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N76 [4]
4 years ago
10

Ordinary and necessary business expenses are deductible only to the extent they are also reasonable in amount.

Business
1 answer:
marysya [2.9K]4 years ago
8 0

Answer:

True

Explanation:

According to the IRS:

  • ordinary expenses are expenses that are common and accepted in a company's trade or industry.
  • necessary expenses are expenses that help your company carry on its normal business.

Tax deductible expenses must be ordinary, necessary, and reasonable.

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JACK Mchen
Makovka662 [10]

Answer:

Setting short term goals now helps you reach long term goals later

6 0
3 years ago
Item65eBookItem 65When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after t
dmitriy555 [2]

Answer:

Planning.

Explanation:

A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright.

Planning can be defined as the process of developing organizational objectives and translating them into action plans or courses of action.

This ultimately implies that, planning is a strategic technique used by organizations to make an aggregate plan for its manufacturing (production) process typically ahead of time, in order to have an idea of the level of goods that are to be produced and what resources are required so as to reduce the total cost of production to its barest minimum.

When managers identify a market trend that suggests a new opportunity and then devise a strategy to go after this new opportunity, they are involved in the function of planning.

6 0
3 years ago
On November 1, 2018, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, wi
goldfiish [28.3K]

Answer:

$780

Explanation:

Since King agreed to pay Taylor $4,680 for the one-year period which is divisible into 12 months

On the other hand Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2019, Therefore the amount to be recognized in 2018 will 2 months comprising November and December.

Therefore 2018 revenue = 2 / 12 x $4,680 = $780

3 0
3 years ago
Which of the following product costing methods produces the most precise product costing information? Select one: A. Organizatio
Doss [256]

Answer:

The correct answer is letter "B": Activity-based costing.

Explanation:

Activity-Based Costing or ABC is a type of managerial accounting that assigns certain indirect costs to the item that generates the bulk of those costs. In the industrial sector, ABC is mainly used to help measure the true cost of output per unit. Compared to other costing methods, ABC provided more clear information because it considers information about the <em>company's activities, the quantity of those activities and their costs</em> in the production process.

8 0
3 years ago
Which of the following is considered an advantage/benefit of utilizing an ERP system? a. Enables the company to utilize a single
ahrayia [7]

Answer:

The correct answer is A

Explanation:

ERP termed as or stands for Enterprise Resource Planning, which is defined as the centralized system, that provides the integration with the enterprise functions be it analytics, planning, sales, finance, HR, customer relations and procurement as well other application functions which are connected.

So, this system consider the benefit of enabling the company to use the single database system, which is centralized and thus remove the duplicate data entries.

8 0
3 years ago
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