If an employer chooses a per diem method of substantiation for travel expenses, a.The high-low method averages the high-cost locality and low-cost locality per diem rates to arrive at an average rate. b.The Regular Federal Rate method allows employees the same per diem rate no matter where they travel in the United States. c.The meals and incidental expenses method requires actual cost records to substantiate lodging expenses. d.Actual expense records substantiating the business reason for the trip and the dates of arrival and departure are not required. e.The employer need not use an accountable plan for reimbursing employees for travel expenses.
If an employer chooses a per diem method of substantiation for travel expenses, a.The high-low method averages the high-cost locality and low-cost locality per diem rates to arrive at an average rate. b.The Regular Federal Rate method allows employees the same per diem rate no matter where they travel in the United States. c.The meals and incidental expenses method requires actual cost records to substantiate lodging expenses. d.Actual expense records substantiating the business reason for the trip and the dates of arrival and departure are not required. e.The employer need not use an accountable plan for reimbursing employees for travel expenses.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
If an employer chooses a per diem method of substantiation for travel expenses,
a.The high-low method averages the high-cost locality and low-cost locality per diem rates to arrive at an average rate.
b.The Regular Federal Rate method allows employees the same per diem rate no matter where they travel in the United States.
c.The meals and incidental expenses method requires actual cost records to substantiate lodging expenses.
d.Actual expense records substantiating the business reason for the trip and the dates of arrival and departure are not required.
e.The employer need not use an accountable plan for reimbursing employees for travel expenses.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education