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Investments & Financial Planning
In relation to mutual funds, what is backdating?
Asked Thursday, January 11, 2001 by an anonymous userCPA Answer:
It is a feature allowing fund holders to use an earlier date on a letter of intent to invest in a mutual fund in exchange for a reduced sales charge. It Gives retroactive value to purchases from the earlier date.
Investments & Financial Planning
Does Australia have an exchange ?
Asked Thursday, January 11, 2001 by an anonymous userCPA Answer:
Australian Stock Exchanges
Australian Securities Exchange (ASX)
Bendigo Stock Exchange (BSX)
NSX National Stock Exchange of Australia
What exactly is an Audit ?
Asked Thursday, January 11, 2001 by an anonymous userCPA Answer:
Arbitrage bonds are municipality issued bonds issued intended to gain an interest rate advantage by refunding a higher rate bond in ahead of their call date. Lower rate refunding issue proceeds are invested in Treasuries until the first call date of the higher rate issue.
What is an auditor's qualified opinion ?
Asked Wednesday, January 10, 2001 by an anonymous userCPA Answer:
An auditor's opinion expressing certain limitations of an audit.
What is an auditor's adverse opinion ?
Asked Wednesday, January 10, 2001 by an anonymous userCPA Answer:
An independent auditor's opinion expressing that a firm's financial statements (balance sheet, income statement, cash flow statement)do not reflect the company's position accurately.
Investments & Financial Planning
What is the Advance Computerized Execution System ( ACES ) ?
Asked Wednesday, January 10, 2001 by an anonymous userCPA Answer:
The Advance Computerized Execution System is a system run by Nasdaq. The Advance Computerized Execution System automates trades between order entry and market maker firms that have established trading relationships with each other. Securities are designated as specified for automatic execution
Investments & Financial Planning
How is accrued interest calculated on a bond ?
Asked Wednesday, January 10, 2001 by an anonymous userCPA Answer:
Interest that has accumulated between the most recent payment and the sale of a bond or other fixed income security.
At the time of a sale, the buyer pays the seller the bonds price plus any "accrued interest".
The accrued interest is calculated by multiplying the coupon rate by the fraction of the coupon period that has elapsed since the last payment.
At the time of a sale, the buyer pays the seller the bonds price plus any "accrued interest".
The accrued interest is calculated by multiplying the coupon rate by the fraction of the coupon period that has elapsed since the last payment.
The company I worked for during the year went out of business and never prepared W-2 forms ?
Asked Tuesday, January 09, 2001 by an anonymous userCPA Answer:
If, even after nudging from the IRS, your employer doesn't send you a replacement W-2 in time for you to file your return, you may file using Form 4852 in place of your missing wage statement.
After you complete the form, attach it to your tax return in place of your absent W-2. A copy of Form 4852 also should satisfy your state tax collector for those returns.
Using Form 4852 instead of an original W-2 may delay your refund while the IRS verifies the information you provided.
In cases where an employer has filed for bankruptcy or ceased operations, the IRS suggests you send a copy of Form 4852 to your local Social Security Administration office.
This should ensure that you get proper credit for the Social Security and Medicare taxes you paid so that your checks will be correct when it comes time to collect these benefits.
After you complete the form, attach it to your tax return in place of your absent W-2. A copy of Form 4852 also should satisfy your state tax collector for those returns.
Using Form 4852 instead of an original W-2 may delay your refund while the IRS verifies the information you provided.
In cases where an employer has filed for bankruptcy or ceased operations, the IRS suggests you send a copy of Form 4852 to your local Social Security Administration office.
This should ensure that you get proper credit for the Social Security and Medicare taxes you paid so that your checks will be correct when it comes time to collect these benefits.
What is the average cost of a nursing home stay a year ?
Asked Tuesday, January 09, 2001 by an anonymous userCPA Answer:
Depending on the state location and the facility the average cost of a nursing home stay is between $138 and $229 a day or between $50,000 and $83,000 a year. In major metropolitan areas like New York and California it runs much higher. The average stay in a nursing home is 19 months.