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HRB-27 FINAL EXAM 2024 LATEST UPDATE CERTIFIED STUDY GUIDE RESOURCES [MOST TESTED QUESTIONS] COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GRADE A+ ALL PASSED GET IT RIGHT,,,,Alpha$16.99
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HRB-27 FINAL EXAM 2024 LATEST UPDATE CERTIFIED STUDY GUIDE RESOURCES [MOST TESTED QUESTIONS] COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GRADE A+ ALL PASSED GET IT RIGHT,,,,Alpha
HRB-27 FINAL EXAM
2024 LATEST UPDATE
CERTIFIED STUDY GUIDE RESOURCES
[MOST TESTED QUESTIONS] COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GRADE A+ ALL PASSED GET IT RIGHT,,,,Alpha
CERTIFIED STUDY GUIDE RESOURCES
[MOST TESTED QUESTIONS] COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS GRADE
A+ ALL PASSED GET IT RIGHT
How is cost of goods sold determined? - (correct answer) Beginning
inventory plus purchases, plus labor, supplies, depreciation, etc.
attributable to product manufacture or preparation for sale, minus
ending inventory. (15.7)
If the client has contract labor, what should you remind the client that
they should do? - (correct answer) • Provide a Form 1099-MISC to
any independent contractor who worked and earned $600 or more.
(15.9)
What is the purpose of self-employment tax? - (correct answer) To
pay social security and medicare taxes. (15.14)
,What amounts does a proprietor have "at risk"? - (correct answer)
Amounts invested in the business plus any business debts for which the
proprietor is personally liable. (15.16)
What difference does it make if the proprietor is "at risk" or not? -
(correct answer) Only amounts at risk may be used to determine the
actual loss on Schedule C. (15.16)
What income reporting form should an independent contractor
sometimes receive from the person who paid him for his services? -
(correct answer) Form 1099-MISC (15.6)
Schedule C, Line F asks for the accounting method used in the business.
What is the difference between the cash method and the accrual
method of accounting? - (correct answer) • Under the accrual
method, total sales and total charges for services are included in
income even though payment may be received in another tax year.
• Under the cash method, only income actually received or expenses
actually paid during the year are included. (15.5)
What does it mean if a proprietor "materially participates" in the
business? - (correct answer) He is active in running the business in a
substantial way on a day-to-day basis. (15.5)
Why is it important to know whether or not the proprietor materially
participates? - (correct answer) If the proprietor does not materially
, participate, any loss from the business is a passive loss and generally
may be currently deducted only against passive income. (15.6)
What are returns and allowances? - (correct answer) • Amounts
that were refunded to customers who returned merchandise for refund
or partial refund.
• These amounts are subtracted from gross receipts. (15.6)
How does a Tax Professional meet due diligence requirements? -
(correct answer) • Tax Professionals fulfill due diligence requirements
by making every effort to prepare accurate and complete returns.
• Tax Professionals must have knowledge of tax law, and apply a
reasonability check to the information provided by their clients. (26.1)
What is a thorough interview? - (correct answer) A thorough
interview consists of asking general information questions, then asking
additional questions whenever information is incomplete or seems
inaccurate or inconsistent. (26.2)
What is a conflict of interest? - (correct answer) A conflict of interest
is when one's situation might benefit at the expense of another's
situation. (26.3)
What actions can resolve a conflict of interest? - (correct answer) A
conflict of interest is resolved when it is acknowledged, disclosed to all
parties, and the parties have consented to waiving the conflict. (26.3)
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