notes
CGC1/ATO1 Additional Study Questions
The following list of questions has been developed as a supplement to the Course of Study and Learning Resources for CGC1 and or ATO1. As you begin working through the textbooks try to answer the questions below in detail. This will provide you with a note-taking tool and a review document at the end or your studies.
These questions relate to concepts that will be most likely be tested on the actual assessment.
Current Tax System
Why do we have an income tax?
What other types of taxes are individuals and/or professionals subject to?
How do tax laws affect decisions made by individuals? Businesses?
How does the accrual basis vs. cash basis of accounting effect the amount of tax liability?
How does congress use the tax laws?
What is the audit process utilized by the IRS as part of the administration of tax law?
What are the ethical guidelines that will apply to individuals in tax practice?
What are the economic, social, equity, and political considerations that justify various aspects of the tax law?
Describe the role played by the IRS and the courts in the evolution of the federal tax system.
Describe the purpose of each of these three sources of tax law: statutory, administrative, and judicial.
What is the difference between the economic, accounting, and tax concepts of gross income?
Explain why congress creates tax credits that reduce federal tax collections.
What is the alternative minimum tax and how does it apply to individual taxpayers?
What are the rules pertaining to partnership taxation?
What are the rules pertaining to corporate taxation?
Do partnership provisions also apply to limited liability companies (LLCs) and limited liability partnerships (LLPs)
What are trusts, estates, beneficiaries, and other parties?
How are the accounting and taxable income of a trust or estate and the related taxable income of the beneficiaries determined?
Intermediate Accounting Concepts
The following list of questions has been developed as a supplement to the Course of Study and Learning Resources for CGC1 and or ATO1. As you begin working through the textbooks try to answer the questions below in detail. This will provide you with a note-taking tool and a review document at the end or your studies.
These questions relate to concepts that will be most likely be tested on the actual assessment.
Current Tax System
Why do we have an income tax?
What other types of taxes are individuals and/or professionals subject to?
How do tax laws affect decisions made by individuals? Businesses?
How does the accrual basis vs. cash basis of accounting effect the amount of tax liability?
How does congress use the tax laws?
What is the audit process utilized by the IRS as part of the administration of tax law?
What are the ethical guidelines that will apply to individuals in tax practice?
What are the economic, social, equity, and political considerations that justify various aspects of the tax law?
Describe the role played by the IRS and the courts in the evolution of the federal tax system.
Describe the purpose of each of these three sources of tax law: statutory, administrative, and judicial.
What is the difference between the economic, accounting, and tax concepts of gross income?
Explain why congress creates tax credits that reduce federal tax collections.
What is the alternative minimum tax and how does it apply to individual taxpayers?
What are the rules pertaining to partnership taxation?
What are the rules pertaining to corporate taxation?
Do partnership provisions also apply to limited liability companies (LLCs) and limited liability partnerships (LLPs)
What are trusts, estates, beneficiaries, and other parties?
How are the accounting and taxable income of a trust or estate and the related taxable income of the beneficiaries determined?
Intermediate Accounting Concepts