When can I take the CPA ExamThe CPA Exam is offered four times each year: January 1 – March 10, April 1 – June 10, July 1 – September 10 and October 1 – December 10.
A corporation’s penalty for underpaying federal estimated taxes is
(A)Not deductible. (B)Fully deductible in the year paid. (C)Fully deductible if reasonable cause can be established for the underpayment. (D)Partially deductible.
Correct Answer: A
What are the number of shares Jet should use to calculate Year 1 earnings per share?
(A)40,000 (B)45,000 (C)50,000 (D)54,000
Correct Answer: B
What is the difference between a balance sheet and a trial balance? Mark one answer:
(A)A trial balance does not show profit, a balance sheet does. (B)A trial balance is used at month end and a balance sheet at year end. (C)A trial balance is used to determine profit, a balance sheet to determine net assets. (D)A trial balance is used to close accounts, a balance sheet to open accounts. (E)A trial balance is an internal document, a balance sheet is an external document.
Correct Answer: E
More CPA Exam Questions
- 1A corporation’s penalty for underpaying federal estimated taxes is
- 2Which of the following is responsible for identifying problems and proposing initial solutions?
- 3If a corporation issues a 10-year $100,000 8% bond, what is the total that the issuing corporation pays to the bondholder over the next 10 years? Mark one answer:
- 4What is the difference between a balance sheet and a trial balance? Mark one answer:
- 5If an exempt organization is a corporation, the tax on unrelated business taxable income is