Which of the following is true regarding the U.S. Internal Revenue Service?
a. The IRS permits firms to use the allowance method to calculate the tax deduction for bad debts.
b. The IRS requires that firms recognize bad debt expense only when they conclude an account is not collectible.
c. The IRS permits firms to use the aging of accounts receivable method to calculate the tax deduction for bad debts.
d. The IRS permits firms to use the percentage of sales to calculate the tax deduction for bad debts.
e. The IRS permits firms to use the cost of goods sold method to calculate the tax deduction for bad debts.
B
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Which of the following is TRUE of a contingent liability?
A) It is a potential liability that depends on a future event. B) It is an actual liability that is difficult to estimate. C) It is an actual liability that depends on a past event. D) It is a liability resulting from a lawsuit settled in court.
The belief that one can influence events even when one has no power over what will happen is known as
A. cognitive conflict. B. discounting the future. C. affective conflict. D. illusion of control. E. framing effects.
Which of the following is NOT a drawback of waiting until the end to answer questions?
a. Audience members can have difficulty concentrating. b. Audience members may simply think about their question. c. Audience members might not remember their questions. d. Audience members may be able to distract you more easily.
RioFit received an OSHA citation and posted it near the place of the violation for eight days. Why eight days?
A. All citations must be posted for eight days or until the violation is abated; it took eight days or less for the violation to be abated. B. Any citation that is issued immediately must be posted for eight days. C. Any citation that is issued later by mail must be posted for eight days. D. All citations must be posted for three days or until the violation is abated; it took eight days for the violation to be abated.