EA Part 2-Model Questions

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Question 1 of 10

1. Question

All of the following tax years are acceptable tax years EXCEPT

52- to 53-week tax year.
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A short tax year that occurred because a business was not in existence for an entire year.
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A short tax year that occurred because a business had a change in accounting period.
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A fiscal year (other than a 52- to 53-week tax year) that ends on any day of the month other than the last day.
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Question 2 of 10

2. Question

For the first 6 months of 2022, Mr. Heston, who files jointly with his wife, had adjusted gross income of $33,600 and itemized deductions of $14,900. Mr. Heston changed his accounting period and is required to file a short period return for this 6-month period. What is Mr. Heston’s annualized income?

$41,300
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$37,400
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$18,700
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$7,700
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Question 3 of 10

3. Question

One of the elections a new corporation must make is its choice of an accounting period. Which of the following entities has the most flexibility in choosing an accounting period?

C corporation.
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S corporation.
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Partnership.
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Personal service corporation.
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Question 4 of 10

4. Question

In order to adopt a fiscal tax year on its first federal income tax return, the taxpayer must

Maintain books and records and report income and expenses using that tax year.
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Attach a completed Form 1128 to his or her fiscal-year-basis income tax return.
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File a short-period return.
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Get IRS approval.
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Question 5 of 10

5. Question

Which form is used to change from one required tax year to another?

Form 1120 (Schedule H).
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Form 1128.
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Form 8716.
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Form 8752.
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Question 6 of 10

6. Question

Mr. Y, who uses the LIFO method in computing his inventory, had 1,000 units left at the end of the current year. Based on the following information, what is the value of Y’s inventory on December 31?

$2,500
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$3,000
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$4,000
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$5,000
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Question 7 of 10

7. Question

Which of the following would be considered a fiscal tax year?

02/15/Yr 1 – 03/15/Yr 2.
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08/01/Yr 1 – 07/31/Yr 2.
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04/01/Yr 1 – 04/30/Yr 2.
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01/01/Yr 1 – 12/31/Yr 2.
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Question 8 of 10

8. Question

Which of the following inventory valuation methods requires less than a 1% variance percentage?

Cost.
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Lower-of-cost-or-market.
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Rolling-average.
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Specific.
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Question 9 of 10

9. Question

Which of the following methods is NOT used to identify items in inventory?

Specific.
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FIFO.
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LIFO.
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Rolling-average.
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Question 10 of 10

10. Question

For federal tax purposes, all of the following affect the cost of goods sold EXCEPT

Cash discounts taken that are credited to a separate discount account.
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Trade discounts taken.
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Purchase returns and allowances.
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Freight-in on raw materials.
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