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Thank you in advance for answering these general accounting / bookkeeping questions.
Sincerely,
Tim Haratine
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The Accrual Method (Basis) of accounting records income in the period earned and expenses in the period incurred. |
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The Double Entry Bookkeeping System uses debits and credits? |
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The Single Entry Bookkeeping System uses debits and credits? |
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The Cash Method of accounting provides a better indicator of a business's profits or losses. |
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Where will you find an asset? |
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Where will you find Revenue recorded? |
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Where will you find Draws recorded? |
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An invoice owed be a customer is record in what account? |
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To credit an expense account means to decrease it? |
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Which of the following assets is not a Current Asset? |
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The Financial Statement that shows the Net Worth of a business s the Income Statement? |
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You provide accounting services for a C-Corporation planning to switch to an S-Corporation status. When can the S-Corp. election be made? |
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You are preparing someone's personal income tax returns and they provide you with expenses for a rental property they own. On what tax schedule should these tax expenses be recorded? |
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For rental property maintenance, when using independent 3rd party individuals for labor, check all of the following procedures that apply. |
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For S-Corporations, in 2014, what is the total amount of capital purchases that can be expensed in a single year. |
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| Please list 3 reasons to choose a C-Corp versus an S-Corp status for a company. | | |
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| Please list 3 reasons to choose an S-Corp versus a C-Corp status for a company. | | |
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| Please provide your name: | | |
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| Please provide your email address: | | |
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