Tax Quiz (Complete Before April 30th)
How well do you know your accountant?
1) The first thing you did when choosing your accountant was:
A) Ask friends for referrals
B) Stay up late to catch the good infomercials
C) Match names of popular tax loopholes with Yellow Page ads
2) Your accountant's resume is surprisingly diverse. He's worked as all of the following except:
A) Social worker
C) Insurance Salesman
D) Orange County financial adviser
3) The most common psychological affliction among accountants is:
4) When you quiz your accountant on potential investments, he produces literature on all of the following except:
A) U.S. Treasuries
B) Subprime mortgage securities
C) British cattle futures
D) Arthur Andersen stock
5) Your accountant's oldest child is named:
B) Deduction 214
C) U. Sam
6) You ask your accountant to define "accrual accounting." He explains:
A) "Accrual accounting recognizes income when it is earned and expenses when they are incurred, rather than when money changes hands."
B) "Cash accounting is evil!"
7) To test your accountant's integrity, you ask him what the maximum deduction you can take without documentation is. He responds:
A) "Shoot the moon!"
B) "What's documentation?"
C) "IRS audits usually run about $200 an hour."
8) To determine how much your CPA spends on clothes, you camp out at which of the following popular retailers:
A) Banana Republic
B) Men's Wearhouse
9) Your accountant is fond of telling you that "according to the US Department of Labor, 'those who earn a CPA should have _______ job prospects.'"
10) To combat insomnia, your accountant ____ sheep.
Mouse over box for answers.
Get more than seven right?
If so, you can rest easy knowing your taxes are being prepared by an accountant who you'd let babysit your kids.
If not, dig up those old receipts, pal. An IRS auditor should be knocking at your door in no time.
Click here for more on tax season
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