New Hire Corporate Tax - Quiz 1

Question 1

There is an asset for $20k with a 5 yr life, tax depr in Yr 2 is $6,400. What is the M adj?

Accepted Answer

Favorable $2,400

Question 2

Schedule M-3 is required, in full, for companies with assets in excess for?

Accepted Answer

50M

Question 3

An increase in estimated inventory reserves would result in:

Accepted Answer

Unfavorable M-1 adjustment

Question 4

Compensation accruals are generally deductible if paid within how many months of years end?

Accepted Answer

2.5

Question 5

What did Monica and Rachel bet and lose in the trivia game against Chandler and Joey?

Accepted Answer

Their apartment

Question 6

For book purposes, under GAAP, when bad debt expense is booked, what is generally credited?

Accepted Answer

Allowance for Doubtful Accounts

Question 7

Who played James Bond in Spectre in 2015?

Accepted Answer

Daniel Craig

Question 8

Who is performing at the SuperBowl halftime show?

Accepted Answer

Justin Timberlake

Question 9

What is the depreciation method, recovery period & convention for tax for a commercial bldg?

Accepted Answer

S/L, 39 years, Mid-month

Question 10

Which of the following would be amortized over 15 years using the straight line method?

Accepted Answer

All of the above

Question 11

Who was the last #1 overall pick in the NBA draft who went to 4 years of college?

Accepted Answer

Kenyon Martin

Question 12

Which of the following is not a Netflix original series

Accepted Answer

Dexter

Question 13

Which city's NFL team does not have a bird mascot?

Accepted Answer

Miami

Question 14

A corporation with taxable income in excess of $100,000 would be taxed at what rate in NJ?

Accepted Answer

9%

Question 15

Which character played an accountant on TV?

Accepted Answer

Jim Walsh, No clue. I was born in the 90s.

Question 16

What is the original and extended due date for C Corporation tax return?

Accepted Answer

4/15 and 10/15

Questions 16