Which of the following is not deductible from business income? Group of answer choices Casual losses on properties connected in the conduct of trade or business Loss of business property due to embezzlement Loss on exchange of capital assets NOLCO

Q: Which of the following may not form part of the regular itemized deductions from the gross income? *…

A: Itemized deductions: These are the Expenses which are deductible from the gross total income.  The…

Q: Real assets of a corporation are claims on their financial assets * True False

A: Real Assets are physical assets which the firm owns that have an intrinsic value based on their…

Q: The following statements relate to the depreciation of property, plant and equipment. Which…

A: Lets start with basic understanding. Depreciation is a reduction in value of asset due to wear and…

Q: In an S Corporation are the unit holders liable for busin

A: Yes, they are liable for business losses too if they fulfill these requirements.

Q: amount of the financial asset shall be: 2 points   a. Recognized in other comprehensive income for…

A: “Since you have asked multiple question, we will solve the first question for you. If youwant any…

Q: Which of the following options regarding income earned will not be classified as revenue? Select…

A: Lets understand the meaning of revenue and gain. Revenue is a income generated from the normal…

Q: For purposes of the qualified business income (QBI) deduction, qualified business income does not…

A: Qualified Business Income deduction refers to that income that is related to trade and business. In…

Q: Which of the following would not explain the difference between current and non-current assets?…

A: What are currents assets and non current assets let us understand that first.  Current assets are…

Q: 6. Bond usually sell at a premium: 2 points   a. None of the cases. b. When the stated rate of…

A: Option b is correct.

Q: Which of the following statements related to long-lived assets is true?     Depreciation is…

A: Depreciation : Depreciation is an accounting method of allocating the cost of a tangible or…

Q: Which of the following would NOT be reflected in the income statement?

A: Income statement- it is a part of financial statements prepared by the company that shows the…

Q: Except for _________, losses from the sources listed below are not regarded as capital losses.…

A: An capital loss is a loss that results from the decline in value of a capital asset, such as an…

Q: Only business expenses incurred in the generation of business gross income are deductible. a.…

A:

Q: Which of the following is a distinguishing characteristic of a nonbusiness organization?   Select…

A: The Non business Organizations are the organizations that are formed and operated for the benefits…

Q: Which of the following is not considered in the determination of Total Assets after business…

A: In business combination , following are considered for determination of total assets : 1. Fair…

Q: Which of the following statements about depreciation is not true? a. Depreciation helps companies…

A: Depreciation is a reduction in value of tangible fixed non-current assets due to: Constant use Wear…

Q: When nonmonetary assets are exchanged, a company records the cost of the nonmonetary asset acquired…

A: When a non monetary assets is exchanged for another non monetary assets. Asset shall be organised.…

Q: One of the following is not a transaction deemed sale and is therefore not subject to VAT.  Which is…

A: The answer is stated below:

Q: Please concisely explain how the excess investment cost over book value is allocated. When is the…

A: 1. The excess cost of investment over book value can be allocated through the process of…

Q: hat is the amount realized in a transaction? The gain on the sale of an asset The proceeds less the…

A: Capital gain is realized from the sale of fixed assets.

Q: Loss on fire is included in the computation of net income.

A: Net Income: Gross revenue less cost of goods sold, selling, general and administrative expenditures,…

Q: If an entity capitalized transaction costs to a financial asset at fair value through profit or…

A: Transaction costs seem to be the costs spent while purchasing or selling a product or service.…

Q: Present an argument to support the idea that your company’s land should not be depreciated, even…

A: Depreciation is defined as the devaluation of the recorded cost of a fixed asset in a systematic…

Q: Which is incorrect statement regarding the taxability or deductibility of gains or losses in…

A: Tax is a liability calculated on the income earned and paid to the government that acts as revenue…

Q: gain from the sale or exchange of property which is not a capital asset

A: Second option is wrong because gross income is the income before allowing deductions. Third option…

Q: Assets and liabilities, and income and expenses, when material, shall not be offset against each…

A: As per general accounting principal, liabilities & assets and income & expenses should not…

Q: Which of the following is treated as business expense?  a. Installation cost of business equipment…

A: Business expenses are the expenses which are incurred for the business and required for the…

Q: 1. Which of the following creates the largest temporary differences (think taxes): a. Other…

A: A temporary difference is explained as the differences between the amount of asset or liability…

Q: Which of the following accounting treatments for costs related to business combination is incorrect?…

A: The cost related to business corporation, also known as pre incorporation expenditure, are treated…

Q: What are the two major treatments of a superficial loss on a sale and repurchase of identical…

A: The capital gain and loss are realized when the non-registered security is sold in the market at a…

Q: Hdoes a company account for the disposal of an asset?how does it report gains and losses on its…

A: Disposal of Assets:   It refers to selling the worn-out assets that is no longer in need for the…

Q: Which of the following statements in incorrect?   a. Donations of PPE should be recorded at the…

A: Following is the answer to the given question

Q: How would a property dividend declared before end of reporting period and to be distributed in the…

A: Dividend is distribution of profits to shareholders from retained earnings. Retained earnings is the…

Q: ___________ and __________ are examples of a depreciable asset, while ____________ and ____________…

A: Depreciable assets - These are those assets that lose its value over the time , due to continuous…

Q: When an entity uses the fair value model, changes in the fair values of investment property are…

A: Fair value model and cost model are two methods of recording changes in fair value of investment…

Q: Transfers of investments between categories   a. Should always affect net income b. Are accounted…

A: Transfer of an Investment:- It is a procedure where one company or entity sells its investment to…

Q: Sale of real estate is subject to VAT.   True, if not made in the regular course of trade or…

A: Answer:-  VAT definition:- A value-added tax (VAT), is a form of that that is levied gradually. It…

Q: How are losses allocated to S Corporation owners ?

A: S Corporation: As far as federal taxation is concerned, S companies are corporations that have…

Q: Which statement is incorrect regarding reclassification of financial assets? An entity shall…

A: As per IFRS 9, an entity does not restate any previously recognized gains, losses, or interest.

Q: How should negative goodwill be shown on the consolidated financial statements of the acquirer?…

A: Introduction:- Negative goodwill arises, where one company (Acquirer company) purchases or acquires…

Q: Assets and liabilities, and income and expenses, when material, shall not be offset against each…

A: Foreign exchange gains and losses are permissible to be offset against each other. An entity may…

Q: The following are properly classified as capital expenditure, except:

A: Capital expenditure is the amount spent by the business to acquire ,…

Q: Is it neccessary  for a business to use the same method of computing depriciation  for all classes…

A: Meaning of depreciation:Depreciation is nothing but a decrease in the asset value due to wear and…