(0.5 points) The Internal Revenue Service is responsible for collecting taxes and interpretation and enforcement of the Internal Revenue Code. 3. What is the capital gains tax? (0.5 points) The capital gains tax is a tax that applies to investments and other personal property. 4.
What is a money market account? (0.5 points) A depoit account offered from the bank. Lesson 2 (3.0 points) What is investing? (0.5 points) you give money to make money. What is financial risk?
(0.5 points) economic system that is regulated by the interactions between producers and consumers. 2. Name at least two features of capitalism. (1.0 points) individuals can own businesses and goods & has some government regulation. 3.
The real estate market is categorized in which way? (0.5 points) By commodity 6. What is a country’s GDP? (0.5 points) The value of the goods and services produced in that country. Lesson 2 (3.0 points) 1.
(0.5 points) Advertising is when a company pays for messages that are meant to get consumers to notice and want its products. 4. What is a warranty? (0.5 points) A warranty is a specific promise about product performance that is written down in formal documentation and is usually limited to a specific time frame, so it can expire. 5.
Include an abstract. A running head is optional. Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments. ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client.
U.S. Tax Court. 2. (TCO F) A business bad debt is deductible for tax purposes as a(n): (Points : 5) short-term capital loss. long-term capital loss. ordinary business deduction.
acct304 midterm exam Click Link Below To Buy: http://hwcampus.com/shop/acct304-midterm-exam/ midterm Question 1. Question : (TCO 1) Which of the following has the authority to set accounting standards in the United States? FASB IRS SEC AICPA : 1 Question 2. Question : (TCO 2) SFAC No.5 focuses on: objectives of financial reporting. qualitative characteristics of accounting information.
Week 8 : Final Week - Final Exam Page 1 1. (TCO C) Which of the following characteristics do intangible assets possess? (Points : 5) Physical existence Claim to a specific amount of cash in the future Long-lived Held for resale 2. (TCO C) The cost of purchasing patent rights for a product that might otherwise have seriously competed with one of the purchaser's patented products should be (Points : 5) charged off in the current period. amortized over the legal life of the purchased patent.
(5) So the distinction between hobby and business is important to determine the taxability of the profits earned from such activity. The nature of activity shows that it is a business. By classifying it as a business, you will be able to deduct the associated expenses on Schedule C. The IRS will make use of the “3 of 5” rule to determine if it is a hobby or a business i.e. if the business has made profits in three out of past five consecutive years. 2(d) Yes, it would be better as you can claim first year expense deduction for equipment purchased, claim expenses and deduct your business losses.