The cost of legal advice associated with the preparation of an individual’s Federal income tax return that is paid in 2019 is not deductible because it is a personal expense.
Answer the following statement true (T) or false (F)
True
Rationale: This deduction is disallowed under the Tax Cuts and Jobs Act (TCJA) of 2017. Miscellaneous itemized deductions subject to the 2% of AGI floor are no longer allowed as a deduction.
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________ enables a manager to make decisions, give orders, and utilize resources. For example, the manager of a local pizzeria has the right to hire and fire drivers based on their punctuality, performance, and customer-service ratings.
A. Power B. A clan culture C. A hierarchy of power D. Touching E. Authority
U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is/are not true?
a. U.S. GAAP provides fourteen criteria, any one of which qualifies a lease as a capital lease. b. IFRS provides general criteria for identifying the entity enjoying the rewards and incurring the risk. c. Firms cannot currently apply the fair value option to capital leases. d. The FASB and the IASB have undertaken a joint project involving the lessee's accounting for leases which may result in treating all leases as capital leases. e. all of the above
The majority of work done by legislative bodies is performed in committees
a. True b. False Indicate whether the statement is true or false
F.O.B. factory denotes the price of the products at the factory. If the price is quoted as F.O.B. shipping, then shipping costs are paid by the seller.
Answer the following statement true (T) or false (F)