Which statements about expense deductions for employees

Assignment Help Financial Accounting
Reference no: EM132760087

Problem 1: Which of the following statements about expense deductions for employees is NOT correct?

A. If an employee uses his own auto to carry out employment duties, he can deduct a pro rate share of interest he pays on loan to finance vehicle

b. In order to deduct travel costs employee must ordinarily be required to carry on his duties away from employers place of business

c. If an employee salesperson. Who earns commission income acquired a cell phone he cannot deduct CCA on this asset

Reference no: EM132760087

Questions Cloud

Describe experimental designs : Describe major features of and the role of error in within-subjects design and Explain when it would be appropriate to use a within-subjects design
How do policy vacuums come about : How do policy vacuums (computer ethics) come about? (Please explain briefly)
Reconciliation from the opening balances to ending balances : Reconciliation from the opening balances to the ending balances of the defined benefit obligation and plan assets for the year ended December 31, 20X6.
Determine the expected cash disbursements during May : Cash payments for operating expenses in May will be $119,500; Parson's cash balance on May 1 was $127,800. Determine the expected cash disbursements during May
Which statements about expense deductions for employees : Which statements about expense deductions for employees is NOT correct? If an employee uses his own auto to carry out employment duties
Describe a real-world example of an organization : Describe a real-world example of an organization that would place more importance on one area of the SWOT analysis compared to another area.
Find what is the role of the anz bank : What is the role of the ANZ bank? ANZ arranges financing for Super Duper Pty Ltd with a 90 day bank bill with a Face Value of $500,000.
What will be the price of the bond in three years : The Shamrock Corporation has just issued a $1,000 par value zero-coupon bond with an 8 percent yield to maturity, due to mature 15 years from today.
What is the role of the anz bank : When it is first issued at a yield of 4.75% pa and sell it 30 days later to Prudential Investments at a yield of 4.55% pa. What is the role of the ANZ bank?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How would accounts change in response to stock dividend

How would these accounts change in response to a 20 percent stock dividend? Assume market value of equity is equal to book value of equity.

  You are a financial analyst for your company and have been

you are a financial analyst for your company and have been asked to determine the impact of various depreciation

  What is the amount foley should invest

What is the present value of $25,200 to be received at the end of each of 11 periods, discounted at 8%? (Round answer to 2 decimal places, e.g. 25.25.)

  What percentage of equity dazin corporation need to sell

Assume that the firm finances $20 million through borrowing; what percentage of equity would Dazin corporation need to sell to finance $10 million?

  Benefit consultant by pete mc nown

You have been hired as a benefit consultant by Pete Mc Nown, the owner of Pete's Pet Emporium. He wants to establish a retirement plan for himself and his two employees, Ron and Aaron.

  Information in accounts under an accounting equation

The accounts receivable balance for Don’s Shoe Repair at December 31, 2014, was $89,000. Also on that date, the balance in Allowance for Doubtful Accounts was $2,400. During 2015, $2,500 of accounts receivable were written off as uncollectible. Organ..

  Why you company uses accelerated depreciation method

Why do you think that the company uses accelerated depreciation methods in its income tax returns?

  What was the company free cash flow for the year

If operating capital in the previous year was $24M what was the company's free cash flow for the year? what was the company's net income for the year?

  Prepare statement of retained earnings with adjustment

Prepare Statement of Retained Earnings with adjustment of irregular items. Differentiate between a condense and multiple step income statement

  Prepare multiple-step income statement

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016 ($ in 000s): Net sales $ 29,000 Cost of goods sold $ 16,000 Interest income 310 Selling and administrative expenses 3,600 Interest expense 570 Restr..

  Calculate the direct labor rate and efficiency variances

Calculate the Direct labor rate and efficiency variances. Use the back of your answer sheet.

  Financial reporting-balance sheet and income statement

Explain the concepts of Materiality and Going-Concern. What influence do these concepts have on reporting within financial statements? Provide a brief overview of the following financial statements and include their purpose and importance in financia..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd