Which of the following is considered or construed as an example of "constructive receipt"?
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Which of the following is considered or construed as an example of "constructive receipt"?
a.Retirement benefits, pensions, gratuities
b.Deposits for rentals to answer for damages, restricted as to use
c.Interest coupons that have matured and are payable but have been cashed
d.Fees paid to a public official
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- Which of the following is an arrangement by which one party promises to pay a sum of money to policyholder as protection against an adverse or unfavorable occurrence of event? a. Short Term Loans b. Fixed Deposit c. Insurance d. Investment19. If an individual renders services to a creditor who in consideration thereof cancels the debt, the cancellation of indebtedness may,amount to a: a. Gift С. Donation inter vivos b. Capital contribution d. Payment of income CS Scanned with CamScannerWhy are payments received from customers in advance, for either services to be performed and/or for goods to be delivered, classified as liabilities upon the receipt of the funds?
- Which of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employersWhich of the following creates temporary difference between financial and taxable income? * Interest on treasury debt securities Accelerated depreciation on plant and equipment O Fines from vilation of law Premiums paid for officer's life insurance (comapny is beneficiary)Which of the following is an example of passive income? (a) Cancellation of debt income. (b) Guaranteed payments for services provided. (c) Income from rental real estate ventures for a non-real estate professional. (d) Retirement benefits.
- Question 6: Which of the following is not a voluntary deduction from gross earnings? Answer: A. O Union dues B. O State disability insurance C. O Payroll deduction IRA D. Cafeteria planWhich of the following situations does not base an accounting measure on a present value? Prepaid insurance , leases, pensions or sinking fundsWhich one of the following item will be debited in profit and loss appropriation account? a. Interest on loan b. Interest on drawings c. Interest on deposits d. Bonus to partners
- Which of the following is NOT an example of a contingency? Salaries payable to top management Potential expense related to repair or replace products sold under warranty Note receivable sold with recourse An amount potentially payable to settle a lawsuit All the other alternatives are contingenciesWhich of the following would not appear on a statement of changes in fiduciary net position? Multiple Choice Due to Other Funds. Additions—Investment Earnings. Additions—Property Tax Collections for Other Governments. Deductions—Administrative Fees.Research in detail regarding the following topics 1. Adoption Tax Credit 2. Non Business Casualty and Theft Losses