ACCT 324 DeVry Midterm Exam Latest
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>ACCT</strong> <strong>324</strong> <strong>DeVry</strong> <strong>Midterm</strong> <strong>Exam</strong> <strong>Latest</strong><br />
Downloading is very simple, you can download this Course here:<br />
http://wiseamerican.us/product/acct-<strong>324</strong>-devry-midterm-exam-latest/<br />
Or<br />
Contact us at:<br />
SUPPORT@WISEAMERICAN.US<br />
<strong>ACCT</strong> <strong>324</strong> <strong>DeVry</strong> <strong>Midterm</strong> <strong>Exam</strong> <strong>Latest</strong><br />
<strong>ACCT</strong> <strong>324</strong> <strong>DeVry</strong> Week 4 <strong>Midterm</strong> <strong>Exam</strong> <strong>Latest</strong><br />
Question : (TCO 9) In terms of probability, which of the following taxpayers would least likely be audited by the IRS?<br />
Question : (TCO 9) A characteristic of fraud penalties is:<br />
Question : (TCO 1) Federal tax legislation generally originates in what body?<br />
Question : (TCO 1) Subchapter S covers which specific area of tax law?<br />
Question : (TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry,<br />
but has continued to maintain his home in which his two dependent children live. What is Kyle's filing status regarding<br />
2012?<br />
Question : (TCO 11) Arnold is married to Sybil, who abandoned him in 2008. He has NOT seen or communicated with<br />
her since April of that year. He maintains a household in which their son, Evans, lives. Evans is age 25 and earns over<br />
$20,000 each year. For tax year 2011, Arnold's filing status is:<br />
Question : (TCO 7) Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in<br />
advance ($350 per year), or two years in advance ($680). In September 2011, the company collected the following<br />
amounts applicable to future services:<br />
Question : (TCO 7) With respect to the prepaid income from services, which of the following is true?<br />
Question : (TCO 3) Section 119 excludes the value of meals from the employees' gross income:<br />
Question : (TCO 3) Adam repairs power lines for the Egret Utilities Company. He is generally working on a power line<br />
during the lunch hour. He must eat when and where he can and still get his work done. He usually purchases something<br />
at a convenience store and eats in his truck. Egret reimburses Adam for the cost of his meals.<br />
Question : (TCO 10) On June 1, 2010, Irene places in service a new automobile that cost $21,000. The car is used<br />
70% for business and 30% for personal use (Assume that this percentage is maintained for the life of the car.). She<br />
does NOT elect to take additional first-year depreciation. Determine the cost recovery deduction for 2011.<br />
Question : (TCO 10) Which of the following is correct?<br />
Question : (TCO 10) On May 2, 2011, Karen places in service a new sports utility vehicle that costs $70,000 and has<br />
a gross vehicle weight of 6,300 lbs. The vehicle is used 40% for business and 60% for personal use. Determine the<br />
cost recovery deduction for 2011.<br />
Question : (TCO 10) Danielle owns a vacation cottage. During the current year, she rented it for $1,500 for 48 days,<br />
and lived in it for 12 days. How would any expenses be accounted for?
Question : (TCO 3) During the year, Rick had the following insured personal casualty losses (arising from one casualty).<br />
Rick also had $18,000 AGI for the year.<br />
Question : (TCO 3) John had adjusted gross income of $60,000. During the year, his personal use summer home was<br />
damaged by a fire. Pertinent data with respect to the home follows:<br />
Question : (TCO 3) Jim purchases a ticket for $80 for a special concert by the symphony (a qualified charity). If the<br />
price of a ticket is normally $25, what is the amount allowed as a charitable deduction?<br />
Question : (TCO 3) Karen, a calendar year taxpayer, made the following donations to qualified charitable organizations<br />
in the current year:<br />
Question : (TCO 3) This year, Ralph made the following contributions to the University of the Northwest (a qualified<br />
charitable organization):<br />
Question : (TCO 3) Several years ago, Joy acquired a passive activity. Until 2008, the activity was profitable. Joy's atrisk<br />
amount at the beginning of 2008 was $250,000. The activity produced losses of $100,000 in 2008, $80,000 in<br />
2009, and $90,000 in 2010. During the same period, no passive income was recognized. How much is suspended<br />
under the at-risk rules and the passive loss rules at the beginning of 2011?<br />
Question : (TCO 3) Wes' at-risk amount in a passive activity is $25,000 at the beginning of the current year. His current<br />
loss from the activity is $35,000, and he has no passive activity income. At the end of the current year, which of the<br />
following statements is incorrect?<br />
Question : (TCO 2) The installment method applies to which of the following sales with payments being made in the<br />
year following the year of sale?<br />
Question : (TCO 2) In 2010, Helen sold property and reported her gain by the installment method. Her basis in the<br />
property was $150,000 ($250,000 cost less $100,000 of depreciation). Helen sold the property for $375,000, with<br />
$75,000 due on the date of the sale and $300,000 (plus interest at the federal rate) due in 2011. Helen's recognized<br />
installment sale gain in 2011 is:<br />
Question : (TCO 2) Todd, a CPA, sold land for $200,000 plus a note for $400,000. The interest rate on the note was<br />
equal to the federal rate. The fair market value of the note was $360,000. Todd's basis in the land was $75,000.<br />
Question : (TCO 2) Both economic and social considerations can be used to justify:<br />
Question : (TCO 3) Joe's automobile, which was used only for business purposes, was damaged in an accident. At the<br />
date of the accident, the fair market value of the automobile was $13,000 and its adjusted basis was $7,000. After the<br />
accident, the automobile was appraised at $4,000. Calculate Joe's loss. Is it a for or from AGI deduction?<br />
Question : (TCO 1) In 2010, David had the following transactions: