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 62 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
:D TYSM

chereeb

  • Member
  • Posts: 326
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Since 1988, the CDC has reported a 99% reduction in bacterial meningitis caused by Haemophilus influenzae, due to the introduction of the vaccine against it.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

All adverse reactions are commonly charted in red ink in the patient's record and usually are noted on the front of the chart. Failure to follow correct documentation procedures may result in malpractice lawsuits.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

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 1) How to convert verbal statements into algebraic equations (Part 1)
How to convert verbal statements into algebraic equations (Part 3) How to convert verbal statements into algebraic equations (Part 3)
E9-23 Prepare income statements Explain the difference in operating income E9-23 Prepare income statements Explain the difference in operating income
Video: How eudicots (true dicots) differ from monocots Animation

For a complete list of videos, visit our video library