Which of the following opinions indicates that the company's financial statements fairly present its financial condition according to GAAP?
A) Qualified opinion
B) Adverse opinion
C) Disclaimer of opinion
D) Unqualified opinion
D
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Which of the following is TRUE of the comparison between a manual and a computerized accounting information system?
A) In both manual and computerized systems, reports and financial statements must be created using Word documents, Excel spreadsheets, or PowerPoint. B) In a computerized system, the software can generate financial reports instantaneously that cannot be formatted. C) In a manual system, data are contained in paper documents, which are often stored in filing cabinets and off-site document warehouses; whereas in a computerized system, data are stored on a main computer called a server. D) In both manual and computerized systems, processing data includes manually journalizing transactions and posting to the accounts.
Constance, who is single, lives in an area that suffered a major hurricane which was declared a federal disaster. Her car sustained $6,200 in damages. Constance does not expect to recover any of the loss from her insurance company. Constance's 2018 AGI is $31,000. Her casualty loss is $3,000; she has other itemized deductions of $5,200. In 2019, Constance's insurance company reimburses her
$2,800. Constance's 2019 AGI is $28,000. As a result, Constance must A) amend the 2018 return to show the $200 loss. B) do nothing and simply keep the $2,800. C) amend the 2018 return to show $0 loss and file her 2019 return to show $200 loss. D) do nothing to the 2018 return but report $2,800 of income on her 2019 return.
Nate's company helps U.S. homeowners optimize their energy use through a Wi-Fi console. To contain costs and provide responsive service, he contracts with a tech support calling center in Iceland. Which term best describes this arrangement?
A) outsourcing B) franchising C) foreign licensing D) labor forwarding E) offshoring
Karen, a U.S. citizen, earns $40,000 of taxable income from U.S. sources, $20,000 in taxable wages from Country A and $20,000 in taxable interest from Country B. The U.S. tax rate is 25%. The tax on Country A income is $8,000, and Country B charges no tax on the interest income. Assuming only a single basket is required, Karen's foreign tax credit that can be claimed is
A. $8,000. B. $10,000. C. $5,000. D. none of the above