ACCT 324 Midterm Exam Guide
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Question : (TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS?
Question : (TCO 9) A characteristic of fraud penalties is:
Question : (TCO 1) Federal tax legislation generally originates in what body?
Question : (TCO 1) Subchapter S covers which specific area of tax law?
Question : (TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry, but has continued to maintain his home in which his two dependent children live. What is Kyle’s filing status regarding 2012?
Question : (TCO 11) Arnold is married to Sybil, who abandoned him in 2008. He has NOT seen or communicated with her since April of that year. He maintains a household in which their son, Evans, lives. Evans is age 25 and earns over $20,000 each year. For tax year 2011, Arnold’s filing status is:
Question : (TCO 7) Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($350 per year), or two years in advance ($680). In September 2011, the company collected the following amounts applicable to future services:
Question : (TCO 7) With respect to the prepaid income from services, which of the following is true?
Question : (TCO 3) Section 119 excludes the value of meals from the employees’ gross income:
Question : (TCO 3) Adam repairs power lines for the Egret Utilities Company. He is generally working on a power line during the lunch hour. He must eat when and where he can and still get his work done. He usually purchases something at a convenience store and eats in his truck. Egret reimburses Adam for the cost of his meals.
Question : (TCO 10) On June 1, 2010, Irene places in service a new automobile that cost $21,000. The car is used 70% for business...