Accounting question and answers for January 30, 2024
- Q Question 7 ?of 40.Marcel is a junior at the University of Phoenix. For 2023, ?he received a Form 1098-T, ?Tuition Statement, showing his tuition and scholarship amounts. Assuming all requirements...
- Q the following characteristic, assumptions, principles, or constraint guide the FASB when it creates accounting standards
- Q Select the best answer.A lessor will classify a lease that does not meet any of the criteria in Group A, ?but an unrelated third party guarantees the residual value of...
- Q what is the AT&T exemption amount for MFJ file in 2024?
- Q Failure to pay amount of tax due on the California tax return by due date, or within 15 days of notice and demand without reasonable cause, will result in a...
- Q Alessee has both operating and finance leases. The lessee's balance sheet:A. ?should separate ROU assets between current and noncurrent.B. ?should combine the operating lease and finance lease ROU assets in...
- Q A lease term is for the major part of the remaining economic life of the leased asset if it is:A. 15% ?or more of the estimated economic lifeB. 25% ?or more of...
- Q The net investment in a lease for a direct financing lease is the sum of:A. ?the lease receivable less the guaranteed residual value.B. ?the lease receivable, plus the unguaranteed residual...
- Q fastforwardacademy.com/lms/AFTR-2024-Exam/9298225/131773GmailYouTubeMapsAnnual Federal Tax Refresher CourseEXAMCPECHANGE COURSEDASHBOARDYOU HAVE A MAXIMUM OF 3 ?CONTINUOUS HOURS TO COMPLETE THE 100 ?QUESTION TEST.LIBRARYQuestion 1vv ?of 1002h:51m:20sREPORTINGEligible taxpayers may qualify to take the full 20%...
- Q The way the original lessor accounts for a sublease depends on whether the original lease:A. ?will be extended.B. ?remains in effect or whether there is a new lease agreement.C. ?is...
- Q Which of the following is true regarding a sales-type lease?A. ?The selling profit is recognized at the commencement of the lease.B. ?Rental receipts must be made monthly by the lessee.C....
- Q en the sublessor is not relieved of the primary obligation under the original lease, the sublessA. ?no longer accounts for the original lease.B. ?records the new lease as a change...
- Q When a lessor records a direct financing lease, the leased asset is removed from the books at:A. ?fair market value.B. ?present value.C. ?cost or carrying amount.D. ?the value of the...
- Q Financial statement disclosures related to government assistance fall under which of the following accounting topics?A. A?560B. ?ASC 405? ?C. ?ASC 832D. ?ASC 840
- Q Mary suffers $25,000 in uninsured losses in 2022 when her house burns down while she was on vacation. This loss was not due to a Federally declared disaster, therefore Mary...
- Q annual lederal tax refresher colFastForwardAcademyOnline monitorademy com//ms/ATR-2024-Exam/9298225MapsAnnual Federal Tax Refresher CourseEXAMYOU HAVE A MAXIMUM OF 3 ?CONTINUOUS HOURS TO COMPLETE THE 100 ?QUESTION TEST.Question 4vv ?of 100Which of the following...
- Q If you can’t find a matching transaction in QuickBooks for an item in the bank feed, what might the issue be?A bill gets entered for $125 and when it comes...
- Q se these terms to complete the statements that follow. You can use a term more than once or not at all. f.The _________ is responsible for the accounting systems in...
- Q Question 29 ?of 100.What type of expense is unique to oil or gas wells, exhaustible natural deposits, and timBusiness interruption insurance.Depletion.Depreciation.Taxes paid.
- Q The comparative balance sheet of Livers Inc. for December 31, 20Y3 and 20Y2, is as follows: Dec. 31, 20Y3 Dec. 31, 20Y2AssetsCash .......................................................... $ 155,000 Accounts receivable (net) ....................................... Inventories .................................................... Investments ................................................... Land...
- Q annual federal tax reffesher couFastForwardAcadernyOnline monitorardacademy.com/Ims/AFTR-2024-Exam/9298225MapsAnnual Federal Tax Refresher CourseEXAMYOU HAVE A MAXIMUM OF 3 ?CONTINUOUS HOURS TO COMPLETE THE 100 ?QUESTION TEST.Question 6vv ?of 100Zelda has a full-time job...
- Q If a taxpayer qualifies for the California _____________ and has a child under age 6, the taxpayer may also qualify for the Young Child Tax Credit.Review LaterEarned Income CreditOther State...
- Q Aeropostale, Inc. (AROPQ) is a specialty retailer of casual apparel and accessories for teens. Recently, the company declared bankruptcy to provide financial protection while attempting to reorganize its operations. Annual...
- Q Inventory items of the partnership are considered to have appreciated substantially in value if, at the time of the distribution, their total fair market value is at least more than...
- Q ?a taxpayer can I use the standard mileage ratefor an automobile used for business purposes
- Q California assesses a tax rate of ____________ to pension income of taxpayers who move out of California.Review Later9.3%Whatever the taxpayer's ordinary tax rate isZero - pension income for non-residents is...
- Q A taxpayer generates a NOL in TY2022 and wants to know how the amounts will be treated for the federal and state purposes, respectively. They have an adjusted gross income...
- Q A taxpayer generates a NOL in TY2022 and wants to know how the amounts will be treated for the federal and state purposes, respectively. They have an adjusted gross income...
- Q 63Review LaterA taxpayer sells his uncle a piece of business machinery by a "loan" from the uncle to the nephew. The machinery never actually changes hands, and the loan is...
- Q One of the following rights is available to a partner in a partnership a.Right to take part in the conduct of the businessb.Right to be consultedc.Right to access to booksd.All...
- Q One of the following rights is not available to a partner in a partnership: a.Right to remunerationb.Right to share profitsc.Right to interest on capitald.None of the above
- Q One of the following is not a characteristic of a partnership a.It is a separate legal entityb.Member of the entity cannot enter into a contract with itc.Members of the entity...
- Q In general, a member of an LLC is not personally liable for the debts of the company except when he or she does which of the following:Â a.participates in the unlawful...
- Q The true test of partnership is....Rather than...Question 1Select one:a.Sharing of profits, sharing of lossessb.Sharing of losses, sharing of profitsc.Sharing of profits, mutual agencyd.Mutual agency, sharing of profits
- Q 58Based on your horizontal and vertical analysis, what can you conclude about the company's profitability?? ?The increase in interest expense in 20×2 ?is the biggest contributor to the decline in...
- Q Question 40 ?of 100.Vince owns and operates a small business. On June 17, 2024, ?he purchased a new desk for his office. T and he placed it into service that same...
- Q hich of the following offices maintains the U.C.C. ?filings that would have information on loans and mortgages n personal property, collateral on the loans, the organization loaning the money, and...
- Q Below are the balance sheet and income statement for Anderson Corporation.\table[[Balance Sheet,Year 0,Year 1,Change],[Assets],[Cash,$ 240,$ 120,$ (120)],[Receivables,360,450,90],[Inventories,750,1,053,303],[Total current assets,1,350,1,623,273],[Fixed assets,4,500,6,438,1,938],[Accumulated depreciation,(1,500),(1,740),(240)],[Investment in affiliate,1,000,1,050,50],[Goodwill,1,010,980,(30)],[Total assets,$6,360,$8,351,$1,991],[Liabilities and Equity],[Accounts payable,$ 360,$ 590,$ 230],[Bonds...
- Q Retiring partner continues to be liable for acts for the firm done: a.Upto the date of admission of a new partnerb.Upto the date of giving public notice of retirementc.Upto the...
- Q With respect to the financial statements, what is articulation?? ?The relationship between financial statements whereby a confirmation is made that assets always equal revenues, and liabilities always equal the sum...
- Q which of the following scenarios would the taxpayer be most likely to benefit from an installment sale? a taxpayer who sold: investment-use land for a gain. a business-used car...
- Q Ram and Shyam are partners in a firm. They are entitled to interest on their capital but the net profit was not sufficient for paying his interest, then the net...
- Q Listed below are yearend account balances ($ in millions) taken from the records of Symphony Stores DebitCredit Accounts receivable 668 Building and equipment 932 Cash 50 Interest receivable 49 Inventory...
- Q A daycare facility watches the taxpayer's two (2) children for a cost of $4,500 apiece during TY2022. At the same time, the employer pays for $3,000 apiece as a dependent...
- Q A.B.C are partners where C is a sleeping partner wo retires without giving a public notice. Which of the following is/are true? a.C is not liable for the subsequent debts...
- Q Suppose that a perpetrator has a net worth increase of $60,000 ?and has living expenses of $40,000. ?Funds from known sources are $60,000. ?How much of the funds are from...
- Q A client walks into your office to prepare a TY2020 return for federal and state. He has some charitable expenses worth $1,000, which is not enough to itemize. So, he...
- Q A client walks into your office to prepare a TY2020 return for federal and state. He has some charitable expenses worth $1,000, which is not enough to itemize. So, he...
- Q A client walks into your office to prepare a TY2020 return for federal and state. He has some charitable expenses worth $1,000, which is not enough to itemize. So, he...
- Q State Tax Fundamentals IQuestion 32 ?of 40.Prior to 2023, ?Edgar was a lifelong resident of Montana:On January 15, ?he decided that he wanted to move to Idaho and began an...
- Q A resident California taxpayer's federal gross income includes; $20,000 in taxable pension income, $18,000 in Social Security Income, and $200 in accrued interest from a U.S. Treasury bond. What is...
- Q A resident California taxpayer gets a $1,000 check from the California lottery for winnings, and wins another $5,000 in Nevada on a casino trip. What amout is taxable to the...
- Q A nonresident taxpayer with a net operating loss (NOL) in California is limited by what factor in being able to calculate and utilize this loss on his or her return?Selectone...
- Q A nonresident taxpayer sold their stock interest in two (2) separate California businesses. Both of them involved a covenant to not compete in the state for five (5) years. For...
- Q A nonresident taxpayer opens an intrastate store with presence in California. 40% of the gross receipts are earned within the state. The taxpayer believes that they do not need to...
- Q Tidewater Inc., a retailer, provided the following financial information for its most recent fiscal year:Net income............................................................... $ 945,000 Return on invested capital ................................................8%Cash flows used for operating activities ................................... $(1,428,000)...
- Q A minor taxpayer who is being claimed on his parents return is filing with the State to get back their withholding. What is the minimum amount of their standard deduction...
- Q Reports that present interpretation of data are called which of the following?financial reportsspecialized reportsanalytical reportsformal reportsstatistical reports
- Q  On firm’s dissolution, which one of the following account should be prepared at the last? a. Partner’s Capital Accountsb.Cash Accountc.Realisation Accountd.Partner’s Loan Account
- Q The SECURE 20 ?Act changed the Roth plan distribution rules. Which of the following statements accurately reflects the change?A. ?Employer-sponsored Roth accounts now require pre-death RMDs, ?just like Roth IRAsB....
- Q A married couple has access to what potential maximum value of the personal exemption credit for themselves, disregarding children, assuming that they are both under age sixty-five (65) for TY2022?0...
- Q Question 27 ?of 40.Megan brings in receipts and verifications for the following charitable contributions she made in 2023:Local church, $3,000 ?by check.American Red Cross, $500 ?through payroll deductions.Campalgn fund of...
- Q A partnership firm comes into existence by agreement between all the partners, and such agreement should be : a. Particular partnershipb.Express agreement onlyc.Either express or impliedd.Registered
- Q $900,000Mark for follow upQuestion 26 ?of 40.In 2023, ?Zoey incurred $2,500 ?in unreimbursed employee business expenses (none of the expenses are impairment-related). ?Her adjusted gross inco miscellaneous deductions. What amount...
- Q Mart for follow upQuestion 24 ?of 40.Hi a taxpzyer's totel deduction for all noncash contributions for the year is over $500, ?which form or schedule must be completed and filed?Form...
- Q Mark for follow upQuestion 28 ?of 40.In 2020, ?Niesha purchased her princlpal residence for $450,000. ?On January 15, 2023, ?when she owed $380,000 ?on the original mortgage, she took out a...
- Q Question 29 ?of 40.Leon was reimbursed in 2023 ?by his insurance company for a medical expense that he had previously deducted on his 2022 ?Schedule A (Form 1040), ?Itemized Deductions....
- Q Santana Rey created Business Solutions on October 1, 2021. ?The company has been successful, and Santana plans to expand her business. She believes that an additional $124,000 ?is needed and is...
- Q what are housing deductions
- Q What statement regarding the depreciation of residential property is true and improved land taxpayers are required to depreciate such property taxpayer who used the GPS system or depreciation can be...
- Q A client has connected two checking accounts at two different banks to their QuickBooks account, and named them Checking 1 and Checking 2. The client uses Checking 1 frequently and...
- Q A partnership deed is a written agreement that outlines the: A. Duration of the partnership B. Profit-sharing ratio among partners C. Rights and responsibilities of partnersQuestion 11Answera.Only Ab.Only Bc.Only Cd.All...
- Q What is the main advantage of a limited liability partnership (LLP)? a.Unlimited liability for partnersb.Separate legal entity statusc.Ease of formationd.No legal liability for partners
- Q Which of the following is NOT a feature of an LLP? a.Limited liability for partnersb.Flexibility in internal structure and managementc.Perpetual successiond.Transferability of partnership interest
- Q Which statement about the distributions and contributions to section 529 plans is true the beneficiality generally does not have to include the earnings on the plan of income that a...
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