NY NH Training 6/2017 - 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

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

Accepted Answer

S/L, 39 years, Mid-month

Question 3

Who played James Bond in Spectre in 2015?

Accepted Answer

Daniel Craig

Question 4

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

Accepted Answer

All of the above

Question 5

Which character played an accountant on TV?

Accepted Answer

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

Question 6

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

Accepted Answer

Their apartment

Question 7

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

Accepted Answer

Kenyon Martin

Question 8

Which of the following is not a Netflix original series

Accepted Answer

Dexter

Question 9

Who performed at the SuperBowl halftime show?

Accepted Answer

Lady Gaga

Question 10

An increase in estimated inventory reserves would result in:

Accepted Answer

Unfavorable M-1 adjustment

Question 11

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

Accepted Answer

9%

Question 12

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

Accepted Answer

Miami

Question 13

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

Accepted Answer

2.5

Question 14

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

Accepted Answer

4/15 and 10/15

Question 15

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

Accepted Answer

10M

Question 16

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

Accepted Answer

Allowance for Doubtful Accounts

Questions 16