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- Filling the blank answer shoulb be either (a deduction for AGI or an itemized deduction)Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d. AssetSection 6-5 of ITAA 1997: a. Both (A) and (B) are correct. b. Seeks to assess the taxpayer’s income when it is received. c. Seeks to assess the taxpayer’s income when it is derived. d. Both (A) and (B) are incorrect.
- Multiple choice: 1. It is a present obligation that has resulted from past events and has the potential to cause a transfer of an economic resource in its settlement. A. income B. asset C. equity D. liability 2. The usefulness of information is assessed in terms of its A. qualitative characteristics. B. timeliness C. verifiability D. sizeWhich of the following statements is true? A.Deductions are not allowed unless there is a specific law authorizing the deduction. B.Deductions are defined simliar to the gross income definition. C.Deductions are always allowed for expenses related to a trade or business. D.Deductions are never allowed for personal expenses.Elements of gross income, except: A. There is return of capital B. It must be realized C. Not exempted by law or contract D. None of the above
- 17. Gain contingencies should a. be accrued if they are probable and can be reasonably estimatedb. not be accrued in the accountsc. be accrued only if they are the result of litigation or government appropriationd. not be accrued or disclosed in the footnotesWhich of the following is not a from AGI deduction? A. The exclusion of an item of gross income B. Itemized deductions, if taken C. Standard deduction, if taken D. The qualified business income deductionStatement 1: Measurement period is relevant if Fair Value of Net Assets of acquiree includes the recognition of the contingent asset, contingent liability, and assets/liabilities with provisional amounts. Statement 2: Measurement period is relevant for the remeasurement fo all contingent considerations. A. Both Statetements are Correct B. Both Statements are Incorrect C. Only Statement 1 is Correct D. Only Statement 2 is Correct
- Multiple Choice Qsn .You have to choose one answer. 1.Which of the following statements is correct? a. Gains that are ordinary income will be assessable income under s .6-5 of ITAA 1997. b. Gains will be ordinary income if they are the type of gains that courts of law consider to be of an income character. c. A gain that comes in regularly/periodically is more likely to be ordinary income than a lump-sum gain. d. Whether or not a gain arises from an illegal activity does not affect whether it is ordinary income. e. All of the above. (2) Which of the following statements is correct? a. Capital gains and capital losses arising from a CGT event are always assessed to the individual partners of a partnership according to their interest. b. partner can have more than one interest in a partnership asset. c .There is a disposal of part of an interest in a partnership asset whenever a new partner is admitted to a partnership. d.All of the aboveDepreciation expense is considered as allowable deduction Select one: True Falseb. Should Daniel itemize his deductions from AGI or take the standard deduction?Because Daniel's total itemized deductions (after any limitations) are_______, he would benefit from ___