Income may be realized in the form of: A)Services. B)Cash. C)Property. D)All of these.
If Tom,an accountant,agrees to provide accounting services to Fred,a friend,in exchange for Fred fixing Tom's office floor,then: A)Both of them must report income on their tax returns. B)Neither Tom nor Fred must report income on their tax returns. C)Fred must report income on his tax return. D)Tom must report income on his tax return.
When filing their tax returns,almost all individuals use: A)The cash receipts and disbursements method. B)The accounting method. C)The accrual method. D)The recognition method.
Under the cash receipts and disbursements method,the taxpayer reports income in the year: A)Income is received. B)Income is earned. C)Income is accrued. D)Income is negotiated.