Income Inclusions and Exclusions
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dq 1
Income Inclusions and Exclusions (graded)
Identify one item of income that is included on gross income and one item of income that is excluded from gross income. Why are certain items excluded from gross income?
dq 2
Cash Method Versus Accrual Method (graded)
Why is the cash method usually used for computing taxable income? What is the accrual method for computing taxable income? When would the accrual method be used, and why?
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dq 1
Income Inclusions and Exclusions (graded)
Identify one item of income that is included on gross income and one item of income that is excluded from gross income. Why are certain items excluded from gross income?
dq 2
Cash Method Versus Accrual Method (graded)
Why is the cash method usually used for computing taxable income? What is the accrual method for computing taxable income? When would the accrual method be used, and why?
Tags: DEVRY ACCT 324 WEEK 2, DEVRY ACCT 324 WEEK 2 DISCUSSION 1 & 2 LATEST
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a cash basis taxpayer, gave Tina a bond
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Question : 1
(TCO 2) On June 30, 20X2, Jill, a cash basis taxpayer, gave Tina a bond with a $25,000 face amount that pays $2,500 interest each December 31. When Tina collected the interest on December 31, 20X2, _.
Jill must include all of the interest in her gross income
Tina must include all of the interest in her gross income
Jill must report $1,250 interest income, and Tina must report $1,250 interest income
Jill must recognize $1,250 of interest income at the time of the gift
Tina must recognize $25,000 of income at the time of the gift
Question 2. Question :
(TCO 3) Roger, age 19, is a full-time student at State College and a candidate for a bachelor’s degree. During 20X2, he received the following payments.
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Question : 1
(TCO 2) On June 30, 20X2, Jill, a cash basis taxpayer, gave Tina a bond with a $25,000 face amount that pays $2,500 interest each December 31. When Tina collected the interest on December 31, 20X2, _.
Jill must include all of the interest in her gross income
Tina must include all of the interest in her gross income
Jill must report $1,250 interest income, and Tina must report $1,250 interest income
Jill must recognize $1,250 of interest income at the time of the gift
Tina must recognize $25,000 of income at the time of the gift
Question 2. Question :
(TCO 3) Roger, age 19, is a full-time student at State College and a candidate for a bachelor’s degree. During 20X2, he received the following payments.
Tags: DEVRY ACCT 324 WEEK 2, DEVRY ACCT 324 WEEK 2 QUIZ LATEST
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A new client enters your office
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Scenario Summary
A new client enters your office and places a box of receipts and bank statements on your desk, saying that she would like to have a set of financials prepared and tax returns completed for the current tax year. She also states that the financials and the return will be given to her bank as part of the documentation needed to acquire a $300,000 bank loan for home improvement. She would like you to complete the work within a week. As you review the documentation, you note that some of the expenses and receipts for income are not documented. Specifically, she writes expenses to deduct on a piece of paper and provides no supporting documentation. When you request the clarification and additional information from the client, she tells you that she has no more documentation and that is all she can give you.
https://www.devrycourses.com/product/devry-acct-324-week-2-you-decide-latest/
Scenario Summary
A new client enters your office and places a box of receipts and bank statements on your desk, saying that she would like to have a set of financials prepared and tax returns completed for the current tax year. She also states that the financials and the return will be given to her bank as part of the documentation needed to acquire a $300,000 bank loan for home improvement. She would like you to complete the work within a week. As you review the documentation, you note that some of the expenses and receipts for income are not documented. Specifically, she writes expenses to deduct on a piece of paper and provides no supporting documentation. When you request the clarification and additional information from the client, she tells you that she has no more documentation and that is all she can give you.
Tags: DEVRY ACCT 324 WEEK 2, DEVRY ACCT 324 WEEK 2 YOU DECIDE LATEST
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Flashcard set info:
Author: CoboCards-User
Main topic: Education
Topic: Education
School / Univ.: devry university
City: UK
Published: 12.02.2020
Tags: INTERNATIONAL STUDY, COMPUTER SCiENCE, ENGINEERING & TECHNOLOGY, Accounting, Business, PSCYCHOLOGY, SOCIAL SCIENCE, POLITICAL Science, Social Science, Project Risk Management, ARTS & HUMANITIES, RELIGIOUS STUDIES SOCIOLOGY
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