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ACCT 324 Week 1 Quiz

1. (TCO 1) Which, if any, is NOT one of Adam Smith’s canons of taxation?

2. (TCO 1) Federal excise taxes that are no longer imposed include

3. (TCO 1) Tax bills are handled by which committee in the U.S. Senate?

4. (TCO 8) Social considerations can be used to justify

5. (TCO 8) During 20×2, Marie had the following transactions:

6. (TCO 8) Elton and Elsie are husband and wife and file a joint return for 20×2. Both are under 65 years of age. They provide more than half of the support of their daughter, Kristie (age 25), who is a full-time medical student. Kristie receives a $3,400 scholarship covering her room and board at college. They furnish all of the support of Hattie (Elton’s grandmother), who is age 70 and lives in a nursing home. They also support Meg (age 66), who is a friend of the family who lives with them. How many personal and dependency exemptions may Elton and Elsie claim?

7. (TCO 8) Which of the following characteristics, if any, does NOT correctly describe the procedure for the phase-out of exemptions?

8. (TCO 9) Aidan files his tax return 65 days after the due date. Along with the return, Aidan remits a check for $6,000, which is the balance of the tax owed. Disregarding the interest element, Aidan’s total failure to file and to pay penalties is

9. (TCO 11) Which of the following indicates that a decision has precedential value for future cases?

10. (TCO 12) A taxpayer may NOT appeal a case from which court?