Audit procedures have to be announced or be completed at predictable times

a. True
b. False
Indicate whether the statement is true or false

False

Business

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On January 1, Year 1, Needham, Inc., borrowed $10,000 at 6% for four years. On December 31, Year 1, Needham made its first installment payment of $2,886. Show the effect of the first installment payment on the accounting equation. Round the amounts to the nearest dollar. What is SE?

A. (2,286) Cash B. (600) Notes Payable C. (2,886) Notes Payable D. (600) Cash E. (2,886) Interest Expense F. (2,886) Cash G. (2,286) Notes Payable H. (600) Interest Expense I. 0 No Effect

Business

In which of the following situations would an IRS Section 1031 exchange not be allowed:

A: The properties are not of a like kind; B: The exchanged properties are both vacant land; C: One of the properties is a leasehold over 30 years; D: One property is in California and the other is in Arizona.

Business