Accounting question and answers for January 30, 2024
- Q I take deliberate steps to achieve them for 2024 of the maximum section 179 deduction begins to phase out if the total cost of qualified property exceed what amount is...
- 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....
- Q Phil Armonic is actively engaged in the oil business and owns numerous oil leases in the Southwest. During 2022, he made several trips to inspect oil wells on the...
- Q A Donor A donates property valued at $750,000 to a qualified charitable organization. B) Donor B donates a vehicle valued at $50,000 to a qualified charitable organization that is later...
- Q ] Mr. Benson, who operates a small tools supply company, guaranteed payment of a $10,000 note for Black Hardware store, one of Mr. Benson’s largest clients. Black Hardware later filed...
- Q which tax forms must be be filled in order to take a deduction against income when a qualifies contribution is made to a traditional IRA?
- Q which tax forms must be be filled in order to take a deduction against income when a qualifies contribution
- Q in 2020 lowest part of painting for $5000 at the local art gallery she decided to sell the painting in 2024 and find a buyer willing to pay 12,000 what...
- Q does the aicpa independence rules require members to be independent of affilliates of financial statements attest clients
- Q Terry Industries engages Rose & Co., CPAs, to prepare its annual financial statements and tax returns. As soon as Rose completes the services, Terry pays for the services and terminates...
- Q a self-employed taxpayer may deduct daily transportation expenses incurred in going between his or her residence
- Q What expense is properly reported in part 2 of schedule c as a commissions and fees is it the amount paid to real estate agent for helping the taxpayer locate...
- Q Which of the following may be deducted as a business bad debt by Mr. G, an accrual-basis taxpayer? A. Worthless trade receivable. B. Worthless loan to his partner, which was...
- Q Jessica drove his car 15,000 business miles and 18,000 total miles in 2024 the second year of his business unit or text you 2023 his use the actual expense method...
- Q Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported the market value of the land to be $98,000. The Focus Company initially offered...
- Q arry received $20,000 of unemployment compensation in 2024. How much of that unemployment compensation must he include in his income?
- Q Hakara Company has been using direct labor costs as the basis for assigning overhead to its many products. Under this allocation system, product A has been assigned overhead of $21.70...
- Q Which of the following is the most important factor in determining whether an arrangement constitutes a payment for services:A. ?whether or not the arrangement is made in writingB. ?whether or...
- Q What is the exemption amount for AMT for a married taxpayer filing jointly or surviving spouses in TY2024?
- Q In January 2022, a taxpayer takes out a $500,000 mortgage to purchase a main home with a fair market value of $800,000. In February 2022, the taxpayer takes out a...
- Q How much time do I have to claim a refund overpayment related to a bad debt to file on my return
- Q what is the maxinum bonus deprecition a taxpayer can take on a used business computer
- Q When certain children have more than $2,600 of unearned income in 2024,
- Q Which of the following is most likely to be a documented assumption in designing a sample size for testing in an effective and efficient compliance audit in accordance with the...
- Q Which of the following is a general rule established by the FASB regarding contributions received by a nonprofit in the form of investments?
- Q Which of the following should be documented in the workpapers related to testing of indirect cost rates?a.Verification that indirect cost rates are consistently applied, despite program limitations.b.Verification that the base...
- Q Question 1 of 15.In which of the following scenarios was a proper Section 529 direct trustee-to-trustee rollover made?Noah was born in 2006. His parents Kim and Steve opened a 529...
- Q TINGLaura is filing her tax return and is calculating her personal exemption. Single and age 25 ?with no dependents, how much is her 2024 ?perso exemption?A. ?$0, ?personal exemptions were...
- Q Financial statement disclosures related to government assistance fall under which of the following accounting topics?A. A?560B. ?ASC 405C. ?ASC 832D. ?ASC840
- Q Which statement about the distributions and contributions to section 529 plans are true the beneficiary generally does not have to include the earnings from the plan in the income or...
- Q what is an allowable asset for 60% bonus depreciation for 2024?
- Q A joint taxpayer, both aged over 65, receive a combined $32,000 in pension income, and $20,500 in Social Security income. Up to what amount of their Social Security is considered...
- Q what is the purpose of schedule b? to report interest and dividends on a tax return
- Q Renee works at Indigo Inc. and attends school part-time as part of her company’s educational assistance program. In 2022 her company reimbursed her a total of $6,250 for tuition, books,...
- Q Grand vista distributing, inc., holds its pension plan assets in a trust. you have advised the company that the trust must satisfy several requirements to be valid. which of the...
- Q Lorenzo is a single taxpayer whose MAGI is 175,000 he purchases a vehicle that qualifies for the clean vehicle credit. What is the maximum credit he is eligible for
- Q When lorenzo organized his investments as a family partnership in order to reduce income taxes, his advisor explained he would also be able to use this form of entity to...
- Q Social media what percentage of the American opportunity tax credit may be refundable 20%, 40% 60% of 80%
- Q In a staff training seminar, you mention the double taxation of corporations and the prior law general utilities doctrine. when queried, you explain that the doctrine refers to the nonrecognition...
- Q Gary wants to form an entity not only to conduct business and/or hold assets but to split income and reduce his tax burden. in discussing major income-splitting devices with gary,...
- Q And is a single taxpayer with three children Mike is 18 Allison 17 and Juliana is 13s all three are you a citizens with social security number and file for...
- Q Gary is a highly paid small business owner and in working with him on compensation-planning, you have asked that he consider the time value of his potential deductions. for example,...
- Q On June 1, 2023, ?Whispering Company and Metlock Company merged to form Bonita Inc. A total of 802,000 ?shares were issued to complete the merger. The new corporation reports on a...
- Q A change to the terms and conditions of a contract that results in a change in the scope of or the consideration for a lease is called which of the...
- Q A taxpayer has a mortgage with a total value of $1,500,000 and a home equity loan of $250,000 that were finalized in TY2018. The total interest paid during the year...
- Q What is an example of an external transaction that would decrease assets in a financial accounting cycle?
- Q Madelyn paid $10,000 in qualified adoption expenses for the adoption of an eligible child. Under a qualified adoption assistance program, Madelyn's employer reimbursed her for $4,000 of those expenses. Madelyn...
- Q Mano couldn't find his log book that proved his vehicle expenses for 2024 which would have resulted in him getting a larger refund Moreno later found his log book after...
- Q What is the total amount of cash charitable contributions Harold and dawn can deduct
- Q In 2024 the maximum amount of taxable income that can be offset with non-farm net operating loss deductions is 80%, 100% 80% of nol must be carried back 5 years or 100%...
- Q Howard created a charitable remainder trust to be funded by retirement plan distributions. when howard makes such a distribution, what amount is sheltered and essentially nontaxable?
- Q PA6.LO 6.3Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier.Nov. 5Dish Mart purchases 26 ?sets of dishes...
- Q Under FASB ASC 842, ?a lessee should classify a lease that contains a purchase option that the lessee is reasonably certain to exercise as:A. ?rent expense.B. ?a sales-type lease.C. ?an...
- Q A taxpayer goes to a casino and we 10,000 the casino with those $500 for federal income tax. What is the proper tax treatment by the tax pay
- Q TasksA company sold inventory costing $20,000. ?The customer paid cash of $30,000.How does this transaction affect the selling company's accounting equation?? ?Assets increase by $50,000; owners' equity increases by $50,000.?...
- Q ?Which of the following is not considered an external user of accounting information?CreditorsFinance directorsStockholdersRegulatory agencies
- Q A lessor's lease receivable:A. ?does not include any residual value.B. ?is measured at present value.C. ?is reduced by gross profit.D. ?equals the cost of the asset leased.
- Q During December 2010. ?Cyber Co. ?determined that there had been a significant decrease in the market value of its equipment used in its manufacturing process. Information pertaining to the equipment...
- Q Nathan donate $100 to American Red Cross 200 to the boys house of America and 300 to his neighborhood home was destroyed by earthquake. What amount can they used to...
- Q 1. Two taxpayers married on November 30. That same year, the husband enrolled in an accredited college to further his career and subsequently received a Form 1098-T, Tuition Statement. The...
- Q In 2022, Ron pays $25 each quarter for a state property tax based only on the value of his boat. What amount of this personal property tax is deductible on...
- Q Europa Publications, Inc., specializes in reference books that keep abreast of the rapidly changing political and economic issues in Europe. The results of the company?s operations during the prior year...
- Q A self-employed taxpayer may deduct daily transportation expenses incurred in going between his or her residence and another work location in the same trade or business, regandless of the distance...
- Q Which of the following accounts would not appear on the income statement of a lessee in connection with a finance lease?A. ?Amortization expenseB. ?Interest expenseC. ?Property tax expenseD. ?Rental expense...
- Q Berlin owned an office building that he held for five years and depreciated using regular macrs. He sold the building at a gain. on which part of form 4797 is...
- Q what is the standard mileage rate for 2024?
- Q Explain the following accounting concepts : 5 marks (i) Dual Aspect (Duality) concept (ii) Matching concept (iii) Concept of Conservatism (iv) Consistency concept (v) Business entity concept (vi) Dual aspect...
- Q The lower-of-cost-or-market rule demonstrates accounting conservatismin action.YES OR NO. 
- Q included in the evaluation measures for profit center managers?? ?Indirect costs are controllable by those managers.? ?Indirect costs are only included in performance measures of cost center managers.? ?Indirect costs...
- Q Question CHANDLER CO This scenario relates to two requirements. It is 1 July 20X5. Chandler Co purchases and distributes organic fruit and vegetables to individuals and companies. Fruit and vegetables...
- Q Which of the following entities is addressed by the Qualified Business Income Deduction (QBID) provision?Sole proprietorshipsS corporationsPartnershipsTrustsEstatesA.I, II, III, IV, and V.B.II and III only.C.II, III, and IV only.D.I only....
- Q Nancy is a California resident who is filing her taxes as a head of household. Her alternative minimum taxable (AMT) income for 2023 is $179,000. What is her maximum alternative...
- Q Lessors are required to disclose for operating leases a maturity analysis of lease payments showing the undiscounted cash flows to be received for at least each of the next:apps. Learn...
- Q lease term does not include:A. ?periods covered by an option to extend the lease in which exercise of the option is controlled by the lessor.B. ?periods covered by options to...
- Q wny are direct costs important when deciding whether to shut down or keep a product line?? ?Direct costs are the costs that could be saved if the product line were...
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