true or false: income items are recorded when they are earned and recorded deductions when expenses are incurred, regardless of when the cashflow actually occurs.
true, a sale occurs when there is transfer of ownership and an expense occurs when the firm agrees to make a payment.
true or false: income items are recorded when they are earned and recorded deductions when expenses are incurred, regardless of when the cashflow actually occurs.
Under the accrual basis of accounting, the expense for uncollectible accounts is only recorded when specific accounts are actually written off. true or false When the accrual basis of accounting is used, expenses are recognized only in the period during which they are paid. true or false Under the accrual basis of accounting, only income that has been earned appears on the income statement. true or false
True or False -6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
$11,340 Question 2 1 pts In cash basis accounting, for tax purposes: Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. The cash basis is not allowed for businesses reported on Schedule C. Income is recognized when it is actually or constructively received and expenses are recognized...
generally itemized deductions are personal expenses specifically allowed by tax law true or false
Which of the following statements is false in regard to accrual accounting? Revenue is recorded only when cash is received. Expenses are recorded when they are incurred. Revenue is recorded in the period when it is earned. Expenses are recorded when they are incurred and revenue is recorded in the period when it is earned.
I need help with these true and false questions For self-employed taxpayers, travel expenses are deductions for AGI. Select one: 0 True O False Wash sale non-recognition rules only limit losses. Select one: O True O False Weight reduction program expenses are deductible if recommended by a physician to treat a specific medical condition such as hypertension caused by excess weight.
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2. Accrued expenses are expenses not yet paid during the period but are owed and not yet recorded. 3. Accrued Revenue is revenue that has not yet been earned and not yet received nor recorded at the end of the period. 4. Liabilities are the owner's rights and claims to the property (assets) of a business. 5. The balance sheet is a financial statement that...
TRUE OR FALSE: for the year, lonnie earned interest income, qualified dividend income, and long-term capital gains. among these items, interest income and long-term capital gains are taxed at preferential capital gains rates and dividend income is taxed at ordinary rates
If a business records revenues when earned, regardless of whether cash has been received, and records expenses when they are incurred, the accounting system is a(n) a.modified cash basis of accounting. b.cash basis of accounting. c.revenue basis of accounting. d.accrual basis of accounting.
If a business records revenues when earned, regardless of whether cash has been received, and records expenses when they are incurred, the accounting system is a(n) a.modified cash basis of accounting. b.cash basis of accounting. c.revenue basis of accounting. d.accrual basis of accounting.