Under the 12-month rule for the current-period deduction of prepaid expenses of cash basis taxpayers, the asset must expire or be consumed by the end of the tax year following the year of payment.
Answer the following statement true (T) or false (F)
True
Rationale: If the one-year rule is not satisfied, the prepayment is prorated and deducted over the benefit period.
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Explaining the circumstances surrounding the presentation is often effective in
A) identifying your main supporting points. B) arousing the interest of the audience. C) summarizing the main idea of your presentation. D) revealing the order in which you'll develop your main points. E) identifying yourself as an expert on the topic.
A large discount chain, like Wal-Mart or Target, most likely would use the periodic inventory system to maintain control of its inventory
Indicate whether the statement is true or false
According to attribution theory, it is the event itself, not the perceived cause of the event, that influences a person's behavior.
Answer the following statement true (T) or false (F)
[The following information applies to the questions displayed below.]The bank statement for Tetra Company contained the following items: a bank service charge of $10; a credit memo for interest earned, $15; and a $50 NSF check from a customer. The company had outstanding checks of $100 and a deposit in transit of $300.Which of the following will be caused by the entry to record the customer's NSF check?
A. Cash decreases. B. Accounts receivable increases and cash decreases. C. Stockholders' equity decreases. D. Accounts receivable increases.