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QUESTION 1 Accounting year end issues may be described as follows: a. The due date for a calendar year corporation return is April 15. b. All corporations must utilize a calendar year end. c. Corporations may never change year ends. d. Personal Service Corporations are generally required to have calendar year ends.
QUESTION 2 The cash method of accounting: a. May not be used by corporations who have inventories. b. May not be used by corporations who have accrued retirement plan deductions. c. May not be used by Personal Service Corporations. d. Is not an acceptable method for income tax return reporting for corporations.
QUESTION 3 The accrual method of accounting is: a. Dependent on the "Economic Performance Test" for accrual of expenses. b. Dependent on the date an invoice is collected for the accrual of income. c. More likely to be used than the cash method because of its inherent qualities. d. Dependent on the recurring item exception for accrual of income.
QUESTION 4 Corporations may not: a. Make loans to related taxpayers. b. Accrue and deduct expenses until they are paid to related taxpayers. c. Expense items of commissions paid to related taxpayers. d. Have transactions with related taxpayers.
QUESTION 5 Related taxpayers include: a. The fiduciary of a trust that owns 50% or more of a corporation. b. Corporations with common ownership. c. Individuals who own more than 50% of a corporation. d. Partnerships who have any common ownership with the corporation.
Contrast the primary focus of job order cost accounting and of process cost accounting. What are the similarities between a job order and a processcost system?
What is the ideology supporting the concept that a society's ruler is God's direct representative on earth to administer justice and punish evil doers? The pursuit of happiness
The expected error rate remains zero.
The XYZ company sells approximately 900,000 gizmos annually. Each gizmo consists of 15 components. Management is currently evaluating which vendor to choose as the primary supplier of one of the 15 components. Four vendors have been identified.
what is the future value 8 years from of 2000 investedtoday at a periodic interest rate of 12 compounded annually b
If management is responsible for its own financial statements, why are auditors important?
A parcel of land is offered for sale at $148,000, is assessed for tax purposes at $110,000, is recognized by its purchasers as being worth $138,000, and is purchased for $135,000. The land should be recorded in the purchaser's books at:
palmer corporation has 1000 shares of common stock outstanding owned by unrelated parties as follows jason 300 shares
When you use an aging schedule approach for estimating uncollectible accounts:
Flint Co. records purchase discounts lost and uses perpetual inventories. Prepare journal entries in general journal form for the following: (a) Purchased merchandise costing $900 with terms 2/10, n/30. (b) Payment was made thirty days after the p..
Which of the following best describes the cash-basis method of accounting for warranty costs?
consider p. ltd a one-asset firm with no liabilities. assume that the asset will generate end-of-year cash flows of 300
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