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ACC BUNDLED EXAMS
[Meer zien]ACC BUNDLED EXAMS
[Meer zien]T/F 1. Expenditures for a weight reduction program are deductible if recommended by a physician to treat a specific medical condition such as hypertension caused by excess weight. - ANSWER t T/F Cosmetic surgery is not deductible unless such surgery is necessary to correct a deformity arising fro...
Voorbeeld 2 van de 12 pagina's
In winkelwagenT/F 1. Expenditures for a weight reduction program are deductible if recommended by a physician to treat a specific medical condition such as hypertension caused by excess weight. - ANSWER t T/F Cosmetic surgery is not deductible unless such surgery is necessary to correct a deformity arising fro...
Which of the following is true regarding the use of special revenue funds? - 
ANSWER Special Revenue Funds may only be used when a substantial portion 
of the resources are provided by restricted or committed revenue sources. 
Regarding interfund transactions, which of the following is not correct...
Voorbeeld 2 van de 10 pagina's
In winkelwagenWhich of the following is true regarding the use of special revenue funds? - 
ANSWER Special Revenue Funds may only be used when a substantial portion 
of the resources are provided by restricted or committed revenue sources. 
Regarding interfund transactions, which of the following is not correct...
There are several reasons why the petty cash fund would experience a shortage or 
an overage. Determine which of the actions below would result in a shortage or an 
overage in the petty cash fund. 
The petty cashier underpaid for the amount due. 
The petty cashier obtained a receipt for the paymen...
Voorbeeld 2 van de 8 pagina's
In winkelwagenThere are several reasons why the petty cash fund would experience a shortage or 
an overage. Determine which of the actions below would result in a shortage or an 
overage in the petty cash fund. 
The petty cashier underpaid for the amount due. 
The petty cashier obtained a receipt for the paymen...
An enforceable contract results from an agreement that imposes a legal 
obligation - CORRECT ANSWER true 
One reason for creating a contract is for employment - CORRECT 
ANSWER true 
A contract may be extended and revised as needed to reflect the wishes of 
the parties - CORRECT ANSWER true 
A co...
Voorbeeld 4 van de 55 pagina's
In winkelwagenAn enforceable contract results from an agreement that imposes a legal 
obligation - CORRECT ANSWER true 
One reason for creating a contract is for employment - CORRECT 
ANSWER true 
A contract may be extended and revised as needed to reflect the wishes of 
the parties - CORRECT ANSWER true 
A co...
ACC 213 Exam 2 2023 LATEST EXAM GRADED A+ aWITH VERIFIED SOLUTIONS
Voorbeeld 1 van de 4 pagina's
In winkelwagenACC 213 Exam 2 2023 LATEST EXAM GRADED A+ aWITH VERIFIED SOLUTIONS
Under GASB Statement 34, accrual accounting is used for: A. government-wide 
financial statements only. B. government-wide financial statements and proprietary 
fund financial statements only. 
C. government-wide, proprietary fund, and fiduciary fund financial statements only. 
D. government-wid...
Voorbeeld 2 van de 15 pagina's
In winkelwagenUnder GASB Statement 34, accrual accounting is used for: A. government-wide 
financial statements only. B. government-wide financial statements and proprietary 
fund financial statements only. 
C. government-wide, proprietary fund, and fiduciary fund financial statements only. 
D. government-wid...
Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as 
a substitute grade school teacher. Determine the amount of Clem's expenses that 
are deductible for AGI this year. 
Clem is self-employed and this year he incurred $615 in expenses for tools and 
supplies relate...
Voorbeeld 1 van de 4 pagina's
In winkelwagenClem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as 
a substitute grade school teacher. Determine the amount of Clem's expenses that 
are deductible for AGI this year. 
Clem is self-employed and this year he incurred $615 in expenses for tools and 
supplies relate...
Under revenue recognition principle service-type businesses recognize revenue: - 
ANSWER When the service is performed. 
A company purchased office supplies costing $4500 and debited Supplies for the 
full amount. At the end of the accounting period, a physical count of office supplies 
revealed ...
Voorbeeld 2 van de 8 pagina's
In winkelwagenUnder revenue recognition principle service-type businesses recognize revenue: - 
ANSWER When the service is performed. 
A company purchased office supplies costing $4500 and debited Supplies for the 
full amount. At the end of the accounting period, a physical count of office supplies 
revealed ...
_____ are defined as distributions of a company's earnings to its stockholders. 
a. Earnings before interest and taxes 
b. Surpluses 
c. Dividends 
d. Retained earnings - ANSWER C.) 
Jaden Inc. borrows $15,000 by signing a note payable with a bank. Which of the 
following is true about the effect ...
Voorbeeld 2 van de 8 pagina's
In winkelwagen_____ are defined as distributions of a company's earnings to its stockholders. 
a. Earnings before interest and taxes 
b. Surpluses 
c. Dividends 
d. Retained earnings - ANSWER C.) 
Jaden Inc. borrows $15,000 by signing a note payable with a bank. Which of the 
following is true about the effect ...
Why is it important to distinguish whether an individual is an employee 
or an independent contractor (self-employed)? – 
 ANSWER A. Self-employed individuals receive an income tax 
deduction equal to 50% of their self-employment tax. Consideration 
should also be given to the hospital insuranc...
Voorbeeld 2 van de 8 pagina's
In winkelwagenWhy is it important to distinguish whether an individual is an employee 
or an independent contractor (self-employed)? – 
 ANSWER A. Self-employed individuals receive an income tax 
deduction equal to 50% of their self-employment tax. Consideration 
should also be given to the hospital insuranc...
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