Deferral expense Study guides, Class notes & Summaries

1. If a corporation has no subsidiaries outside the U.S., its book and taxable income are identical. True False 2. Only U.S. corporations are included in a combined GAAP financial statement. True False 3. Foreign entities owned at least 80% by the parent are included in a consolidated group’s U.S. tax return. True False 4. Giant uses the “equity method” to account for the operations of its 40% owned subsidiary Little. A portion of Little’s profits for the year are included in Gian...

An annuity promises that, if the annuitant dies before receiving payments equal to the correct value, the payments will be continued to a beneficiary until an amount equal to the contract value has been paid. This type of annuity is called An installment Refund annuity A Straight Life annuity A Cash Refund annuity A Joint Life annuity - ANSWER An installment Refund annuity One becomes eligible for Social Security disability benefits after having been disabled for 3 months 5 mo...

Life Insurance and Health Insurance Exam Answers All 100% Correct Section 529 Plans - Answer - - state provided - can be funded by after tax dollars - can pay prepaid tuition - All earnings exempt from federal taxes - If withdrawn for unqualified withdrawl, 10% penalty Roth IRA - Answer - private retirement plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement Distributions don't have to start before 70.5 40...

CHAPTER 03 - THE ADJUSTING PROCESS 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: True Moderate Bloom's: Remembering FNMN.WARD.16.03-01 - LO: 03-01 ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 2. Generally accepted accounting principles require accrual-basis accounting. a. True b. False ANSWER: DIFFI...

Medical Expense Insurance 2023 Exam Questions with Complete Solutions In Major Medical Expense policies, what is the intent of a Stop Loss provision? -Limits an insurer's premium increases -Limits an insurer's liability -Limits an insured's out-of-pocket medical expenses -Limits an insured's coverage for pre-existing conditions - CORRECT ANSWER limits an insured's out-of-pocket medical expenses Which of the following costs would a Basic Hospital/Surgical policy likely cover? -Su...

Medical Expense Insurance 2023 Exam Questions with Complete Solutions In Major Medical Expense policies, what is the intent of a Stop Loss provision? -Limits an insurer's premium increases -Limits an insurer's liability -Limits an insured's out-of-pocket medical expenses -Limits an insured's coverage for pre-existing conditions - CORRECT ANSWER limits an insured's out-of-pocket medical expenses Which of the following costs would a Basic Hospital/Surgical policy likely cover? -Su...

CPP Certified Payroll Professional APA Master Exam Practice 406 Questions with Verified Answers Form SS-8 - CORRECT ANSWER Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding Form W-9 - CORRECT ANSWER First, it is used by third parties to collect identifying information to help file information returns with the IRS. The form is never actually sent to the IRS, but is maintained by the person who files the information return for verification ...

Accounting 2401 Final Exam Study Guide 2023 A profit making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as: A CORPORATION The resources owned by a business are called: ASSETS A listing of a business entity’s assets, liabilities, and stockholder’s equity as of a specific date is a : BALANCE SHEET If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount ...

A common set of accounting standards and procedures used in the preparation of financial statements to ensure consistency of presentation and reported results. - Generally Accepted Accounting Principles (GAAP) The accounting principles and practices that are prescribed or permitted by an insurer's domiciliary state and that insurers must follow. - Statutory Accounting Principles (SAP) The valuation of an asset based on financial models instead of market price. - Mark-to-model The value of...

Life Insurance and Health Insurance Exam Questions and Answers 100% Pass Section 529 Plans - Answer- - state provided - can be funded by after tax dollars - can pay prepaid tuition - All earnings exempt from federal taxes - If withdrawn for unqualified withdrawl, 10% penalty Roth IRA - Answer- private retirement plan that taxes income before it is saved, but which does not tax interest on that income when funds are used upon retirement Distributions don't have to start before 70.5 401...