Mod 23 And 36 Quiz Flashcards
1
Q
When a cash basis seller sells to an accrual basis buyer, the buyer may…
A
Not deduct the expense until the seller has reported the income
2
Q
Professional membership in the AICPA is limited to…
A
Anyone who has passed the CPA exam
3
Q
3 other AICPA memberships that exist
A
1 student affiliates
2 recent graduates
3 faculty associates
4
Q
Is a degree in accounting sufficient for an AICPA professional membership?
A
No
5
Q
IRC Section 267 has a special rule for sales to a related party that are unpaid at the end of the year. In which of the following cases does the rule apply?
A
When cash basis seller sells to an accrual basis buyer
