dataset_name: professional_accounting
description: "The following are multiple choice questions (with answers) about professional\
  \ accounting.\n\nQ: An auditor traces the serial numbers on equipment to a nonissuer\u2019\
  s subledger. Which of the following management assertions is supported by this test?\n\
  (A) Valuation and allocation (B) Completeness (C) Rights and obligations (D) Presentation\
  \ and disclosure\nA: Let's think step by step. We refer to Wikipedia articles on\
  \ accounting for help. The completeness assertion is tested by tracing supporting\
  \ documents to the record entries. The answer is (B).\n\nQ: One hundred years ago,\
  \ your great-great-grandmother invested $100 at 5% yearly interest. What is the\
  \ investment worth today?\n(A) $13,000 (B) $600 (C) $15,000 (D) $28,000\nA: Let's\
  \ think step by step. We refer to Wikipedia articles on accounting for help. A $100\
  \ investment at 5% yearly interest is worth 100*(1.05)^100=13150 after 100 years,\
  \ which is around $13,000. The answer is (A).\n\nQ: On January 1, year 1, Alpha\
  \ Co. signed an annual maintenance agreement with a software provider for $15,000\
  \ and the maintenance period begins on March 1, year 1. Alpha also incurred $5,000\
  \ of costs on January 1, year 1, related to software modification requests that\
  \ will increase the functionality of the software. Alpha depreciates and amortizes\
  \ its computer and software assets over five years using the straight-line method.\
  \ What amount is the total expense that Alpha should recognize related to the maintenance\
  \ agreement and the software modifications for the year ended December 31, year\
  \ 1?\n(A) $5,000 (B) $13,500 (C) $16,000 (D) $20,000\nA: Let's think step by step.\
  \ We refer to Wikipedia articles on accounting for help. The maintenance period\
  \ begins on March 1, so only 10 months of expenses should be recognized, which is\
  \ $15,000/12*10=$12,500. The software modification cost is amortized over 5 years,\
  \ so each year is $5,000/5=$1,000. So the total expense is $12,500+$1,000=$13,500.\
  \ The answer is (B).\n\nQ: Krete is an unmarried taxpayer with income exclusively\
  \ from wages. By December 31, year 1, Krete's employer has withheld $16,000 in federal\
  \ income taxes and Krete has made no estimated tax payments. On April 15, year 2,\
  \ Krete timely filed for an extension request to file her individual tax return,\
  \ and paid $300 of additional taxes. Krete's year 1 tax liability was $16,500 when\
  \ she timely filed her return on April 30, year 2, and paid the remaining tax liability\
  \ balance. What amount would be subject to the penalty for underpayment of estimated\
  \ taxes?\n(A) $0 (B) $500 (C) $1,650 (D) $16,500\nA: Let's think step by step. We\
  \ refer to Wikipedia articles on accounting for help. The tax due after withholding\
  \ is $16,500-$16,000=$500, which is less than $1000, hence there is no underpayment\
  \ penalty of estimated taxes. The answer is (A).\n\nQ: Box a nongovernmental not-for-profit\
  \ organization had the following transactions during the year: Proceeds from sale\
  \ of investments $80000 Purchase of property plant and equipment $10000 Proceeds\
  \ from long-term debt $100000 Loss on sale of investment $5000 What amount should\
  \ be reported as net cash provided by financing activities in Box's statement of\
  \ cash flows?\n(A) $70,000 (B) $75,000 (C) $80,000 (D) 100000\nA: Let's think step\
  \ by step. We refer to Wikipedia articles on accounting for help. Among the four\
  \ transactions, only Proceeds from long-term debt belongs to the financing activities\
  \ section of cashflow, hence the amount reported should be $100000. The answer is\
  \ (D)."
include: _mmlu_flan_cot_fewshot_template_yaml
task: mmlu_flan_cot_fewshot_professional_accounting
