Tax and Answer A. Essay

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1. Which tax is calculated on the transfer of property and is normally determined by multiplying the value of the property transferred by a tax rate?
Choose 1 answer
A. income tax
B. progressive tax
C. excise tax
D. FICA tax

2. Which two statements describe how taxes influence decisions made when filing a return for an individual taxpayer? Choose 2 answers
A. Various tax credits, deductions, and exclusions are designed to encourage taxpayers to obtain additional education and plan for retirement.
B. Changes in tax structure may allow taxpayers to have more money to spend.
C. Shorter asset lives and accelerated methods encourage additional investment in depreciable property acquired for business use.
D. The special …show more content…
D. The SEC is an agency of the federal government that has the broad powers to prescribe accounting standards to be employed by companies that fall within its jurisdiction.

What are two purposes of Generally Accepted Accounting Principles (GAAP)? Choose 2 answers
A. To establish procedures for banking institutions
B. To establish principles of reporting for the securities industry
C. To establish and improve standards of financial accounting and reporting for the guidance and education of the public
D. To establish principles of reporting with substantial authoritative support

What is the role of the rule-setting authority of the Financial Accounting Standards Board (FASB)?
Choose 1 answer A. To establish regulations for banking auditing practices
B. To establish and improve standards of financial accounting for state and local governments
C. To establish and improve standards of financial accounting and reporting for the guidance and education of the public
D. To issue standards through it's Committee on Accounting Procedure and Accounting Principles Board

Which agency does the Securities and Exchange Commission (SEC) primarily work with to develop accounting standards in the U.S.?
Choose 1 answer

A. Financial Accounting Standards Board (FASB)
B. American Institute of Certified Public Accountants (AICPA)
C. International Accounting Standards Board (IASB)
D. IRS

What is the rule setting authority of the
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