An accrual basis taxpayer wishes to take advantage of the recurring item exception to the economic performance requirement in order to accelerate a deduction. Which of the following is not a criteria which must be satisfied?
A. Payment is made within 8.5 months after the close of the tax year.
B. The taxpayer consistently treats similar items meeting these criteria in the same manner.
C. The independent all-events test cannot be not satisfied.
D. The amount is immaterial or the accelerated deduction results in better matching of income and expense.
Answer: C
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According to the conscious-competence performance model, which of the following is true of level I of performance effectiveness?
A. One is unconsciously incompetent. B. One is conscious of one's incompetence. C. One is unconsciously competent. D. One is conscious of one's competence.
Please let me know if I may be of further assistance is an example of an effective, professional closing for an e-mail message or memo
Indicate whether the statement is true or false
You are reviewing the accounting records of Buddy's Foreign Automotive, owned by Bruce Jones. You have uncovered the following situations. List the appropriate accounting principle related to each independent scenario and suggest a correct action for each .1. In August, a check for $500 was written to Community Sports. This amount represents soccer camp for his daughter Cassie.2. Bruce plans a Going Out of Business Sale for June, since he will be closing the business for a month-long vacation in July. He plans to reopen August 1 and will continue operating Buddy's Foreign Automotive indefinitely.3. Buddy received a shipment of tools from Ontario, Canada. The invoice was stated in Canadian dollars.4. Sandy Lane paid $1,500 for a major repair services. The amount was recorded as revenue.
The parts for the repair must be ordered from overseas and the service won't be complete until the following month. What will be an ideal response?
What are the major provisions of the Wagner Act and the Taft-Hartley Act? Compare and contrast.
What will be an ideal response?