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ACCT Notes 12-2-08

ACCT Notes 12-2-08 - ACCT Notes 13:58:00 Final Exam 35...

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ACCT Notes 02/12/2008 14:58:00 Final Exam: 35 Questions from TAX (outline + notes only) 5 Questions from Debits/Credits (CH.4) Rules and JE’s 5 Questions on FIFO/LIFO Ending inventory cost calculations 5 questions Break Even Analysis BE $ BE Vol BE DP $ BE DP Vol TOTAL 50 QUESTIONS Itemized Deductions Medical Expenses – 7.5% of AGI Floor Taxes – No Floor o Income – State, Local, Foreign o Property – (based on value) o Sales – (for those who don’t pay state income taxes) o Interest o Donations – must be to a qualified charity Limited to 50% of AGI Non cash items count as a donation o Casualty and Theft losses $100 per event (two floors)
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10% of AGI ~ waved for Katrina victims  o Miscellaneous  Subject to 2% of AGI floor Unreimbursed employee business expenses
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