Acct 419 - Study guides, Class notes & Summaries

Chapter 1: An Introduction to Taxation and Understanding the Federal Tax Law  Different types of taxes: o Property- ad valorem, based on the value of the asset. Realty: land and building. Personalty: all other tangible o Excise- restricted to specific items, extra sales tax on tobacco or gasoline o General Sales Tax- use tax on items used in other states but used in their jurisdiction. Currently the jurisdiction of states and localities (Wayfair v South Dakota) o Severance- tax on na...

Chapter 1: An Introduction to Taxation and Understanding the Federal Tax Law  Different types of taxes: o Property - ad valorem, based on the value of the asset. Realty: land and building. Personalty: all other tangible o Excise - restricted to specific items, extra sales tax on tobacco or gasoline o General Sales Tax - use tax on items used in other states but used in their jurisdiction. Currently the jurisdiction of states and localities (Wayfair v South Dakota) o Severance - tax o...

Liberty University ACCT 370 Exam 3 Complete solution Liberty University ACCT 370 Exam 3 Complete solution 100% satisfied: solutions 1. Under IFRS, deferred taxes: 2. Which of the following items used for resolving intra-firm comparisons is not generally disclosed? 3. Which of the following does not properly describe the presentation by the lessor under ASC 842? 4. Which of the following statements is correct with respect to the use of fair value accounting for liabilities under IFRS?...

Question: (TCO 1) The Accounting Equation is … to develop the organization’s financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation, and (2) provide an example of two asset accounts that could contain the value. Question: (TCO 1) The Accounting Equation is … to develop the organization’s financial reports. (1) Describe what liabilities value would be if Assets are $50,000 and Owners’ Equi...

ACCT 212 Financial Accounting ACCT 212 Week 4 Mid-term Question: (TCO 1) The Accounting Equation is … to develop the organization’s financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation, and (2) provide an example of two asset accounts that could contain the value. Question: (TCO 1) The Accounting Equation is … to develop the organization’s financial reports. (1) Describe what liabil...