Acc 455 Study guides, Class notes & Summaries

ACC 455 FINAL EXAM

ACC 455 FINAL EXAM

ACC 455 Final Exam 1) Which of the following statements regarding proposed regulations is not correct? A. Proposed & temporary regulations are generally issued simultaneously. B. Proposed regulations do not provide any insight into the IRS's interpretation of the tax law. C. Proposed regulations expire after 3 years. D. Practitioners & other interested parties may comment on proposed regulations. 2) Regulations are A. presumed to be valid & to have almost the same weight as the ...

ACC 455 FINAL EXAM QUESTIONS & ANSWERS 2022/2023 UPDATE

ACC 455 Final Exam 1) Which of following statements regarding proposed regulations is not correct? A. Proposed and temporary regulations are generally issued simultaneously. B. Proposed regulations do not provide any insight into IRS's interpretation of tax law. C. Proposed regulations expire after 3 years. D. Practitioners and other interested parties may comment on proposed regulations. 2) Regulations are A. presumed to be valid and to have almost same weight as IRC B. equal...

ACC 455 Final Exam 1) Which of following statements regarding proposed regulations is not correct? A. Proposed and temporary regulations are generally issued simultaneously. B. Proposed regulations do not provide any insight into IRS's interpretation of tax law. C. Proposed regulations expire after 3 years. D. Practitioners and other interested parties may comment on proposed regulations. 2) Regulations are A. presumed to be valid and to have almost same weight as IRC B. equal...

1. Consolidation workpaper entries normally: a Are posted to the general ledger accounts of one or more of the affiliates b Are posted to the general ledger accounts only when the financial statement approach is used c Are posted to the general ledger accounts only when the trial balance approach is used d Do not affect the general ledger accounts of any of the affiliates Beams Floyd A.. Advanced Accounting (2-downloads) (p. 126). Pearson Education. Kindle Edition. - Answer - D Cons...

Analytical procedures - Answer - evaluations of financial information through analysis of plausible relationships amount financial and nonfinancial data Balance-related audit objectives - Answer - eight audit objectives that must be met before the auditor can conclude that any given account balance is fairly stated; the general balance is fairly stated; the general balance-related audit objectives are existence, completeness accuracy, classification, cutoff, detail tie-in, realizable value, a...

The six core ethical values described by the Josephson Institute are: - Answer - 1. Trustworthiness 2. Respect 3. Responsibility 4. Fairness 5. Caring 6. Citizenship There are many other potential sources of ethical values, including laws and regulations, church doctrines, codes of professional ethics, and individual organizations' codes of conduct. An ethical dilemma is - Answer - a situation that a person faces in which a decision must be made about the appropriate behavior. Ther...

ACC 455 WEEK 1 KNOWLEDGE CHECK Which of the following results in an ordinary gain or loss? a) Sale of a machine at a gain b) Sale of stock held for investment c) Sale of a §1231 asset d) Sale of inventory e) None of the choices are correct 2. Mary exchanged an office building used in her business for some land. Mary originally purchased the building for $45,000 and it had an adjusted basis of $20,000 at the time of the exchange. The land had a fair market value of $40,000. Mary also ga...