FirstExam_BSolutions

FirstExam_BSolutions - Accounting 321 Spring 2010 First...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Accounting 321 Spring 2010 First Exam Test B Red ID:___________________________ Circle your section and section number. Section MW 9:00 MW 1:00pm Section Number 01 02 Instructions: Please write your RED ID in the Name box of your Par Score Form Please bubble in completely the RED ID in the Student ID section of your Par Score Form Please bubble in your test form in the test form section of your Par Score Form Please write your Section number (01 or 02) in the DATE line of your Par Score Form DO NOT write your name on the exam anywhere. You may pull off the tables or any other pages for that matter. There are blank pages at the end of the exam. If you use them, be sure and write your red ID on that page(s) and label the question number so I can give partial credit. Write neatly if I cant read it, I cant give partial credit. Be sure and put the answers in the boxes when provided. I will mark off when you do not. You may round off when appropriate if you need a policy, use 2 decimal places. You may ask questions as quietly as possible come see me. Expect the answer to be I cant answer that, but I will do my best. You have 2 hours and 40 minutes to complete the exam and some of you will not finish so work efficiently. Failure to follow the above instructions will result in a loss of points on the exam. The annual limit for 179 is $250,000. The small business limit for 179 is $800,000. The FICA rates are 6.2% for social security and 1.45% for medicare. The social security taxes cap for 2009 is $106,800. The DMD percentage for 2009 is 6% 1 Assume there is NO bonus depreciation on any assets throughout the exam except for autos. Tax rate, depreciation and PV Tables are in the packet Good luck! 2 Select the BEST answer. Each multiple choice questions is worth points 1. The substitution effect: a. Predicts that taxpayers will work harder to pay for consumer products when tax rates increase b. Is one of the effects considered in static forecasting c. Results in the government collecting more aggregate tax revenue that under the income effect d. Is typically more descriptive for taxpayers with lower disposable income e. None of the above 2. Which of the following principles encourages a vertically equitable tax system?...
View Full Document

This note was uploaded on 11/03/2010 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.

Page1 / 22

FirstExam_BSolutions - Accounting 321 Spring 2010 First...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online