Marie had a good year. She received the following prizes and awards:
- an iPad from The Famous Daytime Talk Show with a fair market value of $500
- lottery winnings of $1,000 received in cash
- a plaque worth $25 plus $100 of Godiva chocolate in recognition for 100 days on the job without an accident
- a $10,000 cash prize from American Idol
How much of her prizes and awards should Marie
report on her tax return?
a. None, they are all excluded from income
b. $11,000; only cash prizes and awards are included
c. $11,500; the award from her job is excluded
d. $11,700; the plaque may be excluded
e. $11,725; everything is included at the highest amount
c
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Commercial frustration:
A. occurs when the event is foreseeable. B. excuses performance when events occur before the formation of the contract. C. is very similar to impracticability. D. occurs when the promisor expressly assumes the risk that the event has occurred.
There has been an auditor change at Company X. Which of the following situations may NOT signal a potential fraud problem?
a. Failure to pay an audit fee b. Auditee believing that the auditor's fees are too high c. Suspected fraud or other problems by the auditor d. Auditor-auditee disagreement
Evaluating employees based upon their performance is an example of developing benchmarks
Indicate whether the statement is true or false
The internal business perspective of the balanced scorecard focuses on using an organization's intellectual capital to adapt to or influence customer needs and expectations
Indicate whether the statement is true or false