CPA

Practice Questions

CPA Exam › CPA

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1

For the current year, The Echo Company possessed the following income:

In the Echo Company's current year taxable income, how much should be included for dividends received?

2

Which of the following is not an essential element of a contract?

3

Charlie Smith is filing a joint tax return with his wife. Charlie Smith's employer pays the entire cost of all the employee's group-term life insurance under a qualified plan. Under this plan, which of the following choices identifies the maximum amount of tax-free coverage that may be provided for Mr. Smith by his employer?

4

Charlie Smith is filing a joint tax return with his wife. Charlie Smith's employer pays the entire cost of all the employee's group-term life insurance under a qualified plan. Under this plan, which of the following choices identifies the maximum amount of tax-free coverage that may be provided for Mr. Smith by his employer?

5

An individual may exclude from income up to __________ of gain that is realized on the sale or exchange of a residence, if the individual owned and occupied the residence as a principle residence for an aggregate of at least __________ of the five years __________ the sale.

6

Which of the following could be considered as enhancing qualitative characteristics of financial reporting?

7

For the current year, The Echo Company possessed the following income:

In the Echo Company's current year taxable income, how much should be included for dividends received?

8

An individual may exclude from income up to __________ of gain that is realized on the sale or exchange of a residence, if the individual owned and occupied the residence as a principle residence for an aggregate of at least __________ of the five years __________ the sale.

9

For the current year, The Echo Company possessed the following income:

In the Echo Company's current year taxable income, how much should be included for dividends received?

10

Charlie Smith is filing a joint tax return with his wife. Charlie Smith's employer pays the entire cost of all the employee's group-term life insurance under a qualified plan. Under this plan, which of the following choices identifies the maximum amount of tax-free coverage that may be provided for Mr. Smith by his employer?

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