Acc Quiz

Read the disclosure statement found below or on the Foundations website carefully and answer the questions below. You will need a calculator to complete the activity. Upload your answers to Black Board.

32. Which of the following amounts must be included in the gross income of the recipient?

The election to itemize is appropriate when total itemized deductions are less than the standard deduction based on the taxpayer’s filing status.

D) Spain exported more finished goods than it imported due to the high quality of its artisans and craftsmen.

The company position is strong enough so its better that company should use debt financing instead of equity financing.

According to an article in the CPA Journal, the auditor considers reliability of audit evidence collected and the reliability of that evidence to reduce the risk of financial statements containing undetected material errors. Compare and contrast at least two (2) types of evidence, and make a recommendation as to which you believe is the most reliable in reducing risk. Support your position.

a. What amount of ordinary income and separately stated items are allocated to them for years 1 and 2 based on the information above?

Gross profit ratio had been declining through the period of 2008-2010, which indicates decrease of markup that the company achieved on its inventory, which also means that it lowered sales prices compared to costs.

Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their

The general fund type consists of general revenue and general services. The special revenue fund type consisted of higher education improvement, cultural facilities building, and Clean Ohio Conservation Program. Next, the capital projects fund type consisted of: mental health facilities improvement, parks and recreation improvement, administrative building, and juvenile correctional building. The enterprise fund type consisted of: liquor control, state lottery, and workers’ compensation. Finally, the agency fund type consisted of: agency, accrued leave liability, and volunteer fire fighters’ dependents. The totals for each of the fund types are: general government ($1,015,491 for adjusted appropriations (aa) $875,7998 for total committed appropriations (tca), $139,693 for uncommitted appropriations (ua), and $888,605 for budgetary expenditures (be); total community and economic development fund: $2,042,882 for adjusted (aa), $1,374,832 for total committed, $668,050 for uncommitted, and $1,250,961 for expenditures; total local government support and tax relief fund: $4,110,991 for adjusted, $3,943,201 for total committed, $167,790 for uncommitted, and $3,943,201 for expenditures; capital outlay fund: $1,133,362 for adjusted, $446,471 for total committed, $686,891 for uncommitted,

Analyze the balance sheet and income statement of the company that you have selected, and outline your method for evidence collection which should include, but not be limited to, the type of evidence to collect and the manner in which you would determine the sufficiency of the evidence.

(3) What amount of loss is allocable to the limited partner, Dr. Ashin, in this taxable year?

Other types of funds are used in accordance with Generally Accepted Accounting Principles (GAAP). Special revenue funds record activities funded by restricted monies such as Public Health, Friend of the Court, and all grant-funded activities. Debt Service Funds record transactions related to assessment of tax levies and payment of principal and interest of long-tern debt. Capital project funds account for the purchase or construction of major facilities such as buildings, drains, and sewer projects.

Do you feel that there might be an ethical issue present? For the moment, assume that no laws have been broken and just focus on any possible ethical issues.

As a guide, someone who doesn’t know your work should be able to read your answer and fully understand and appreciate what work you have completed. Use these sample answers as a guide, and remember that you will also need to talk through your answers with your workplace mentor – which gives you another opportunity to demonstrate your achievement and gain sign off.