Legal methods of reducing your taxes include all of the following except
A) organizing your records to track appropriate expenses and contributions.
B) preparing your return early in the year so you are not rushed.
C) seeking the advice of an accountant.
D) overstating cash contributions to Salvation Army Christmas kettles.
Answer: D
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Suppose the president lowers tariffs on radios as the result of negotiations under the trade agreements program. Radio producers in the United States can appeal under the
a. escape clause if rising imports substantially injure the U.S. radio industry. b. escape clause if rising unemployment occurs even though imports remain unchanged. c. infant industry clause if rising imports cause unemployment to rise among U.S. radio workers. d. infant industry clause if rising imports result in losses for U.S. radio companies.
What can supplementation with a web-based ethics program provide that a purely facilitator-guided ethics program may not be able to?
a. helping unengaged employees to become more involved in their training b. allowing employees to get out of their “ethics comfort zone” c. more employee flexibility to research specific ethical issues d. the ability to highlight contradictions or inconsistencies with certain ethics training scenarios
When an entity reduces its interest in an investment in equity securities accounted for by the equity method, and changes to the fair value method, what is the initial cost value for purposes of subsequent changes in market value?
a. Original cost b. Book value at the date of change c. Market value at the date of the change d. Market value at the date of acquisition
Peter Piper Inc had the following information available from its 2011 balance sheet and income statement: Insurance expense $55,000 Prepaid insurance - beginning 8,000 Prepaid insurance - ending 5,000 What amount would be reported as cash outflows for insurance on the statement of cash flows for 2011 using the direct method?
A) $68,000 B) $58,000 C) $42,000 D) $52,000