Podcast
Questions and Answers
What is the fundamental principle of expense reporting in accounting?
What is the fundamental principle of expense reporting in accounting?
Expenses are reported in the same period that the related revenues are earned.
Which type of entity is exempt from paying taxes, but still allowed deductions?
Which type of entity is exempt from paying taxes, but still allowed deductions?
General Professional Partnership (GPP)
What is the purpose of the optional standard deduction?
What is the purpose of the optional standard deduction?
To provide an alternative to itemized deductions
What type of expenses are considered 'ordinary and necessary' for businesses?
What type of expenses are considered 'ordinary and necessary' for businesses?
Signup and view all the answers
What is the condition for deductibility of an expense, apart from being ordinary and necessary?
What is the condition for deductibility of an expense, apart from being ordinary and necessary?
Signup and view all the answers
Which type of institutions are allowed deductions for charitable contributions?
Which type of institutions are allowed deductions for charitable contributions?
Signup and view all the answers
What is the purpose of depreciation as a deduction?
What is the purpose of depreciation as a deduction?
Signup and view all the answers
What type of losses are allowed as deductions?
What type of losses are allowed as deductions?
Signup and view all the answers
What is the purpose of research and development expenses as a deduction?
What is the purpose of research and development expenses as a deduction?
Signup and view all the answers
Which type of contributions are allowed as deductions?
Which type of contributions are allowed as deductions?
Signup and view all the answers
