ch09
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ch09

Course: ACCOUNTING 401, Spring 2012

School: Regis

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ch09 Student: ___________________________________________________________________________ 1. Like financial accounting, most business property must be capitalized for tax purposes. True False 2. Tax cost recovery methods include depreciation, amortization, and depletion. True False 3. If a business mistakenly claims too little depreciation, the business must only reduce the asset's basis by the depreciation...

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ch09 Student: ___________________________________________________________________________ 1. Like financial accounting, most business property must be capitalized for tax purposes. True False 2. Tax cost recovery methods include depreciation, amortization, and depletion. True False 3. If a business mistakenly claims too little depreciation, the business must only reduce the asset's basis by the depreciation actually taken rather than the amount of the allowable depreciation. True False 4. An asset's capitalized cost basis includes only the actual purchase price; whereas the other expenses associated with the asset are immediately expensed. True False 5. The basis for a personal use asset converted to business use is the lesser of the asset's cost basis or fair market value on the date of the transfer or conversion. True False 6. Depreciation is currently computed under the Modified Accelerated Cost Recovery System (MACRS). True False 7. The 200 percent or double declining balance method is allowable for five and seven year property. True False 8. Taxpayers may use historical data to determine the recovery period for tax depreciation. True False 9. Taxpayers use the half-year convention for all assets. True False 10. If a taxpayer places only one asset (a building) in service during the fourth quarter of the year, the mid- quarter convention must be used. True False 11. The MACRS depreciation tables automatically switch to the straight-line method when it exceeds the declining balance method. True False 12. If tangible personal property is depreciated using the half-year convention and is disposed of during the first quarter of a subsequent year, the taxpayer must use the mid-quarter convention for the year of disposition. True False 13. If a machine (seven-year property) being depreciated using the half-year convention is disposed of during the seventh year, a taxpayer must multiply the appropriate depreciation percentage from the MACRS

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Regis - ACCOUNTING - 401
ch10Student: _1.The amount realized is the sale proceeds less the adjusted basis.True False2.Generally, the amount realized is everything of value received in a sale less selling expenses.True False3.The adjusted basis is the cost basis less cost
Regis - ACCOUNTING - 401
ch11Student: _1.Generally, interest income is taxed at preferential capital gains rates and dividend income is taxed atordinary rates.True False2.Interest earned on U.S. savings bonds is interest received at sale or maturity but must be taxedannua
Regis - ACCOUNTING - 401
ch12Student: _1.Current compensation is usually comprised of salary, wages, and bonuses.True False2.Employees complete a Form W-2 to specify their income tax withholding.True False3.Employers computing taxable income receive a deduction for salar
Regis - ACCOUNTING - 401
ch13Student: _1.Qualified retirement plans include defined benefit plans but not defined contribution plans.True False2.Defined benefit plans specify the amount of benefit an employee will receive on retirement while definedcontribution plans speci
Regis - ACCOUNTING - 432
ch14Student: _1.In general terms, the tax laws favor taxpayers who own their principal residence relative to taxpayers whorent it.True False2.Renting a residence may have nontax advantages over owning a home.True False3.A personal residence is n
Regis - ACCOUNTING - 401
ch15Student: _1.Corporations are legally formed by filing articles of organization with the state in which the corporationwill be created.True False2.General partnerships are legally formed by filing a partnership agreement with the state in which
Regis - ACCOUNTING - 401
ch16Student: _1.In general, a corporation may choose to use either the accrual or cash method of accounting no matterhow large the corporation.True False2.Corporations calculate adjusted gross income (AGI) just as individuals do.True False3.Corp
Regis - ACCOUNTING - 401
ch17Student: _1.ASC 740 governs how a company accounts for all taxes it incurs.True False2.ASC 740 is the sole source of rules related to accounting for income taxes.True False3.Temporary differences create either a deferred tax asset or a deferr
Regis - ACCOUNTING - 401
ch18Student: _1.The "double taxation" of corporate income refers to the fact that corporate income is taxed at both theentity-level and the shareholder-level.True False2.A distribution from a corporation to a shareholder will always be treated as a
Regis - ACCOUNTING - 401
ch19Student: _1.Gain or loss is always recognized when realized for tax purposes.True False2.Generally, before gain or loss is realized for tax purposes, the taxpayer must engage in a transaction.True False3.A taxpayer's tax basis in property alw
Regis - ACCOUNTING - 401
ch20Student: _1.Income earned by flow-through entities is usually taxed once at the entity level.True False2.Partnerships tax rules incorporate both the entity and aggregate approaches.True False3.The term "outside basis" refers to the partnershi
Regis - ACCOUNTING - 401
ch21Student: _1.Jason is a 25% partner in the JJM Partnership when he sells his entire interest to Lavelle for $76,000. Atthe time of the sale, Jason's basis in JJM is $87,000. JJM does not have any debt or hot assets. Jason's willrecognize a gain of
Regis - ACCOUNTING - 401
ch22Student: _1.S corporations offer the same legal protection to owners as C corporations.True False2.The S corporation rules are less complex for S corporations that have earnings and profits from prior Ccorporation years than for S corporations
Regis - ACCOUNTING - 401
ch24Student: _1."Outbound taxation" deals with the U.S. tax rules that apply to U.S. persons doing business outside theUnited States.True False2.Amy is a U.S. citizen. During the year she earned income from an investment in a French company. Amywi
Regis - ACCOUNTING - 401
ch25Student: _1.The amount of the estate tax is directly related to the amount of taxable gifts.True False2.The Federal transfer taxes are calculated using cumulative lifetime transfers.True False3.An exemption equivalent is the amount of annual
Regis - ACCOUNTING - 401
Regis - ACCOUNTING - 401
CHAPTER 11Depreciation and Depletion11-1LECTURE OUTLINEChapter 11 can be covered in two class sessions. Most students are alreadyfamiliar with the three primary chapter topics: depreciation accounting, income taxdepreciation and depletion accounting
Regis - ACCOUNTING - 401
CHAPTER 11DEPRECIATION, IMPAIRMENTS, AND DEPLETIONTRUE-FALSEConceptualAnswerT F T T F F T F F T T F T F T T F T F TNo.1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20DescriptionNature of depreciation. Nature of depreciation. D
Regis - ACCOUNTING - 401
CHAPTER 12Intangible AssetsASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Intangible assets; concepts, definitions; items comprising intangible assets. Patents; franchise; organization costs; trade name. Goodwill. Impairment of intangibles. Resear
Regis - ACCOUNTING - 401
CHAPTER 13Current Liabilities and ContingenciesASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Concept of liabilities; definition and classification of current liabilities. 2. Accounts and notes payable; dividends payable. 3. Short-term obligations
Regis - ACCOUNTING - 401
CHAPTER 15Stockholders EquityASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Stockholders rights; corporate form. 2. Stockholders equity. Questions 1, 2, 3 4, 5, 6, 16, 17, 18, 29, 30, 31 7, 10 8, 9 11, 12, 17 3, 13, 14, 15 3 7, 10, 16, 17 1, 2, 4,
Regis - ACCOUNTING - 401
CHAPTER 16Dilutive Securities and Earnings Per ShareASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. 2. 3. Convertible debt and preferred stock. Warrants and debt. Stock options, restricted stock. Earnings Per Share (EPS)terminology. EPSDetermining
Regis - ACCOUNTING - 401
CHAPTER 23Statement of Cash FlowsASSIGNMENT CLASSIFICATION TABLE (BY TOPIC)Topics 1. Format, objectives purpose, and source of statement. Classifying investing, financing, and operating activities. Direct vs. indirect methods of preparing operating act
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Northwestern - CHEM - 210-1
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Northwestern - CHEM - 210-1
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