AIPB Certification Questions with Complete Correct Answers | Grade A+

Trial balance Ans: an ordered listing of all ledger accounts and their balances. Accrued expenses Ans: 1. Expenses that have been incurred, but not yet paid for. To put it another way, an accrued expense is paid after being recorded on the books. 2. Every adjusting entry for accrued expenses ...

(True or False) Whether a company uses GAAP rules or tax rules to compute depreciation recorded in the financial statements depends on how the company uses its financial statements Ans: True (True of False) If a company's year-end financial statements are to be reviewed or audited by a CPA,...

A chart of accounts lists accounts in the following order ... e, expense, asset, liability and owners' equity accounts b. asset, income, expense, liability and owners' equity accounts c. asset, income, owners' equity, expense and liability accounts d. asset, liability, owners' equity, income...

Additional Medicare Tax Ans: Effective 2013, additional medicare tax of .9% on wages in excess of $200k. No employee matching Constructive receipt Ans: When funds are actually made available to employees and they have access to them without substantial limitation EIN Ans: Employer Identific...

what is the life of buildings according to IRC rules? Ans: Commercial buildings: over 39 years Residential buildings: over 27½ years When does depreciation of Real Property (real estate) begin? Ans: in the middle of the month it is placed in service. This is known as the Half-Month Convention...