ACC 455 FINAL EXAMS
FOR ANSWERS
VISIT: www.finalexamguideline.com

1) Regulations are

A. equal in authority to legislation if interpretative

B. equal in authority to legislation if statutory

C. equal in authority to legislation D. presumed to be valid and to have almost the same weight as the IRC

2) Identify which of the following statements is false.

A. All are false.

B. Members from both the House and the Senate are on the Conference Committee.

C. When tax advisors speak of the tax law, they usually have in mind just the Internal Revenue Code.

D. Records of committee hearings are helpful in determining …show more content…

A. A corporation's fiscal year generally must end on the last day of the month.

B. A corporation's first tax year may not cover a full 12-month period.

C. A fiscal year may not end on December 31.

D. A new corporation can elect a fiscal year that runs from February 16 to February 15 of the following year.

14) Identify which of the following statements is true.

A. A corporation that accrues compensation payable to an employee must pay the amount within two and one-half months after the close of the taxable year to deduct the amount in the year of the accrual.

B. Accrued compensation that is deductible in the year of accrual is considered to be part of an IRS deferred compensation plan.

C. Accrued compensation not paid within three and one-half months after the close of the corporation tax year is deducted in the year following the accrual.

D. All are false.

15) Identify which of the following statements is true.

A. A corporate NOL can be carried back 2 years and forward 15 years.

B. All are false.

C. An election to forgo an NOL carry back must be made on or before the return due date (including extensions) for the year in which the NOL is incurred.

D. In computing an NOL for the current year, a deduction is allowed