ACCT 324 help A Guide to career/Snaptutorial ACCT 324 help A Guide to career/Snaptutorial | Page 7

1. (TCO 9) Which of the following is NOT a characteristic of the
audit process?
2. (TCO 9) A characteristic of fraud penalties is:
3. (TCO 1) The Internal Revenue Code was codified for the first time
in what year?
4. (TCO 1) Subchapter S covers which specific area of tax law?
5. (TCO 11) Which of the following taxpayers may file as a head of
household in 2008?
6. (TCO 11) Arnold is married to Sybil, who abandoned him in 2008.
He has NOT seen or communicated with her since April of that year.
He maintains a household in which their son, Evans, lives. Evans is
age 25 and earns over $20,000 each year. For tax year 2010, Arnold's
filing status is:
7. (TCO 7) Kathy operates a gym. She sells memberships that entitle
the member to use the facilities at any time. A one-year membership
costs $360 ($360/12 = $30 per month); a two-year membership costs
$600 ($600/24 = $25 per month). Cash payment is required at the
beginning of the membership period. On July 1, 2009, Kathy sold a
one-year membership and a two-year membership
8. (TCO 7) With respect to income from services, which of the
following is true?
9. (TCO 3) Ridge is the manager of a motel. As a condition of his
employment, Ridge is required to live in a room on the premises so
that he would be there in case of emergencies. Ridge considered this a
fringe benefit, since he would otherwise be required to pay $600 per
month for rent. The room that Ridge occupied normally rented for
$60 per night, or $1,500 per month. On the average, 90% of the motel
rooms were occupied. As a result of this rent-free use of a room,
Ridge is required to include in gross income:
10. (TCO 3) Adam repairs power lines for the Egret Utilities
Company. He is generally working on a power line during the lunch
hour. He must eat when and where he can and still get his work done.
He usually purchases something at a convenience store and eats in his
truck. Egret reimburses Adam for the cost of his meals
11. (TCO 10) Hans purchased a new passenger automobile on August
17, 2010 for $40,000. During the year, the car was used 40% for