Random
This ancient region of the world originated the first accountants.
What is Mesopotamia?
This is the Accounting/Balance Sheet Equation.
What is Assets = Liabilities + Equity?
Form 706 is used to report these two taxes.
What are gift tax and generation-skipping transfer tax?
A partnership is composed of, at least, this amount of partners.
What is 2?
This is the U.S. Federal corporate tax rate for tax year 2021.
What is 21%?
This famous criminal was eventually brought down by FBI accountants.
Who is Al Capone?
The two primary methods of accounting.
What are cash method and accrual method?
Passive losses may be subject to these any of these three types of limitations.
What are passive activity limitation, basis limitation, and at-risk limitation.
The IRS requires that a partner's capital account be reported on this basis.
What is tax basis?
The NOL deduction is limited to this percent of taxable income.
What is 80%?
This popular sporting goods company was co-founded by an accountant.
What is Nike?
The four main financial statements.
What are balance sheet, income (profit and loss) statement, cashflow statement, and statement of stockholder's equity?
This type of trust is created through a last will and testament and goes into effect at the time of one's death.
What is a testamentary trust?
This type of partner assumes a day-to-day role in managing business operations in a partnership.
What is a general partner?
This is common stock that was issued to investors and then repurchased by the corporation.
What is treasury stock?
This is BDO's core purpose.
What is helping people thrive, every day?
The principle/guideline that directs a company to show all the expenses related to its revenues of a specified period even if the expenses were not paid in that period.
What is the matching principle?
This is how one elects portability of the Deceased Spousal Unused Exclusion (DSUE) amount to benefit the surviving spouse.
What is filing Form 706?
This type of partnership liability can provide basis for distributions, but generally does not provide basis for purposes of the at-risk rules.
What is a nonrecourse liability?
A corporation is subject to this due to the fact that it is taxed on income when earned, and that same income is taxed to the shareholders when distributed as dividends.
What is double-taxation?
These are the BDO core values.
What is empowerment through knowledge, people first, exceptional every day every way, embrace change, and choose accountability.
This piece of legislation required that (1) corporate executives to certify the accuracy of financial statements personally, (2) created the PCAOB, and (3protects employees that report fraud and testify in court against their employer.
What is the Sarbanes-Oxley Act of 2002?
These three fields of trade or business are considered "SSTBs" for determining one's QBI deduction.
*Name any three.
What are the fields of health, law, accounting, actuarial science, performing arts, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners; or any trade or business which involves the performance of services that consist of investing and investment management, trading, or dealing in securities, partnership interests or commodities.
Under the election of this IRC section, a partnership makes a basis adjustment to partnership property upon a sale or exchange of a partnership interest or a transfer of a partnership interest on the death of a partner.
What is IRC Sec 754?
This accounting standard mandates a balance sheet approach to accounting for income taxes.