Acc Exam Questions

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ACC/547 Sample Final Examination This Sample Examination represents the Final Examination that students complete in Week Six. As in the following Sample Examination, the Final Examination includes questions that assess the course objectives. Although the Sample Examination includes one question per objective, the Final Examination includes three questions per course objective. Refer to the questions in the following Sample Examination to represent the type of questions in the Final Examination. Refer to the weekly readings and content outlines for each week as study references for the Final Examination. Week One: Overview of the Tax System and Sources of Tax Law Objective: Prepare in proper form a personal balance sheet, cash flow statement, and budget. 1. A cash flow statement reports a person's or a family's a. net worth b. current income and payments c. plan for spending d. value of investments Objective: Determine the components of taxable income. 2. Which of the following statements regarding exclusions and/or deferrals is false? a. Exclusions are favorable because taxpayers never pay tax on income that is excluded. b. Interest income from municipal bonds is excluded from gross income. c. Deferrals are income items taxpayers realize in one year but pay taxes on in a subsequent year. d. An income item need not be realized to qualify as an exclusion. Objective: Evaluate the relative weights of tax law sources. 3. Which of the following is not considered a primary authority? a. Tax Court case b. Regulation c. Revenue Ruling d. Tax Service Week Two: Basics of Individual Taxation Objective: Determine gross income and adjusted gross income. 5. This fall, Manfred enrolled at State University (a qualified educational institution) and paid $6,200 in tuition. Until

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