ACC 497 Final Exam - Assignment

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70. Which of the following best describes the weight of a revenue ruling? A. Revenue rulings carry more weight than regulations. B. Revenue rulings carry more weight than federal court decisions. C. Regulations carry more weight than revenue rulings. D. Revenue rulings should never be used as authority because they only apply to the taxpayer requesting the ruling. 71. Which of the following statements is true? A. A corporation's fiscal year generally ends on the last day of the month. B. A fiscal year may end on December 31. C. A new corporation can elect a fiscal year that runs from February 16 to February 15 of the following year. D. A corporation's first tax year must cover a full 12-month period. Download for Complete answers of Entire Final Exam ACC 497 Complete Final Exam Answers 72. One consequence of a property distribution by a corporation to a shareholder is A. the amount of the distribution is increased by any liability assumed by the shareholder. B. the holding period of the distributed property includes the holding period of the distributing corporation. C. the shareholder's basis in the distributed property is the same as the distributing corporation's basis. D. any liabilities assumed by the shareholder do not reduce the shareholder's basis. 73. Joshua owns 100% of Steeler Corporation's stock. Joshua's basis in the stock is $8,000. Steeler Corporation has E&P of $40,000. If Steeler Corporation redeems 60% of Joshua's stock for $50,000, Joshua must report dividend income of A. $0. B. $8,000. C. $40,000. D. $50,000. 74. In computing the ordinary income of a partnership, a deduction is allowed for
A. net Sec. 1231 losses B. bad debts C. foreign income taxes paid D. charitable contributions 75. Which of the following would terminate a Subchapter S election? A. Estate becomes a shareholder. B. Grantor trust becomes a shareholder. C. Voting trust becomes a shareholder. D. Partnership becomes a shareholder. AUDITING AND ATTESTATION Section 1: Plan the Engagement, Evaluate the Prospective Client and Engagement, Decide Whether to Accept or Continue the Client and the Engagement, and Enter into an Agreement with the Client 76. The function of auditing is A. to locate every financial error B. to provide interested parties with added assurance that the financials are not materially inaccurate C. to provide more precise accounting information for accurate tax reporting D. to locate every dollar misappropriated 77. Auditing is based on the assumption that financial data are verifiable. Data are verifiable when two or more qualified individuals, A. working together, prove, beyond doubt, the data’s accuracy B. working independently, reach similar conclusions C. working independently, prove, beyond doubt, the data’s truthfulness D. working together, agree on the data’s accuracy 78. Statement on Quality Control Standards No. 2 identifies certain quality control elements that should be considered when performing which types of services? A. Auditing, accounting, and review services B. Auditing, tax, and review services C. Accounting, tax, and review services
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ACC 497 Final Exam - Assignment

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