Accounting question and answers for January 30, 2024
- Q Which of the following is true concerning income from bonds?Series EE U.S. savings bonds are issued at a discount and redeemable for fixed amounts, which increase at stated intervals.
- Q Which best describes Federal and state unemployment taxes.No such taxes exist in the U.S.These taxes are paid solely by the employee.These taxes are paid solely by the employer.These taxes are...
- Q If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is probable, a contingent liability should be12Reported...
- Q In 2022, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses so their proceeds are $950,000. They bought the house in 2014 and paid $300,000 for...
- Q to what penalty does a tax preparer who has ceceived an ANNual Federal Tax Refresher - Record of Completin conseent for failure to comply with the duties and restrcions relating...
- Q Gain contingencies are recorded when:15Once the contingency is deemed probable by an attorney or other expert.>The contingency has passed and the gain has been realized.18Immediately upon being assessed as legitimate.The...
- Q peter had 50000 in student loans that were discharged when he became permanetly disabled, how should she treat the chiscgarge on his tax return
- Q Brandt exchanged his collection of stamp albums for a tractor from Virgil in September 2022. The fair market value of the stamp albums is $3,000. The tractor has the same...
- Q What is the 2024 standard deduction for a 50 year-old married couple filing jointly, neither ofwhom is blind?A) $9,200B) $14,600C) $29,200D) $21,900
- Q Which of the following is the primary advantage of the direct method for reporting net cash flow from operating activities? A It is easy to prepare and understand. B It...
- Q Mateo bought machinery on December 4, 2021. On June 4, 2022, he traded this machinery for other machinery in a nontaxable exchange. On December 6, 2022, Mateo sold the machinery he got in...
- Q What is the amount of foreign earned income excluded for Gregory?
- Q What is the statutory AMT exemption amount for Ryan and Blake? A married couple who file a joint return for tax year 2024
- Q In a cash flow statement, which one of the following is an operating activity?Select an optionClear ResponseAn issue of shares.An issue of shares at premium.The sale of some plant and...
- Q the wash sale rules apply to disallow a loss on a sale of securitites
- Q Dr. K, a dentist and calendar-year taxpayer, has consistently reported income and expenses from his business on the cash basis. All cash and checks he receives are deposited and included...
- Q for taxable year beginning in 2024, what is the maximum credit allowable
- Q To discourage the use of IRAs for purpose, other than retirement, the law imposes a 10% additional tax on early distribution from traditional and RRA unless an exception applies which...
- Q Data Screen Corporation is a highly automated manufacturing firm. The vice president of finance has decided that traditional standards are inappropriate for performance measures in an automated environment. Labor is...
- Q Mitchell did not take her full required minimum distribution from the IRA doing 24 2024 what is the correct end date for the correction window to reduce her exercise facts
- Q To discourage the use of IRAs for purpose, other than retirement, the law imposes a 10% additional tax on early distribution from traditional and RRA unless an exception applies which...
- Q Jordan age 42 received a $10,000 eligible rollover distribution from her retired plan her employment withheld $2000 from her distribution within 60 days. Jordan decides to roll over the $8000...
- Q Jordan age 42 received a $10,000 eligible rollover distribution from her retired plan her employment withheld $2000 from her distribution within 60 days. Jordan decides to roll over the $8000...
- Q [9] Landon, a sole proprietor, made the following loans during the year. Two loans were closely related to his business operation, and the other two were personal. To Loan Amount...
- Q According to the Financial Accounting Standards Board, which of the following is not a purpose of general financial reporting? A To assess an entity's prospects for future net cash inflows,...
- Q The items that are reported on a balance sheet include which of the following? A Cost of goods sold B Net income C Revenues D Additional paid-in capital
- Q A complete set of financial statements normally will include which of the following? A Balance sheet, comprehensive income statement, statement of cash flows, and statement of changes in owners' equity...
- Q When considering whether or not a taxpayer should pay estimated taxes, the taxpayer needs to take into account certain events that may occur during the year. These events should include...
- Q The taxpayer must provide documentation that they are eligible for the distribution.Mark for follow upQuestion 2 ?of 15.In which of the following scenarios was a proper Section 529 ?direct trusteo-to-trustee...
- Q An intangible asset should be amortized over which of the following? A Intangible assets are not amortized B 40 years regardless of its economic life C The asset's economic life...
- Q of what must a tax return preparer advise a client when taking an aggressive position on a federal tax return?the increased fee to
- Q of what must a tax return preparer advise a client when taking an aggressive position on a federal tax return
- Q when considering wheter or not a taxpayer should pay taxes. that taxpayer nedds to take into acount
- Q under what circumstances may an unenrolled tax return preparer represent a client
- Q An intangible asset should be amortized over which of the following? A Intangible assets are not amortized B 40 years regardless of its economic life C The asset's economic life...
- Q Heather’s Hardware does not have applicable financial statements (AFS). For book purposes, it does not capitalize any fixed asset purchase or fixed assets under what amount will be deductible in...
- Q Shirley and Bob are married, receive Social Security benefits, and file a joint tax return. What is the base amount with which (1)/(2) of their net Social Security benefits plus...
- Q The taxpayer may have to file a Form 1099-MISC if he or she sold what amount or more of consumer products to a person on a buy-sell, deposit-commission, or other...
- Q During Year 1, Mr. F acquired 100 shares of stock in ABC Corporation for $500. During Year 3, he sold all his stock for $1,000. He adjusted basis in the...
- Q How does the tax payer obtain a penalty abatement related to suspicion of IRS reminder notice for 2020 and 2021 tax returns
- Q In 2022, travel expenses are the ordinary and necessary expenses of traveling away from home for business. Which of the following kinds of travel expenses are not applicable for deduction...
- Q a tax practitioner must be able to prove that he/she performed a certain level of due diligence when preparing a tax return
- Q In 2022, Noelle, a self-employed landscaper who uses the cash method of accounting, signed a 3-year health insurance contract. She paid premiums of $500 for 2022, $550 for 2023, and...
- Q A company sold equipment that originally cost $100,000 ?for $60,000 ?cash. The accumulated depreciation on the equipment was $40,000. ?The company should recognize a:Multiple Choice$0 ?gain or loss.
- Q which of the following is are true regarding the American opportunity credit and/or the lifetime learning credit? a. a portion of the american opportunity credit may be refundable
- Q Can you give me verse in the bible for endijg the year right
- Q If you donate a qualified vehicle with a fair market value less than your cost or other basis to a qualified organization and you claim a deduction of more than...
- Q which of the following is one of the two tax law requirements for a taxpayer to qualify for the home office deduction?regular and exclusive use requirement
- Q !Required InformationDuring June, Danby Company's material purchases amounted to 7,700 ?pounds at a price of \( \$ 8.30 \) ?per pound. Actual costs incurred in the production of 2,400 ?units were as...
- Q FACTOR TO CONSIDER WHEN DETERMING IF A BUSINESS IS CARRIED EXCEPT
- Q ?The following data pertain to Aurora Electronics for the month of February.Required:Compute the sales-price and sales-volume variances for February.Note: Indlcate the effect of each varlance by selecting "Favorable" or...
- Q Montoursville Control Company, which manufactures electrical switches, uses a standard-costing system. The standard production overhead costs per switch are based on direct-labor hours and are as follows:*Based on capacity of...
- Q Passive losses incurred in rental real estate activities are subject to a special deduction allowance in excess of passive income at the general partner level depending upon the level of...
- Q Which of the following statements are is true regarding deduction mortgage interest on a schedule a the mortgage can be used to consolidate a credit card debt the interest is...
- Q Marcia single paid the following amount $6,200 and stayed in local property taxes and $4,800 in state and local income taxes through withholding her total tax deduction on schedule a...
- Q Total wars which of the following types of taxes can be deducted on a schedule a is it most exercise taxes so security railroad and medical Medicare taxes or is...
- Q Wayne, age 53, and Janet, age 51, are married and file a joint return. Wayne is covered by an employer retirement plan. In 2022, Wayne had compensation of $50,000 and...
- Q Purchased fixed assets of a not-for-profit organization are displayed as:a.A capital outlay expenditure.b.An asset at fair value.c.An asset at historical cost.d.A direct reduction of net assets.
- Q which of the following is true regarding a required minimum distribution from a traditional ira? a. there is no penalty for failure to take a required minimum distribution b. the...
- Q Herb is an electrician and uses his car to drive to work locations. During the year he drove 18,000 miles of which 12,000 were for business purposes . How...
- Q What exit is considered listed property a a retail building b a cell phone see a passenger car DA office chair
- Q Cash​ payments:a.  Scott ConstructionScott Constructionhas▼ strongweakinternal controls. There is▼ a good separation of dutiesa good system of documenting transactionsnot a good separation of dutiesnot a good system of documenting transactions.▼ Supervisors request the equipment, and...
- Q Sally is an online retailer who engages in Third-part Network Transactions via NetTrans, Inc Payment Company to facilitate finacial transactions in the sale of her products. For 2024, what is...
- Q [20] During the current year, Ashley Corporation charged the following payments to miscellaneous expense: 1. Travel expense of $300 for the company president to offer voluntary testimony at the state...
- Q That means they know what is the maximum first year depreciation deduction you may claim for 2024
- Q The Tax Cuts and Jobs Act changed the AGI limits for cash contributions from what percentage, to which percentage for tax years ending after December 31, 2017 and before January 1, 2026?...
- Q Which one of the following statements concerning the recordkeeping requirements for travel is true? A. Social Security numbers of business guests must be recorded to support travel expenses. B. If...
- Q The Tax Cuts and Jobs Act changed the AGI limits for cash contributions from what percentage, to which percentage for tax years ending after December 31, 2017 and before January 1, 2026?...
- Q The Tax Cuts and Jobs Act changed the AGI limits for cash contributions from what percentage, to which percentage for tax years ending after December 31, 2017 and before January 1, 2026?...
- Q The Do Good Foundation received 200 shares of Big Company stock from a donor who designated the proceeds from the sale of the shares for the construction of a new...
- Q If your AGI is $24,000, then your child and dependent care credit is calculated using what percentage of your work-related expenses (after applying earned income and dollar limits)
- Q urchased fixed assets of a not-for-profit organization are displayed as:a.A capital outlay expenditure.b.An asset at fair value.c.An asset at historical cost.d.A direct reduction of net assets.
- Q [17] Bob, a calendar-year, cash-basis taxpayer, owns an insurance agency. Bob has four people selling insurance for him. The salesmen incur ordinary and necessary meal expenses for which Bob reimburses...
- Q The Housing Foundation, Inc. provides housing subsidies to needy families who qualify under certain income guidelines. Federated Charities, a community outreach organization, arranges for families to apply for aid from...
- Q It drove his car 2000 miles for a real estate business in 2024. He used a standard mileage rate to determine his car expense deduction the deduction is what amount....
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