Dive into the essentials of tax accounting with this trivia quiz! Test your knowledge on MACRS depreciation, business deductions, amortization, and more. Perfect for professionals and students looking to sharpen their tax accounting skills.
True
False
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False
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False
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True
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True
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True
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True
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True
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True
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State income tax
Cigarette tax
None of the answers
Real Property Tax
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True
False
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True
False
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True
False
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True
False
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True
False
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$10,000 of portfolio income
0
$20,000 of portfolio income
None of the above
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Efficiency surveys
Management studies
Development of a plant process
Advertising
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True
False
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None of the answers
If they fall below the limit on standard itemized deductions.
If the taxpayer takes the standard deduction.
To the extent that in aggregate they exceed two percent of AGI.
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25
250
50
None of the above
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True
False
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True
False
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True
False
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True
False
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True
False
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False
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False
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May be placed in a reserve account and, based on the useful lives of the related assets, applied against the income tax liabilities of subsequent year
May be returned to the depreciation bases of the related assets and claimed as depreciation over the useful lives of the assets
May be carried over for five years except that the carryover is limited to the useful lives of the related assets
May be carried back one year and carried forward 20 years
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True
False
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True
False
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Amount of time spent at each location
Taxpayer's preference for principal place of business
Degree of business activity at each location
Amount of income at each location
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$100,000
$450,000
$250,000
$134,000
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For or from AGI depending on the type of expense
From AIG
For AIG
None of the above
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True
False
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Hobby expenses are always fully deductible.
The financial status of the taxpayer is not considered in determining whether activities are engaged in for profit.
The deduction for the allowed hobby expenses is an itemized deduction, but not subject to the 2 percent floor.
Hobby expenses that are deductible without reference to whether they are incurred in an activity designed to produce income, such as certain taxes, remain fully deductible.
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Standard deduction
Charitable contributions
Personal exemptions
None of the above
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