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AC 499 unit 10 Quiz




1. John, age 25, is a full-time student at a state university. John lives with his sister, Ann, who provides over half of his support. His only income is $4,000 of wages from a part-time job at the college book store. What is Ann's filing status for 2012? (Points: 2);Single;Head of household;Married, filing separately;Qualifying widow(er);None of the above;Question 2. 2. William is a divorced taxpayer who provides a home for his dependent child, Edward. What filing status should William indicate on his tax return? (Points: 2);Head of household;Married, filing separately;Single;Qualifying widow(er);None of the above.;Question 3. 3. Which of the following items would require an adjusting entry at the end of each accounting period? (Points: 2);Garnishment for child support payments;Withholdings for a 401(k) plan;Vacation pay earned by employees;Union dues withheld;None of the above;Question 4. 4. If collectability of the revenue is highly uncertain, an appropriate method that should be used to recognize revenue would be: (Points: 2);the percentage-of-completion method;at the point of sale;the proportional performance method;the installment method;Question 5. 5. Under the FLSA, regular rate of pay does not include: (Points: 2);vacation pay.;severance pay.;overtime pay.;earned bonuses.;Question 6. 6. Critical thinking is most important in which of the following problem-solving steps? (Points: 2);recognizing a problem;identifying alternative solutions;evaluating the alternatives;selecting a solution from among the alternatives;Question 7. 7. Which of the following amounts must be included in the gross income of the recipient? (Points: 2);Child support payments;Welfare payments;Gifts;Royalties;All of the above are included in gross income;Question 8. 8. Alan, whose wife died in 2010, filed a joint tax return for 2010. He did not remarry and continues to maintain his home in which his four dependent children live. In the preparation of his tax return for 2012, Alan should file as: (Points: 2);A single individual;Qualifying widow(er);Head of household;Married, filing separately;None of the above;Question 9. 9. Under GAAP for segment reporting, a company must report: (Points: 2);a measure of profit or loss for each reportable segment;factors used to identify its reportable segments;the types of products and services from which each reporting segment derives its revenues;all of these choices;Question 10. 10. An operating segment is a reportable segment if it: (Points: 2);satisfies the revenue test, profit test, and asset test;satisfies the revenue test, profit test, or asset test;operates predominately within a single industry;satisfies the net income test;Question 11. 11. Which one of the following provisions was passed by Congress to meet a social goal of the tax law? (Points: 2);The deduction for job hunting expenses;The charitable deduction;The moving expense deduction for adjusted gross income;The deduction for soil and water conservation costs available to farmers;None of the above;Question 12. 12. Under individual employee coverage, the worker is covered by the FLSA if: (Points: 2);the worker produces goods for interstate commerce.;the worker is a housekeeper in a private home for 16 hours a week.;the domestic receives cash wages of at least $1,700 from the employer in the calendar year.;all of the above.;Question 13. 13. The IASB and FASB joint boards feel that financial reporting should: (Points: 2);be general purpose;be useful in assessing a company?s future cash flows;provide information on an accrual basis;all of these are true;Question 14. 14. Under enterprise coverage, all employees of a business are covered by the FLSA if the organization is: @ Feedback: See 2-2, B/T Text, Chapter2. (Points: 2);a nursing home.;a public agency.;a hospital.;all of the above.;Question 15. 15. How many Statements of Financial Accounting Concepts have been issued? (Points: 2);6;8;31;over 100;Question 16. 16. In which of the following cases may the employee exclude the meals and/or lodging: (Points: 2);A taxpayer lives rent-free at the property she manages even though the owner does not require the manager to live on site.;A headmaster at a boarding school is required to be on campus all night.;A president of a major film studio receives a cash allowance to live in Beverly Hills.;An employee has an option of dining in an employer-sponsored cafeteria or dining out of the office.;Question 17. 17. For 2012, the maximum percentage of Social Security benefits which must be included in a taxpayer's gross income is? (Points: 2);0%;50%;65%;85%;100%;Question 18. 18. A stated percentage of revenue paid an employee who transacts a piece of business or performs a service is called: (Points: 2);a piece rate.;a commission.;a regular hourly rate.;a remunerative salary.;none of the above.;Question 19. 19. Taxpayers who are blind get the benefit of: (Points: 2);An extra exemption;An additional amount added to their standard deduction;Two standard deductions;None of the above;Question 20. 20. Which pronouncements are not issued by the FASB? (Points: 2);Statements of Financial Accounting Concepts;Technical Bulletins;Opinions;Interpretations;Question 21. 21. Partnerships: (Points: 2);Are not taxable entities;Are taxed in the same manner as individuals;File tax returns on Form 1120;File tax returns on Form 1041;Question 22. 22. The framework for the model of business reporting includes all of the following except: (Points: 2);financial and nonfinancial data;independent analysis of the financial data;forward-looking information;information about management and shareholders;Question 23. 23. Employers may pay nonexempt employees who work fluctuating schedules a fixed salary. In these cases, the extra pay is: (Points: 2);calculated at a time and one-half rate.;calculated at a double time rate.;calculated at the regular rate of pay.;unpaid.;none of the above.;Question 24. 24. The FASB concluded that the most general objective of financial reporting is to: (Points: 2);provide information useful in the decisions made by external users;meet the needs of internal users;provide information about an entity's earnings;provide information about an entity's cash flows;Question 25. 25. In horizontal analysis: (Points: 2);changes in a company's operating results and financial position over time are expressed in percentages as well as dollars;monetary relationships between items on the financial statements of a period are expressed in percentages as well as dollars;financial statements are expressed only in percentages;liquidity ratios, generally involving components of the company's working capital, are computed;Question 26. 26. When recording the deposit of FUTA taxes owed, the proper entry is: (Points: 2);FUTA Tax Expense;Cash;Payroll Taxes;Cash;Payroll Taxes;FUTA Taxes Payable;FUTA Taxes Payable;Cash;FUTA Tax Expense;FUTA Taxes Payable;Question 27. 27. To pay for college, Henry received the following;$1,000 scholarship from the Thespian Club to pay for books;$5,000 scholarship from the Elks Lodge for tuition;$4,000 worth of room and board as a dorm supervisor through a work-study program;How much must Henry claim on his tax return? (Points: 2);$0;$4,000;$5,000;$6,000;$10,000;Question 28. 28. The Philip Company had the following information available for the fiscal year ended December 31, 2010;Net sales $1,600,000;Cost of goods sold 1,200,000;Merchandise inventory;January 1, 2010 200,000;December 31, 2010 400,000;Philip's inventory turnover for 2010 was: (Points: 2);3 times;4 times;5.33 times;6 times;Question 29. 29. Ken Gorman is paid $405.00 for a 37?-hour workweek. Overtime is paid at time and one-half for hours beyond 40 in each workweek. One week, Gorman works 48 hours. If he is paid his regular hourly rate for the first 40 hours, Gorman?s gross pay is: (Points: 2);661.60;165.60;566.10;561.60;Question 30. 30. Given the following information regarding accounts receivable;Accounts receivable, December 31 $ 7,000;Total current assets, January 1 30,000;Sales (25% cash sales) 40,000;Total current assets, December 31 25,000;Accounts receivable, January 1 3,000;What is the accounts receivable turnover? (Points: 2);4 times;6 times;8 times;10 times


Paper#81142 | Written in 18-Jul-2015

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