Expenditures of a governmental unit for insurance extending over more than one accounting period:
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1 .A review of Bearing's Year 2 records disclosed the following tax information:WagesUSD18,000Taxable interest and qualifying dividends4,000Schedule C trucking business net income32,000Rental (loss) from residential property(35,000)Limited partnership (loss)(5,000)Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing's Year 2 adjusted gross income?
A USD 54,000 B USD 19,000 C USD 29,000 D USD 14,000
2 .The only fund that should show a positive amount in its unassigned fund balance classification would be the:
A Permanent fund. B General fund. C Special revenue fund. D Capital projects fund.
3 .On December 1, Year 1, Michaels, a self-employed cash basis taxpayer, borrowed USD100,000 to use in her business. The loan was to be repaid on November 30, Year 2. Michaels paid the entire interest of USD12,000 on December 1, Year 1. What amount of interest was deductible on Michaels' Year 2 income tax return?
A USD11,000 B USD12,000 C USD1,000 D USD0
4 .Which of the following is the measurement focus and basis of accounting for the government-wide financial statements?
A Measurement focus Current financial resources； Basis of accounting Accrual B Measurement focus Economic resources； Basis of accounting Accrual C Measurement focus Current financial resources； Basis of accounting Modified accrual D Measurement focus Economic resources； Basis of accounting M...
5 .Smith has an adjusted gross income (AGI) of USD120,000 without taking into consideration USD40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income?
A USD 0 B USD 40,000 C USD 15,000 D USD 20,000
7 .Flowers, a married taxpayer, purchased an annuity for USD64,400 that will pay USD700 per month over the life of Flowers and Flowers' spouse. At the time of purchase, the couple's joint life expectancy was 23 years. Flowers received payment beginning April 1, Year 1, amounting to USD6,300 in the first year of the annuity contract. How much is includable in Flowers' gross income in the first year?
A USD 0 B USD 4,200 C USD 2,100 D USD 6,300
8 .Which of the following accounts of a governmental unit is credited when taxpayers are billed for property taxes?
A Estimated revenues. B Revenues. C Appropriations. D Taxes receivable current.
9 .Quigley, Roberk, and Storm form a corporation. Quigley exchanges USD25,000 of legal fees for 30 shares of stock. Roberk exchanges land with a basis of USD10,000 and a fair market value of USD100,000 for 60 shares of stock. Storm exchanges USD10,000 cash for 10 shares of stock. What amount of income should each shareholder recognize?
A Quigley -- USD0; Roberk -- USD0; Storm -- USD0. B Quigley -- USD0; Roberk -- USD90,000; Storm -- USD0. C Quigley -- USD25,000; Roberk -- USD90,000; Storm -- USD0. D Quigley -- USD25,000; Roberk -- USD90,000; Storm -- USD10,000.
10 .Land and other real estate held as investments by endowments in a government’s permanent fund should be reported at:
A Fair value. B Historical cost. C Fair value less costs of disposal. D The lower of cost and net realizable value.
