Acc 547 Final Essay

3729 WordsFeb 12, 201215 Pages
ACC/547 Final Exam 1) Ben Chase needs to pay off some of his debts over the next few months. Which item on his balance sheet would help him decide what amounts are due in the near future? A. Current liabilities B. The budget variance C. Investment assets D. Current assets 2) A family with $45,000 in assets and $22,000 of liabilities would have a net worth of A. $23,000 B. $45,000 C. $67,000 D. $22,000 3) A budget deficit would result when a person's or family's A. actual expenses are less than planned expenses B. net worth decreases C. assets exceed liabilities D. actual expenses are greater than planned expenses 4) The tax base for an individual tax return is A. gross income B. realized income from whatever source derived C. adjusted gross income minus from AGI deductions D. adjusted gross income 5) All of the following are for AGI deductions EXCEPT A. rental and royalty expenses B. moving expenses C. charitable contributions D. business expenses 6) Which of the following series of inequalities is generally most accurate? A. Adjusted gross income is greater than or equal to gross income which is greater than or equal to taxable income B. Gross income is greater than or equal to adjusted gross income which is greater than or equal to taxable income C. Gross income is greater than or equal to taxable income which is greater than or equal to adjusted gross income D. Adjusted gross income is greater than or equal to taxable income which is greater than or equalt to gross income 7) Which of the following has the lowest authoritative weight? A. Private letter ruling B. Legislative regulation C. Interpretive regulation D. Revenue ruling 8) Josephine is considering taking a 6-month rotation in Paris for her job. Which type of authority may be especially helpful in determining the tax consequences of

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