explain in etail the penalty for failure in furnish a return or statement (section 182) and penalty for concealment of income (section 184)

Q: Receivables determined to be absolutely worthless when written off may be claimed as deduction from…

A: Direct write off method accounts bad debts as expenses and writes off the amount of uncollectible…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: The de minimis rule for non-signing preparers says that a portion of the return will not be…

A: In the context of taxes, credits refer to a type of tax benefit that reduces the amount of tax owed…

Q: Which of the following would not overstate current-period net income?a. Capitalizing an expenditure…

A: Net income: Net income refers to the income earned by the company after providing for all the…

Q: In case the debtor does not make the application of payment nor the creditor does not also state in…

A: Answer: Whenever there is case of prefential payments to be made the statement of application is to…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: When should revenue be recognised? Are there exceptions to the general rule?

A: Definition:   The revenue recognition principle: The revenue recognition principle refers to the…

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A: Gross income is the total income of an individual without deducting any deductions or exemptions. It…

Q: contingency that need not be disclosed in the financial statements

A: Contingency is the probable obligation or receivable that may arise in future which depends on the…

Q: subject accounting :-     QUESTION 1 With reference to statutory provisions and decided cases,…

A: Question 1:Consideration is a crucial element in the formation of a valid contract. It refers to…

Q: Section 61 of the IRC (Internal Revenue Code) has been labeled as "too broad" and "vague" by some…

A: Internal Revenue Code (IRC), Section 61 (a) describe the gross income as the income from the sources…

Q: What was viewed as a major criticism of GAAP as it relates to revenue recognition?

A: GAAP: GAAP (Generally Accepted Accounting Principles) is the standard guidelines, which is commonly…

Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…

A: • The purpose of giving checks for the paychecks is used to detect the fraudulent employee in an…

Q: May an action arising from fraud be waived? explain

A: Fraud- Fraud is defined as the deliberate misrepresentation of an existing material truth by one…

Q: Which of the following is NOT a contingent liability? a. Pending law suit for property damage b.…

A: Introduction: Contingent liability: A liability may or may not occur on future uncertain event. As…

Q: How does Dropbox apply GAAP to revenue recognition? Explain and give examples.

A: Generally Accepted Accounting(GAAP) GAAP are a set of rules the encompass the details, complexities…

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A:

Q: What are the requisites of notice of dishonor.? Explain.

A: Introduction:- A notice of dishonor is a legal notice tells or expressed that the bank will not…

Q: Does the deductibility of an expense or loss follow accounting practice?

A: The accounting practice is the practice of recording the day-to-day financial transactions of the…

Q: Should we include income derived from illegal sources in the computation of gross income? Why or why…

A: Taxes are a form of dues and obligations which needs to be paid by the individual on income earned…

Q: Identify the statute of limitations if no income tax return is filed or a fraudulent income tax…

A: Please see the answer below: Let us know about why we have to  file income tax return : A tax return…

Q: When accounting standards require recognition of an expense that is not permitted undertax laws, the…

A: Temporary differences incur when there is a difference between the tax base and the carrying amount…

Q: Which of the following is not a from AGI deduction? A. The exclusion of an item of gross income B.…

A: The qualified business income deduction is a deduction from taxable income, not adjusted gross…

Q: Distinguish between suspension of payments and insolvency.

A: Suspension of payment Suspension of payment implies temporary financial problems by enabling him/her…

Q: Which of the following is a limitation of the direct write-off method of accounting for…

A: Direct write-off method:This method does not make allowance or estimation for uncollectible…

Q: Suppose the analysis of a loss contingency indicates that an obligation is not probable. What…

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: Which of the following is a temporary difference that normally is recognized for accounting purposes…

A: Temporary difference is the difference between when the revenue and expenses are  reported for…