AC553: FINAL EXAM STUDY GUIDELINES

The Final Exam will be administered during Week 8. It consists of 16 multiple-choice questions (five points each), totaling 80 points; and 10 essay questions (17 points each) totaling 170 points, for a grand total of 250 points. It is a 3.5-hour exam. There are some basic calculations involved, so a simple calculator may be useful. Showing your work will count towards your overall points, so make sure that your answer consists of more than just numbers.

The Final Exam is cumulative. It covers all of the readings, lectures, threaded discussions, and homework assignments from Weeks 1 – 7. However, most of your preparation should focus on the following:

1. The assigned problems for Weeks 1 – 7;
2. The threaded discussions from Weeks 1 – 7;
3. Quizzes 1 and 2; and
4. The concepts that you learned in the You Decide Projects 1 and 2.

Also, make sure that you review the following concepts and examples.

TCO A: Demonstrate familiarity with the basic fundamentals and forms of taxation and the underlying policy considerations that drive the imposition of income and other taxes.

1. Schedule A Tax Deductions 2. U.S. Tax Court 3. U.S. District Court 4. Tax Evasion

TCO B: Illustrate the impact of taxation as a transaction cost, understand the importance and methods of research and planning to minimize tax liability, and describe the framework for tax compliance.

1. Taxation of Corporations--review Problems 14-52 2. Schedule A Charitable Contributions and Limitations 3. Forgiveness of Debt-Taxable and Nontaxable

TCO C: Understand and apply concepts and principles that measure taxable income derived from business activities; including choice of entity, methods of accounting for business income, issues of timing, and net operating losses.

1. Gross Income 2. Exclusions From