dataset_name: professional_accounting
description: The following are multiple choice questions (with answers) about professional
  accounting.
fewshot_config:
  sampler: first_n
  samples:
  - question: "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"
    target: 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).
  - question: 'One hundred years ago, your great-great-grandmother invested $100 at 5%
      yearly interest. What is the investment worth today?

      (A) $13,000 (B) $600 (C) $15,000 (D) $28,000'
    target: 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).
  - question: '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?

      (A) $5,000 (B) $13,500 (C) $16,000 (D) $20,000'
    target: 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).
  - question: '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?

      (A) $0 (B) $500 (C) $1,650 (D) $16,500'
    target: 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).
  - question: '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?

      (A) $70,000 (B) $75,000 (C) $80,000 (D) 100000'
    target: '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).'
tag: mmlu_flan_cot_fewshot_other
include: _mmlu_flan_cot_fewshot_template_yaml
task: mmlu_flan_cot_fewshot_professional_accounting
