Businesses that use OSD are permitted to deduct the cost of goods sold or the cost of care. False or True
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Businesses that use OSD are permitted to deduct the cost of goods sold or the cost of care.
False or True.
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- Where goods are sold by a person who is not the owner thereof, and who does not sell them under the authority or with the consent of the ownerWhich of the following conditions would violate the revenue recognition principle? Revenue is recognized when related costs can reliably be measured. Revenue is recognized when delivery has occurred or services have been provided. Revenue is recognized when collection is possible. Revenue is recognized when the seller’s price to the buyer is fixed and determinable.The IRS requires companies that use LIFO for financial statement reporting to also use LIFO to calculate cost of goods sold on their tax returns. Why do you think the IRS wants companies to be consistent with the cost-flow assumption they use? What benefit could a company receive by choosing a different method for reporting than for its tax return?
- What is a wash sale, and why are losses from wash sales disallowed?Identify which statement is incorrect: * a. Sale of goods or services by any person or entity may result to the payment of income tax. b. Sale of goods or services by any person or entity may result to the payment of business tax. c. Sale of goods or services by any person or entity may result to the payment of donor's tax. d. All statements are correct. e. All statements are incorrect.Which of the following is treated as business expense? a. Installation cost of business equipment b. Freight-in c. Insurance while the goods are in transit to the taxpayer d. Freight-out
- A business that purchases items to place into their inventory to resell may purchase the items without tax due to having a resale exemption. True or FalseFor the purpose of computing the taxable income and the income tax, it shall include all business expenses directly incurred to produce the merchandise to bring them to their present location and use. a. Cost of goods sold b. Operating expenses c. Both a and b d. CostTRUE OR FALSE Illegal expenses incurred in operating a legitimate business are deductible from gross income