This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following statements regarding UNICAP isincorrect? (Read 60 times)

jho37

  • Hero Member
  • *****
  • Posts: 531
on: Sep 13, 2020

Question 1

Under UNICAP, all of the following overhead costs are included in inventory except
◦ factory utilities, rent, insurance and depreciation.
◦ officers' salaries related to production and factory administration.
◦ research and experimentation.
◦ factory payroll, purchasing and warehouse costs.

Question 2

Which of the following statements regarding UNICAP is incorrect?
◦ The UNICAP rules result in more costs being included in inventory for tax purposes than for financial accounting.
◦ Taxpayers with gross receipts averaging more than $10,000,000 or more for the prior three years must apply the UNICAP provisions.
◦ Interest must be included in inventory if the property produced is real property or long-lived property.
◦ UNICAP requires that advertising and selling costs be allocated between inventory and cost of sales.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by jho37 on Sep 13, 2020

234sdffa

  • Sr. Member
  • ****
  • Posts: 341
Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 39% of students answer this correctly


jho37

  • Member
  • Posts: 531
Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

amit

  • Member
  • Posts: 364
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

Stroke kills people from all ethnic backgrounds, but the people at highest risk for fatal strokes are: black men, black women, Asian men, white men, and white women.

Did you know?

Russia has the highest death rate from cardiovascular disease followed by the Ukraine, Romania, Hungary, and Poland.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Which of the following statements is true of linkage? Which of the following statements is true of linkage?
Ratings of Perceived Contradictions in Political Statements Ratings of Perceived Contradictions in Political Statements
Examples of Mission Statements Examples of Mission Statements
How to convert verbal statements into algebraic equations (Part 3) How to convert verbal statements into algebraic equations (Part 3)
How to convert verbal statements into algebraic equations (Part 2) How to convert verbal statements into algebraic equations (Part 2)
How to convert verbal statements into algebraic equations (Part 4) How to convert verbal statements into algebraic equations (Part 4)
Video: Hemodynamics Animation

For a complete list of videos, visit our video library