2026 new FNSACC601 Quiz 4 review 96.00 out of 100.00
(Prepare and administer tax documentation for legal entities)
Monarch Institute
HOLIDAY NOTICE: LIMITED SUPPORT (20 DEC – 4
JAN)
Please be advised that from Saturday 20th December to Sunday 4th January, Trainer
and Student Services availability will be limited.
Please allow extra time for responses. Thank you and enjoy the break!
Started on Saturday, 3 January 2026, 3:08 PM
State Finished
Completed on Saturday, 3 January 2026, 3:21 PM
Time taken 12 mins 49 secs
Marks 24.00/25.00
Grade 96.00 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
Which of the following tests must be satisfied for a company to
Correct
obtain a deduction for tax losses carried forward?
Mark 1.00 out of
1.00 Select one:
a. None of the answers are correct
b. Either the continuity of ownership test or the commercial
business test
c. Both the continuity of ownership test and the same business
test
d. Both the continuity of ownership test and the commercial
business test
e. Either the continuity of ownership test or the same business
test
, Question 2
Which of the following is true of the continuity of ownership test?
Correct
Select one:
Mark 1.00 out of
1.00 a. The company must have no less than 100% common
ownership at all times during an income year and a loss year
b. None of the answers are correct
c. The company must have more than 50% common ownership
of all voting, dividend and capital rights at all times during the year
of recoupment of the tax loss and during the actual loss year.
d. The company must have at least 75% common ownership at
all times during an income year and a loss year
e. The company must have at least 75% common ownership
between a loss year and the end of the tax year in which the losses
are to be claimed
Question 3
Which deduction is subject to the same tests as tax losses?
Correct
Select one:
Mark 1.00 out of
1.00 a. Borrowing Expenses
b. Doubtful Debts
c. Trading Stock Write-downs
d. None of the answers are correct
e. Bad Debts
(Prepare and administer tax documentation for legal entities)
Monarch Institute
HOLIDAY NOTICE: LIMITED SUPPORT (20 DEC – 4
JAN)
Please be advised that from Saturday 20th December to Sunday 4th January, Trainer
and Student Services availability will be limited.
Please allow extra time for responses. Thank you and enjoy the break!
Started on Saturday, 3 January 2026, 3:08 PM
State Finished
Completed on Saturday, 3 January 2026, 3:21 PM
Time taken 12 mins 49 secs
Marks 24.00/25.00
Grade 96.00 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
Which of the following tests must be satisfied for a company to
Correct
obtain a deduction for tax losses carried forward?
Mark 1.00 out of
1.00 Select one:
a. None of the answers are correct
b. Either the continuity of ownership test or the commercial
business test
c. Both the continuity of ownership test and the same business
test
d. Both the continuity of ownership test and the commercial
business test
e. Either the continuity of ownership test or the same business
test
, Question 2
Which of the following is true of the continuity of ownership test?
Correct
Select one:
Mark 1.00 out of
1.00 a. The company must have no less than 100% common
ownership at all times during an income year and a loss year
b. None of the answers are correct
c. The company must have more than 50% common ownership
of all voting, dividend and capital rights at all times during the year
of recoupment of the tax loss and during the actual loss year.
d. The company must have at least 75% common ownership at
all times during an income year and a loss year
e. The company must have at least 75% common ownership
between a loss year and the end of the tax year in which the losses
are to be claimed
Question 3
Which deduction is subject to the same tests as tax losses?
Correct
Select one:
Mark 1.00 out of
1.00 a. Borrowing Expenses
b. Doubtful Debts
c. Trading Stock Write-downs
d. None of the answers are correct
e. Bad Debts
