ACC 407
Liberty University
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ACC 407 Exam 3 2023 LATEST EXAM GRADED A+
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T/F 1. Expenditures for a weight reduction program are deductible if recommended 
by a physician to treat a specific medical condition such as hypertension caused by 
excess weight. - ANSWER t 
T/F Cosmetic surgery is not deductible unless such surgery is necessary to correct 
a deformity arising from a congenital abnormality, a personal injury resulting from 
an accident or trauma, or a disfiguring disease. - ANSWER true 
T/F 3. Expenditures incurred in removing structural barriers in the home ...
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ACC 407 Exam 3 2023 LATEST EXAM GRADED A
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Why is it important to distinguish whether an individual is an employee 
or an independent contractor (self-employed)? – 
 ANSWER A. Self-employed individuals receive an income tax 
deduction equal to 50% of their self-employment tax. Consideration 
should also be given to the hospital insurance portion of the FICA tax, 
which continues to apply without limit at a 1.45% rate for both 
employees and employers and at a 2.9% rate for self-employed 
individuals. 
B. It is important to distinguish ...
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ACC 407 Exam 2 2023 LATEST EXAM GRADED A+
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Which of the following is true regarding the use of special revenue funds? - 
ANSWER Special Revenue Funds may only be used when a substantial portion 
of the resources are provided by restricted or committed revenue sources. 
Regarding interfund transactions, which of the following is not correct? - 
ANSWER Interfund transactions must be repaid 
The journal entry to record the budget of a special revenue fund would include - 
ANSWER a debit to estimated revenue control 
The city of Pine Cove le...
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ACC 407 Exam 1 (Ch. 1-3) 2023 LATEST EXAM GRADED A+
- Exam (elaborations) • 15 pages • 2024
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Under GASB Statement 34, accrual accounting is used for: A. government-wide 
financial statements only. B. government-wide financial statements and proprietary 
fund financial statements only. 
C. government-wide, proprietary fund, and fiduciary fund financial statements only. 
D. government-wide and all fund financial statements. - ANSWER C. 
government-wide, proprietary fund, and fiduciary fund financial statements only. 
The Governmental Accounting Standards Board is assigned responsibility f...
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