Ct4 Samenvattingen, Aantekeningen en Examens

Question 1 1 / 1 pts An expense need not be recurring in order to be “ordinary.” True False Rationale: An expense is ordinary if it is normal, usual, or customary in the type of business conducted by the taxpayer and is not capital in nature. However, the expense need not be recurring to be deductible as ordinary. Question 2 1 / 1 pts Under the “one­year rule” for the current period deduction of prepaid expenses of cash basis taxpayers, the asset must expire or be consume...

QUESTIONS AND ANSWERS

Project4813 Assignment 61

Proprietorship - ANSWER 1) one owner controlled 2) Tax advantages 3)unlimited liability for owner 4)relatively difficult to transfer ownership and raise new capital Partnership - ANSWER 1) shared owned control 2)Tax advantages 3)unlimited liability for owners 4)difficult to transfer ownership and raise capital

An expense need not be recurring in order to be “ordinary.” True False Rationale: An expense is ordinary if it is normal, usual, or customary in the type of business  conducted by the taxpayer and is not capital in nature. However, the expense need not  be recurring to be deductible as ordinary. Question 2 1 / 1 pts Under the “one­year rule” for the current period deduction of prepaid expenses of cash  basis taxpaye...

Bonds Payable Arise from a contract called a bond indenture -Represent a promise to pay the principle at maturity and periodic interest based on the stated interest rate and the face value of the bond Valuation of Bonds Payable PV of the principle and periodic interest (PV of FCF) -stated rate = effective/yield (par) -stated rate < effective (discount) -stated rate > effective (premium) Accounting for the Issuance of Bonds 1. Calculate PV (determine issue price) 2. Record bond i...

Proprietorship - ANSWER 1) one owner controlled 2) Tax advantages 3)unlimited liability for owner 4)relatively difficult to transfer ownership and raise new capital Partnership - ANSWER 1) shared owned control 2)Tax advantages 3)unlimited liability for owners 4)difficult to transfer ownership and raise capita

OPERATING UCONNECT4 QUESTIONS AND ANSWERS RATED A+ AFTER PAIRING THEIR IPHONE VIA BLUETOOTH, HOW DOES AN IPHONE OWNER ACCESS SIRI EYES FREE WITH A UCONNECT4 SYSTEM? PRESS AND HOLD THE VR BUTTON IN ADDITON TO FAVORITE ARTIST, CUSTOMERS CAN ALSO SAVE A FAVORITE ___________ WHILE LISTENING TO A SIRIUSXM CHANNEL SONG WHAT EQUIPMENT DO YOU NEED TO CONNECT A DEVICE TO ANDROID AUTO? FACTORY USB CABLE YOUR CUSTOMER'S MUSIC DEVICE IS CONNECTED TO AN AUX PORT. WHAT CAN SHE CONTROL USI...

Ordinary, everyday decisions can carry significant tax implications. True or False - ANSWER True "Nothing is certain, except death and taxes" is a quote attributed to: a. John Adams. b. Thomas Jefferson. c. Oliver Wendell Holmes. d. Benjamin Franklin. e. George Washington. - ANSWER d. Benjamin Franklin.

Pension Plan - ANSWER Arrangement where an employer provides benefits to employees after they retire for services they provided while employed Defined Contribution Plan (401k) - ANSWER 1. Amount of contribution are known (defined), based on a formula determining employer match 2. NO promises regarding size of benefits received by retiree -investment risk is WITH employee