What does the AICPA practice aid define cryptocurrency as? A. The best way to make income B. Investable stock C. Tangible assets D. Indefinite lived intangible assets E. All of the above How does the IRS treat cryptocurrency? A. Illegal Income O B. Wage C. Property D. Stocks What is a SOC report? A. To investigate and provide information to the IRS about illegal cryptocurrency activity B. Used to verify that they have an effective system of controls related to security, availability, processing integrity, confidentiality, and/or privacy C. Used annually to evaluate cryptocurrencies with a ranking report system D. A consultation report given to a company to better finance their accounting practices Which item can be used for tax deduction when doing mining business? A. Equipment B. Repair C. Electricity D. Rented Space E. All of the above How does a crypto market work? A. Operates non continuously B. Operates Continuously C. Stops when someone buys a crypto D. Stops at cut-off time What does the FASB do? A. Establish and improve standards of financial accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information B. To investigate malpractice within accounting and provide information to the government C. Create reports on the best firms to invest in for the public D. Their primary goal is to not establish GAAP and promote activities within the global interest If you hold a property for more than a year that you have... A. Long-term capital gain or loss and a lower tax rate B. Penalties from holding a cryptocurrency for too long C. Short-term capital gain or loss and a lower tax rate D. Rewards from the exchange platform you used What aspect should the auditor consider when auditing the cryptocurrency? A. Blockchain Technology to track, aggregate, reconcile, and report digital assets balances and transactions B. The entity's controls established to identify, authorize, and approve related parties and relationships and transactions with related parties C. The entity's method and controls implemented to hold and secure digital assets and to authorize and track digital asset transactions D. All of the above If we want to make a financial statement, how do we measure mark to market? How does the market record gain and loss? A. Using a programming language B. With a software tool C. Using coinbase D. With a cut-off time