Mod 23 And 36 Quiz Flashcards Preview

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Flashcards in Mod 23 And 36 Quiz Deck (5)
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1
Q

When a cash basis seller sells to an accrual basis buyer, the buyer may…

A

Not deduct the expense until the seller has reported the income

2
Q

Professional membership in the AICPA is limited to…

A

Anyone who has passed the CPA exam

3
Q

3 other AICPA memberships that exist

A

1 student affiliates

2 recent graduates

3 faculty associates

4
Q

Is a degree in accounting sufficient for an AICPA professional membership?

A

No

5
Q

IRC Section 267 has a special rule for sales to a related party that are unpaid at the end of the year. In which of the following cases does the rule apply?

A

When cash basis seller sells to an accrual basis buyer

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