Tax Season Training Jeopardy Pro Edition Jeopardy Template

Tax Forms	Schedule L Terminology	Tax Return Adjustment	Process-related questions
100 Sole Prop What structure files Form 1040?	100 Shareholder Distribution Which of the following would you NOT find on a Schedule L: • Capital Stock • Additional Paid in Capital • Shareholder Distribution • Retained Earnings	100 December 31, 2019 On what date should a 2019 tax return adjustment be posted?	100 • 2019 Tax Return Adjustment What do you name a tax return adjustment?
200 1120 S S-Corps file Form _____	200 "within 12 months", "outside of 12 months" "Other current assets" convert to cash ______ while "Other Assets" convert to cash ______. (Hint: think months)	200 Back to Cash adjustment If we adjust our bank balances with a Schedule L adjustment, what adjustment is needed on January 1st to reverse our balances to match the bank statement?	200 • 2019 CPA Adjusting Journal Entries What do you name a CPA AJE?
300 Form 990 NFP file Form ____	300 Other Current liabilities Credit Card Balances are listed under ______	300 Credit it. (Credit an asset to make it go down) If we want to decrease our checking account balance to match the Cash line on the Schedule L, do we debit or credit the checking account in our adjustment?	300 File a Tax Returns ticket with Bookkeeping Support! You, your LAs, and your TL have all tried completing a tax return adjustment, but it's still too hard! Aside from any office hours, what other option is available to you?
400 Form 1065, K-1 Partnerships file Form ____, and each partner receives a ____.	400 Buildings and other depreciable assets What is PP&E called on the schedule L?	400 Depreciation & Inventory What balances will be recorded on Form 1040?	400 Trial Balance or Prior Year Tax Return = C CPA AJE = N/A Year End Equity Closing Adjustment - NR If you receive a 2019 Tax Return and no AJEs, what will your 2020 ATT look like for all three rows? (Trial Balance or Prior Year Tax Return, CPA AJEs, Year End Equity Closing Adjustment.)
500 Schedule C Dividends paid out to C-Corp Shareholders are found on ______.	500 • Checking account • Savings accounts • PayPay/Venmo • Temporary Holds • Unavailable Balances • MIT • Cash on hand List 5 things that "Cash" can include	500 We want to compare the non-profit's Revenue, Expenses and Net Assets Why do we want a Form 990?	500 70% tax docs collected, have 50% of our clients with a Y/E AJEs by Dec 31 For your brave decision to choose the 500-point question, you have been given this easy one: What is our O1 KR3?

Tax Season Training Jeopardy - PRO Edition

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