Is bad debts allow for deduction under Malaysia Tax Act? Discuss about the procedure of bad debts written off.
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- Explain the allowance method of accounting for bad debts.How is the allowance method of accounting for bad debts different from the direct write-off method? Which is the preferred method? Why?Which of the following statements is false? Group of answer choices A.Prepaid expenses are fully deductible when paid for a cash basis taxpayer. B.Reasonableness is most often considered in the context of compensation. C.Inventory can not be deducted when paid. D.You are considered to have paid at the date you pay with a credit card, even though you still owe the bank.
- What is the theoretical justification of the allowancemethod as contrasted with the direct write-off methodof accounting for bad debts?Discuss the differences between the allowance methods of recording bad debts and the direct write-off method.Which of the following statements is false? A.Prepaid expenses are fully deductible when paid for a cash basis taxpayer. B.Reasonableness is most often considered in the context of compensation. C.Inventory can not be deducted when paid. D.You are considered to have paid at the date you pay with a credit card, even though you still owe the bank.
- Which of the following statements is false? In order to claim a bad debt deduction: a. There must be an existing debt. b. The debt must be written-off. c. The taxpayer must be in the business of money-lending. d. The debt must be bad.explain in detail regarding the following topics 1. Adoption Tax Credit 2. Non Business Casualty and Theft Losses 3. Earned Income CreditWhich of the following is true about Accumulated Other Comprehensive Income (AOCI)? (check all that apply) AOCI is not permitted under IFRS AOCI can have a debit balance or a credit balance AOCI keeps unrealized losses off of the balance sheet AOCI is the name used for "Retained Earnings" in Europe under EU Directive 135.1(a).3(c).6 AOCI items are carried net of tax Adjust Draw