Todd Operates a Business Using the Cash Basis of Accounting

question 118

Multiple Choice

Todd operates a business using the cash basis of accounting. At the end of last year, Todd was granted permission to switch his sales on account to the accrual method. Last year, Todd made $420,000 of sales on account, and $64,000 was uncollected at the end of the year. What is Todd's §481 adjustment for this year?

• A)Increase income by $420,000
• B)Increase income by $16,000
• C)Increase expenses by $64,000
• D)Increase expenses by $420,000
• E)Todd has no §481 adjustment this year.

Understand the role of technology in facilitating or hindering effective communication within an organization.

Identify the specific characteristics and names of different types of rocks.

Interpret the movements and type of faults using rock formations and features.

Understand the relationship between foliation and rock type.

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Definitions:

Prestige

The respect, admiration, or high status accorded to an individual, organization, or object based on their achievements, quality, or importance.

Indirect Order

A command or instruction delivered in a way that is not straightforward or direct.

Persuasive Messages

Communications designed to influence or convince the audience of a particular viewpoint, action, or decision through logical argument, emotional appeal, or credible assertion.

Psychographic Information

Data related to the personality, values, opinions, attitudes, interests, and lifestyles of a person or group.