The Phrase "Ordinary and Necessary" Means That an Expense Must

question 7

True/False

The phrase "ordinary and necessary" means that an expense must be appropriate in and helpful for generating a profit.

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Definitions:

Generation Y

Also known as Millennials, refers to the demographic cohort following Generation X, generally born between the early 1980s and mid-1990s, known for their comfort with digital communications and technology.

Social Media

Digital platforms that facilitate creation and sharing of information, ideas, and other forms of expression via virtual communities and networks.

Baby Boomers

The generation born approximately between 1946 and 1964, known for experiencing economic prosperity and significant social changes.

Nepotism

A preference for hiring relatives of current employees.