This practice exam can be taken as many times as needed to feel confident and prepared for the Taxes Exam.
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If a client purchases gifts for a total of $75 per person, what is the correct entry?CorrectIncorrect
Who should be excluded from receiving a 1099? (Select all that apply.)CorrectIncorrect
Client sponsors the local girl scout troop as a charitable contribution. They ask you if it’s deductible for their business. Select all that are TRUE.CorrectIncorrect
Your client collects sales tax on each product sold. How do you enter the expense?CorrectIncorrect
Your books should always match the tax return.CorrectIncorrect
Accountable plans allow an owner to take an amount as a reimbursement, but the owner still has to provide documentation of the expense.CorrectIncorrect
Where can you get the retained earnings balance from a tax return? (Select all that apply.)CorrectIncorrect
A dentist purchased office furniture. How many years is it depreciated?CorrectIncorrect
What helps determine whether a worker is a 1099 contractor or a W2 employee? (Select all that apply.)CorrectIncorrect
The gym owner purchases new workout clothes and gym shoes. They ONLY wear it to work. Is it deductible?CorrectIncorrect