Salary of employee [ Choose] Payment/Fee of tax [ Choose ] consultant service for assisting in tax dispute Benefit in kind in [ Choose ] the form of apartment for expatriate working for company > >

Q: Please answer with reason for all why the option is correct and why the other options are incorrect…

A: Expense recognition principle is one of accounting principle being used in business. This says all…

Q: Which clothing expenses are deductible and which ones are not? Provide reasons for both deductible…

A: The expense which is allowed to reduce from the gross taxable income is called as deductible…

Q: xplain in detail regarding the follwing topic Tuition and Fees Deductio

A: The government wants to encourage the education and higher educations and to do that government…

Q: Explain a bill-and-hold sale. When is revenue recognizedin these situations?

A: When the buyer is not ready to take the delivery but accepts the title and the billing, then it is…

Q: When are contingent fees allowed?

A:

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: Understand the concept of relevant revenues and costs. What makes a revenue or cost relevant?…

A: solution concept relevant revenue                 relevant revenue means the revenue which has the…

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: Explain when it is appropriate to recognize revenue at a single point in time.

A: Revenue refers to the amount of the earning which an organization earns for performing the services.…

Q: Describe the different approaches of expense recognition.

A: Expenses are being recognized when the revenues and relevant expenses are matched for the same…

Q: Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities…

A: Fringe benefits -  These are the benefits offered to employees apart from the salary given to…

Q: income recieved but service not rendered, Please suggest the JE

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: The formula for Adjusted Gross Income (AGI) is: Gross Income - Exclusions Gross Income - Deductions…

A: Adjusted Gross Income (AGI) is a key financial metric used in the United States to determine an…

Q: When does a consignor typically recognize revenue for a consignment sale?

A: Meaning of Consignment Sale Consignment Sale is refer as the arrangement of trade where the seller…

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: differences between the FASB and GASB

A: Accounting is a practice that helps the business to keep its transactions in legal-mentioned form.…

Q: 1. Record the preceding transactions in MSK's books assuming it recognizes revenue over time and…

A: Given: Estimation of factory building = $ 525,000

Q: Explain an example of deferred expense.

A:

Q: The cost recovery deduction is taken after

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Which of the following best represents the matching principle criteria?A. Expenses are reported in…

A: Accounting principles are those rules and guidelines which helps the accountants all over the world…