Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and non-deductible travel expenses.

Q: What is the purpose of an allowance for uncollectibles and why is it important?

A: Accounts receivable is the current asset and the amount that is not received yet from the customer…

Q: Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by…

A: The future deductible amount caused by temporary difference means that the taxable income can be…

Q: What amount should be presented as a deduction from cost of goods sold?

A: The GAAP principles require that the inventory should be valued at the lessor amount of its laid…

Q: Compensation income may be in the form of monetary or in-kind benefit. a.true b.false

A:

Q: Problem 3-11 Travel Expenses, Meals And Entertainment, Educational Expenses (LO 3.4, 3.5, 3.6) Bob…

A: Schedule C is used as a tax form and it is attached with Form 1040 electronically for the…

Q: explain the inherent risks associated with prepaid expenses and deferred charges.

A: A deferred charge is the same as a long-term prepaid expense, which is an expense made for an…

Q: What are the different kinds of payments that are taxable or non taxable under the FU

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

Q: What is a deductible and how does it work

A: A deductible is an amount of money that must be paid by an individual or an insured party before…

Q: An example of an expense classifi cation by function is: A . tax expense.

A: Expenses in the Income Statement are classified into two types: Expense by nature Expense by…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: What is an accrued expense? Provide an example.

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

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: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: What are some costs of home ownership that are not deductible?

A: Costs are the monetary value of expenditures for goods, services, labor, products, equipment, and…

Q: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

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: 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: What instances of gross income exclusions exist

A: Wages, salaries, pensions, alimony, interest, dividends, and rental income all count toward a…

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: how to compare between prepaid expenses and unearned revenue?

A: The adjustment for deferred items are made at the end of the year.

Q: What is accured expenses with example

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

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: statements is true? A.Deductions are not allowed unless there is a specific law authorizing the…

A:

Q: What is a temporary difference related to deferred taxes?

A: Deferred Taxes:   The timing difference of tax effect called Deferred tax. Its recognized on all…

Q: Give

A:

Q: Matching Principle Concept How does interest expense associate with revenue?

A: The matching principle is a fundamental concept in accounting that dictates that expenses should be…

Q: What factors need to be considered in determining whether a receipt is of an income or of a capital…

A: The essential distinction between Capital Receipt and Income is the "purpose" with which the asset…

Q: Examples of items that are adjusted directly against equit rather than being included as part opf…

A: Stockholders’ equity: The claims of owners on a company’s resources, after the liabilities are paid…

Q: How are deductions and losses different? How are they similar? Explain

A: Deductions: As deductions, the existing expenses made for the development of current period profits…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: What are the definition criteria of an income and an expense?

A: Ans. Income is money what an individual or business receives in exchange for producing goods or…

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: Which one of the following expenses is exempt from the payment of GST?

A: In gst interest service is exempt so not gst needs to be paid on payment of interest.Also in gst…