COMPREHENSIVE VOLUME--CHAPTER 7--DEDUCTIONS AND LOSSES: CERTAIN BUSINESS EXPENSES AND LOSSES Student: ___________________________________________________________________________ 1. James is in the business of debt collection. He purchased a $20‚000 account receivable from Green Corporation for $15‚000. During the year‚ James collected $17‚000 in final settlement of the account. James can take a $2‚000 bad debt deduction in the current year. True False 2. If a business debt previously
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Classificatory smoothing of Income with Extraordinary Items - Summary Within this paper they talk about whether extraordinary items are used to smooth ordinary or operating income over time. The role of extraordinary items was never really looked at become separately and that is what they wanted to look at. They talk about how previously the focus was on net income after extraordinary items but that it is important to look at net income before extraordinary items also
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Case 5-1 Income Smoothing a. Firstly‚ investors tend to invest in companies with stable earnings rather than one with volatile earnings. With stable earnings‚ there will be more likely an issuance of dividends and investors could easily predict the company’s future earnings compared to one with unstable earnings. With consistent earnings generated‚ it gives investors a secured feeling that it will again generate earnings as predicted. Confidence in the growth of rate of earnings is crucial because
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PERSONAL COPY/ NOT FOR SALE OR CIRCULATION (Session 2012-13) INTRODUCTION HISTORY OF INCOME-TAX: 1. India’ trust with income tax dates back to 1859 when James Wilson‚ Finance member in the Council of India‚ came to the country to establish the tax structure‚ a new paper currency and to remodel the finance system. 2. A bill imposing tax on profits from property‚ professions‚ trades and offices was passed by the Legislative Council of India. It received the assent of the Governor General on July
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Second chances you only get one of them one time in your adult life to go back to school. Now that I have to do it right by having my goals in order. I am motivated to step forward to complete my education. This will put me in a better position to get the job I have always wanted. I will have the skills and knowledge to own a successful company one day. By striving for the best and staying focused I will achieve all that my education has to offer. Getting a second chance at my education will take
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UNIT 1 The travel and tourism industry Introduction T he travel and tourism industry is one of the biggest and fastest growing industries in the UK. This unit will give you an introduction to the industry‚ providing a sound basis for further study. You will find out about the nature of the industry‚ its size and scale‚ and you will be introduced to the types of organisations that form its structure. In addition you will investigate the development of the industry and the factors
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Retail Travel Environment Level 3 – Travel and Tourism 13th February 2013 INTRODUCTION In this assignment‚ I have been asked to produce a report describing the retail travel environment in Travel and Tourism. This must include the roles of the different types of retail agents; the products and services that they are selling; the links that exist within the retail travel environment; and the different types of relationship that exist within the retail industry. ROLES OF TRAVEL
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Definition of Gross Income‚ Taxable Income‚ and Net Income Gross income refers to all income but not excluding exempt income and subject to final income tax. Example of gross income include: salaries and wages‚ commission‚ sale of and other dealings in property‚ rents‚ dividends‚ and securities. Exclusion from gross income or those incomes that are exempted from tax include: life insurance proceeds paid to beneficiaries upon the death of the insured; compensation for injuries or sickness‚ retirement
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comprehensive income PURPOSE AND SCOPE .01 This Section establishes standards for reporting and display of comprehensive income. It does not address issues of recognition or measurement for comprehensive income and its components. .02 This Section does not apply to not-for-profit organizations (see FINANCIAL STATEMENT PRESENTATION BY NOT-FOR-PROFIT ORGANIZATIONS‚ Section 4400). DEFINITIONS .03 The following terms are used in this Section with the meanings specified: (a) Comprehensive income is the
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Task 1 Conduct desk research Consider the air travel industry’s environment‚ conduct research on the main forces in the macro environment facing air travel industry companies. Based on your research prepare a report. Your report should cover the following information a)Background of the research Industry Specific Metrics Aircraft Utilization: The most basic metric for an airline is aircraft utilization. This is a measure of the average number of hours that each aircraft is flying in each 24
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