
Tax Reporting & Strategy
Quiz
•
Financial Education
•
University
•
Practice Problem
•
Hard
Zhasmin (KZ)
Used 1+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which statement about TRS is incorrect?
TRS services are similar to full-scope accounting & tax outsourcing
TRS never provides tax advice (detailed research and analysis on specific tax issue)
TRS does not audit financial statements. But we conduct tax reviews (review tax calculations prepared by the Clients and comment on the detected tax risks)
MS Excel and digital skills are essential for working in the TRS team
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the journal entry when the company rendered services to the client?
Debit Cash, Credit Revenue
Debit Accounts Receivable, Credit Revenue
Debit Revenue, Credit Accounts Receivable
Debit Revenue, Credit Cash
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the journal entry when the company purchased inventory?
Debit Inventory, Credit Cash
Debit Inventory, Credit Accounts Payable
Debit Cash, Credit Inventory
Debit Accounts Payable, Credit Inventory
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What are the journal entries when the company sold goods?
Debit Accounts Receivable, Credit Sales Revenue; Debit Cost of Goods Sold, Credit Inventory
Debit Sales Revenue, Credit Accounts Receivable; Debit Inventory, Credit Cost of Goods Sold
Debit Cash, Credit Sales Revenue; Debit Inventory, Credit Cost of Goods Sold
Debit Sales Revenue, Credit Cash; Debit Cost of Goods Sold, Credit Inventory
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the journal entry when the company purchased a computer?
Debit Office Supplies, Credit Cash
Debit Cash, Credit Office Equipment
Debit Fixed assets, Credit Cash
Debit Office Equipment, Credit Accounts Payable
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the journal entry when the company declared taxes?
Debit Tax Expense, Credit Cash
Debit Tax Expense, Credit Tax Payable
Debit Tax Payable, Credit Tax Expense
Debit Cash, Credit Tax Expense
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which expenses can be deducted for tax purposes?
Expenses not connected with income-generating activities
Expenses with incomplete primary documents package
Expenses related to the prior period
Services rendered by related parties
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