Accounting question and answers for January 30, 2024
- Q What is the correct conclusion about borrowing needs to draw from this trend?Borrowing needs will most likely have decreased in proportion to the increase in sales.Borrowing needs will most likely...
- Q Assuming no revaluation of fixed assets has occurred, what is the correct conclusion to draw from this trend?The business is adding to its fixed assets at about the same rate...
- Q A personal casualty loss from a federally declared disaster in January 2024A.Is fully deductible.B.Is reduced by $1,000.C.Is reduced by $100 and 10% of AGI to qualify for the deduction.D.Is subject...
- Q Mr. J bought an asset on June 19, Year 1. What is the earliest date on which Mr. J could have sold that asset and qualified for long-term capital gain or...
- Q Stephanie has 4 children, qualifies for the Earned Income Credit (EIC), and has income under the EIC phaseout amounts. What is the maximum credit Stephanie is eligible for?A.$17,400B.$4,213C.$6,960D.$7,830
- Q You are inspecting the end of month bank reconciliation to determine whether the balance and reconciling items were approved by the Chief Accountant (as documented in the end-of-month procedures).This is...
- Q John has a heart ailment. On his doctor’s advice, he installed an elevator in his home so that he would not have to climb stairs. The cost of the elevator...
- Q Which statement is true about claring the Section 1994 deduction on a tax return?An individual takes the 1994 deduction as a deduction from adjusted gross incomeAn 5 corporation takes the...
- Q Mi-jin had extensive renovations done on her vacation home in 2024. She spent $900 on two new doors, $3,000 on windows, and $800 on a home energy audit. The doors...
- Q Question (7)Which business's capital investment cycle is MOST likely to create a significant financing need?A wholesaler.A capital-intensive service business.A labor-intensive service business.Bookmark for review
- Q Question (6)Which business is likely to have the longest operating cycle?A beverage wholesaller:A furniture store.A wineryBookmark for review
- Q What is the amount of the Kents' credit for taxes paid to Vermont? $68 $75 $150 $1,101
- Q Discuss how the requirements, duties, and responsibilities imposed by the companies Act ,2019Â (Act 992)Â on promoters in relation to per-incorporation transactions are onerous and unfair. Giving reference to the Ghanaian company...
- Q Discuss how the requirements, duties, and responsibilities imposed by the companies Act ,2019Â (Act 992)Â on promoters in relation to per-incorporation transactions are onerous and unfair. Giving reference to the Ghanaian company...
- Q What are the requirements, duties, and responsibilities imposed by the companies Act ,2019Â (Act 992)Â on promoters in relation to per-incorporation transactions. Giving detailed reference to Act 992
- Q Question 15 ?of 100.Manuel owns a savings account in Spain in which he maintains a balance of $1,000 ?to pay for gifts for his mother, who lives in Madrid. On...
- Q What are the requirements imposed on Promoters during per-incorporation under the Ghanaian Companies Act 2019Â ( Act 992) making references to the Ghanaian Companies Act.
- Q What are the requirements imposed on Promoters during per-incorporation under the Ghanaian Companies Act 2019Â ( Act 992) making references to the Ghanaian Companies Act.
- Q Question 6 ?of 100.Jaron and Melody, married filing jointly with a modified adjusted gross income (MAGI) ?of $142,300, ?adopted their son Matthew in 2024. ?They paid $16,900 ?in adoption expenses....
- Q Question 11 of 30Which two steps do you take in calculating the average collections period?Select an answer:Calculate average open accounts, then divide by 365.Calculate inventory turnover, then divide that into...
- Q Question 20 ?of 100.What is the applicable age for required minimum distributions from a traditional IRA for 2024 ?under the SECURE 2.0 ?Act?68727375Mark for follow up
- Q Question 18 ?of 100.Georgia files single. Last year, she received $11,500 ?in social security benefits and had $1,500 ?in interest income. She had no other income or adjustments. To determine...
- Q Bill Soto purchases a home from Sandra Hill with a September 1 ?closing date. The real estate tax year in the area was the calendar year. The real estate tax...
- Q Question 27 ?of 100.What expense is properly reported in Part II of Schedule C as "Commissions and fees?"Amounts paid to a real estate agent for helping the taxpayer locate and...
- Q If an asset is eligible for bonus depreciation, which of the following is NOT true: Bonus depreciation can increase a net operating loss. If a taxpayer does not want to claim...
- Q Is SetDims part of Epic chronicles
- Q Is SetDims part of chronicles
- Q 2. A Schedule C client provides a 1099NEC for income, and total for each expense category, Which of the following is true?a) The Schedule C is fully supported, and no...
- Q Question 23 ?of 100.Clive and Angie's divorce was finalized on July 16, 2024. ?Clive was ordered to pay Angie $18,000 ?a year ( ?$9,000 ?for 2023). ?Which of the following statements...
- Q Question 30 ?of 100.Justin drive his car 15,000 ?business miles and 18,000 ?total miles in 2024, ?the second test of business use. G for Tax Year 2023, ?he used the...
- Q What does a refundable tax credit mean? A. It can be carried forward to future tax years if not fully utilized in the current year. B. ...
- Q Question 39 ?of 42.You may sign on behaif of a slient whe is net present without a Power of Attorney.TRUEFALSEMark for follow up
- Q Question 37 ?of 100.For federal tax purposes, how long should a sole proprietor keep records on a machine used 100% ?for business?They should keep the records until:Three years after the...
- Q Carolina uses an office in her home exclusively for her business. The business use of the home is 100 ft2 out of 2,000 ft2 for the entire home. The total...
- Q Up to 85% ?of a taxpayer's Social Security benefits can be taxable if:Select one:a. ?The total of one-half of their benefits and all of their other income is more than...
- Q Which of the following employer-provided benefits are taxable as income to the taxpayer?Time left 2:2Select one:a. ?Generally, the value of accident or health plan coverage provided to the taxpayer by...
- Q Sara is a high school math teacher; she purchases $600 worth of supplies related to her teaching. Her spouse is a high school math teacher and spends $500 in education...
- Q Samantha purchased personal property for her business for $635,000 ?on January 5,2024 , ?what amount can she deduct by using bonus depreciation?Select one:a. ?$635,000b. ?$317,5002. ?$127,000d. ?$381,000
- Q (LIFO Effect) The following example was provided to encourage the use of the LIFO method. In a nutshell, LIFO subtracts inflation from inventory costs, deduct it from taxable income, and...
- Q Question 43 ?of 100.What asset, sold or disposed of in 2024 , ?is a noncovered security?Shares of corporate stock acquired for cash in 2010.Shares of stock acquired through the exercise of...
- Q Question 58 ?of 100.Levi is the noncustodial parent of his son Samuel (6). ?Which of the following benefits may be available to Levi on his 2024 ?tax return?Head of household...
- Q Question 57 ?of 100.All of the following tax benefits are available to Mary Jane based on her relationship to Billy and/or Sarah, except one. Which is NOT available?Additional Child Tax...
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024) Rick received compensation from the following during the tax year. State unemployment compensation, wages from a full-time job, distribution from a qualified retirement...
- Q Question 50 ?of 100.Which of the following statements is TRUE regarding deductible mortgage interest on Schedule A? ?The mortgage:Can be used to consolidate credit card debt.Interest is only deductible on...
- Q axpayers are Virginia residents who cannot be claimed as a dependent. Which is required to file a Virginia tax return?
- Q On January 1, 2019, ?Aronsen Company acquired 90 ?percent of Siedel Company's outstanding shares, Siedel had a net book value onthat date of $544,800 ?: common stock ( ?$10 ?par value)...
- Q uestion 59 ?of 100.No, ?Gretel cannot claim Rachel for EITC because her AGI is lower than Hansel's.No, ?Gretel cannot claim Rachel for EITC because she will get less than Hansel...
- Q Question 75 ?of 100.All of the following would generally be considered a qualified, nontaxable distribution from a Section 529 ?plan EXCEPT:A $12,000 ?distribution used to pay room and board for...
- Q Required informationSkip to question[The following information applies to the questions displayed below.]Diego Company manufactures one product that is sold for $78 per unit in two geographic regions—East and West. The...
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024) A taxpayer cannot use the standard mileage rate for an automobile used for business purposes
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024)Â Benjamin has the following dependents, child age 19, child age 15, mother age 67. How many of these dependents qualify for the credit for the...
- Q Before inventory purchases are recorded, the receiving report should be reconciled to what documents?
- Q ?Prepare a worksheet to produce consolidated balances. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit...
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024)Â How are payments of alimony and separate maintenance under agreements and modifications finalized prior to 2019 treated for tax purposes?
- Q For purpose of Wisconsin medicaid eligibility, the amount of assets that may be disregarded by owning a qualified LTCIP POLICY is equal to what amount?
- Q (Dollar Value LIFO) The dollar value LIFO method was adopted by King Corp. on January 1,2012. Its inventory on that date was 160,000. On December 31,2012 the inventory at prices...
- Q Benjamin (27) is single and an active duty member of the U.S. Marines. He was an Oklahoma resident at the time he joined the military. He was stationed at Camp...
- Q Jake is an unenrolled tax preparer who wants to participate in the annual filing season program. Jake timely completed 18 hours of continuing education, including a 6 hours, AFTR course,...
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024)Â In January of the current year, Roger takes out a $500,000 mortgage to purchase a main home with a fair market value of $2 million....
- Q when does a tax preparer have to furnish a complete copy of the return or claim
- Q Mario has been living and working in a Dominican Republic United States embassy and his annual salary for 2024 is $130,500. How much of this income will be taxable?  A. $126,500.  B. $120,000.  C. $20,880.  D. $4,000.
- Q Test -Â Annual Federal Tax Refresher (AFTR)Â (2024) Eligible taxpayers may qualify to take the full 20% deduction for qualified business income or 20% of taxable income, whichever is less, when their...
- Q If a bond's par value = purchase price, then
- Q Question 79 ?of 100.For 2024, ?the maximum amount of taxable income that can be offset with non-farm net operating loss (NOL) ?deductions is? 80%, ?and the NOL can be carried forward...
- Q Question 78 ?of 100.Student loans insured or guaranteed by the United States that are discharged after December 31, 2020, ?and before January 1, 2026, ?are:Excluded from taxable income.Included in taxable income unless...
- Q Question 84 ?of 100.Which of the following options correctly describes the limitation on direct deposits of a refund of federal income taxes that is designed to prevent fraud?? ?A maximum...
- Q Question 83 ?of 100.Yes. She owes a penalty because her 2024 ?balance due is less than $1,000Yes. She owes a penalty because she did not have at least 110% ?of...
- Q Assume the actuary estimates the net cost of providing health care benefits to a particular employee during his retirement years to have a present value of $69,000. If the benefits...
- Q 19)Harry experienced a substantial net operating loss in 2024. What is the maximum percent of that loss that may be carried forward?Harry experienced a substantial net operating loss in 2024....
- Q The ATM phaseout creates an increasing taxable access that is not taxed at the customary 26 or 28% AT&T rate but at the effective tax rate ofÂ
- Q Mr. ?and Mrs. ?Mead, both full-time teachers, wanted to volunteer their services to work for the tsunami victims. Their services consisted of going to various neighborhoods in the community to...
- Q Discussion Question 9-12 (LO. 6)Identify the requirements that must be met in order to aggregate businesses for purposes of the QBI deduction.a.  The same person or group of persons must own, directly or...
- Q Discussion Question 9-8 (LO. 5)For each statement below, select either "Advantage" or "Disadvantage" to classify them with regard to the Simplified Method for determining the office in the home deduction.a.Some actual expenses...
- Q A business-use car is classified as what section property? Section 179. Section 1231. Section 1245. Section 1250.
- Q Noor is a self-employed event planner who has net earnings (profit) from the business of $66,400. What are the self-employment taxes for the year?Note: Round your answer to 2 decimal...
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