix 2. particular type of brand 3. specific characteristics of a company's product 4. specific version of a product 5. unit of the marketing mix

Description : A product item can be best described as a 1. component of a marketing mix 2. particular type of brand 3. specific characteristics of a company's product 4. specific version of a product 5. unit of the marketing mix

Last Answer : specific version of a product

Market requirements describe the A)customer needs or desired benefits. B)size of the market necessary to justify expenditures. C)events and relationships in a company's outside environment. D)key requirements of a market and the particular competencies of competing firms. E)distinctive competencies that a firm has developed.

Description : Market requirements describe the A)customer needs or desired benefits. B)size of the market necessary to justify expenditures. C)events and relationships in a company's outside environment. ... and the particular competencies of competing firms. E)distinctive competencies that a firm has developed.

Last Answer : A)customer needs or desired benefits.

A product item can be best described as a A)component of a marketing mix. B)particular type of brand. C)specific characteristics of a company's product. D)specific version of a product. E)unit of the marketing mix.

Description : A product item can be best described as a A)component of a marketing mix. B)particular type of brand. C)specific characteristics of a company's product. D)specific version of a product. E)unit of the marketing mix.

Last Answer : D)specific version of a product.

When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

Last Answer : (A) Realisation Account

When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to (A) Realisation Account (B) Bank Account (C) Liability Account (D)None of the above

Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to (A) Realisation Account (B) Bank Account (C) Liability Account (D)None of the above

Last Answer : (A) Realisation Account

What is the company’s net income for the year ending December 31, 2008? a. $133,000 b. $42,000 c. $28,000 d. $12,000

Description : What is the company’s net income for the year ending December 31, 2008? a. $133,000 b. $42,000 c. $28,000 d. $12,000

Last Answer : b. $42,000

What is the company’s net income for the year ending December 31, 2008? a. $133,000 b. $42,000 c. $28,000 d. $12,000

Description : What is the company’s net income for the year ending December 31, 2008? a. $133,000 b. $42,000 c. $28,000 d. $12,000

Last Answer : b. $42,000