Which Is Not a Typical Private Accounting Activity

question 146

Multiple Choice

Which is not a typical private accounting activity?

• A) Cost accounting
• B) Budgeting
• C) Tax planning and preparation
• D) Management consulting

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Definitions:

Form 940

A form utilized by employers to declare their yearly tax under the Federal Unemployment Tax Act (FUTA) to the IRS.

FICA-OASDI

Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance; a U.S. payroll tax that funds Social Security benefits.

Federal Income Tax

A charge imposed by the national government on the yearly income of persons, businesses, trusts, and other legal bodies.

FICA-OASDI

Refers to the Social Security portion of the Federal Insurance Contributions Act tax, funding retirement, disability, and survivor benefits.