Tax
If extended, the due date of an individual return is
What is October 15th?
What is the formula for the Audit Risk Model?
What is Inherent Risk x Control Risk x Detection Risk
During the second quarter, Buzz Company sold a piece of equipment at a $12,000 gain. What portion of the gain should Buzz report in its income statement for the second quarter?
A. $12,000
B. $6,000
C. $4,000
D. $0
What is A. $12,000
The number of continents we have clients on
What is 6 out of 7?
This certification allows a tax professional to be federally authorized to represent taxpayers before the Internal Revenue Service (IRS)
What is "Enrolled Agent"
The taxes that comprise the Federal Insurance Contribution Act (FICA)
What are Social Security and Medicare?
What is the minimum documentation retention period for audit engagements under AICPA standards for non-issuers and issuers?
What is...
Non-issuers: 5 years
Issuers: 7 years
A company issues bonds at 98, with a maturity value of $50,000. The entry the company uses to record the original issue should include which of the following?
A. A debit to bonds payable of $50,000.
B. A credit to bond premium of $1,000.
C. A credit to bonds payable of $49,000.
D. A debit to bond discount of $1,000.
What is D. A debit to bond discount of $1,000.
Who is (handout)
Who is William?
What is the governing body in Pennsylvania for the Certified Public Accountant (CPA) exam?
What is "The Pennsylvania State Board of Accountancy?"
Social Security, pensions, and 401(k) distributions fall into this category of income—taxable federally, but generally not taxed in Pennsylvania if received after leaving the workforce
What are Retirement Benefits?
What is the "cooling-off" period for a former auditor joining an SEC registrant in a financial reporting oversight role under SEC independence rules?
What is 1 Year
Kind Nurses Assoc. is a voluntary health and welfare organization. Nurses are paid to visit homes of elderly people and are reimbursed for mileage and supplies. Which of the following items should Kind record as a support activity in its disclosure of functional expenses?
A. Payment for nurses' supplies.
B. Nurses' mileage expense.
C. Payment for nurses' employee benefits.
D. Fundraising costs.
What is D. Fundraising costs.
The year that Holsinger was founded
What is 1983?
This accounting principle requires that expenses be recorded in the same period as the revenues they help generate, even if cash hasn't yet changed hands.
What is "the matching principle?"
These assets are subject to capital gain treatment when sold at a gain, but result in ordinary losses when sold at a loss due to depreciation recapture rules
What is Personal Property/Section 1245 assets?
An auditor is concerned with completing various phases of the examination after the balance sheet date. This "subsequent period" involving formal audit procedures extends to the date of the:
What is Auditor's Report
Unrealized holding gains/losses would be included in earnings for which of the following debt securities?
Part 1: Trading (1:)
Part 2: Held-to-maturity (2:)
The First Yes or No is for Trading and the Second Yes or No is for Held to Maturity
A. 1: No 2: Yes
B. 1: Yes 2: Yes
C. 1: No 2: No
D. 1: Yes 2: No
What is D. 1: Yes 2: No
This is the month with the most Holsinger birthdays
What is December?
What year was the Sarbanes-Oxley Act (SOX) signed into law?
What is "2002?"
Upon the sale of a partnership interest, this portion of the gain attributable to “hot assets” under IRC §751 is treated as ordinary income
What are unrealized receivables and inventory?
What is a report with two dates: one for the overall audit and another for a specific subsequent event. It is used to limit liability for that event.
During January Year 1, Yana Co. incurred landscaping costs of $120,000 to improve leased property. The estimated useful life of the landscaping is fifteen years. The remaining term of the lease is eight years, with an option to renew for an additional four years. However, Yana has not reached a decision with regard to the renewal option. In Yana's December 31, Year 1, balance sheet, what should be the net carrying amount of landscaping costs?
A. $112,000
B. $110,000
C. $105,000
D. $0
What is C. $105,000
This is how many parking spots we have at the office (within 5)
What is 114?
What is the age of the youngest person to ever pass the CPA exam?
What is "15?"