Annual gross potential rental income from a property minus expenses (vacancy and collection losses, operating expenses, replacement reserves, property taxes, and property and liability insurance) equals Effective gross income . This is further explained below.
<h3>What is
Effective gross income?</h3>
Generally, Effective gross incomeis simply defined as the total effective gross revenue equals potential gross income less vacancy and collection losses + other income.
In conclusion, Potential gross revenue minus vacancy and collection losses, plus other income, is equivalent to effective gross income.
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The given statement " The most appropriate match between type of product and type of process occurs as one moves away from the diagonal in the product-process matrix " is FALSE
Explanation:
An object is a tangible product which can be marketed or used to meet internal company specifications to external consumers. A method is systemic For example – a procedure can be used in order to create a commodity.
Different objects are clustered together in a process configuration.
Process models are suitable for small businesses that do not need a single product. All unit, equipment, and machines according to how a product is made are placed in a design layout.
Answer:
First Scenario:
The furniture store should develop a system which helps keeps track for the purchases made on account. The system should keep track of invoices and payment due dates. The system should notify the team when the payment due date is near. The system should have controls for identifying duplicate payments.
Explanation:
Second Scenario:
The account payable clerk should keep track of all the invoices entered in the system. The system controls should be efficient so that there is no duplicate payment or missed payment. The system should notify the user when any duplicate invoice entering attempt is made. There should be authorization of invoices before they are entered in the system. The payment process should be segregated between 2 or more users so that there is less risk for fraud.
Dr. Martin Luther King Jr wanted to gain their civil rights verbally and no violence. On the other hand Malcolm X wanted to gain their civil rights by physically fighting. But in the similarity of the two in the end they both had something in common. Which is they both wanted to gain civil rights.
Shaquille bought new cars for five of his friends. Every car cost $70,000. $280,000 is the sum of Shaquille's taxable gifts.
<h3>What gifts are not chargeable to tax?</h3>
It can contain Cash, movable property, immovable property, jewelry, etc. If such offerings are received from a close relative, it is not taxable. If obtained from others, the value is equal to less than Rs. 50,000 no tax is levied on the recipient.
5 × ($70,000 - $14,000) = $280,000
If you give any one individual gifts valued at more than $10,000 in a year, it is required to report the total grant to the Internal Revenue Service.
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