peachbutterfly129

2. The Financial Accounting Standards Board (FASB) sets theaccounting rules for public companies in the United States. Theseaccounting rules are known as Generally Accepted AccountingStandards (GAAP). The International Accounting Standards Boards(IASB) proposes international accounting rules. These rules areknown as International Financial Reporting Standards (IFRS). Therehas been considerable discussion concerning the possibility thatthe United States would replace GAAP with IFRS. Accordingly, do you think the United States should replace GAAPwith IFRS? Do you believe that IFRS will ever be an universallyaccepted set of accounting rules in the world? Please feel free tosearch the internet to support your position.

What is the impact of some businesses using International Financial Reporting Standards (IFRS) instead of generally accepted accounting principles (GAAP)? In your opinion, should there be a worldwide convergence of accounting standards? Why or why not? Explain.

Do you think the US should adopt IFRS. ( International FinancialReporting standards) Why or why not? What is your opinion aboutchanging from US GAAP to IFRS? Please support your views.

Nowadays, for many people, the Internet is replacing regular books.

source: studyhelpme.com

What do you think will happen in the future and what is your opinion about this trend?

What are the journal entries for the following?

December 13
Purchased accessory items for inventory on credit from Fastwinn, Incorporated. The cash terms are 2/10, n/30, the purchase invoice number 44777, and the goods are shipped FOB shipping point. Net purchase price for the merchandise is $573.30, added freight charges $43.50, and the final net amount of the invoice totals $616.80.

Merchandise listed in the purchase invoice
Stock #. Item. Qty
U1000. Micro windshield. 5

Net cost per unit
$44.10

Stock #. Item. Qty
V0333. snowmobile cover. 6

Net cost per unit
$58.80

Freight charges added to the invoice. $43.50

Zonker Inc. purchases 500 units of an item at an invoice cost of$30,000. What is the cost per unit? If the goods are shipped f.o.b.shipping point and the freight bill was $1,500, what is the costper unit if Zonker Inc. pays the freight charges? If these itemswere bought on 2/10, n/30 terms and the invoice and the freightbill were paid within the 10-day period, what would be the cost perunit?

I think I know the answer, I just want to double check. ABC Inc.purchases 420 units of an item at an invoice cost of $25,200.A)What is the cost per unit? B) If the goods are shipped f.o.b.shipping point and the freight bill was $1,250, what is the costper unit if ABC pays the freight charges? C) If these items werebought on 2/10, n/30 terms and the invoice and the freight billwere paid within the 10-day period, what would be the cost perunit?

A domestic corporation reported the following: Business income in the Philippines                1,500,000

Business expenses in the Philippines             700,000

Philippine income tax paid for

the 1st 3 quarters                                               75,000        

Income in USA before USA

income tax of P175,000                                  700,000

Income in Japan before Japan

income tax of P200,000                                 500,000

Prevailing Philippine income tax rate, 30%

Using itemized method of deduction, COMPUTE fort the following if the foreign income tax paid is to be claimed as tax credits:

1. What is the Philippine income tax due in ITR 1702?

A. 712.5k

B. 325k

C. 810k

D. 600k

2. What is the allowable Creditable USA income tax in Philippine 1702 ITR applying the limit

A. 360k

B. 175k

C. 375k

D. 210k

3. What is the allowable Creditable Japan income tax in Philippine 1702 ITR applying the limit

A. 200k

B. 175k

C. 150k

D. 210k

4. What is the total foreign income tax paid that could be claimed as tax credit against total Philippine income tax due?

A. 325k

B. 300k

C. 350k

D. 375k

5. What is Net Philippine income tax payable in ITR 1702 after available tax credits?

 A. 300k

 B. 275k

 C. 200k

 D. 250k

Which of the following is not a characteristic of a generalpartnership?
a)the partnership is created by a contract
b)mutual agency
c)partners share equally in net income or net losses unless anagreement states differently
d)dissolution occurs only when all partners agree

I believe is d, but I am not so sure about b. Mutual agency shouldmeans that it is formed by mutual agreement?

Thanks

1. Which of the following is characteristic of a generalpartnership?
a. The partners have co-ownership of partnership property.
b. The partnership is subject to federal income tax.
c. The partnership has an unlimited life.
d. The partners have limited liability.


2. Which of the following is not a characteristic of a generalpartnership?
a. the partnership is created by a contract
b. mutual agency
c. partners share equally in net income or net losses unless anagreement states differently
d. dissolution occurs only when all partners agree


3. Which of the following is an advantage of a partnership whencompared to a corporation?
a. The partnership is more likely have a net income.
b. The partnership is relatively inexpensive to organize.
c. The partnership involves fewer people to operate.
d. The partnership usually hires professional managers.


4. Which of the following is a disadvantage of a partnership whencompared to a corporation?
a. The partnership is more likely to have a net loss.
b. The partnership is easier to organize.
c. The partnership is less expensive to organize.
d. The partnership has limited life.

5. An advantage of the partnership form of business organizationis
a. unlimited liability
b. mutual agency
c. ease of formation
d. limited life

6. The characteristic of a partnership that gives the authority toany partner to legally bind the partnership and all other partnersto business contracts is called
a. unlimited liability
b. ease of formation
c. mutual agency
d. dissolution

Which of the following is an advantage of a general partnershipwhen compared to a corporation?

Right or Wrong

 1.Items of expenses allowable as deduction from business income in 1701 ITR are the same items of expenses that are allowable from business income in 1702 ITR. 

2. General co. parnership is taxed the same manner as regular corporation.

3. General professional partnerhips that are generating income exclusively from exercise of common profession of paartners is exempt from income tax.

4. General professional partnerhips is liable to withhold expanded withholding tax on its payment of distributable share to the partners in the partnership.

5. In general, govt owned and controlled corporations are subject to Philippine income tax unless specifically exempted under the Tax Code.

A domestic corporation reported the following: Business income in the Philippines           1,500,000

Business expenses in the Philippines      700,000

Philippine income tax paid for

the 1st 3 quarters                                        75,000        

Income in USA before USA

income tax of P175,000                             700,000

Income in Japan before Japan

income tax of P200,000                             500,000

Prevailing Philippine income tax rate, 30%

Using itemized method of deduction, COMPUTE fort the following if the foreign income tax paid is to be claimed as tax credits:

1. What is the Philippine income tax due in ITR 1702?

A. 712.5k

B. 325k

C. 810k

D. 600k

2. What is the allowable Creditable USA income tax in Philippine 1702 ITR applying the limit

A. 360k

B. 175k

C. 375k

D. 210k

3. What is the allowable Creditable Japan income tax in Philippine 1702 ITR applying the limit

A. 200k

B. 175k

C. 150k

D. 210k

4. What is the total foreign income tax paid that could be claimed as tax credit against total Philippine income tax due?

A. 325k

B. 300k

C. 350k

D. 375k

5. What is Net Philippine income tax payable in ITR 1702 after available tax credits?

 A. 300k

 B. 275k

 C. 200k

 D. 250k

Right or Wrong

1. Resident foreign corporation and domestic corporation are taxable with Philippine income tax for their income earned both within and outside the Philippines

2. In a way, there is indirect double taxation on the income earned by either the resident citizen or domestic corporation on their income earned in the foreign country.

3. The foreign income tax paid by domestic corporation on their income earned in foreign country could be claimed in their full amount as tax credits against the Philippine income tax due for the same taxable year.

4. The following could claim as tax credit against their Philippine income tax due the foreign income tax paid for the same period, except

A. Resident Citizen

B. Resident Foreign Corporation

C. Domestic Corporation

D. None

5. The following could claim as item of deduction from their taxable income in Philippine income tax return the foreign income tax paid for the same period, except

A. Resident Citizen

B. Resident Foreign Corporation

C. Domestic Corporation

D. None