Quiz 3 - Quiz 3 (Income) Points Possible Points Earned...

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      Quiz 3 (Income)    Points Possible  12  Points Earned  9  Points Missed  3  Points Ungraded  0  Score  75.0% 1. (T/F)  An accrual-basis landlord who receives advance payments of rent from a  tenant includes the payments in income only as services are provided (e.g.,  monthly as the tenant occupies the property). Response: FALSE Answer: FALSE  Points: 1 / 1 2. (T/F)  A cash-basis employee is issued a paycheck on January 4, 2008, for  services performed from December 23-29, 2007. The income should be reported  as 2007 wages.  Response: FALSE Answer: FALSE  Points: 1 / 1 3. Characteristics of the cash receipts and disbursements method of accounting  include which of the following statements (select all correct answers):   [1] It is comparatively simple [2] It matches the tax liability with the ability to pay [3] It does not follow GAAP [4] None of the above is true Response: 1, 2, 3 Answer: 1, 2, 3 Points: 3 / 3 4. (T/F)
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This note was uploaded on 06/23/2009 for the course BUPA 556 taught by Professor Curry during the Summer '09 term at IUPUI.

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Quiz 3 - Quiz 3 (Income) Points Possible Points Earned...

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