BA 340
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BA 340
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BA 280
BA 280
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BA 265
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BA 260
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BA 225
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BA 215
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ACCT 567 Final Exam Keller – Updated
ACCT 567 Final Exam Keller – Updated
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1. (TCO A) On what should the government-wide financial statements report? (Points : 5) Net position and results of the financial operations of the government as a whole. Budgetary Compliance The cost of government services Fiscal accountability
1. (TCO A) Which of the following groups is considered a primary user of a state or local government’s general-purpose external financial statements? (Points : 5) Managers and administrators Employees Special Interest Groups Citizens
(TCO A) Which of the following statements should be prepared by all not-for-profit organizations? (Points : 5) (A) Statement of functional expenses (B) Statement of revenues, expenses, and changes in net position (C) Statement of financial position Both A and B
2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5) When earned. When collected in cash. When authorized by the budget ordinance. In the period the interfund receivable and payable arise.
3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5) Required by GAAP for the general fund and major special revenue funds for which an annual budget has been legally adopted. Required by GAAP for all government fund types. Required by GAAP for internal management reports only, they are not permitted for external financial reporting. It is optional under GASB standards for all funds.
3. (TCO C) Which of the following will increase the fund balance of a government at the end of the fiscal year?(Points : 5) The sum of revenues and other financing sources is more than the sum of expenditures and other financing uses. Expenditures are more than the difference between revenues and the excess of other financing sources over other financing uses. Revenues are more than the sum of expenditures, other financing sources, and other financing uses. The sum of fund balance, revenues, and other financing sources is more than the sum of expenditures and other financing uses.
(TCO C) When the budget of a government is recorded and when appropriations exceeds estimated revenues, the budgetary fund balance account is (Points : 5) credited at the beginning of the year and debited at the end of the year. credited at the beginning of the year and no entry is made at the end of the year. debited at the beginning of the year and no entry is made at the end of the year. debited at the beginning of the year and credited at the end of the year. 4. (TCO D) The revenues account of a government entity is debited when (Points : 5) the budget is recorded at the beginning of the year. property taxes are recorded. the account is closed to fund balance-unassigned at the end of the year. property taxes are collected.
4. (TCO D) The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The General Fund general journal entry to record the transaction will include (Points : 5) a debit to Due to Other Funds. a debit to Interfund Transfers Out. a debit to Expenses. a debit to Expenditures. 5. (TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The original cost of the building was $340,000. Accumulated depreciation at the date of the gift amounted to $220,000. The appraised fair market value of the donation at the date of the gift was $525,000 of which $35,000 was the value of the land on which the building was situated. At what amount should the city record this donated property in the governmental activities accounts at the government-wide level? (Points : 5) $220,000. $120,000. $340,000. $525,000.
(TCO E) A government enters into a capital lease for the purchase of a new fire truck. The present value of the future lease payments is $830,500 and there is a down payment at the beginning of the lease of $32,000. What amount should be recorded in the governmental activities account for the fire truck? (Points : 5) $32,000. $830,500. $798,500. $862,500. 6. (TCO E) Which of the following resource inflows would be recorded as a revenue of a debt service fund? (Points : 5) Receipt of the premium on a new bond issue. Property taxes levied by the debt service fund for debt service purposes. Taxes collected by the General Fund and transferred to the debt service fund. Transfer of the residual equity of a capital projects fund to the debt service fund.
(TCO E) Which of the following budgetary accounts is typically used by a debt service fund? (Points : 5) Encumbrances Encumbrances Outstanding Estimated Uncollectible Accounts Appropriations 7. (TCO G) Which of the statements concerning agency funds is a true statement? (Points : 5) Agency funds use the same basis of accounting as permanent funds. Agency funds are reported only on the statement of fiduciary net position. Agency funds use the temporary accounts—Additions and Deductions. Agency funds never receive cash.
(TCO G) What basis of accounting helps maintain the original principal of a trust? (Points : 5) Cash basis Accrual basis Modified accrual basis Legal basis 8. (TCO J) Which of the following items are typically reported differently between the governmental fund statements and the governmental activities column of the government-wide statements? (Points : 5) Inventories Cash collected on property taxes receivable Capital outlays Accounts Payable and other accrued expenses
8. (TCO J) GASB standards require that governmental fund financial statements include which of the following?(Points : 5) (A) Balance Sheet (B) Statement of activities (C) Statement of cash flows Both A and B
(TCO J) The government-wide financial statements required by GASB standards are a (Points : 5) statement of net position and statement of cash flows. statement of net position, statement of activities, and statement of cash flows. statement of activities and statement of cash flows. statement of net position and statement of activities. 9. (TCO H) A condition whereby the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis is called a(an) (Points : 5) system design weakness. deficiency. unacceptable reportable condition. audit alert item.
10. (TCO H) Under FASB Standards, how would a not-for-profit organization recognize a conditional pledge? (Points : 5) It would disclose the amount of the conditional pledge in the notes to the financial statements. It would debit Pledges Receivable and credit Deferred Contributions. It would debit Pledges Receivable and credit Contributions—Temporarily Restricted. It would not recognize the conditional pledge until pledge conditions are substantially met.
11. (TCO I) Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university? (Points : 5) Student tuition and fees Net assets released from restriction Tuition and fees discounts and allowances Deferred revenues
11. (TCO I) How would the estimated uncollectible tuition and fees be reported on the financial statements of a university? (Points : 5) (A) It would be reported as part of net revenue by a public university. (B) It would be reported as an operating expense by a public university. (C) It would be reported as an operating expense by a private university. Both A and C are the proper recording methods of reporting estimated uncollectible tuition and fees. 12. (TCO I) The primary source of revenues for most hospitals are (Points : 5) investment income. capitation fees from health maintenance organizations. exchange transactions, such as fees for services. nonexchange transactions, such as contributions.
(TCO I) Colleges and universities often make loans to students. How would these loans be reported on the financial statements? (Points : 5) An expense A liability A receivable An investment (TCO I) Charity service and bad debts in a public hospital that follows business-type accounting are (Points : 5) both reported as deductions from gross patient revenue in arriving at net patient revenue. both reported as expenses. reported differently, with charity service reported as a deduction from gross patient revenue and bad debts reported as an expense. reported differently, with charity service disclosed in the notes to the financial statements and bad debts reported as a deduction from revenue. Page 2 (TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the following transactions or events would be recorded. (1) Proceeds of $500,000 were received from a bond issue were used for the purchase of the privately owned water utility in the city. (2) Property taxes of $300,000 were designated to be set aside for the eventual retirement of the City Hall building bonds that were collected. (3) Payment of $800,000 was made to a contractor for progress made in the construction of the new City Hall building. (4) Interest of $50,000 was paid on the bonds issued for the purchase of the water utility. (5) Interest of $100,000 was paid on the bonds issued for the payment of the improvement of streets in the residential district. (6) City motor vehicle license fees of $40,000 were to be used for general street expenditures were collected. (Points : 30) 1) Capital Project Fund
2) Capital Project Fund, Agency Fund
3) Capital Project Funds
4) General Funds, Enterprise Fund
5) Capital Project Funds, Agency fund
6) General Funds, Enterprise Fund
2. (TCO F) The garbage collection of the city of Rockwell could be accounted for through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Please identify the circumstances in which each of these fund types might be appropriate. (Points : 40)
2. (TCO F) (1) What are the key differences between the cash flow statement requirements for Enterprise Funds and those for business enterprises? (2) Please identify the proper classification on the statement of cash flow of the Enterprise Fund versus the Private Business Enterprise.
Transaction Type Government Classification Business Classification
Capital asset acquisition/sale
Capital debt issue/retirement
Noncapital debt issue/retirement
Interest paid on capital debt
Interest paid on noncapital debt
Receipt of investment earnings (Points : 40)
Transaction Type Government Classification Business Classification Capital asset acquisition/sale Capital and Related Financing Investing Capital debt issue/retirement Capital and Related Financing Financing Noncapital debt issue/retirement Noncapital Financing Financing Interest paid on capital debt Capital and Related Financing Operating Interest paid on noncapital debt Noncapital Financing Operating Receipt of investment earnings Investing Operating
In considering the business classification of transactions, think of these rules when considering how to classify transactions: For operating, it is the transactions required for day to day business. Basically, if a transaction does not fall into another category, enter it in operations. Consider items that would be on the income statement for the business and those are operating activities. For Investing activities, the owners are investing in the business and financial future of their company. Purchasing property, plant, or equipment or loaning excess funds to another business would both be investing activities. The funds received from those loans would also fall into this category. When comparing the cash flow statement to the balance sheet, look at the transactions that would fall into the long term asset grouping to get a good idea of investing activities. For financing activities, think of lending and having to pay for financing to keep the business operational. When looking at a balance sheet, many of the transactions that would fall into the long term liability or equity categories would be considered a financing activity. Things are a little different for government entities. Operating activities are basically the same. When considering investing activities, though, things are a little different. Generally, any proceeds from loans or other investment earnings fall into this category. Interest and dividends from investments and payments to acquire debt or equity instruments would be investing. There are generally two different types of financing activities: capital and non-capital. Activities in non-capital would be borrowing money or paying back loans for non-capital type transactions and repayments of principal and interest on these loans. For capital financing, it would be just the opposite: borrowing and paying back loans for capital assets and payments to purchase capital assets.
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ACCT 567
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ACCT 553 (Federal Taxes Mgmt Decisions) Final Exam DeVry – Latest 2014
ACCT 553 (Federal Taxes Mgmt Decisions) Final Exam DeVry – Latest 2014
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1. (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (Points : 5) portfolio income. active income. passive income. None of the above 2. (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (Points : 5) An ice cream making machine for inventory of Rocky Road ice cream Land for an office building Office equipment for a computer All of the above 3. (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses: • Personal credit card interest: $5,000 • Home mortgage interest: $10,000 • Interest paid on qualified education loans: $2,000 • Investment interest (on loans used to buy stocks): $10,000 What is the interest deduction for Alex and Amy for the 2012 tax year? (Points : 5) $8,000 $12,000 $20,000 $18,000 4. (TCO B) Unreimbursed expenses of employees are considered to be deductions: (Points : 5) for AGI. from AGI. for or from AGI, depending on the type of expense. None of the above 5. (TCO A) Which of the following expenditures is always an itemized deduction for individual taxpayers? (Points : 5) Charitable contributions State and local income taxes Moving expenses All of the above 6. (TCO E) Adam sold a piece of business equipment that had an adjusted basis to him of $50,000. In return for the equipment, Adam received $80,000 cash and a painting with a fair market value of $20,000 from the buyer. The buyer also assumed Adam’s $25,000 loan on the equipment. Adam paid $5,000 in selling expenses. What is the amount of Adam’s gain on the sale? (Points : 5) $90,000 $125,000 $80,000 $70,000 7. (TCO I) Gary and Gerdy Gray purchased a home for $125,000 on September 15, 2010. On October 7, 2011 they were divorced, and as part of the divorce agreement, the home was transferred to Gerda, who sold the home on October 18, 2012 for $350,000. How much can Gerda exclude? (Points : 5) $350,000 $250,000 $225,000 $0 8. (TCO I) Under the accrual method of accounting, expenses are generally accrued when: (Points : 5) the expenses are actually incurred. the taxpayer elects to take the deduction. payment is made. None of the above 9. (TCO D) Sean, a calendar year taxpayer, purchased stock on June 18, 2011 for $8,000. The stock became worthless on June 4, 2012. What is Sean’s loss in 2012? (Points : 5) $8,000 short-term capital loss No loss $8,000 long-term capital loss $8,000 itemized deduction for investments 10. (TCO A) Which of the following is a primary source of tax authority? (Points : 5) Revenue ruling Tax Court case Temporary regulation All of the above 11. (TCO F) A nonbusiness bad debt is deductible for tax purposes as a(n): (Points : 5) short-term capital loss. itemized deduction. long-term capital loss. ordinary business deduction. 12. (TCO A) The art of using existing tax laws to pay the least amount of tax legally possible is known as: (Points : 5) tax evasion. tax avoidance. tax elusion. None of the above 13. (TCO C) Which of the following items is not taxable? (Points : 5) Interest on U.S. Treasury bills, notes, and bonds issued by an agency of the United States Interest on federal income tax refund Interest on New York State bonds Discount income in installment payments received on notes bought at a discount 14. (TCO B) Under the terms of their divorce agreement executed in October 2011, Keith transferred Corporation M stock to his former wife, Karen, as a property settlement. At the time of the transfer, the stock had a basis to Keith of $20,000 and a fair market value of $50,000. What is the tax consequence of this transaction to Keith, and what is Karen’s basis in the Corporation M stock? (Points : 5) Keith has a gain of $30,000; Karen’s basis is $20,000. Keith has a gain of $30,000; Karen’s basis is $50,000. Keith has no gain or loss; Karen’s basis is $20,000. Keith has no gain or loss; Karen’s basis is $50,000. 15. (TCO G) During 2012, Edward East had wages of $10,000 and received unemployment compensation of $6,200 from the state. Edward is single and 45 years old. What is the amount of unemployment compensation to be included in his gross income? (Points : 5) $0 $2,100 $4,200 $6,200 16. (TCO F) Hobby expenditures are deductible to the extent of: (Points : 5) total individual gross income. hobby gross income. trade or business gross income. nonbusiness gross income. Page: 1 2 Essays 1. (TCO E) In 2012, Uriah Stone received the following payments: • Interest on refund of federal income tax for 2011: $400 • Interest on award for personal injuries in 2009 automobile accident: $300 • Interest on municipal bonds: $1,500 • United States savings bonds interest (Series H): $1,000 What amount, if any, should Mr. Stone report as interest income on his 2012 tax return? 2. (TCO G) Would any of the following items be deductible on an individual’s income tax return? If so, would the item be deductible for or from AGI? Explain each item. (a) Hobby expenditures of $2,000 in excess of hobby gross income (b) $3,000 loss on the sale of a personal sailboat (c) Interest of $8,000 on money borrowed to purchase tax-exempt securities (Points : 17) 3. (TCO F) Michael and Mary Mason sold for $380,000 in November of 2012 their residence that they had purchased in 2002 for $75,000. They made major capital improvements during their 10-year ownership totaling $25,000. (a) What is their excluded gain? How much must they recognize? (b) Suppose, instead, that the Masons sold their home for $720,000. They moved into a smaller house costing $220,000. What is their excluded gain? How much must they recognize? (Points : 17) 4. (TCO G) John Baron, a professional baseball player, raises Black Angus cattle under circumstances that would indicate that the activity is a hobby. His adjusted gross income for the year is $50,000, and he has $500 of other miscellaneous itemized deductions, all of which are subject to the two-percent floor. During the taxable year, the feed for the cattle cost $1,500. The income from the sale of cattle was $1,400. (a) Under the hobby loss rule, to what extent is the expense of $1,500 deductible? (b) Under the two-percent-of-adjusted-gross-income limitation, how much is the overall deductible amount of his itemized deductions? 5. (TCO I) Rick, a single individual with a salary of $45,000, incurred and paid the following expenses during the year: Student loan interest: $800 Medical expenses: $5,000 Alimony: $11,000 Mortgage interest on personal residence: $3,000 State income taxes: $4,000 Moving expenses: $1,500 Contribution to a traditional IRA: $2,000 Analyze the above expenses, and determine which ones are deductible for AGI. Please support your position. 6. (TCO I) Kim had the following transactions for 2012: Salary: $48,000 Damage award (compensatory) for city bus accident: $18,000 Loss on sale of stock investment: $5,600 Loan from father to purchase auto: $14,000 Alimony paid to ex-wife: $8,000 What is Kim’s AGI for 2012? 7. (TCO F) Sara owns a sole proprietorship, and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners? (Points : 17) 8. (TCO B) Dave forms a corporation and transfers property having a basis to him of $22,000 and a fair market value of $29,000 to the corporation for 1,000 shares of $11 par stock. One year later, Hank transfers property having a basis to him of $3,500 and a fair market value of $4,500 for 100 shares of the stock. Hank is not related to Dave. The corporation issued no other stock. (a) How much gain does Dave recognize on his exchange? What is the basis to Dave of his 1,000 shares? (b) What gain or loss is recognized by the corporation when it issues its shares to Dave? What is the basis to the corporation of the property it received from Dave? (c) What is the gain or loss that Hank recognizes on this transaction, and what is his basis in his 100 shares? 9. (TCO F) In 2012, OK Company had a net loss of $82,000 from operations. Jane owns OK Company and works 20 hours a week in the business. She has a large amount of income from other sources and is in the 35% marginal tax bracket. Would Jane’s tax situation be better if OK Company were a proprietorship or a C corporation? Explain why. 10. (TCO H) On May 18, 2012, Sara purchased 30 shares of ABC stock for $210, and on October 29, 2012, she purchased 90 additional shares for $900. On November 28, 2012, she sold 48 shares, which could not be specifically identified, for $576, and on December 8, 2012, she sold another 25 shares for $150. What is her recognized gain or loss?
ACCT 434
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