Paul,a Business Consultant,regularly Takes Clients and Potential Clients Out to Dinner.In

question 97

Multiple Choice

Paul,a business consultant,regularly takes clients and potential clients out to dinner.In order to deduct these expenses,Paul must maintain records substantiating all of the following except

• A)the time and place of the dinners.
• B)the business relationship with the person invited.
• C)the business purpose of the dinners.
• D)All of the above information must be substantiated in order to deduct the entertainment costs.

---

Definitions:

3-Way Match

A process in accounting used to compare the purchase order, the receiving report, and the supplier's invoice before making a payment.

Internal Control

Measures and protocols established within an organization to safeguard its assets, enhance the reliability of its accounting records, and increase efficiency in operations.

Bundle

A group of products or services sold together, often at a reduced price compared to purchasing each item individually.

QBO

Stands for QuickBooks Online, a cloud-based accounting software designed for small and medium-sized businesses.