Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and non-deductible travel expenses.

Q: What is concept of unearned revenue?

A: When a amount is received in advance for a service or goods and as on reporting date such service is…

Q: What is the purpose of an allowance for uncollectibles and why is it important?

A: Accounts receivable is the current asset and the amount that is not received yet from the customer…

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: explain how accounting profit and taxable profit differ.

A: Accounting profit and taxable profit are two separate methods of calculating a company's profit that…

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Which clothing expenses are deductible and which ones are not? Provide reasons for both deductible…

A: The expense which is allowed to reduce from the gross taxable income is called as deductible…

Q: Compensation income may be in the form of monetary or in-kind benefit. a.true b.false

A:

Q: Distinguish between Direct and Indirect taxes giving the various examples where necessary.

A: Taxes are the compulsory obligations to be paid by the individuals to government. It can be levied…

Q: explain the inherent risks associated with prepaid expenses and deferred charges.

A: A deferred charge is the same as a long-term prepaid expense, which is an expense made for an…

Q: What are the different kinds of payments that are taxable or non taxable under the FU

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

Q: How to calculate total taxable pay?

A: Introduction: The income of an individual or entity, less any legal tax deductions, is their taxable…

Q: What is a deductible and how does it work

A: A deductible is an amount of money that must be paid by an individual or an insured party before…

Q: An example of an expense classifi cation by function is: A . tax expense.

A: Expenses in the Income Statement are classified into two types: Expense by nature Expense by…

Q: resident of the Republic may pay tax

A: A resident of South Africa is liable to pay tax to SARS on his/her income across the world.

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: What are some costs of home ownership that are not deductible?

A: Costs are the monetary value of expenditures for goods, services, labor, products, equipment, and…

Q: Exclusion from gross income refers to income received or earned but is not taxable as income because…

A: Gross income is the total income of an individual without deducting any deductions or exemptions. It…

Q: Should non-qualified education expenses be taxable in full?

A: Qualified education expenses includes amounts paid for tuition, fees, and other related expenses…

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: Tax and give examples

A: Amusement tax   Amusement tax, impost on the general admission charges to recreational and…

Q: Two reason why expenses may not be deductiable for income tax/ corporatiion tax purposes.

A: Deductible expenses: These include all the expenses that are allowed to be deducted from the gross…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: how to compare between prepaid expenses and unearned revenue?

A: The adjustment for deferred items are made at the end of the year.

Q: Explain the revenue recognition principle.

A: Accounting principle:

Q: Distinguish between exemptions and deductions in determining taxable income

A: The determination of taxable income has a structured and tax laws guided process, this…

Q: ollowing types of expenses is deductible? Group of answer choices   A.Bribes & Illegal Kickbacks…

A:

Q: Would the amount paid for postage be classified as an asset, liability, capital, revenue orvexpense?

A: Approach to solving the question: Analyze the question. Detailed explanation:The amount paid for…

Q: Are donation of goods considered an expense or cost of sale on statement of profit and loss or other…

A: Donation is a part of voluntary activity. It is not part of business consideration. Anything given…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: statements is true? A.Deductions are not allowed unless there is a specific law authorizing the…

A:

Q: What is a temporary difference related to deferred taxes?

A: Deferred Taxes:   The timing difference of tax effect called Deferred tax. Its recognized on all…

Q: 5. Related to insurance, what is a deductible and how does it

A: In insurance scheme there is always mentioned deductible amount.

Q: Discuss, using practical example how revenue expenditure should not be capitalized?

A: SOLUTION- Thus, a revenue expenditure which increases the utility or productive capacity of an…

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: Please discuss the deductibility of real property taxes.

A: Local governments and municipal corporations collect property taxes annually from landowners.

Q: Give

A:

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…