Regarding the Rules Applicable to Filing of Income Tax Returns

question 56

Multiple Choice

Regarding the rules applicable to filing of income tax returns, which, if any, of the following is an incorrect statement:

• A)Married persons who file joint returns cannot later (after the due date of the return) substitute separate returns.
• B)Married persons who file separate returns can later (after the due date of the return) substitute a joint return.
• C)The usual test as to when a taxpayer must file a return is based on the total of the following: personal exemption + basic standard deduction + both additional standard deductions.
• D)Special filing requirement rules exist for taxpayers who are claimed as dependents of another.
• E)None of the above.

Evaluate the financial performance of a manufacturing company through preparation of an income statement.

Analyze the impact of standard cost variances on financial statements and their closure to Cost of Goods Sold.

Calculate ending balances in the Raw Materials and Work in Process accounts, considering transactions recorded.

Understand and apply the principles of standard costing in manufacturing.

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Definitions:

Federal And State Statutes

Laws enacted by the federal or state legislatures that govern various aspects of society and business.

Social Contract

A theory in political philosophy suggesting that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to an authority in exchange for protection of their remaining rights.

John Locke

A 17th-century English philosopher known for his work on political philosophy and theory of knowledge.

Leviathan

Often refers to a large, powerful sea creature in biblical literature, or metaphorically to something very large and powerful.