1. This week, we’re reviewing some of the most common federal income tax deductions for individuals. Many of them

could perhaps be classified as family-based deductions, or enacted deductions that target those who might have children or other types of family obligations to fulfill. Is there an underlying theme or purpose to most of these deductions? If so, what is it? Do the deductions that Congress has enacted advance this purpose? Is this something that Congress should be doing at all? Provide an example of two such deductions, and supplement your argument with outside resources discussing the pros, cons, and impacts of these deductions.

2. For most of us, work is work. We put in the same amount of effort whether we work as employees for a company or we are self-employed. (That point is arguable, of course, but just agree with me for the sake of argument). While the work itself may be created equal, however, the tax consequences arising from them are not. Self-employed individuals may be entitled to a greater range of deductions, but they also might very well be responsible for paying additional taxes. Furthermore, we know employees can receive a lot of valuable perks from their employers, and that these perks present specific tax consequences as well. In light of this news, it makes sense to start with the fundamental question: How do we tell whether someone is an employee or whether he or she is self-employed for purposes of the Code?

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Hi, I need answer of this question.

1. Requiring that an employee with no access to cash do the accounting is

an example of which characteristic of internal control?

A.Competent and reliable personnel

b. Assignment of responsibility

c. Monitoring of controls

d. separations of duties

2. All of the following are objectives of internal control except

a. Assignment of responsibility

b. Adequate records

c.  Internal and external audits

d. Sarbanes-Oxley reforms

3.All of the following are objectives of internal control except

a. To ensure accurate and reliable accounting records.

b. To comply with legal requirements

c. To safeguard assets

d. To maximize net income

4. Comelius company had the following information in 2014

Account recievable 12/13/14                                                        $  12000

Account for uncollectible account 12/13/14 (before adjustment)    $800

Credit sales during 2014                                                                $41000

Cash sales during 2014                                                                 $12000

Collection for customers on account during 2014                            $40000

If uncollectible acccounts are determined by the aging of recevables methods to be $1260 the uncollectible account expenses for 2014 would be $460. The balance of the account after the adjusting entry would be.

a. $2060

b. $800

c. $1260

d. $ 460

5. Patrick company had the following information in 2014.

Account recievable 12/31/14                                                          $ 14000

Allowance for uncollectible account before adjustment)                 $700

Credit sales during 2014                                                                $30000

Cash sales during 2014                                                                 $14000

Collection for customers on account during 2014                       $51000

 

If uncollectible acccounts are determined by the pecentage of sales  methods to be 4% of the credit sales. how much is uncollectible account expenses for 2014?

a. $ 560

b. $ 2120

c. $ 1560

d. $ 700

6. Which of the following are not included in “cash equivalents” ina typical balance sheet?

a. certain very low risk equity securities

b. foreign government securities

c.  us government securities

d. time deposits

e. All of above

7. Net sales total $584000. Begining and ending account receivable are 46000 and 50000. calculate the days sales in receivables.

a. 30 days

b. 31

c. 36

d. 27

8. All of the following are control for cash received over the counter expert

a. the cash drawer should open only when the sales cleark enters an amount on the keys.

b. the sales clerk must have access to the cash register tape.

c. a printed reciept must be given to the customer

d. the customer should be able to see the amounts entered in to the cash register

9. Rolling green tennis academy held investments in trading securities with a fir value of $ 40000 at dec 31 2014. these investments cost rolling green $ 33000 on jan 1, 2014. what is appropriate amount for rolling green to report for these investments on the den 31, 2014 balance sheet.

a. 7000 gain

b. 40000

c. 33000

d. cant be detrermined from the given data

Thanks.

 

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