Under the Sales Article of the UCC, and unless otherwise agreed to, the seller's obligation to the buyer is to:
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1 .Hall, a divorced person and custodian of her 12-year-old child, filed her Year 9 federal income tax return as head of a household. She submitted the following information to the CPA who prepared her Year 9 return:In June, Year 9, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought in Year 1, was $4,000, and market value on the date of the gift was $3,000. Hall sold this stock in July, Year 9 for $3,500. The donor paid no gift tax. What was Hall's reportable gain or loss in Year 9 on the sale of the 100 shares of stock gifted to her?
A $500 loss. B $500 gain. C $1,000 loss. D $0
2 .The answer to each of the following questions would be irrelevant in determining whether a tuition payment made on behalf of another individual is excludible for gift tax purposes, except:
A Was the tuition payment made directly to the educational organization? B Was the tuition payment made for a family member? C Was the tuition payment made for a part-time student? D Was the qualifying educational organization located in a foreign country?
3 .While conducting an audit, Larson Associates, CPAs, failed to detect material misstatements included in its client's financial statements. Larson's unqualified opinion was included with the financial statements in a registration statement and prospectus for a public offering of securities made by the client. Larson knew that its opinion and the financial statements would be used for this purpose.In a suit by a purchaser against Larson for common law negligence, Larson's best defense would be that the:
A Identity of the purchaser was not known to Larson at the time of the audit. B Client was aware of the misstatements. C Purchaser was not in privity of contract with Larson. D Audit was conducted in accordance with generally accepted auditing standards.
4 .Rules issued under the Sarbanes-Oxley Act of 2002 prohibit a registered accounting firm from performing an audit at a public company if any person serving as the public company's chief executive, chief financial or chief accounting officer, or controller or chief accounting officer worked for the registered accounting firm within the preceding:
A Within two years of the current audit. B Within one year before the current audit. C Within three years of the current audit. D Within five years of the current audit.
5 .On May 2, Mason orally contracted with Acme Appliances to buy for $480 a washer and dryer for household use. Mason and the Acme salesperson agreed that delivery would be made on July 2. On May 5, Mason telephoned Acme and requested that the delivery date be moved to June 2. The Acme salesperson agreed with this request. On June 2, Acme failed to deliver the washer and dryer to Mason because of an inventory shortage. Acme advised Mason that it would deliver the appliances on July 2 as originally agreed. Mason believes that Acme has breached its agreement with Mason. Acme contends that its agreement to deliver on June 2 was not binding. Acme's contention is:
A Incorrect, because Acme's agreement to change the delivery date is a firm offer that cannot be withdrawn by Acme. B Correct, because the agreement to change the delivery date was not in writing. C Incorrect, because the agreement to change the delivery date was binding. D Correct, because Mason is...
7 .Mort and Mindy met at a New Year's Eve party held December 31, Year 1. They instantly bonded, fell madly in love, and were married at 11:38 p.m. that night. Sadly, Mort passed away November 15, Year 2. What filing status should Mindy use for Year 2?
A Married filing jointly. B Surviving spouse. C Head of household. D Single.
8 .Nan, a cash basis taxpayer, borrowed money from a bank and signed a 10-year interest-bearing note on business property on January 1 of the current year. The cash flow from Nan's business enabled Nan to prepay the first three years of interest attributable to the note on December 31 of the current year. How should Nan treat the prepayment of interest for tax purposes?
A Capitalize the interest as part of the basis of the business property. B Deduct the current year's interest and amortize the balance over the next two years. C Capitalize the interest and amortize the balance over the 10-year load period. D Deduct the entire amount as a current expense.
9 .Under a $150,000 insurance policy on her deceased father's life, May Green is to receive $12,000 per year for 15 years. Of the $12,000 received in the current year, the amount subject to income tax is:
A $12,000 B $0 C $1,000 D $2,000
10 .Hall, a divorced person and custodian of her 12-year-old child, filed her current year federal income tax return as head of a household. She submitted the following information to the CPA who prepared her return:- The divorce agreement, executed seven years ago, provides for Hall to receive $3,000 per month, of which $600 is designated as child support. After the child reaches 18, the monthly payments are to be reduced to $2,400 and are to continue until remarriage or death. However, for the current year, Hall received a total of only $5,000 from her former husband. Hall paid an attorney $2,000 in the current year in a suit to collect the alimony owed.- In June of the current year, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought 20 years ago, was $4,000, and market value on the date of the gift was $3,000. Hall sold this stock in July of the current year for $3,500. The donor paid no gift tax.- During the year, Hall spent a total of $1,000 for state lottery tickets, and her lottery winnings totaled $200.- Hall earned a salary of $25,000 in the current year. Hall was not covered by any type of retirement plan, but contributed $2,000 to an IRA this year.- During the year, Hall sold an antique that she bought 10 years ago to display in her home. Hall paid $800 for the antique and sold it for $1,400, using the proceeds to pay a court-ordered judgment.- Hall paid the following expenses in the current year pertaining to the home that she owns: realty taxes, $3,400; mortgage interest, $7,000; casualty insurance, $490; assessment by city for construction of a sewer system, $910; interest of $1,000 on a personal, unsecured bank loan, the proceeds of which were used for home improvements. Hall does not rent out any portion of the home.What amount should be reported in Hall's current year tax return as alimony income?
A $36,000 B $28,800 C $0 D $5,000
