Acct 2011 - Study guides, Class notes & Summaries

ACCT 505 FEDERAL TAX FINAL EXAM Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis of the property is the amount of cash paid initially plus the unpaid debt to which the property is subject. TRUE 3. The basis for nonbusiness property changed to busi...

[Type the document title] ACCT 505 FEDERAL TAX FINAL EXAM Federal Taxes and Decisions Final Exam – Professor Abner TRUE-FALSE QUESTIONS—CHAPTER 10 1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis of the property is the amount of cash pai...

Exam (elaborations) Acct 505 Federal Tax Final Exam (ACCT505) Keller Graduate School of Management AC551 Federal Taxes and Decisions Final Exam – Professor Abner TRUE-FALSE QUESTIONS—CHAPTER 10 1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis...

[Type the document title] ACCT 505 FEDERAL TAX FINAL EXAM Federal Taxes and Decisions Final Exam – Professor Abner TRUE-FALSE QUESTIONS—CHAPTER 10 1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis of the property is the amount of cash paid initia...

Exam (elaborations) Acct 505 Federal Tax Final Exam (ACCT505) 1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis of the property is the amount of cash paid initially plus the unpaid debt to which the property is subject. TRUE 3. The basis for nonbusi...

1. A(n) ____ is a standardized agreement to deliver or receive a specified amount of a specified financial instrument at a specified price and date. a. option contract b. brokerage contract c. financial futures contract d. margin call ANS: C PTS: 1 2. Interest rate futures are not available on a. Treasury bonds. b. Treasury notes. c. Eurodollar CDs. d. the S&P 500 index. ANS: D PTS: 1 3. ____ take positions in futures to reduce their exposure to future movements in interest rates or...

1. Financial market participants who provide funds are called a. deficit units. b. surplus units. c. primary units. d. secondary units. ANS: B PTS: 1 2. The main provider(s) of funds to the U.S. Treasury is (are) a. households and businesses. b. foreign financial institutions. c. the Federal Reserve System. d. foreign nonfinancial sectors. ANS: A PTS: 1 3. The largest deficit unit is (are) a. households and businesses. b. foreign financial institutions. c. the U.S. Treasury. d. f...

ACCT 431 CHAPTER 3 Auditing and Assurance Services, 15e (Arens) Audit Reports Learning Objective 3-1 1) An audit of historical financial statements most commonly includes the: A) balance sheet, statement of retained earnings, and the statement of cash flows. B) income statement, the statement of cash flows, and the statement of net working capital. C) statement of cash flows, balance sheet, and the statement of retained earnings. D) balance sheet, income statement, statement of cas...

ACCT 504 Final Exam (TCO A) A corporation has which of the following advantages? (Points : 5) Reduced taxes Simple to set up Limited liability for stockholders Owner maintains control Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5) The Balance Sheet The Statement of Retained Earnings The Income Statement None of the above Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company. Cash $12,000 Prepaid rent 1,300 Accou...

ACCT 504 Final Exam (TCO A) A corporation has which of the following advantages? (Points : 5) Reduced taxes Simple to set up Limited liability for stockholders Owner maintains control Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5) The Balance Sheet The Statement of Retained Earnings The Income Statement None of the above Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company. Cash $12,000 ...