It's Taxing
This form number is for business taxpayers that elect to be taxed under subchapter S of the internal revenue code
What is an 1120S?
The revised length of time candidates have to pass all four parts of the CPA exam under NASBA
What is 30 months
GAAP is a abbreviation for this term
What are generally accepted accounting principles?
The percentage of revenue that organizations lose to fraud each per the ACFE 2022 report (within 1%)
What is 5%
The approximate amount of money F1 is expected to bring to Las Vegas (within 10%) for 2023?
What is 1.3B dollars?
The average tax rate paid by Americans for 2020 (within 1%) according to the tax foundation.
What is 13.6%?
What is BEC?
The major ASC 842 asset items on the balance sheet are referred to as this
What are right of use assets?
The most frequent way that fraud is detected
What is a tip (42%)?
The approximate length of the future F1 track in Las Vegas (within 10%).
What is 3.803 miles?
What is 97.7%?
An element of the CPA exam that will be eliminated in 2024 - your typing fingers will thank you
What is written essay questions?
It's the main section in the codification that deals with revenue recognition
What is ASC 606?
The three elements of the fraud triangle
The Las Vegas hotel that shares its name with a magazine whose slogan is "Fun, fearless, female"
What is the Cosmopolitan?
This code section limits business interest expense deductions.
What is 163j?
You're in good company - there are 665,612 of these in the US as of August 24, 2022.
What is actively licensed CPAs in the US?
This practical expedient under ASC 842 allows companies to assess the lease term and other contract conditions upon transition using knowledge gained since the inception of the lease term
What is hindsight?
Percentage of the number of frauds committed by females (within 5%)
What is 27%
Swamp Thing, Diamond Dog, and Grissom escape on fire trucks after a massive plane crash on the Vegas strip in this 1997 movie.
What is Con Air?
The ordering for three different limitations on deducting losses for partners of a partnership.
What is basis, at-risk, and passive?
47% of current CPAs are in this generation as of 2021
What are baby boomers?
This concept refers to recognizing revenue on advanced sales or giftcards prior to their use based on estimates of rights that will go unexercised.
What is breakage?
The most frequent behavioral red flag among fraudsters
What is living beyond their means?
A nickname Las Vegas acquired this nickname, when, int he 1950's, nuclear weapons were tested 65 miles northwest of the city, and mushroom clouds were viewable from downtown.
What is atomic city?