1. You only report Tip Income reported by your employer. True or False. 2. True or False...
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Question:
1. You only report Tip Income reported by your employer. True or False.
2. True or False There are 3 Taxpayer Accounting Methods used too determine when items are included in income:
a. Cash Method: When constructively Received.
b. Accrual Method: When all events have occurred fixing the right to receive income and the amount can be determined with reasonable accuracy.
c. Hybrid Method: Allows use of cash method for portion of business not required to use accrual method.
3. True or False. Prepaid income is generally taxable in the year received regardless of taxpayer method (cash or accrual).
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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