True or False
1. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid
Federal income tax on individuals.
_T_2. The Federal income tax on individuals generates more revenue than the Federal
income tax on corporations.
Error; Financial Statements)
Presented below are the comparative statements for Pannebecker Inc. for the years 2011 and
Cost of sales
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained
debits for investment purchases, and no credits, with the following descriptions.
Feb. 1, 2012 Sharapova Company common stock, $100 par, 200 shares
Quiz Chapter 2
A tax professional need not worry about the relative weight of authority within the various tax
In recent years, Congress has been relatively successful in simplifying the Internal Revenue
Merrick Business Warehouse
Omega Tech Inc.
ABC Furniture Co.
Park It Furnishings
D - Quadrant Designs
Superior Tech Partners Inc.
Office Furnishings Ltd.
11 November 2016
ACL Problem 10-37
a. The total purchases amount is $5,898,195.70. This is the total amount of money that was
spent during the period. The amount should be compared to past years to see if it is
significantly larger or smaller.
b. See Exce
Chapter 7 ACL Questions
a.) there are 5801 payroll transactions
b.) largest payroll transaction for all periods is $20.13
5smallest payroll transaction for all periods is $14,889.77
c.) total gross pay for all pay periods is $10,097,295.52
d.) document pd
5. For wage earners, the tax law requires employers to withhold a certain amount from
wages paid to the employee to cover income and payroll taxes. Self-employed people and people
with non-wage income are typically required to make estimated quarterly pay
Chapter 9 Assurance of Learning
3. The cohort effect is the tendency of members of a generation to be influenced and bound
together by key events that occur during their formative years. The author argues that those born
in the late 70s to the early 90s a
2. During World War II, it was a sellers market. There were more buyers than goods and
services available, making the need for customer orientation minimal. After World War II ended,
the market switched from a sellers market to a buyers market. A
1. Starbucks always uses forest green, black, white in their logos and packaging. The simple
and plain coloring of white and black makes consumers believe that the product is also
simple. The use of green in the Starbucks logo invokes feelings of freshnes
Chapter 6 Assurance of Learning
1. The largest segment of the business market is the commercial market, which includes all
individuals and firms that acquire products to support production of other goods and
services. The internet plays a major role in th
Review Guide: these are the topical areas that will have multiple choice questions asked about the topic
organize your notes around these topics/themes. There are 50 multiple choice questions. In some cases more
than one question will be asked about the t
Bloom Corporation had the following 2012 income statement.
Cost of goods sold
Operating expense (including depreciation of $21,000)
The following accounts increased during 2012: accounts
The Ottey Corporation issued 10-year, $4,000,000 par, 7% callable convertible subordinated
debentures on January 2, 2012. The bonds have a par value of $1,000, with interest payable
annually. The current conversion ratio is 14:1, and in 2 years it will in
Chapter 7 ACL Questions
there are 5801 payroll transactions
largest payroll transaction for all periods is $20.13
smallest payroll transaction for all periods is $14,889.77
total gross pay for all pay periods is $10,097,295.52
Study Questions for Quiz #1
Which of the following would not be considered a government or nonprofit organization?
A software company that sells software exclusively to state and local governments.
A public elementary school.