Acct Essay

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MC Qu. 83 Char and Russ Dasrup have one daughter... Char and Russ Dasrup have one daughter, Siera, who is 16 years old. In November of last year, the Dasrup's took in Siera's 16 year old friend, Angela, who has lived with them ever since. The Dasrup's have not legally adopted Angela but Siera often refers to Angela as "her sister." The Dasrup's provide all of the support for both girls, neither girl receives any income during the year, and both girls live at the Dasrup's residence. Which of the following statements is true regarding the dependency exemptions (and the reason for the exemptions) Char and Russ may claim for the current year for these girls? | One exemption for Siera as a qualifying child and one exemption for Angela as a qualifying child. | | None of these statements is true. | | One exemption for Siera as a qualifying child and one exemption for Angela as a qualifying relative. | | One exemption for their daughter Siera as a qualifying child but no exemption for Angela. | TF Qu. 1 Relative to for AGI deductions from AGI... Relative to for AGI deductions, from AGI deductions tend to relate to items that are more personal in nature. | True | | False | MC Qu. 58 Which of the following statements regarding... Which of the following statements regarding exclusions and/or deferrals is false? | Deferrals are income items taxpayers realize in one year but include in gross income in a subsequent year. | | Exclusions are favorable because taxpayers never pay tax on income that is excluded. | | Interest income from municipal bonds is excluded from gross income. | | An income item need not be realized in order to qualify as an exclusion item. | MC Qu. 80 Charlotte is the Lucas family... Charlotte is the Lucas family's 22-year-old daughter. She is a full-time student at an out-of-state university but

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