If an employer claims a business deduction for group health insurance premiums paid on behalf of his employees, the amount must be included in the employees' gross income.
Answer the following statement true (T) or false (F)
False
Rationale: Premiums for group health insurance paid on the behalf of an employee are excluded from the employee’s income and may be deducted by the employer.
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Becky wants to buy a car but cannot obtain a loan from the bank on her own. Lori agrees to be the co-signer on Becky's loan, on the condition that Lori would only be liable for the amount of the loan if Becky actually defaults on the loan. In this situation, Lori would best be described as a guarantor.
Answer the following statement true (T) or false (F)
The first step in creating effective advertising messages is ________
A) selecting specific media vehicles B) planning a message strategy C) determining return on advertising investment D) choosing media timing E) executing the message
Answer the following statements true (T) or false (F)
The statement of financial position is a special case of the more general cash flow statement.
A contract for a sale of growing crops or timber to be cut is a contract for a sale of goods.
Answer the following statement(s) true (T) or false (F)