Choose the Word or Phrase in [ ] Which Will

question 77

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Disability income benefits are taxable when the policy premiums were paid by the [employer | employee].

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Definitions:

FOB Shipping Point

A term indicating that the buyer assumes responsibility for the goods and the cost of transportation at the point of departure from the seller's shipping point.

Shipping Costs

These are expenses incurred in transporting goods from one location to another, typically covered by the seller or the buyer, depending on the shipping terms.

GAAP

Generally Accepted Accounting Principles (GAAP) are a collection of commonly followed accounting rules and standards for financial reporting.

IFRS

International Financial Reporting Standards, which are globally accepted guidelines for financial reporting established by the International Accounting Standards Board.