1) Federal tax law always follows state law on the classification of an organization for income taxpurposes.A. TrueB. False2) A partnership will always be characterized as a partnership for tax purposes if the partnershipelects to be treated as a partnership by filing a partnership tax returnA. TrueB. False3) An election to take advantage of Subchapter […]
Question 1Kraft Enterprises owns the following assets at December 31, 2014.Cash in bankâsavings account 68,000 Checking account balance 17,000Cash on hand 9,300 Postdated checks 750Cash refund due from IRS 31,400 Certificates of deposit (180-day) 90,000What amount should be reported as cash?Cash to be Reported $Question 2Restin Co. uses the gross method to record sales made […]
Problem 8-47 (LO 8-1, LO 8-2)Indicate the amount (if any) that Josh can deduct as ordinary and necessary business deductions in each of the following situations.a.Josh borrowed $83,000 from the First State Bank using his business assets as collateral. He used the money to buy City of Blanksville bonds. Over the course of a year, […]
THE ROLE OF THE INTERNATIONAL MARITIME ORGANISATION (IMO) TOWARDS MAINTAINING AND ENHANCING MARITIME SAFETY TABLE OF CONTENTS Abstract i List of Tables ii List of Figures iv CHAPTER 1 – INTRODUCTION 1 1.1 Background 1 1.2 Problem Statement 2 1.3 Aim 3 1.4 Research Questions 3 1.5 Research Objectives 3 1.6 Significance of the Study […]
1. Question: When common stock is issued at an amount greater than par value, the difference between the par value and the proceeds from the sale is recorded byYour Answer: crediting the common stock account debiting an additional paid-in capital account crediting the retained earnings account crediting an additional paid-in capital account 2. Question: On […]
Chapter 1Multiple Choice Questions ___________________________________________________ Examining the interests of stakeholders is probably required for: A value that is almost universally respected by stakeholder groups is: Companies attempt to manage the risk of something happening that will have a negative or positive impact on the companyâs objectives, such as: Credit risksLitigation riskReputation riskEthics risksAll of the […]
? Unless a question states otherwise, assume that (i) the TAX YEAR in question is 2013 and (ii) our South-Western Federal Taxation text -Individual Income Taxes 2014ed. By William H. Hoffman, Jr. & James E. Smith (the âClass Textâ ) is current and good law.o Thus, for example, unless a question states otherwise, use the […]
⢠Question 1Under the modified accrual basis of accounting, fines, license fees, permits, and other miscellaneous revenue are generally recognized⢠Question 2 Under GAAP, income tax revenues should be recognized in the government-wide financial statements in the accounting period ⢠Question 3 Under GAAP, property taxes levied in one fiscal period to finance the activities […]
ASSESSMENT INFORMATION for students Throughout your training we are committed to your learning by providing a training and assessment framework that ensures the knowledge gained through training is translated into practical on the job improvements. You are going to be assessed for: Your skills and knowledge using written and observation activities that apply to the […]
The cash disbursements journal also is called thea) Voucher register.b) Purchases journal.c) Check register.d) Accounts payable subsidiary ledger.a) Completeness.b) Existence or occurrence.c) Valuation or allocation.d) Rights and obligations.a) Improper materials handling.b) Unauthorized persons issuing purchase orders.c) Mispostings of purchase returns.d) Excessive shrinkage or spoilage.a) Footing the purchases journal.b) Reconciling vendors monthly statements with subsidiary payable […]
