The cash method of accounting

Assignment Help Accounting Basics

Reference no: EM131065832

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.

Reference no: EM131065832

Questions Cloud

Describe the four stages of a group : Bruce Tuckman's theory about team development uses what four sequential rhyming words to describe the four stages of a group's progression?

Calculate the equilibrium constant for its reaction : calculate the equilibrium constant for its reaction with a strong base.

Taxonomy of learning domains : Bloom's Taxonomy of Learning Domains divides learning development into three main aspects: Cognitive, Affective and Psychomotor; what might these three aspects of personal development more commonly be called?

What would be the ph of the solution obtained by mixing : What would be the PH of the solution obtained by mixing equal volumes of the two buffers?

The cash method of accounting : 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 Se..

Describe some of the aspects of successful : Describe some of the aspects of successful, self-directed teams and virtual teams. Share an example of a team you have worked with and how these aspects were and/or were not present.

Financial policy case assignment : Present a 4-to 5-page paper that addresses the accompanying inquiries. Make sure to utilize references inside the paper to bolster your answers. Show work for all computations.

Calculate ph of buffer : calculate PH of buffer

What is the concentration of acetic acid : What is the concentration of acetic acid which can be added to 0.5 M HCOOH solution so that dissociation of both is same?

User Account

All Pages